HSCL
Small CapHimadri 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).
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.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 1/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 57/100Rev +13% YoY · PAT +34% YoY · +9% QoQ · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,288 Cr | +13.5% | +8.8% |
| EBITDA | ₹242 Cr | +3.9% | -0.4% |
| Operating margin | 19.0% | -200 bps | -100 bps |
| PAT | ₹208 Cr | +34.2% | +8.3% |
| PAT margin | 16.1% | +249 bps | -7 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
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.
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.
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.
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.
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.
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.
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.
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).
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.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| LFP Cathode Active Material Capacity | Phase I (2,000 MTPA) by Q3FY27. | Timely commissioning and ramp-up of LFP capacity and customer approvals. |
| Birla Tyres Ramp-up | Commenced in Q1FY26 and ramping up gradually. | Sustained ramp-up in OHT & CV segments and commissioning of PCR unit. |
| Anthraquinone & Carbazole Commissioning | Plant to be commissioned by Q2FY27. | On-schedule commissioning and market acceptance of new speciality products. |
| LiB Raw Material Security | Discussions 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
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.
"long-term vision is to build 200,000 metric ton of LFP Cathode Active Material capacity in phases"
The first commercial phase of 40,000 metric tons per annum LFP Cathode Active Material capacity remains on track for Q3 FY '27.
"first commercial phase of 40,000 metric tons per annum remains on track for Q3 FY '27"
The first commercial anthraquinone and carbazole facility in India remains firmly on schedule for Q2 FY '27.
"remains firmly on schedule for Q2 FY '27"
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.
"reignite growth in coming quarters and further consolidate our leadership position"
Outcome check: Revenue YoY averaged 13.5% across 1 later quarter(s).
Trend score and candlestick chart
56NeutralSMA20 +30.6% / mo · near 52W high
Technical chart
HSCLweekly · 3Y+412.3%Technical trend read
Bullish setupTrend 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.
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.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
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.
Score history
12 stored score snapshots. Latest stored move: +2 points.
Factor attribution
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.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 80th pctile, median 68 · Small: 85th pctile, median 65
116 documents indexed, but claim history is not strong enough yet.
1/4 claims checked · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
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
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
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.