Himadri Speciality Chemical Ltd. (HSCL) AI Stock Analysis

• Market Cap: ₹228.60B
• Dividend Yield: 0.14%
• Average Volume (3M): 128.93K
• Price to Earnings (P/E): 34.8
• Beta (1Y): 1.64
• Revenue Growth: -2.24%
• EPS Growth: 31.43%
• Country: IN
• Employees: 920
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals - Specialty
• EPS (TTM): 3.80
• Shares Outstanding: 494,157,500
• 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: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 74 Outperform
• Price Target: ₹523.00 ▲(19.32% Upside)

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 Ltd. (HSCL) is a leading specialty chemicals manufacturer based in India, primarily engaged in the production of a diverse range of chemical products used in various sectors, including plastics, paints, and coatings, as well as rubber and automotive industries. The company is known for its core products such as carbon black, specialty chemicals, and other performance materials that cater to both domestic and international markets, positioning itself as a key player in the specialty chemicals sector.

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 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: Negative
• Last Price: 438.30
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• 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 Negative. The current price of 438.3 is below the 20-day moving average (MA) of 452.34, below the 50-day MA of 458.77, and below the 200-day MA of 459.28, indicating a bearish trend. The MACD of -6.68 indicates Positive momentum. The RSI at 41.08 is Neutral, neither overbought nor oversold. The STOCH value of 59.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	₹228.60B	34.83	―	0.14%	-2.24%	31.43%
VINATIORGA	69 Neutral	₹171.93B	40.43	―	0.47%	8.96%	17.70%
ATUL	64 Neutral	₹175.46B	32.36	―	0.43%	16.46%	43.59%
PRIVISCL	64 Neutral	₹116.50B	43.66	―	0.16%	24.25%	96.45%
AARTIIND	62 Neutral	₹139.76B	58.96	―	0.26%	8.26%	-34.62%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
BASF	60 Neutral	₹192.55B	48.64	―	0.48%	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.

Himadri Speciality Chemical Ltd. Receives Positive Credit Ratings from ICRA

Himadri Speciality Chemical Ltd. announced that ICRA Limited has assigned credit ratings to its various credit facilities and instruments. The ratings include [ICRA]AA- (Positive) and [ICRA]A1+ for its working capital and commercial paper facilities, indicating a positive outlook and reaffirming the company’s strong credit position.

Himadri Speciality Chemical Sees Trading Volume Surge

Himadri Speciality Chemical Limited has experienced a significant increase in trading volume, prompting the Exchange to seek further information to ensure investor interests are protected. The company has responded to the Exchange’s inquiry, aiming to maintain transparency and provide the market with relevant updates.