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IndiaPulse

HSCL

Small Cap

Himadri Speciality Chemical Limited

Industrials

Himadri Speciality Chemical Ltd (HSCL) is transforming into a diversified speciality chemicals and advanced materials company. It operates in coal tar pitch, carbon black, SNF/PCE, and is expanding into Li-ion battery materials (LFP cathode, anode materials), speciality chemicals (anthraquinone, carbazole), and tyres (Birla Tyres).

₹679
+11.80 · +1.77%
Quote09 Jun, 10:02 am
Fundamentals08 Jun 2026 · screener
Score08 Jun, 11:00 pm · v4.2-nightly
Tags02 May 2026
Data confidence
Fresh enough for analysis
Investor decision lenses

One read, four checks

75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.

Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.

Suggested next step
Research, do not rush
The four lenses are not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
FAIR VALUE
49

Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.

Trust
Healthy Trust
76

low confidence · 1/4 claims checked

Technical
Neutral
56

Timing lens: price trend and sector relative strength.

Result consistency
stable
75

Rolling lens: recent quarterly delivery, not the latest single-result score.

Latest result

Quarter ended 31 Mar 2026

Good · 57/100

Rev +13% YoY · PAT +34% YoY · +9% QoQ · operating leverage · margin compression

Filed 23 Apr 2026
Open results browser →
MetricThis quarterYoYQoQ
Revenue₹1,288 Cr+13.5%+8.8%
EBITDA₹242 Cr+3.9%-0.4%
Operating margin19.0%-200 bps-100 bps
PAT₹208 Cr+34.2%+8.3%
PAT margin16.1%+249 bps-7 bps

NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.

Business and thesis

Where growth can come from, and what can break the case

Thesis intactReviewed 2026-06-06T07:29:01.185Z
Management commentary snapshot

HSCL delivered record consolidated FY26 EBITDA (Rs. 1,006 Cr), PBT (Rs. 1,001 Cr), and PAT (Rs. 755 Cr), driven by stable volumes and higher margins. Q4FY26 revenue grew ~14% YoY, with strong profitability growth from value-added products.

The company delivered record FY26 profits, driven by strategic focus on value-added products and core business growth. Significant capacity additions in speciality carbon black and anode material are operational, with LFP cathode and other speciality chemicals projects on track, supporting future high-value growth.

Growth engines

Speciality Carbon Black Expansion

Commenced commercial operations of 70,000 MTPA Speciality Carbon Black line, increasing total capacity to 250,000 MTPA (130,000 MTPA speciality).

Li-ion Battery Materials

Commenced 200 MTPA anode material facility in April 2026. Phase 1 LFP Cathode Active Material plant (2,000 MTPA) targeted for Q3FY27 commissioning.

Birla Tyres Turnaround

Birla Tyres commenced operations in Q1FY26 and is gradually ramping up, focusing on OHT, CV, Agri, Industrial, and EV segments.

New Speciality Chemicals

Setting up facility for Anthraquinone & Carbazole from coal tar distillates, expected by Q2FY27, aiming to eliminate imports.

Capacity and execution

Speciality Carbon Black

70,000 MTPA Speciality Carbon Black line commenced commercial operations at Mahistikry. Total carbon black capacity now 250,000 MTPA, with 130,000 MTPA speciality.

Anode Material

First anode material production facility (200 MTPA) at Mahistikry, West Bengal, commenced operations in April 2026.

LFP Cathode Active Material

Phase I (2,000 MTPA) targeted for commencement by Q3FY27. Balance Phase I capacity progressively commissioned over subsequent 12 months, full operations by FY29.

Anthraquinone & Carbazole

Facility expected to be commissioned by Q2FY27 with a capex of Rs. 120 crores.

Tailwinds

Global EV & Energy Storage Demand

Accelerating global demand for EVs and energy storage drives demand for advanced battery materials.

India as Strategic Supply Chain Alternative

India is emerging as a strategic and trusted alternative for global battery supply chains, presenting export opportunities.

Naphthalene Mothballs Market Growth

Global naphthalene mothballs market valued at USD 1.5 Bn in 2024, expected to reach USD 2.1 Bn by 2033 (CAGR 4.5%). Asia Pacific fastest growing at 6.5% CAGR.

Risk radar

Project Execution Risk

Successful ramp-up and commercialization of new capacities (LFP, Anthraquinone, Carbazole, Birla Tyres) are critical for realizing projected growth.

Raw Material Security for LiB

Discussions with lithium miners ongoing to ensure reliable supply of lithium concentrate; strategic interest explored in phosphate mines.

Competition in Battery Materials

The LiB materials market is competitive, requiring continuous R&D and cost-effective production to maintain market position.

Management accountability

What management said, and what results must prove

Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.

Jan 2026
Analyst reading lens
Compare BOTH

YoY comparison is crucial for assessing annual growth and overall financial health, especially for a company undergoing strategic transformation. QoQ provides insight into sequential momentum, execution ramp-up of new capacities, and margin trends in a dynamic chemical market.

Sector KPIs management disclosed

EBITDA (Consolidated)

FY26 EBITDA at Rs. 1,006 Crores, up 18.77% YoY. Q4FY26 EBITDA at Rs. 279.87 Crores, up 21.15% YoY and 10.74% QoQ.

PAT (Consolidated)

FY26 PAT at Rs. 755 Crores, up 36.03% YoY. Q4FY26 PAT at Rs. 207.53 Crores, up 33.49% YoY and 8.07% QoQ.

Revenue from Operations (Consolidated)

FY26 Revenue at Rs. 4,660.7 Crores, up 1.04% YoY. Q4FY26 Revenue at Rs. 1,287.76 Crores, up 13.50% YoY and 8.80% QoQ.

Sales Volume (Standalone)

FY26 Sales Volume at 5,64,206 MT, up 1.11% YoY (from 5,52,206 MT in FY25).

Management forward view

Strategic Shift

Shifting gears towards high-value growth and diversification to drive business resilience, aiming for significant sustainable profitability growth over the next 2 years.

Capital Allocation

Firmly focused on disciplined capital allocation to drive sustainable returns and maintain a robust ROCE profile.

Atmanirbhar Bharat

Pioneering step towards Atmanirbhar Bharat by establishing the 1st commercial LFP Cathode Active Material plant globally ex-China.

Circular Economy

Keen to play a significant role in LiB recycling in India, lowering dependency on mined minerals and reducing CO2 emissions.

Thesis monitor

Numbers and claims to verify in the next filings

CheckpointCurrent evidenceWhat to verify next
LFP Cathode Active Material CapacityPhase I (2,000 MTPA) by Q3FY27.Timely commissioning and ramp-up of LFP capacity and customer approvals.
Birla Tyres Ramp-upCommenced in Q1FY26 and ramping up gradually.Sustained ramp-up in OHT & CV segments and commissioning of PCR unit.
Anthraquinone & Carbazole CommissioningPlant to be commissioned by Q2FY27.On-schedule commissioning and market acceptance of new speciality products.
LiB Raw Material SecurityDiscussions with lithium miners ongoing.Progress in securing long-term, cost-optimized raw material supply for LFP production.

Verification checkpoints are IndiaPulse research interpretation, not investment advice.

Show extracted source claims
capex timelinenot yet verifiablequantified

Long-term vision to build 200,000 metric tons of LFP Cathode Active Material capacity in phases, catering to approximately 100 gigawatt hour of battery energy demand.

Timeframe: Long-term, in phasesDirection: ExpansionConfidence: High

"long-term vision is to build 200,000 metric ton of LFP Cathode Active Material capacity in phases"

project executionnot yet verifiablequantified

The first commercial phase of 40,000 metric tons per annum LFP Cathode Active Material capacity remains on track for Q3 FY '27.

Timeframe: Q3 FY '27Direction: On trackConfidence: High

"first commercial phase of 40,000 metric tons per annum remains on track for Q3 FY '27"

project executionnot yet verifiable

The first commercial anthraquinone and carbazole facility in India remains firmly on schedule for Q2 FY '27.

Timeframe: Q2 FY '27Direction: On scheduleConfidence: High

"remains firmly on schedule for Q2 FY '27"

revenue outlookdelivered

The company has the necessary headroom to reignite growth in coming quarters and further consolidate its leadership position due to speciality carbon black expansion and coal-tar pitch debottlenecking.

Timeframe: Coming quartersDirection: Growth, ConsolidationConfidence: High

"reignite growth in coming quarters and further consolidate our leadership position"

Outcome check: Revenue YoY averaged 13.5% across 1 later quarter(s).

Technical timing lens

Trend score and candlestick chart

56Neutral

SMA20 +30.6% / mo · near 52W high

Stock trend: 60
Sector RS: 51
Sector 3M: +0.4% vs Nifty +0.1%

Technical chart

HSCLweekly · 3Y+412.3%
Latest close ₹679.50 on 2026-06-09
Bar
-0.1%
RSI
73
MACD hist
6.83
52W pos
93%
Hover for OHLC, volume, and indicators. Use range buttons above the chart to zoom.
₹97₹254₹412₹569₹72752H52L2023-062023-092023-122024-032024-062024-092024-122025-032025-062025-092025-122026-03Vol2023-062024-082025-042025-112026-06
Up bar
Down bar
Volume
Result date
SMA 50
RSI(14)

Technical trend read

Bullish setup

Trend is constructive — long-term uptrend intact. RSI 73.

  • Price > SMA20 > SMA50 > SMA200 — full bullish stack.
  • SMA20 rising (~23.4% over last month) — short-term momentum positive.
  • RSI(14) at 73 — overbought zone; risk of mean reversion.
  • MACD above signal, histogram expanding — bullish momentum building.
  • Within 3% of 52-week high — testing resistance.

Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.

Deep research

Valuation, score drivers, trust methodology, financials, and peers

Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.

49U-SCORE
Financial Turnaround

Fundamental score breakdown

FAIR VALUE
Valuation0/30
Growth19/25
Quality13/20
Balance Sheet9/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
-1
Raw sum
49

Why this score?

Top U-Score contributors and drags from the latest stored fundamentals.

49/100 · FAIR VALUE

Positive drivers

  • Piotroski is strong at 8/9.
  • Growth contributes 19/25 to the score.
  • Quality contributes 13/20 to the score.

Main drags

  • Penalty bucket subtracts 1 points.
  • Fair-value margin of safety is negative at -1.3%.
  • Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model

Cyclical valuation: normalized earnings, not just trailing PE

Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.

Cyclical normalized
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
44.9
PB
7.2
EV/EBITDA
33.4
ROE
17.8%
ROCE
22.1%
FCF Yield
Debt/Equity
0.2
MoS
-1.3%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement

Stored run vs live recompute

This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.

Stored run: 08 Jun 2026
v4.2-nightly
Final score
49
Previous: 51 (-2)
Verdict
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-1.3%
Previous: +1.7%

Score history

12 stored score snapshots. Latest stored move: +2 points.

08 Jun 2026
v4.2-nightly
54
54
52
52
52
54
54
51
49
49
49
51

Factor attribution

Valuation
0-2
was 2
Trust Score
76Healthy Trust · low confidenceTrust Lite

Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.

Healthy Trust: Management has 100% delivered/partly-delivered outcomes on 1 checked claims. It ranks around the 82nd percentile of the scored universe and 80th percentile within Industrials. No major sub-score weakness stands out.

High Trust Lite: Promoter pledge is zero.

Computed 08 Jun 2026
management-trust-v1
116 docs indexed · 25 concall links
Score band
Healthy Trust

Generally investable credibility. Look for weak sub-scores before increasing position size.

Relative rank
82nd percentile

overall median 67 · Industrials: 80th pctile, median 68 · Small: 85th pctile, median 65

Evidence depth
Financial-only

116 documents indexed, but claim history is not strong enough yet.

Claim delivery
100% delivered or partly delivered

1/4 claims checked · No contradicted claim yet

How to read this Trust Score

Healthy Trust · low confidence
What it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.

Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.

Forensic breakdown

Read low sub-scores as due-diligence warnings, not automatic sell signals.

Promoter
78
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
74
acceptable · capital discipline
Results
75
strong · quarterly consistency

Trust positives

  • Promoter pledge is zero.
  • 8 years of positive FCF.
  • ROCE is 22.1%.
  • 4/4 latest quarters had positive YoY PAT growth.

Trust risks

  • No major Trust Lite risk flags.

Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.

Intrinsic value

Graham Number
₹176.8
-284.1% MoS
DCF Fair PE
45.0
DCF Fair Value
₹670.05
-1.3% MoS
PEG
0.71

Fundamentals

Valuation

P/E
44.90
P/B
7.15
EV/EBITDA
33.37
Market Cap
33602.00Cr

Profitability

ROE
17.80%
ROCE
22.10%
ROA
11.97%
Dividend Y
0.12%

Growth (CAGR)

Revenue 5Y
23.00%
EPS 5Y
74.00%
Revenue 3Y
4.00%
EPS 3Y
47.00%

Balance Sheet

Debt/Equity
0.16
Interest Coverage
15.03×
Altman Z
8.54
Book Value
93.30

Cash Flow

FCF Yield
FCF Positive Y
8/5
OCF
382.00 Cr
EPS TTM
14.89

Shareholding

Promoter Hold
52.49%
Promoter Pledge
0.00%
Momentum 52W
89%

Financial History

Updated 9/6/2026

Revenue

₹ Cr
No data

Net Profit

₹ Cr
No data

Return on Equity

%
No data
Verify on:NSE India ↗
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.