Himadri Speciality Chemical (500184) Q1 26/27 earnings summary

Executive summary

• Achieved consolidated revenue of INR 1,432 crore (up 28% YoY), EBITDA of INR 313 crore (22% margin), and PAT of INR 228 crore (16% margin), reflecting strong year-over-year growth and profitability.

• Transformation from a coal tar derivative company to a global advanced materials and solutions provider, focusing on energy transition and high-performance applications.

• Strategic investments in R&D, capacity expansion, and new energy materials are driving innovation and future growth.

• Announced indigenous Carbon Nanotube (CNT) technology and entry into Super Speciality Carbon Black (SSCB), targeting high-value global markets.

• Ongoing ramp-up and modernization of Birla Tyres, with new product launches and expansion into new segments.

Financial highlights

• Q1FY27 consolidated revenue rose 28.04% YoY to ₹1,431.88 Cr; EBITDA up 33.10% to ₹313.11 Cr; PAT up 27.36% to ₹228.43 Cr.

• Standalone revenue increased 16% to ₹1,274 crore; standalone EBITDA up 29% to ₹301 crore (24% margin); standalone PAT up 22% to ₹223 crore (18% margin).

• Gross profit for Q1FY27 increased 27.13% YoY to ₹519.77 Cr.

• FY26 consolidated revenue reached ₹4,660.70 Cr, EBITDA ₹1,005.70 Cr, and PAT ₹755.07 Cr.

• Five-year CAGR: Revenue +14%, EBITDA +58%, PAT +110%.

Outlook and guidance

• Maintains INR 1,100 crore PAT target by FY 2028, with no negative changes to assumptions.

• Significant sustainable growth in profitability projected over the next two years, driven by diversification and high-value product mix.

• Major capacity expansions and new product launches scheduled through FY28, including LFP cathode, anode materials, and SSCB.

• No specific quarterly or annual guidance provided for FY 2027.

• Expects continued margin improvement as product mix shifts to higher-value segments.