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, and a new Mangalore port terminal was commissioned for Coal Tar Pitch exports to the Middle East.

• Achieved EcoVadis Platinum Medal for ESG for the second consecutive year and certified as a Great Place to Work, reflecting strong sustainability and workplace culture.

• Robust financial performance with PAT for nine months FY2026 reaching ₹564 crore, up 41% YoY, surpassing FY25 full-year PAT, driven by operational discipline and value-added products.

• Strategic focus on innovation, R&D, and expansion into battery materials, including LFP cathode and anode projects, to support long-term growth.

• 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 is expected to double from FY2025 to FY2028, maintaining the previous guidance of doubling in three years.

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

• Specialty Carbon Black capacity utilization expected at 85% next year, reaching 95-100% in subsequent years.

• Coal tar pitch and specialty black ramp-ups to be visible from next financial year and Q1 FY2027, respectively.

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