Himadri Speciality Chemical (500184) Q3 25/26 earnings summary

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.

• Robust financial performance with PAT for nine months FY2026 reaching ₹564 crore, surpassing FY2025 full-year PAT, driven by high-value product focus and capacity expansions.

• Received EcoVadis Platinum Medal for ESG, placing among the top 1% globally, and certified as a Great Place to Work.

• Promoters infused ₹237 crore via preferential warrants, increasing shareholding to 52.5% and reinforcing long-term commitment.

• Strategic focus on high-value products, R&D, and expansion into battery materials and advanced chemicals, with investments in Sicona, IBC, and Invati.

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.

• Phase one of LFP cathode material plant (40,000 MTPA) on track for Q3 FY2027; full ramp-up expected by FY2029.

• Specialty Carbon Black and Coal Tar Pitch expansions to drive growth; 85% utilization expected next year, reaching near full capacity thereafter.

• Forward integration into anthraquinone and carbazole to be completed by Q2 FY2027.

• All future growth to be funded through internal accruals, with no further equity dilution or new debt planned.