HSCLBSEApril 27, 2026

Himadri Speciality Chemical Lt

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126turns

13analyst exchanges

3executives

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Management on call

Anurag Choudhary

CHAIRMAN, MANAGING

Kamlesh Agarwal

CHIEF FINANCIAL

Chirag Bhatiya

MUFG INTIME

Key numbers — 40 extracted

INR120 crore

s of development are progressing towards commercialization. During the current year, we spent INR120 crores in research and development. It is this long- standing R&D capability built patiently over more t

100 GW

ility to produce 200,000 metric tons of LFP cathode active material catering to the approximately 100 GWh of lithium-ion battery capacity, executed in a phased manner and demand-led manner. Importantly,

rs,

engagements have intensified significantly with leading Indian as well as global cell manufacturers, and the response has been strongly encouraging. This reinforces our conviction in LFP as a chemist

INR 1,006 crore

ncially, we delivered our strongest performance to date. On a consolidated basis, EBITDA stood at INR 1,006 crores, PBT at INR1,001 crores and Profit after Tax at INR 755 crores, reflecting the strength of our v

INR1,001 crore

strongest performance to date. On a consolidated basis, EBITDA stood at INR 1,006 crores, PBT at INR1,001 crores and Profit after Tax at INR 755 crores, reflecting the strength of our value-added portfolio, op

INR 755 crore

solidated basis, EBITDA stood at INR 1,006 crores, PBT at INR1,001 crores and Profit after Tax at INR 755 crores, reflecting the strength of our value-added portfolio, operational discipline and consistent foc

tion. Himadri for the second year has been awarded with Platinum rating by EcoVadis. In among the 1% company among 150,000 rated by EcoVadis globally. As I conclude FY26 marks an important milesto

1,288 crore

st optimization. From a quarterly perspective, in Q4 FY26, our consolidated revenue stood at INR ~1,288 crores as compared to INR ~1,135 crores an increase of 14%. EBITDA came in at INR ~280 crores, regist

1,135 crore

perspective, in Q4 FY26, our consolidated revenue stood at INR ~1,288 crores as compared to INR ~1,135 crores an increase of 14%. EBITDA came in at INR ~280 crores, registering a growth of 21% year-on-year,

14%

r consolidated revenue stood at INR ~1,288 crores as compared to INR ~1,135 crores an increase of 14%. EBITDA came in at INR ~280 crores, registering a growth of 21% year-on-year, while PAT stood at

280 crore

at INR ~1,288 crores as compared to INR ~1,135 crores an increase of 14%. EBITDA came in at INR ~280 crores, registering a growth of 21% year-on-year, while PAT stood at INR ~208 crores, delivering a st

21%

INR ~1,135 crores an increase of 14%. EBITDA came in at INR ~280 crores, registering a growth of 21% year-on-year, while PAT stood at INR ~208 crores, delivering a strong growth of ~34% year-on-year

Guidance — 20 items

Anurag Choudhary

opening

“Execution of Phase 1 of our lithium-ion phosphate cathode active material project, which envisages a total capacity of 40,000 metric tons per annum is on track.”

Anurag Choudhary

opening

“As part of this phased execution, the first milestone capacity of 2,000 metric tons is targeted for commissioning by Q3 FY27.”

Anurag Choudhary

opening

“The balance Phase 1 capacity will be progressively brought onstream over the subsequent 12 months, closely aligned with customer approvals and demand visibility, with FY29 envisaged as the year for full Phase 1 operations.”

Anurag Choudhary

opening

“During the year, Sicona has achieved important milestones at pilot scale level, with further capacity expansion currently underway and targeted for completion by Q2 FY27, supporting intensified engagement with global cell manufacturers across multiple stages of sample approvals.”

Anurag Choudhary

opening

“I'm pleased to report that FY26 has been a year of strong execution and delivery.”

Anurag Choudhary

opening

“FY26 marked the first half year of operations of Birla Tyres.”

Anurag Choudhary

opening

“We are now entering the next phase of revival, where production ramp-up will be aligned closely with demand visibility and channel expansion.”

Anurag Choudhary

opening

“Over the next 12 to 24 months, we will be progressively enhance our capacity utilization, supported by robust pipeline of new product launches across agriculture, mining and commercial vehicle segments.”

Anurag Choudhary

opening

“Looking ahead, our anthraquinone and carbazole project is progressing as planned and expected to commission in Q2 FY27, helping address a significant import dependency in India.”

Anurag Choudhary

opening

“As I conclude FY26 marks an important milestone in Himadri’s transformation journey.”

Risks & concerns — 3 flagged

The statements are not guarantee of the future performance and involve risks and uncertainty that are difficult to predict.

— Chirag Bhatiya

Sir, secondly, on the U.S.-Iran war and geopolitical situation, due to the commodity prices and inflation and all over the world, how do we see impacting our types of business and whether we will face any pressure going forward due to this war?

— Akshay

That -- this time we hedged the position, thinking it was going to be volatile, and that's why we had the FX loss.

— Anurag Choudhary

Q&A — 13 exchanges

First question on the anode business, like you have mentioned the growth path for your cathode where you want to start with, say, 2,000 metric ton and scale it to 40,000 in FY '27 and eventually to be 200,000. Can you share us the thought process of the growth trajectory for anode?

Anurag Choudhary

So for the anode business, we are still working on it. And in due course of time, we'll come up with the figures and the investment required and the time frame. Got it, sir. But what will be the market size for anode today? And what is the economics between cathode and anode? And how do you see the pitch-based cathode anode demand versus silicon- based carbon, which we are developing parallelly? How do you see the portfolio playing out for us? See, cathode and anode together constitute an integral and important raw material for lithium- ion batteries. In terms of cost, it is 65% of the cell, l

Yes, yes. Firstly, coming back to this anode capacity, specifically the 200 metric tons, right? Can you tell us what will be the peak revenue potential from there, and how will the utilizations look like in FY '27?

Anurag Choudhary

This capacity is basically to commercialize our R&D efforts and to showcase that what we have worked on R&D is workable in a commercial plant. This is the beginning of the journey. And next step, we will be announcing capex for the large-scale commercial capacity where meaningful revenue will start coming in. Okay. As of now, nothing is expected from these 200 metric tons in terms of numbers? In terms of numbers, these are not significantly materialistic based on volumes. In FY27, this will not be contributing to our revenue in any sort? This will be contributing, but not materialistic. Not ma

Congratulations for the great set of numbers. My first question is, we have generated the highest ever gross profit margin this quarter. Do we see this trend will be continuing going forward for the next 2 to 3 years? Also, do we able to continue the 20% EBITDA margin going forward?

Anurag Choudhary

Yes, we are confident of achieving this on a sustainable basis. And we are looking forward also, you'll see growth in the numbers. Okay. Sure, sir. Got it. Sir, secondly, on the U.S.-Iran war and geopolitical situation, due to the commodity prices and inflation and all over the world, how do we see impacting our types of business and whether we will face any pressure going forward due to this war? See, as I told in my opening commentary also, we are resilient to any shock in any movement or dislocation, supply chain logistics in West Asia because of the ongoing geopolitical situation, given ou

This is Nitin Shakdher from the Green Capital Single Family Office. My question is more from an investor's point of view rather than an analyst type of a question is that for this annual year and in terms of approximate margin guidance for the 3 businesses, which is, let's say, advanced battery materials, the turnaround of the acquired assets on Birla Tyres, and obviously the main core business, which is the speciality carbon black. Are you able to give any sort of an indication margin guidance growth rate for the year? I do understand that geopolitically your raw material costs will be up and

Anurag Choudhary

For the current year, we don't prefer to give any specific number guideline, but on a macro basis, I can give you guideline that current year we will see both top line and bottom-line growth. Up till now, we were not able to give any top line growth basically because we are going for value added within the same product profile. What was happening, we were adding value to our existing products, so the margins were increasing, but the top line was not increasing in a big way. But now with new capacities coming up, you will see top line growth plus margin expansion. Both of which you will see in

I want to ask, what is the current utilization level that we have, newly commissioned 70,000 metric ton of speciality carbon black? And what is the steady-state utilization level and its EBITDA per ton?

Anurag Choudhary

We expect to have around 85%-90% capacity utilization for our newly announced capacities for FY27. And EBITDA in terms of if you look at our EBITDA per metric ton, it was around INR17,000 per metric ton on an average on the entire basket of portfolio. With this being a speciality, it will be significantly higher than this average 17,000 plus. And I want to also ask about that we have set up new subsidiary in China that we have mentioned. Why we have set up that subsidiary and what is the... We will be importing some raw materials and equipment from China. For that, we have set up our subsidiar

Hello, sir, and congratulations on this robust set of numbers. My only request would be that in terms of sales volume, will it be possible for you to provide me with a break-up as to what was the volume generated between your legacy business, carbon black and tyres in this particular year?

Anurag Choudhary

Tyres till now, we have not consolidated. Once we consolidate, then we can discuss this. Now it's a part of sales only, which is coming into Himadri. As such number, the detailed numbers we don't disclose. Okay, sir. Not a problem. Any new updates with regard to the capex plan than what we already know? Like, is there something on the block? No. As of now, we have already announced all the capex. Yes, anode capex we'll be announcing soon. Once that is finalized, the volume, the capacity and the capex, that will come up with a new disclosure.

This significant jump in the other expenses is because of the forex loss. Is that correct?

Anurag Choudhary

Yes. Yes. What is our hedging policy in that case? Can we see some curtailment of this impact from the forex volatility? Yes. As you know, there was sharp depreciation in rupees which impacted us on the import side. And export side also, we hedged something, but generally we keep our position open. Because of this huge volatility, we hedged. Because of the hedging, we had to incur losses this time. April 27, 2026 It was the other way around. Looking forward, we are very vigilant on this and maybe we are confident that after Q1, there may be some hit, but after that there will be very strong po

I wanted to ask if the passenger car radial commissioning, so what is the targeted PCR capacity, the capex and commissioning timeline? PCR is a notoriously crowded segment in India, so what is the differentiation strategy for that as well? April 27, 2026

Anurag Choudhary

PCR, we target to commission in next 24 months. Differentiating strategy will be, we'll be focusing more on EV. That is the segment we will be focusing on, and a specialized tyre for electric vehicles. Given the Himadri's strength in carbon black chemistry, that gives us a unique advantage of building a value-added tyre with more strength, resilience and this gives us a unique positioning in the business, the understanding of key raw material. I also wanted to understand, the standalone other income jumped from INR 51 crores, INR 176 crores. Could you break down the composition of it means tre

Congrats on good set of numbers. First question is on the anode material facility that we have commissioned. Here in terms of the commercial validation of materials, how much time will it take? And which and all are the customers where we will be targeting to send the material? Is it domestic, exports? How are we looking at it? And once the validation is done, how much time will it take for us to put up a new commercial scale plant?

Anurag Choudhary

The idea to commercialize and start this plant was to expedite the timeframe required for validity of material. That is the idea behind commercializing this plant. We are engaged with all the customers in India and who's who in the industry globally. We have already sent them sample A, which has got a very good response from our customers in terms of quality validation. Now we are to send them sample B, C, D. That will start now. Once it is done, then we'll come up with the roadmap for our future capacity expansion. That will happen very soon. It will not take a significantly long time now. Su

I just wanted to confirm that in the segmental breakup of revenues that we've given, we've included a new category called others, which includes mining and other businesses. Could you shed a little light on what the other businesses are? Like, is it tyres combined?

Anurag Choudhary

Yes, it's tyre combined. Right. You mentioned a figure for tyre sales this year. What was it? Could you please repeat that? INR 187 crores. INR 187 crores. Would you be comfortable in sharing what was the realization per ton on this that you've gotten for this year? We don't give per metric ton realization like that.

I just want to understand about upcoming cathode segment business. What would be the typical asset turn for the project or for this segment?

Anurag Choudhary

2x. April 27, 2026 Sir, just want to understand the asset turn for the upcoming cathode segment, sir? Just 2x. It will be 2x of the asset investments. Turnover to assets. Okay, sir. One more thing, for the first phase, we said around 2,000 tons would be commissioned. Through this Phase 1, how much would be the total tons in the Phase 1? What is? Can you speak louder? You are not audible. Hello. Is it better now, sir? Yes. It's better. We said initial will be 2,000 MTPA. What would be the total Phase 1 capacity? 40,000. 40,000 would be commissioned by FY '29. Is that clear? Yes, yes. Well, befo

I want to ask, are there any binding LOIs, MOUs or offtake signed with Indian or global cell manufacturers for LFP supply? What proportion of Phase 1 capacity is contracted?

Anurag Choudhary

What's the? What proportion of Phase 1 capacity is contracted? See, any MOUs or LOIs which we have signed, we have NDA. We cannot disclose this now. At the right point of time, it will be disclosed. For our Phase 1, the capacity, depending on the product approval, these LOIs will be affected. Okay. Got it, sir. My next question is, as we can see, the net cash declined from INR 392 crores to INR 122 crores despite record PAT. The standalone current borrowings also rose from INR 306 crores, INR 719 crores. Could you please walk me through the FY26 sources and uses? Moreover, can you tell me abou

Thank you once again for taking the time to join us on today's conference call. We hope we have been able to address your queries adequately. This year has been truly transformational, as we set new performance records, achieved world- class capacity additions, earned landmark recognitions, and made decisive progress on our future growth engines. Yet, we firmly believe the best chapters of Himadri's story are still ahead of us. We remain committed to delivering long-term value and are grateful for your trust, confidence and engagement as we scale new capacities and capabilities and scale new f

Management

Speaking time

Anurag Choudhary

Moderator

Vignesh S.B.K.

Sanjesh Jain

Rahil S

Sagar Jethwani

Dhruvin Kadakia

Rohit Nagraj

Suhani Singh

Yash Mehta

Opening remarks

Chirag Bhatiya

Good evening, everyone, and welcome to Q4 FY '26 Earnings Conference Call of Himadri Speciality Chemicals Limited. On the call, we have with us Mr. Anurag Choudhary, CMD and CEO; and Mr. Kamlesh Agarwal, CFO. Before we proceed with the call, I would like to give you a disclaimer that this conference call may contain forward-looking statements about the company, which are based on belief, opinion and expectation as of today. Actual results may differ materially. The statements are not guarantee of the future performance and involve risks and uncertainty that are difficult to predict. A detailed safe harbor statement is being given on Page 2 of investor presentation of the company, which are being uploaded on the stock exchange and on the company website. With this, I now hand over the call to Mr. Anurag Choudhary. Over to you, sir.

Anurag Choudhary

Thank you, Chirag. Good evening, ladies and gentlemen, and thank you for joining us today to discuss Himadri Speciality Chemical Limited's performance for Q4 and FY'26. I sincerely appreciate your continued trust and engagement, and it is a pleasure to connect with you once again. At Himadri, research and development is not merely an enabler. It is foundational to who we are and how we have evolved over the years. It is not a standalone function, but deeply embedded in our business strategy and culture. It is part of Himadri's DNA. Our growth into high-value speciality chemicals and advanced materials has been driven by deep and sustainable commitment to in-house innovation, supported by a robust and constantly evolving research and development ecosystem. Today, we operate one of the India's most comprehensive speciality solutions, research and development platforms with a team of over 180 scientists, technologists and subject matter experts, including 28 PhDs in different streams of c

Kamlesh Agarwal

Thank you, Anurag ji. Good evening, everyone, and thank you for joining us today. I trust that everyone has had a chance to review our financial results and the latest investor presentation, which have been made available on both the stock exchanges and our company’s website. This quarter and year marked an important milestone in our transformation journey. On a consolidated basis, we are pleased to share that we have achieved highest EBITDA and PAT on both quarterly and full year basis, which was down to our focus on high value-added solutions, operational efficiency and cost optimization. From a quarterly perspective, in Q4 FY26, our consolidated revenue stood at INR ~1,288 crores as compared to INR ~1,135 crores an increase of 14%. EBITDA came in at INR ~280 crores, registering a growth of 21% year-on-year, while PAT stood at INR ~208 crores, delivering a strong growth of ~34% year-on-year. Looking at the cumulative performance for full year basis, our consolidated revenue stood at

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