Synopsis:
Himadri Speciality Chemical reported Rs. 1,118 crore revenue and Rs. 179 crore net profit in Q1 FY26. Expansion plans include doubling carbon black capacity and setting up a coal tar derivatives plant.
During Wednesday’s trading session, shares of a global speciality chemical conglomerate and a pioneer in the production of lithium-ion battery materials in India are in focus on the stock exchanges, after announcing decent financial results for Q1 FY26.
With a market cap of Rs. 25,408 crores, shares of Himadri Speciality Chemical Limited hit an intraday high at Rs. 521.6 on BSE, up by nearly 2 percent, as against its previous closing price of Rs. 513.3. The stock has delivered positive returns of nearly 19 percent in one year, and has gained by around 10 percent in the last one month.
What’s the News
According to the latest regulatory filings on the stock exchanges, Himadri Speciality Chemical Limited announced the financial results for Q1 FY26 on Tuesday. The company is primarily engaged in the business of manufacturing carbon materials and chemicals.
For Q1 FY26, Himadri Speciality Chemical reported a consolidated revenue from operations of Rs. 1,118.3 crores, marking a slight 1.4 percent QoQ dip compared to Rs. 1,134.6 crores in Q4 FY25, and a year-on-year decrease of about 7 percent from Rs. 1,200.4 crores recorded in Q1 FY25. The revenue was largely impacted due to the correction in raw material prices.
The company’s net profit stood at Rs. 179.4 crores, reflecting a growth of around 15 percent QoQ compared to Rs. 155.5 crores in Q4 FY25, and a year-on-year increase of about 46 percent from Rs. 123 crores recorded in Q1 FY25.
EBITDA came in at Rs. 235 crores during Q1 FY26, indicating a slight rise of about 2 percent QoQ from Rs. 231 crores in Q4 FY25, and a year-on-year expansion of around 25 percent YoY compared to Rs. 187.6 crores in Q1 FY25. Meanwhile, EBITDA margins stood at 22 percent in Q1 FY26, up from 21 percent in Q4 FY25 and 16 percent recorded in Q1 FY25.
Himadri Speciality Chemical runs its business through two key business segments. Its core segment, carbon materials and chemicals, remained the primary revenue driver, contributing Rs. 1,112.8 crore in Q1 FY26, accounting for 97.7 percent of total revenue. Meanwhile, the company’s Power segment generated Rs. 25.5 crore during the quarter, making up 2.2 percent of overall revenue.
Looking ahead, the management plans to more than double its speciality carbon black production capacity. The brownfield expansion project is already underway, aimed at adding 70,000 MTPA to its capacity. Once completed, this will take Himadri’s total capacity to 1.3 lakh MTPA, making it the largest single-site speciality carbon black facility in the world.
This project involves a capex of ~Rs. 220 crore and is expected to be operational by Q3 FY26. Importantly, the company also has enough land in place to support future expansions.
Building on its existing infrastructure and deep expertise in coal tar derivatives, Himadri is expecting a capex of Rs. 120 crores. This new plant, targeted for commissioning by Q2 FY27, will focus on extracting high-value speciality products, specifically Anthraquinone and Carbazole, from its existing coal tar distillates.
Anthraquinone is widely used in industries like dyes, paper production, wood pulp processing, hydrogen peroxide manufacturing, and agriculture. Meanwhile, Carbazole finds applications across dyes and pigments, pharmaceuticals, electronics, polymer materials, and agrochemicals.
Written by Shivani Singh
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