Himadri Speciality Chemical (HSCH IN) – Analyst Meet Update – New projects to drive next leg of growth – Not Rated
Published on 15 Dec 2025
We attended the analyst meeting of Himadri Specialty Chemical Ltd (HSCL). Management highlighted visibility near-term volume growth driven by the debottlenecking of coal tar pitch (CTP) capacity to 600ktpa and the upcoming expansion of carbon black capacity to 130,000mtpa. The company is progressing on multiple projects, including the anthracene–carbazole value added product line targeted for commissioning in Q2FY27, and the revival of Birla Tyres, where full 400tpda utilization is expected over the next four years. HSCL is also advancing its new-energy materials portfolio, with India’s first 40,000mtpa LFP cathode active material facility expected by Q3FY27 and further scale-up planned thereafter. Additionally, the company is developing anode materials, silicon-carbon technology, and evaluating future opportunities in AHF production through oil, and foraying into specialty agrochemicals. Over FY23-25, HSCL revenue/EBITDA has registered a CAGR of 5%/46%. We believe execution of all the ongoing projects will be keen for the success of the company. The stock trades at 27x based on FY27E consensus EPS. Not Rated
