Himadri Speciality Chemical (500184) Q4 24/25 earnings summary

Executive summary

• Achieved record FY25 financial performance with revenue up 10% to ₹4,596 crore, EBITDA up 33% to ₹844 crore, and PAT up 36% to ₹558 crore, driven by specialty products, operational efficiency, and global expansion.

• Sales volumes increased 16% to 552,206 MT, with a focus on high-value specialty products and global expansion.

• Major strategic initiatives included brownfield expansion in specialty carbon black, forward integration into high-value chemicals, entry into the tire manufacturing sector, and acquisition of Birla Tyres.

• Recognized for sustainability and innovation, receiving multiple industry awards and global certifications, including EcoVadis Platinum Medal.

• Audited standalone and consolidated financial results for FY25 were approved with an unmodified audit opinion; final dividend of ₹0.60 per share (60% of face value) recommended.

Financial highlights

• FY25 standalone revenue grew 9.8% to ₹4,596 crore; consolidated revenue up 10.2% to ₹4,613 crore.

• Standalone EBITDA increased 33% to ₹844 crore; consolidated EBITDA up 33% to ₹847 crore.

• Standalone PAT surged 36% to ₹558 crore; consolidated PAT up 35% to ₹555 crore.

• Net positive cash balance of ₹371 crore as of March 31, 2025; net cash from operations was ₹455 crore.

• Return on capital employed reached 34% in FY25.

Outlook and guidance

• FY27 PAT guidance of ₹800+ crore, driven by new capacities and product launches.

• Major revenue from tire business expected from FY27 onward; phased ramp-up in specialty carbon black and LFP cathode materials.

• LFP cathode plant (40,000 MT) to be operational by Q3 FY27, targeting export and domestic markets.

• Operations at Birla Tyres to commence in Q1FY26, targeting specialty and EV tyre segments.

• Company plans to migrate to new tax regime from FY26 after utilizing accumulated MAT credits.