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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Himadri Speciality Chemical
Himadri Speciality Chemical (500184) investor relations material
Himadri Speciality Chemical Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary21 Jan, 2026
Executive summary
Trial production commenced at the Specialty Carbon Black Expansion Project, making it the world's largest single-site plant at 130,000 MTPA, with commercial production expected by February 2026.
PAT for nine months FY2026 reached ₹564 crore, surpassing FY2025 full-year PAT, reflecting robust execution and growth.
Achieved EcoVadis Platinum Medal for ESG for the second consecutive year and certified as a Great Place to Work.
Significant progress in battery materials, with LFP cathode plant on track for Q3 FY2027 and strong R&D investments.
Unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025 were approved by the Board on 16 January 2026.
Financial highlights
Q3 FY2026 standalone revenue: ₹1,133 crore; EBITDA: ₹249 crore (12% YoY growth); PAT: ₹195 crore (37% YoY growth).
Nine months FY2026 standalone revenue: ₹3,304 crore; EBITDA: ₹726 crore (19% YoY growth); PAT: ₹564 crore (41% YoY growth).
Q3 FY2026 consolidated revenue: ₹1,184 crore; EBITDA: ₹253 crore (12% YoY growth); PAT: ₹192 crore (36% YoY growth).
Nine months FY2026 consolidated revenue: ₹3,373 crore; EBITDA: ₹726 crore (18% YoY growth); PAT: ₹548 crore (37% YoY growth).
Sales volume for nine months FY2026: 428,572 MT (3% YoY growth); EBITDA/MT: ₹16,934 (15% YoY improvement).
Outlook and guidance
PAT expected to double from FY2025 to FY2028, maintaining previous guidance.
LFP cathode plant's first phase (40,000 MTPA) on track for Q3 FY2027; full-year operation expected in FY2029.
No equity dilution or new debt planned; growth to be funded by internal accruals.
Specialty carbon black ramp-up to 85% utilization next year, reaching 95-100% subsequently.
Forward integration into anthraquinone and carbazole to be completed by Q2 FY2027.
Timeline for Mahistikry commercial production
Equity increase from warrant conversions
Impact of Birla Tyres on consolidated results
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Next Himadri Speciality Chemical earnings date
Q4 25/2621 Apr, 2026
Himadri Speciality Chemical
Next Himadri Speciality Chemical earnings date
Q4 25/2621 Apr, 2026
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