Himadri Speciality Chemical Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Himadri Speciality Chemical Ltd filed with BSE on 21 Jul 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Himadri Speciality Chemical reported consolidated revenue of INR1,432 Crores for Q1FY27, up 28% year-on-year, with EBITDA of INR313 Crores at a 22% margin and profit after tax of INR228 Crores at a 16% margin. Management announced two new initiatives during the quarter, an indigenous carbon nanotube manufacturing facility and entry into super speciality carbon black, alongside updates on progress in anode materials, LFP cathode development, Birla Tyres turnaround and the coal tar pitch business. Management also discussed capital expenditure plans across new energy materials, speciality carbon black, and Birla Tyres over the coming years.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Consolidated revenue: INR1,432 Crores (Q1FY27)
p. 7
“Our consolidated revenue for the quarter stood at INR1,432 Crores as compared to INR1,118 Crores a year ago, an increase of 28%.”
Kamlesh Agarwal, page 7 of the filed PDF · View the filing
Consolidated EBITDA: INR313 Crores, 22% margin (Q1FY27)
p. 7
“Our EBITDA stood at INR313 Crores as compared to INR235 Crores a year ago with an increase of 33% and margin of 22%.”
Kamlesh Agarwal, page 7 of the filed PDF · View the filing
Consolidated profit after tax: INR228 Crores, 16% margin (Q1FY27)
p. 7
“Our profit after tax has significantly increased to INR228 Crores from INR179 Crores a year ago, a jump of 27% with a margin of 16%.”
Kamlesh Agarwal, page 7 of the filed PDF · View the filing
Standalone revenue: INR1,274 Crores (Q1FY27)
p. 7
“Our stand-alone revenue for the quarter stood at INR1,274 Crores as compared to INR1,100 Crores a year ago, an increase of 16%.”
Kamlesh Agarwal, page 7 of the filed PDF · View the filing
Standalone EBITDA: INR301 Crores, 24% margin (Q1FY27)
p. 7
“Our EBITDA stood at INR301 Crores as compared to INR234 Crores a year ago with a growth rate of 29% and margin of 24%.”
Kamlesh Agarwal, page 7 of the filed PDF · View the filing
Standalone profit after tax: INR223 Crores, 18% margin (Q1FY27)
p. 7
“Profit after tax has significantly increased to INR223 Crores from INR183 Crores a year ago, a jump of 22% with margin of 18%.”
Kamlesh Agarwal, page 7 of the filed PDF · View the filing
CNT facility capex: approximately INR70 Crores
p. 4
“Backed by a planned capex of approximately INR70 Crores, our upcoming 200 MTPA CNT manufacturing facility targeted for commissioning in Q4FY27, is expected to position Himadri among a select group of few global manufacturers serving this high-growth market.”
Anurag Choudhary, page 4 of the filed PDF · View the filing
Super speciality carbon black conversion capex: INR170 Crores
p. 4
“We are converting 6,000 MTPA of existing capacity with a capex of INR170 Crores.”
Anurag Choudhary, page 4 of the filed PDF · View the filing
Coal tar distillation capacity: 600,000 MTPA
p. 5
“We operate the world's largest single location fully integrated carbon complex, with 600,000 MTPA of coal tar distillation capacity.”
Anurag Choudhary, page 5 of the filed PDF · View the filing
Anode capex spent so far: INR120 Crores
p. 12
“So we have already spent INR120 Crores.”
Anurag Choudhary, page 12 of the filed PDF · View the filing
LFP 200,000 MTPA capex: INR4,800 Crores
p. 14
“So we have already announced for 200,000 tons, INR4,800 Crores of capex.”
Anurag Choudhary, page 14 of the filed PDF · View the filing
R&D spend: INR125-plus Crores, 2.6% of top line (FY26)
p. 10
“We have spent -- if you look at the last year's balance sheet only INR125-plus Crores we have spent, 2.6% of our top line.”
Anurag Choudhary, page 10 of the filed PDF · View the filing
Total announced capex: around INR2,000 Crores
p. 18
“Yes, total capex we have announced is around INR2,000 Crores, INR1,125 Crores for LFP, INR368 Crores announced yesterday.”
Anurag Choudhary, page 18 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
CNT facility commissioning — 200 MTPA facility · Q4FY27
stated firmly by Anurag Choudhary
p. 4
“our upcoming 200 MTPA CNT manufacturing facility targeted for commissioning in Q4FY27, is expected to position Himadri among a select group of few global manufacturers serving this high-growth market”
Anurag Choudhary, page 4 of the filed PDF · View the filing
LFP cathode initial capacity commissioning — 2,000 MTPA · Q3FY27
stated firmly by Anurag Choudhary
p. 4
“Our initial 2,000 MTPA capacity is expected to be commissioned in Q3FY27, representing the first milestone under Phase 1 of our 40,000 MTPA expansion plan, which forms part of our broader long-term vision to scale capacity to 200,000 MTPA.”
Anurag Choudhary, page 4 of the filed PDF · View the filing
LFP 40,000 MTPA capacity — 40,000 MTPA · FY28
stated firmly by Anurag Choudhary
p. 12
“That will be operational in FY '28.”
Anurag Choudhary, page 12 of the filed PDF · View the filing
Anthraquinone and carbazole full commissioning — 5,300 MTPA total · FY28
stated firmly by Anurag Choudhary
p. 5
“Our forward integration into anthraquinone and carbazole with a total capacity of 5,300 MTPA is progressing well with full commissioning targeted by FY28.”
Anurag Choudhary, page 5 of the filed PDF · View the filing
Anthraquinone and carbazole phase capacities — 2,600 MTPA then 2,700 MTPA · Q2FY27 and Q2FY28
stated firmly by Anurag Choudhary
p. 5
“Initial phase capacity of 2,600 MTPA is set to commission in Q2FY27 and balance capacity of 2,700 MTPA is to be added in Q2FY28.”
Anurag Choudhary, page 5 of the filed PDF · View the filing
Birla Tyres PCR facility — Passenger Car Radial facility · FY28
stated firmly by Anurag Choudhary
p. 5
“Birla Tyres' next strategic milestone is the commissioning of Passenger Car Radial (PCR) facility by FY28, paving the way for its planned entry into EV and SUV tyre segments.”
Anurag Choudhary, page 5 of the filed PDF · View the filing
Birla Tyres top line target — INR3,000 Crores · next 4 to 5 years
stated as an aspiration by Anurag Choudhary
p. 19
“We will continue this trajectory and in next 4 years to 5 years the target is to reach INR3,000 Crores of top line in Birla tyres.”
Anurag Choudhary, page 19 of the filed PDF · View the filing
Birla Tyres EBITDA breakeven — breakeven · this financial year
stated firmly by Anurag Choudhary
p. 19
“We reach EBITDA breakeven in this financial year only. We will be cash positive.”
Anurag Choudhary, page 19 of the filed PDF · View the filing
PAT target — INR1,100 Crores · FY28
stated firmly by Anurag Choudhary
p. 16
“So I'll remain at INR1,100 Crores for next year and let the quarter speak of itself what happens.”
Anurag Choudhary, page 16 of the filed PDF · View the filing
Coal tar business capacity utilization — 90% plus · during the year
stated conditionally by Anurag Choudhary
p. 14
“80% capacity utilization. Looking forward during the year, we will be at 90% plus.”
Anurag Choudhary, page 14 of the filed PDF · View the filing
IBC facility commencement — 7 gigawatt facility · Q4FY27
stated conditionally by Anurag Choudhary
p. 17
“Plus they are setting up facility through their technology in India for 7 gigawatt. The work is in progress and expected to commence operation by Q4FY '27.”
Anurag Choudhary, page 17 of the filed PDF · View the filing
Capex funding — no incremental debt · FY27
stated firmly by Anurag Choudhary
p. 18
“Yes, definitely, the free cash flow will cover that. There is no question of any incremental debt.”
Anurag Choudhary, page 18 of the filed PDF · View the filing
Capex phasing — INR1,000 Crores this year and INR1,000 Crores next year · FY27 and FY28
stated firmly by Anurag Choudhary
p. 18
“Out of this, we expect around INR1,000 Crores of capex happening this year and INR1,000 Crores next year.”
Anurag Choudhary, page 18 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management explained mining profit did not recur this quarter due to a licensing pause, while Birla Tyres revenue growth offset the impact on the top line.
Answered by Anurag Choudhary
Asked by Sanjesh Jain: Why did EBIT in the other segment fall sharply this quarter versus last quarter despite similar revenue?
p. 7
“So other segment last time consists of mining profit, which this quarter didn't took place. That was the reason of fall.”
Anurag Choudhary, page 7 of the filed PDF · View the filing
Management said the CNT market is around 30,000 metric tons and growing, while the super speciality carbon black market is around 300,000 metric tons.
Answered by Anurag Choudhary
Asked by Sanjesh Jain: What is the market size for carbon nanotube and super speciality carbon black globally?
p. 9
“So if you look at the carbon nanotube, it's evolving market. Today, it is around 30,000 metric tons, which is growing every year.”
Anurag Choudhary, page 9 of the filed PDF · View the filing
Management said China holds 100% of global LFP capacity, dominated by top 5-6 players controlling 75-80%, with the market growing significantly by 2035.
Answered by Anurag Choudhary
Asked by Sanjesh Jain: What is the current state and size of the LFP market, and China's dominance in it?
p. 10
“So if you look at the LFP market, today, 100% global capacity of LFP rests in China and is mainly dominated by top 5 to 6 players in China.”
Anurag Choudhary, page 10 of the filed PDF · View the filing
Management clarified the target represents 2-3% share by the time the capacity is built out, given market growth over the next 5-6 years.
Answered by Anurag Choudhary
Asked by Sanjesh Jain: Does the 200,000 MTPA LFP target represent a 10% market share ambition?
p. 10
“So actually, we are targeting at 2% to 3%, which is hardly anything.”
Anurag Choudhary, page 10 of the filed PDF · View the filing
Management gave revenue potential figures for each: INR3,000 Crores for 40,000 tons LFP, INR250-300 Crores for anthraquinone/carbazole, around INR500 Crores for super speciality carbon black, and less than INR100 Crores for CNT initially.
Answered by Anurag Choudhary
Asked by Deepak Poddar: What is the revenue potential for the various new capex projects (CNT, SSCB, LFP, anthraquinone/carbazole)?
p. 12
“See, 40,000 tons as per the today's value will give you -- will give you a INR3,000 Crores top line.”
Anurag Choudhary, page 12 of the filed PDF · View the filing
Management said the company's supply chain resilience meant there was no dependence on West Asia or China, so numbers remained strong through the crisis.
Answered by Anurag Choudhary
Asked by Harsh Motika: How did the West Asia geopolitical situation affect realizations and profitability?
p. 16
“So the best thing is to see the resilience in supply chain, which Himadri has built over the years, which is clearly depicted by the numbers we came up with even going through a deep crisis globally, geopolitical situation, we have been able to post strong numbers.”
Anurag Choudhary, page 16 of the filed PDF · View the filing
Management said there was no hedging policy change, the loss was due to currency volatility, and they do not expect further FX-related negative impact going forward.
Answered by Anurag Choudhary
Asked by Isha Agarwal: What drove the forex swing from profit to loss this quarter, and is there a hedging policy change?
p. 18
“No, there is no change in the hedging policy because of the huge volatility in the currency, this happened.”
Anurag Choudhary, page 18 of the filed PDF · View the filing
Management said it is not yet EBITDA positive, and clarified how Birla Tyres revenue is recognized through Himadri as it sells via a subsidiary structure.
Answered by Anurag Choudhary
Asked by Bhavin Chheda: Is Birla Tyres EBITDA positive at the current INR127 Crores quarterly sales level?
p. 19
“Not yet. So now Birla Tyres is reflected on Dalmia Refractory balance sheet.”
Anurag Choudhary, page 19 of the filed PDF · View the filing
Management declined to disclose raw material sourcing details, stating confidence in profitability without confirming the specific cost inputs.
Answered by Anurag Choudhary
Asked by Tanvi Warekar: How can Himadri be pricing LFP cathode competitively with China while the analyst's cost calculations suggest negative gross spread?
p. 20
“But we are confident we'll work on it, and I cannot disclose my sources. That is confidential.”
Anurag Choudhary, page 20 of the filed PDF · View the filing
Management said the investment in IBC is strategic rather than financial and they do not plan to raise the stake further.
Answered by Anurag Choudhary
Asked by Rohit Sinha: Is there an internal target to raise the stake in International Battery Company (IBC) further?
p. 17
“No. We are not looking to raise.”
Anurag Choudhary, page 17 of the filed PDF · View the filing
Risks flagged
Mining operations paused pending environmental clearance/licensing, with uncertain timeline
p. 17
“No, we have applied for environmental clearance. It takes time. So we don't have the visibility.”
Anurag Choudhary, page 17 of the filed PDF · View the filing
Foreign exchange volatility caused losses in recent quarters
p. 18
“No, there is no change in the hedging policy because of the huge volatility in the currency, this happened.”
Anurag Choudhary, page 18 of the filed PDF · View the filing
Long regulatory/customer approval process for new anode material products
p. 11
“This process takes 1.5 years to 2 years.”
Anurag Choudhary, page 11 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.