Himadri Speciality Chemical Ltd. (IN:HSCL)
:HSCL
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Himadri Speciality Chemical Ltd.
(HSCL)
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Rating:67Neutral
Price Target:
₹691.00
▲(39.94% Upside)
Action:Downgraded
Date:04/25/26
The score is driven primarily by improving profitability and a healthy balance sheet, tempered by weak and volatile cash flow (including negative free cash flow in 2026). Technicals are supportive but look overbought, and valuation is a headwind due to a higher P/E and minimal dividend yield.
Positive Factors
Strong margin expansion and profitability
Material margin expansion to ~20% EBIT and ~16.1% net in 2026 signals durable improvements in pricing, product mix and cost control. Such sustained profitability boosts returns, funds reinvestment, and provides a buffer through cyclicality in end-markets over the medium term.
Negative Factors
Volatile cash generation and negative FCF in 2026
Inconsistent operating cash conversion and a shift to negative free cash flow in 2026 indicate working-capital stress or higher reinvestment needs. Persisting cash volatility can constrain buybacks, dividends or debt reduction and raises funding risk during downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong margin expansion and profitability
Material margin expansion to ~20% EBIT and ~16.1% net in 2026 signals durable improvements in pricing, product mix and cost control. Such sustained profitability boosts returns, funds reinvestment, and provides a buffer through cyclicality in end-markets over the medium term.
Read all positive factors
Himadri Speciality Chemical Ltd. (HSCL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹293.69B
Dividend Yield0.12%
Average Volume (3M)128.93K
Price to Earnings (P/E)27.7
Beta (1Y)1.47
Revenue Growth1.04%
EPS Growth33.93%
CountryIN
Employees920
SectorBasic Materials
Sector Strength58
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)13.28
Shares Outstanding504,541,600
10 Day Avg. Volume71,359
30 Day Avg. Volume128,934
Financial Highlights & Ratios
PEG Ratio0.86
Price to Book (P/B)4.67
Price to Sales (P/S)4.72
P/FCF Ratio-244.41
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)17.25
Revenue Forecast (FY)₹60.11B
Himadri Speciality Chemical Ltd. Business Overview & Revenue Model
Company Description
Himadri Speciality Chemical Limited manufactures and sells carbon materials and chemicals in India and internationally. The company offers coal tar pitches, including aluminum and graphite grade binder grade pitches, impregnated coal tar pitches, ...
How the Company Makes Money
HSCL primarily makes money by manufacturing and selling chemical and carbon-material products, with revenue recognized from product sales to industrial customers. Its key revenue streams typically include: (1) Coal tar pitch and related pitch prod...
Himadri Speciality Chemical Ltd. Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
78
Positive
Cash Flow
46
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 44.65B | 46.61B | 46.13B | 41.85B | 41.72B | 27.91B |
| Gross Profit | 14.86B | 15.01B | 14.34B | 11.17B | 8.75B | 5.11B |
| EBITDA | 9.53B | 10.03B | 8.43B | 6.32B | 4.15B | 1.58B |
| Net Income | 6.56B | 7.51B | 5.56B | 4.11B | 2.16B | 409.46M |
Balance Sheet | ||||||
| Total Assets | 55.18B | 63.06B | 46.56B | 44.49B | 36.78B | 34.54B |
| Cash, Cash Equivalents and Short-Term Investments | 6.94B | 8.60B | 6.76B | 2.16B | 2.13B | 2.63B |
| Total Debt | 8.64B | 7.68B | 3.13B | 6.05B | 8.42B | 5.87B |
| Total Liabilities | 14.21B | 15.44B | 8.85B | 14.06B | 14.00B | 15.89B |
| Stockholders Equity | 40.69B | 47.07B | 37.22B | 30.46B | 22.80B | 18.68B |
Cash Flow | ||||||
| Free Cash Flow | -2.76B | -900.20M | 2.76B | 3.52B | -291.80M | 3.08B |
| Operating Cash Flow | -948.60M | 3.60B | 4.47B | 4.05B | 539.70M | 3.31B |
| Investing Cash Flow | -4.64B | -10.09B | -2.35B | -4.05B | -3.97B | -282.26M |
| Financing Cash Flow | 4.72B | 6.57B | -2.71B | 71.90M | 3.77B | -1.82B |
Himadri Speciality Chemical Ltd. Technical Analysis
Positive
493.80
Price Trends
512.16
Positive
491.02
Positive
476.23
Positive
Market Momentum
20.71
Positive
54.32
Neutral
22.11
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:HSCL, the sentiment is Positive. The current price of 493.8 is below the 20-day moving average (MA) of 592.16, below the 50-day MA of 512.16, and above the 200-day MA of 476.23, indicating a neutral trend. The MACD of 20.71 indicates Positive momentum. The RSI at 54.32 is Neutral, neither overbought nor oversold. The STOCH value of 22.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:HSCL.
Himadri Speciality Chemical Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ₹205.64B | 22.30 | ― | 0.41% | 12.36% | 40.19% | |
69 Neutral | ₹124.16B | 34.56 | ― | 0.15% | 22.01% | 75.16% | |
67 Neutral | ₹293.69B | 27.74 | ― | 0.12% | 1.04% | 33.93% | |
67 Neutral | ₹137.91B | 30.94 | ― | 0.48% | -0.95% | 9.51% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
59 Neutral | ₹168.24B | 34.52 | ― | 0.26% | 14.15% | 26.69% | |
56 Neutral | ₹157.03B | 33.11 | ― | 0.51% | -0.22% | -12.31% |
* Basic Materials Sector Average
IN:HSCL
Himadri Speciality Chemical Ltd.
590.20
116.20
24.51%
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Himadri Speciality Chemical Ltd. Corporate Events
Himadri Speciality Chemical Posts Record FY26 Results and Expands Mahistikry Capacity
Apr 23, 2026
Himadri Speciality Chemical reported record financial performance for the year ended 31 March 2026, with revenue from operations of Rs. 4,660.7 crore and all-time-high EBITDA of Rs. 1,006 crore, PBT of Rs. 1,001 crore and PAT of Rs. 755 crore, dri...
Himadri Announces SEBI-Mandated Special Window for Demat of Legacy Physical Shares
Apr 18, 2026
Himadri Speciality Chemical has notified the exchanges that, pursuant to a recent SEBI circular, a special one-year window has been opened to allow transfer and dematerialisation of physical securities that were bought or sold before April 1, 2019...
Himadri CEO Anurag Choudhary Named Business Today’s Best CEO in Chemicals
Apr 2, 2026
Himadri Speciality Chemical Ltd announced that its Chairman, Managing Director and CEO, Anurag Choudhary, has been honoured with Business Today India’s Best CEO 2026 award in the Chemicals category at the BT MindRush 2026 forum. The accolade...
Himadri Named One of India’s Leading ESG Entities by Dun & Bradstreet
Apr 2, 2026
Himadri Speciality Chemical Ltd. has been recognised as one of India’s leading ESG entities by Dun Bradstreet in its flagship report “ESG Horizons: Now and Next 2026,” which profiles top-performing companies on environmental, so...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.