Himadri Speciality Chemical Ltd. (HSCL) AI Stock Analysis

• Market Cap: ₹244.36B
• Dividend Yield: 0.12%
• Average Volume (3M): 128.93K
• Price to Earnings (P/E): 34.0
• Beta (1Y): 1.73
• Revenue Growth: -2.24%
• EPS Growth: 31.43%
• Country: IN
• Employees: 920
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals - Specialty
• EPS (TTM): 3.90
• Shares Outstanding: 504,518,950
• 10 Day Avg. Volume: 71,359
• 30 Day Avg. Volume: 128,934
• PEG Ratio: 1.70
• Price to Book (P/B): 5.83
• Price to Sales (P/S): 4.70
• P/FCF Ratio: 78.55
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 14.3
• Revenue Forecast (FY): ₹47.36B

• Rating: 74 Outperform
• Price Target: ₹523.00 ▲(5.91% Upside)
• Action: Upgraded Date: 10/22/25
• Date: Action: Upgraded 10/22/25

Himadri Speciality Chemical Ltd. scores well due to its strong financial performance, characterized by robust revenue growth and improved profitability. Technical indicators show moderate strength, supporting a stable outlook. However, the high P/E ratio and low dividend yield suggest valuation concerns, slightly tempering the overall score.

Positive Factors

Revenue Growth

Strong revenue growth indicates expanding market presence and effective sales strategies, contributing to long-term business sustainability.

Profit Margin Improvement

Improved profit margins reflect enhanced operational efficiency and cost management, strengthening the company's profitability.

Cash Flow Management

Strong cash generation supports operational needs and strategic investments, ensuring financial flexibility and stability.

Negative Factors

Negative Investing Cash Flows

Persistent negative investing cash flows may limit future growth opportunities and indicate potential challenges in capital allocation.

Revenue Growth Decline

A decline in revenue growth rate can signal market saturation or competitive pressures, potentially impacting future earnings.

Total Liabilities Concern

High liabilities can strain resources and limit financial flexibility, posing risks to long-term financial health despite recent improvements.

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, mesophase pitches, refractory pitch grades, ultramarine blue pitches, and pitch creosote mixture dehydrated coal tar, as well as pitches for industrial crucible and blocks; and carbon materials, such as coke granules and powder, and synthetic and natural graphite powder for power battery application. It also provides carbon black; refined naphthalene for dyes and intermediates, and moth balls; and sulphonated naphthalene formaldehyde and polycarboxylate ether for concrete, agro, rubber, and gypsum board manufacturing. In addition, the company offers anti-corrosion products for chemical factories, vessels, water treatment plants, breweries, milk chilling plants, etc. Further, it provides specialty oils comprising light creosote, wash/gas scrubbing, phenyl grade, wood preservative/creosote, anthracene, carbon black, and fuel oils, as well as coal flow and bulk density enhancers, BTX products, and industrial solvents. Additionally, the company generates power from fuel gas. Its products are used in lithium-ion batteries, aluminum, graphite, infrastructure/construction, tires, mechanical rubber goods, plastics, dyes and intermediaries, and other applications. The company was formerly known as Himadri Chemicals & Industries Limited and changed its name to Himadri Speciality Chemical Limited in July 2016. Himadri Speciality Chemical Limited was incorporated in 1987 and is headquartered in Kolkata, India.

How the Company Makes Money

HSCL generates revenue primarily through the manufacturing and sale of specialty chemicals, particularly carbon black, which is a critical component in the production of tires and other rubber products. The company benefits from a robust revenue model driven by high demand from various industries, including automotive, plastics, and construction. Key revenue streams include direct sales to manufacturers and suppliers, as well as long-term contracts with major players in the automotive and industrial sectors. Additionally, HSCL has established strategic partnerships and collaborations with other companies, enhancing its market reach and operational efficiency, which further contribute to its profitability. By continuously innovating and expanding its product offerings, HSCL is able to capture new market opportunities and drive growth.

Himadri Speciality Chemical Ltd. Financial Statement Overview

Summary

Himadri Speciality Chemical Ltd. demonstrates strong financial performance with significant revenue growth, improved profit margins, and solid cash flow management. The balance sheet is robust with a strong equity base and reduced leverage, although investing cash flows remain negative.

Income Statement

Himadri Speciality Chemical Ltd. has demonstrated strong revenue growth, increasing from ₹41,848.9 million in 2024 to ₹46,126.3 million in 2025, marking a growth rate of 10.87%. The gross profit margin also improved significantly, reflecting efficient production and pricing strategies. The net profit margin increased to 12.04% in 2025 from 9.81% in 2024, indicating enhanced profitability. EBIT and EBITDA margins have shown an upward trajectory, suggesting better operational efficiency. Overall, the income statement reflects a robust financial performance with notable improvements in profitability and growth metrics.

Balance Sheet

The company has a strong equity foundation, with stockholders' equity increasing from ₹30,455.75 million in 2024 to ₹37,217.4 million in 2025. The debt-to-equity ratio has improved, indicating reduced financial leverage and enhanced financial stability. The equity ratio stands at 79.92% in 2025, reflecting a solid balance sheet with low reliance on debt financing. Return on equity (ROE) has improved to 14.92%, showcasing efficient use of equity. Despite these strengths, the total liabilities remain a concern, although they have decreased over the past year.

Cash Flow

Operating cash flow increased from ₹4,047.589 million in 2024 to ₹4,468.7 million in 2025, showing strong cash generation capabilities. The free cash flow grew from ₹3,520 million to ₹2,760.2 million, reflecting effective capital management despite a slight decrease. The operating cash flow to net income ratio indicates a healthy cash conversion from profits. However, investing cash flows remain negative, signaling caution in capital expenditure. Overall, the company demonstrates solid cash flow management, supporting its operational and strategic initiatives.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	45.31B	46.13B	41.85B	41.72B	27.91B	16.79B
Gross Profit	14.93B	14.34B	11.17B	8.75B	5.11B	4.23B
EBITDA	8.88B	8.43B	6.32B	4.15B	1.58B	1.28B
Net Income	6.15B	5.56B	4.11B	2.16B	409.46M	474.78M
Balance Sheet
Total Assets	0.00	46.56B	44.49B	36.78B	34.54B	27.91B
Cash, Cash Equivalents and Short-Term Investments	1.64B	6.76B	2.16B	2.13B	2.63B	1.28B
Total Debt	0.00	3.13B	6.05B	8.42B	5.87B	7.29B
Total Liabilities	-37.71B	8.85B	14.06B	14.00B	15.89B	9.99B
Stockholders Equity	37.71B	37.22B	30.46B	22.80B	18.68B	17.93B
Cash Flow
Free Cash Flow	0.00	2.76B	3.52B	-291.80M	3.08B	-755.51M
Operating Cash Flow	0.00	4.47B	4.05B	539.70M	3.31B	-404.09M
Investing Cash Flow	0.00	-2.35B	-4.05B	-3.97B	-282.26M	-1.14B
Financing Cash Flow	0.00	-2.71B	71.90M	3.77B	-1.82B	1.65B

Himadri Speciality Chemical Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 493.80
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: 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 above the 20-day moving average (MA) of 468.48, above the 50-day MA of 470.45, and above the 200-day MA of 469.16, indicating a bullish trend. The MACD of 6.08 indicates Negative momentum. The RSI at 60.95 is Neutral, neither overbought nor oversold. The STOCH value of 67.03 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HSCL	74 Outperform	₹244.36B	34.00	―	0.12%	-2.24%	31.43%
VINATIORGA	69 Neutral	₹152.64B	34.46	―	0.48%	8.96%	17.70%
ATUL	64 Neutral	₹195.45B	32.89	―	0.41%	16.46%	43.59%
PRIVISCL	64 Neutral	₹118.73B	39.53	―	0.15%	24.25%	96.45%
AARTIIND	63 Neutral	₹162.26B	42.92	―	0.26%	8.26%	-34.62%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
BASF	59 Neutral	₹149.54B	39.54	―	0.51%	0.43%	-42.29%

Himadri Speciality Chemical Ltd. Corporate Events

Himadri Speciality Chemical Ltd. Releases Un-audited Financial Results

Himadri Speciality Chemical Limited has announced the publication of its un-audited financial results for the quarter and six months ending on September 30, 2025. The results have been published in several newspapers, including Financial Express, Ei Samay, and Jansatta, and are available on the company’s website. This disclosure is in compliance with SEBI regulations and reflects the company’s commitment to transparency in its financial reporting.