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 high-value specialty products and operational efficiency.

• Sales volumes increased 16% to 552,206 MT in FY25, with a focus on specialty products and operational excellence.

• Major strategic initiatives included the acquisition of Birla Tyres, expansion in specialty carbon black, investments in battery materials, and the acquisition of Elixir Carbo Private Limited.

• Multiple awards for sustainability, HR, and manufacturing excellence, including EcoVadis Platinum and IndiaChem Company of the Year.

• Audited standalone and consolidated financial results for FY25 were approved with an unmodified audit opinion.

Financial highlights

• Standalone revenue for FY25 was ₹4,595.80 crore, up from ₹4,184.89 crore; consolidated revenue was ₹4,612.63 crore.

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

• Standalone PAT increased 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.

• Final dividend of ₹0.60 per share (60% of face value) recommended for FY25, subject to shareholder approval.

Outlook and guidance

• PAT expected to exceed ₹800 crore by FY27, with growth from existing and new business lines.

• LFP cathode active material plant (40,000 MT) to be operational by Q3 FY27, targeting ₹2,200–2,400 crore topline at full capacity.

• Major revenue from the tire business anticipated from FY27, with phased ramp-up starting in H2 FY26.

• Continued focus on ESG, innovation, and forward integration into high-value products and battery materials.

• Plans to migrate to the new tax regime from FY26 after utilizing accumulated MAT credits.