Himadri Speciality Chemical Ltd.revenue +58%, PAT +31%, FY28 target held

Himadri Speciality Chemical's Q2 FY27 call, held on 22 October 2026, reported consolidated revenue of ₹1,691 crore, up about 58%, EBITDA of ₹303 crore, up 27%, and profit after tax of ₹231 crore, up 31%; for the half, revenue was ₹3,123 crore, EBITDA ₹616 crore and profit after tax ₹460 crore.

EBITDA per tonne was about ₹21,000, up from ₹17,900 a year ago but below ₹22,700-22,800 in Q1, as unrecovered raw material rises, a higher export share of 33% and freight costs weighed. Volume grew 11%. Management kept its target of ₹1,100 crore plus profit after tax by FY28 and said new capacity is on schedule: LFP cathode trial production in Q3, carbon nanotubes and anthraquinone and carbazole in Q4 FY27, with a 40,000 TPA LFP plant deferred to the end of FY28.

Sand mining received environmental clearance and starts this quarter after a loss-making Q2. The Board proposed merging Birla Tyres into Himadri, and the Sicona battery partner secured AUD 45 million from an Australian agency. Capex of ₹800-900 crore this year is funded from internal accruals. Analysts questioned the sequential margin dip and gross margin.