Himadri Speciality Chemical Reports Strong FY26 Performance with Record EBITDA and PAT
Himadri Speciality Chemical Ltd delivered its strongest financial performance in FY26, achieving record consolidated EBITDA of INR 1,006 crores and profit after tax of INR 755 crores. The company successfully commissioned its first anode material manufacturing facility with 200 metric tons per annum capacity and expanded its speciality carbon black capacity to 250,000 metric tons per annum. Management has committed to doubling PAT to INR 1,100 crores by FY28, supported by new growth initiatives in lithium-ion battery materials and the revival of Birla Tyres.
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Himadri Speciality Chemical Ltd delivered its strongest financial performance to date in FY26, achieving record consolidated EBITDA of INR 1,006 crores and profit after tax of INR 755 crores. The company reported consolidated revenue of INR 4,661 crores for the full year, with EBITDA growing approximately 19% year-on-year from INR 847 crores in FY25. PAT increased 36% compared to INR 555 crores in the previous year, reflecting the strength of its value-added portfolio and operational discipline.
For the fourth quarter of FY26, consolidated revenue stood at INR 1,288 crores, representing a 14% increase compared to INR 1,135 crores in the corresponding period of the previous year. Q4 EBITDA reached INR 280 crores, registering 21% year-on-year growth, while PAT stood at INR 208 crores, delivering strong growth of approximately 34% year-on-year. On a standalone basis, FY26 revenue was INR 4,405 crores with EBITDA of INR 978 crores and PAT of INR 750 crores.
Strategic Developments and Capacity Expansion
The company achieved a significant milestone in its lithium-ion battery materials strategy by commissioning its first anode material manufacturing facility at Mahistikry, West Bengal, on 23 April 2026. The facility has an initial capacity of 200 metric tons per annum, with the entire technology platform developed in-house. During the year, the company invested INR 120 crores in research and development.
The speciality carbon black capacity expansion progressed with the successful commissioning of an additional 70,000 metric ton facility at Mahistikry, taking total speciality carbon black capacity to 130,000 metric tons per annum and overall carbon black capacity to 250,000 metric tons per annum. The Mahistikry facility is now the world's single largest location for speciality carbon black production. Additionally, coal-tar pitch distillation capacity was debottlenecked to 600,000 metric tons per annum.
Lithium-Ion Battery Materials Strategy
Execution of Phase 1 of the lithium-ion phosphate cathode active material project is on track, with a total envisaged capacity of 40,000 metric tons per annum. The first milestone capacity of 2,000 metric tons is targeted for commissioning by Q3 FY27, with the balance Phase 1 capacity to be progressively commissioned over the subsequent 12 months. FY29 is envisaged as the year for full Phase 1 operations. The total capex for the 40,000 metric ton capacity is INR 1,125 crores.
Beyond Phase 1, the company aims to build a globally relevant LFP platform with the capability to produce 200,000 metric tons of LFP cathode active material. This positions Himadri as the first company globally to establish commercial-scale LFP cathode-active material manufacturing facility outside China. The company has also made strategic investments in IBC, International Battery Company, and secured exclusive technology licensing rights for Sicona's silicon-carbon anode technology.
Birla Tyres Revival and Financial Health
Birla Tyres, which marked its first half year of operations in FY26, contributed INR 187 crores in revenue. The company expects this business to reach INR 3,000 crores of top line over the next four years. The revival strategy has prioritised product-market fit, channel strength, and brand repositioning before pursuing volume-led growth. The distributor network has expanded to 43 distributors and over 1,000 dealers.
The company maintains a resilient balance sheet with a net positive cash balance of INR 121 crores as of 31 March 2026. Return on capital employed reached 32% in FY26. Management has committed to doubling PAT to INR 1,100 crores by FY28. Over the last five years on a consolidated basis, revenues have grown at a CAGR of 14%, EBITDA at 58%, and profit after tax at 110%.
Financial Performance Summary
| Metric | Q4 FY26 | FY26 |
|---|---|---|
| Consolidated Revenue | INR 1,288 crores | INR 4,661 crores |
| Consolidated EBITDA | INR 280 crores | INR 1,006 crores |
| Consolidated PAT | INR 208 crores | INR 755 crores |
| Standalone Revenue | INR 1,101 crores | INR 4,405 crores |
| Standalone EBITDA | INR 252 crores | INR 978 crores |
| Standalone PAT | INR 186 crores | INR 750 crores |
The company expects to achieve around 85%-90% capacity utilization for newly announced capacities in FY27. Himadri has been awarded Platinum rating by EcoVadis for the second consecutive year, placing it among the top 1% of companies globally among 150,000 rated by EcoVadis. The company's geographic presence expanded from 56 countries to 61 countries during the year.
Historical Stock Returns for Himadri Speciality Chemical
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.02% | +16.18% | +36.93% | +25.12% | +31.68% | +1,241.61% |
How will Himadri's entry into the lithium-ion battery materials market position the company against established global players like CATL and BYD?
What potential partnerships or customer agreements could Himadri secure for its 200,000 metric ton LFP cathode material long-term capacity target?
How might the revival of Birla Tyres impact Himadri's overall margin profile as it scales toward the INR 3,000 crore revenue target over four years?
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