Himadri Speciality Chemical Ltd has received an upgraded ESG rating from ICRA ESG Ratings Limited, with its Combined Rating revised upward from 80 to 82, while continuing to hold the 'Exceptional' category designation. The development was disclosed to the stock exchanges on May 13, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Schedule III and SEBI Master Circular no. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

ESG Rating Revision Details

The rating revision was communicated through a letter from ICRA ESG Ratings Limited dated May 12, 2026. The key details of the rating change are summarised below:

Regulatory Disclosure

The company made the disclosure in compliance with its obligations under the SEBI Listing Regulations. The information was submitted to both BSE Limited and the National Stock Exchange of India Ltd, and will also be made available on the company's official website at www.himadri.com . The disclosure was signed by Monika Saraswat, Company Secretary and Compliance Officer.

About the Rating

The 'Exceptional' category under the ICRA ESG framework represents a high standard of ESG performance. The revised Combined Rating of 82 marks an improvement from the previous score of 80, reflecting the company's standing across Environmental, Social, and Governance assessment pillars as evaluated by the rating agency.

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.

Strategic Partnerships and Collaborations

The collaboration with Sicona Battery Technologies has progressed significantly during the year, with Sicona achieving important milestones at pilot scale level. Further capacity expansion is targeted for completion by Q2 FY27. Sicona's Gen3 SiCx® material has demonstrated superior energy density and improved electrochemical characteristics, while Gen4 SiCx® has shown high-capacity retention over extended cycle life.

The strategic investment in IBC, International Battery Company, a U.S. headquarter developer and manufacturer of chemistry-agnostic prismatic lithium-ion cells, enables real-world validation and early commercial deployment of Himadri's lithium-ion battery materials. IBC operates across diversified end-use applications including B2B fleet customers, two and three-wheeler OEMs, and global battery exports for energy storage and mobility solutions. The collaboration with Invati Creations continues to progress steadily with focused research efforts underway across advanced lithium-ion electrode materials.

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

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. The anthraquinone and carbazole project is progressing as planned and expected to commission in Q2 FY27.

Source: None/Company/INE019C01026/4041d1df071347c6.pdf