Himadri Speciality Chemical (500184) Q4 25/26 earnings summary

Executive summary

• Achieved record financial performance in FY 2026, with highest ever EBITDA of ₹1,006 crore and PAT of ₹755 crore, driven by value-added products, operational efficiency, and new product launches.

• Commissioned new specialty carbon black (up to 250,000 MTPA) and 200 MTPA anode material facilities, marking entry into lithium-ion battery value chain and strengthening global positioning.

• Revived Birla Tyres, contributing INR 187 crore in revenue, with plans for significant scale-up and expansion into OHT, CV, and PCR segments.

• Strategic investments and partnerships in battery materials, including Sicona, IBC, and Invati, to drive innovation and global expansion.

• Board recommended a final dividend of ₹0.80 per share for FY26, subject to shareholder approval.

Financial highlights

• FY26 consolidated revenue: ₹4,660.70 crore, up 1% YoY; Q4 FY26 revenue: ₹1,288 crore, up 14% YoY; EBITDA: ₹1,006 crore, up 19%; PAT: ₹755 crore, up 36% YoY.

• Standalone FY26 revenue: ₹4,405.11 crore; EBITDA: ₹978 crore, up 16%; PAT: ₹749.70 crore, up 34%.

• Five-year CAGR: revenue 14%, EBITDA 58%, PAT 110%.

• Net positive cash balance of ₹121 crore as of March 31, 2026.

• Standalone EPS for FY26 was ₹15.05 (basic); consolidated EPS was ₹15.08 (basic).

Outlook and guidance

• Confident of sustainable gross profit and 20%+ EBITDA margin over the next 2–3 years.

• Top line and bottom line growth expected in FY27, with margin expansion from new capacities and full-year operations of expanded specialty carbon black and Birla Tyres.

• PAT targeted to double from FY25 to FY28, reaching INR 1,100+ crore.

• Forward integration into anthraquinone, carbazole, and commercial LFP cathode plant targeted for Q3 FY27.

• Expansion into China via a new wholly owned step-down subsidiary is planned to drive global growth.