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Himadri Speciality Chemical Ltd (HSCL)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500184 NSE: HSCL Carbon Black | Small Cap | Himadri Speciality Share Price
₹664.85 1.05 (0.16%)
As on 11-Sep'26 16:01
Himadri Speciality Chemical Ltd (HSCL)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500184 NSE: HSCL Carbon Black | Small Cap | Himadri Speciality Share Price
₹664.85 1.05 (0.16%)
As on 11-Sep'26 16:01
Key Metrics
Valuation Multiples
Market Cap
₹33,494 Cr.
Current Price
₹664.9
52-Week Low / High
₹420 / 820
TTM EPS
₹15.8
TTM Sales
₹4,974 Cr.
Book Value per Share
₹97.8
P/E Ratio
41.91
In line with its 5-year historical median
Industry PE
44.8
Price to Book (P/B)
6.79
Higher than its 5-year historical median
Price to Sales (P/S)
6.73
Higher than its 5-year historical median
EV/EBITDA
27.80
Higher than its 5-year historical median
Dividend Yield
0.12%
Profitability Efficiency
Return on Equity (ROE)
18.10%
In line with industry median
Return on Capital Employed (ROCE)
22.42%
Outperforms industry median
Return on Assets (ROA)
12.99%
Operating Profit Margin
21.6%
Net Profit Margin
16.2%
Gross Profit Margin
22.9%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-4.15%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
13.63%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
36.02%
Asset Quality
Promoter Holding
52.50%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹4,884 Cr.
Equity
₹50.5 Cr.
Face Value
₹1
All Time Low / High
₹0.12 / 819.50
Check Before You Invest
Quality
Somewhat GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Weak
Is Himadri Speciality Chemical Ltd a good quality company?
Himadri Speciality Chemical Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Himadri Speciality Chemical Ltd performance compare with that of its Peers?
Revenue growth of Himadri Speciality Chemical Ltd vs industry peers?
Himadri Speciality Chemical Ltd revenue CAGR is 21.27%, compared to the industry median CAGR of 15.27%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Himadri Speciality Chemical Ltd?
Promoters hold 52.50% of the Himadri Speciality Chemical Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Himadri Speciality Chemical Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 34.4% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Himadri Speciality Chemical Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 11.3% | 21.6% | 24.3% | 5.8% | 4.2% | 4.8% | 12.4% | 19.2% | 22.6% | 22.6% | - |
| Value Creation Index ⓘ | -0.2 | 0.6 | 0.8 | -0.6 | -0.7 | -0.7 | -0.1 | 0.4 | 1.0 | 1.0 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 1,324 | 1,971 | 2,377 | 1,804 | 1,679 | 2,791 | 4,172 | 4,185 | 4,596 | 4,405 | 4,579 |
| Sales YoY Gr. | - | 48.9% | 20.6% | -24.1% | -6.9% | 66.2% | 49.5% | 0.3% | 9.8% | -4.2% | - |
| Adj EPS ⓘ | 2.3 | 5.8 | 7.4 | 4.3 | 1 | 1.7 | 5.6 | 8.2 | 11.2 | 15.5 | 15.7 |
| YoY Gr. | - | 155.3% | 27.6% | -41.6% | -76.5% | 64.4% | 234.3% | 47.6% | 36.6% | 38.2% | - |
| BVPS (₹) ⓘ | 25.8 | 34.8 | 40.1 | 39.4 | 40.7 | 43 | 48.8 | 60.5 | 72.2 | 91.6 | 96 |
| Adj Net Profit ⓘ | 94.7 | 242 | 308 | 180 | 42.3 | 69.7 | 240 | 403 | 553 | 780 | 791 |
| Cash Flow from Ops. ⓘ | 205 | 247 | 472 | 282 | -39.3 | 330 | 53.3 | 400 | 455 | 466 | - |
| Debt/CF from Ops. ⓘ | 3.7 | 2.7 | 1 | 1.8 | -18.3 | 1.8 | 15.7 | 1.5 | 0.7 | 1.6 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 14.3% | 21.3% | 1.8% | -4.2% | ||||
| Adj EPS ⓘ | 23.8% | 72.6% | 40.7% | 38.2% | ||||
| BVPSⓘ | 15.1% | 17.6% | 23.4% | 27% | ||||
| Share Price | 34.4% | 70.4% | 37.3% | 40.1% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 9.5 | 19.1 | 19.7 | 10.8 | 2.5 | 4 | 12 | 15.5 | 16.7 | 18.9 | 16.7 |
| Op. Profit Mgn % ⓘ | 18.7 | 22.8 | 22.7 | 16.5 | 7.6 | 5.8 | 9.8 | 15.1 | 18.4 | 22.2 | 21.1 |
| Net Profit Mgn % ⓘ | 7.2 | 12.3 | 13 | 10 | 2.5 | 2.5 | 5.8 | 9.6 | 12 | 17.7 | 17.3 |
| Debt to Equity ⓘ | 0.7 | 0.5 | 0.3 | 0.3 | 0.4 | 0.3 | 0.4 | 0.2 | 0.1 | 0.2 | - |
| Working Cap Days ⓘ | 203 | 173 | 199 | 261 | 245 | 190 | 145 | 158 | 160 | 181 | 102 |
| Cash Conv. Cycle ⓘ | 98 | 84 | 105 | 142 | 131 | 102 | 69 | 59 | 64 | 76 | 56 |
Valuation of Himadri Speciality - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,343 | 2,022 | 2,422 | 1,806 | 1,679 | 2,791 | 4,172 | 4,185 | 4,613 | 4,661 |
| Operating Expenses ⓘ + | 1,110 | 1,569 | 1,863 | 1,525 | 1,549 | 2,635 | 3,773 | 3,550 | 3,766 | 3,699 |
| Operating Profit ⓘ | 233 | 452 | 560 | 280 | 131 | 156 | 399 | 635 | 847 | 962 |
| Operating Profit Margin (%) | 17.4% | 22.4% | 23.1% | 15.5% | 7.8% | 5.6% | 9.6% | 15.2% | 18.4% | 20.6% |
| Other Income ⓘ + | 6 | 12 | 8 | 8 | 14 | 7 | 28 | 52 | 59 | 171 |
| Interest ⓘ | 82 | 70 | 71 | 55 | 33 | 36 | 66 | 64 | 45 | 64 |
| Depreciation ⓘ | 33 | 33 | 34 | 39 | 47 | 50 | 51 | 50 | 55 | 68 |
| Profit Before Tax ⓘ | 125 | 361 | 462 | 194 | 65 | 53 | 280 | 574 | 806 | 1,001 |
| Tax ⓘ | 42 | 113 | 138 | -11 | 17 | 14 | 64 | 163 | 251 | 246 |
| Profit After Tax | 82 | 248 | 324 | 205 | 47 | 39 | 216 | 411 | 555 | 755 |
| PAT Margin (%) | 6.1% | 12.3% | 13.4% | 11.4% | 2.8% | 1.4% | 5.2% | 9.8% | 12.0% | 16.2% |
| Adjusted EPS (₹) | 2.0 | 5.9 | 7.8 | 4.9 | 1.1 | 1.0 | 5.0 | 8.3 | 11.3 | 14.9 |
| Dividend Payout Ratio (%) | 5.10% | 1.70% | 1.90% | 3.10% | 13.20% | 20.50% | 5% | 6% | 5.30% | 5.40% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 1,030 | 1,413 | 1,629 | 1,731 | 1,789 | 1,864 | 2,174 | 3,044 | 3,637 | 4,706 | |
| Debt + | 745 | 595 | 430 | 337 | 678 | 539 | 791 | 587 | 308 | 765 | |
| Minority Interest | -0 | -0 | -0 | -0 | -1 | -3 | -3 | -3 | 49 | 55 | |
| Trade Payables | 178 | 146 | 441 | 229 | 153 | 779 | 346 | 570 | 239 | 375 | |
| Others Liabilities ⓘ | 229 | 411 | 525 | 500 | 417 | 535 | 678 | 649 | 867 | 621 | |
| Total Liabilities ⓘ | 2,182 | 2,565 | 3,025 | 2,797 | 3,037 | 3,714 | 3,986 | 4,848 | 5,100 | 6,523 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 1,174 | 1,178 | 1,170 | 1,475 | 1,468 | 1,546 | 1,515 | 1,534 | 1,605 | 1,942 | |
| CWIP ⓘ | 13 | 22 | 133 | 158 | 160 | 77 | 94 | 67 | 185 | 372 | |
| Investments ⓘ | 87 | 273 | 179 | 47 | 66 | 113 | 132 | 478 | 582 | 1,060 | |
| Inventories | 396 | 420 | 543 | 405 | 339 | 772 | 544 | 703 | 585 | 763 | |
| Trade Receivables | 221 | 272 | 366 | 300 | 461 | 505 | 505 | 656 | 633 | 696 | |
| Cash Equivalents | 37 | 34 | 51 | 47 | 138 | 265 | 625 | 731 | 672 | 735 | |
| Others Assets ⓘ | 255 | 366 | 581 | 365 | 405 | 437 | 571 | 681 | 838 | 955 | |
| Total Assets ⓘ | 2,182 | 2,565 | 3,025 | 2,797 | 3,037 | 3,714 | 3,986 | 4,848 | 5,100 | 6,523 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 205 | 258 | 476 | 283 | -40 | 331 | 54 | 405 | 447 | 382 |
| Cash Flow From Investing Activity ⓘ + | 18 | -50 | -224 | -214 | -114 | -28 | -397 | -405 | -235 | -964 |
| Cash Flow From Financing Activity ⓘ + | -233 | -200 | -257 | -41 | 165 | -182 | 377 | 7 | -271 | 590 |
| Net Cash Flow ⓘ | -10 | 8 | -6 | 28 | 11 | 121 | 34 | 7 | -60 | 8 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 8.64 | 20.27 | 21.31 | 12.22 | 2.69 | 2.14 | 10.69 | 15.74 | 16.62 | 18.1 |
| ROCE (%) | 11.56 | 22.25 | 25.49 | 11.46 | 4.13 | 3.59 | 12.45 | 18.86 | 22.17 | 22.42 |
| Asset Turnover Ratio | 0.69 | 0.87 | 0.87 | 0.62 | 0.58 | 0.83 | 1.08 | 0.95 | 0.93 | 0.8 |
| PAT to CFO Conversion(x) | 2.5 | 1.04 | 1.47 | 1.38 | -0.85 | 8.49 | 0.25 | 0.99 | 0.81 | 0.51 |
| Working Capital Days | ||||||||||
| Receivable Days | 52.10 | 43.40 | 48.10 | 67.30 | 82.70 | 63.20 | 44.20 | 50.60 | 51 | 52.10 |
| Inventory Days | 87.60 | 71.90 | 72.60 | 95.90 | 80.90 | 72.60 | 57.60 | 54.40 | 51 | 52.80 |
| Payable Days | 60.90 | 44 | 25.70 | 22.60 | 32.70 | 40.50 | 38.80 | 54.50 | 46.50 | 38.70 |
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Himadri Speciality Chemical Ltd FAQs
The current trading price of Himadri Speciality on 11-Sep-2026 16:01 is ₹664.9.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of Himadri Speciality stood at ₹33,493.6 Cr
The latest P/E ratio of Himadri Speciality as of 10-Sep-2026 is 42.37.
The latest P/B ratio of Himadri Speciality as of 10-Sep-2026 is 6.91.
The 52-week high of Himadri Speciality is ₹819.5 and the 52-week low is ₹420.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Himadri Speciality is ₹4,579 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Himadri Speciality Chemical Ltd is a average quality company.
The key valuation ratios of Himadri Speciality Chemical Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Himadri Speciality Chemical Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Himadri Speciality Chemical Ltd
Established in 1990, Himadri Speciality Chemical is one of India’s largest integrated speciality carbon companies. Over the years, the Company has undergone massive transformation from a Coal Tar Pitch manufacturing company to being one of the world’s most extensive value chains in the Carbon segment.
The Company is a market leader and a significant player in multiple product segments like Coal Tar Pitch, Carbon Black, Naphthalene and Refined Naphthalene, Sulphonated Naphthalene Formaldehyde (SNF), and Speciality Oils, among others. The Company has diversified its product portfolio using the power of forward integration. This has empowered the Company to develop advance carbon material and other value-added speciality products. Himadri Speciality Chemical Limited is a public company domiciled and headquartered in India. Its equity shares are listed on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
Business area of the company
Himadri Speciality Chemical is primarily engaged in the manufacturing of carbon materials and chemicals. The company has operations in India and caters to both domestic and international markets.
Products and Industries
Products
- Advanced Carbon Materials
- Carbon Black
- Coal Tar Pitch
- Naphthalene Derivatives
- SNF
- PCE
- Corrosion Protection
- Speciality Oils
- Power
Industries
- Lithium - Ion Battery
- Aluminium
- Graphite
- Infrastructure / Construction
- Tyres
- Mechanical Rubber Goods
- Plastics
- Dyes And Intermediaries
- Others
Awards
- 3rd Prize in Best Practices in Industrial Relations by Hoogly Chamber of Commerce and Industries (HCCI)
- 2nd Prize in Best Practices in Industrial Relations by Hoogly Chamber of Commerce and Industries (HCCI)
- ET Bengal Corporate Award 2013 as Best Company in West Bengal In Large Corporate Sector with Turnover Exceeding Rs 1000 crore
- ET Bengal Corporate Award 2014 as Highest Job Creator In Large Corporate Sector with Turnover Exceeding Rs 1000 crore
- 16th Annual Greentech Safety Silver Award- 2017 by Greentech Foundation, New Delhi
- Platinum Award & Top 100 in International Annual Report Competition 2018 by League of American Communications Professionals LLC (LACP)
- India's Best Company of the Year Award 2017 by IBC InfoMedia in collaboration with Media Research Group (MRG)
- Recognized as Star Export House 2018 by Ministry of Commerce, Govt. of India
- Mr. Anurag Choudhary, CEO, receives Asia Pacific Entrepreneurship Awards (APEA) India 2018 by Enterprise Asia
- Mr. Anurag Choudhary, CEO, recognized as 'World's 100 Greatest Leaders 2017-2018, At the Fourth edition of India-UAE Business and Social Forum 2018 & WGBL 4th Edition Summit Organized by AsiaOne Magazine & URS-United Research Services Media Consulting PL and having PricewaterhouseCoopers PL as the process reviewer of the Award.
- World's 100 Greatest Brands 2017-18 Asia & GCC 2018, At the Fourth edition of India-UAE Business and Social Forum 2018 & WGBL 4th Edition Summit Organized by AsiaOne Magazine & URS-United Research Services Media Consulting PL and having PricewaterhouseCoopers PL as the process reviewer of the Award.
- 18th Annual Greentech Environment Award 2018 by Greentech Foundation, New Delhi
- Wealth Creator Award among the Next 500 Companies by 'Fortune India' Selected by CII as Winner “Within the Fence” Category at its National Competition for Excellence 2018 in Water Management
- Gold Award & Top 100 in International Annual Report Competition 2019 by League of American Communications Professionals LLC (LACP)
- Gold Award for the Year, 2018 in Safety Practices by Greentech Foundation Identified as Growth Champions(Ranked 76) in Economic times-Statista inaugural edition of India's Growth Champions 2020 by Economic Times (2020)
- Recognized as the Fastest Growing Company in ET Bengal Corporate Awards 2020
Milestones
- 1990- Commissioned coal tar distillation plant in Liluha, Howrah, West Bengal
- 1993- Commissioned distillation plant in Howrah and a manufacturing unit at Vishakhapatnam
- 2000- Merged Himadri ispat coal tar distillation facility with the company
- 2005- Commissioned coal tar distillation plant in Liluha, Howrah, West Bengal
- 2006- Commissioned byproduct refining plant at Mahistrikry, Hooghly
- 2007- Established pitch melting plant at Kobra
- 2008- Started production of advanced carbon material
- 2009- Acquired SNF plant in Vapi
- 2009- Commissioned a carbon black plant and power plant at Mahistikry
- 2010- Completed capacity addition at the coal tar pitch in Mahistikry
- 2010- Completed capacity addition for SNF plant in Vapi
- 2011- Completed capacity addition for carbon black plant at Mahistikry
- 2011- Established 100% export oriented unit in Falta SEZ for advanced carbon materials
- 2011- Established a coal tar pitch plant in China
- 2012- Completed Brownfield expansion of the power plant
- 2013- Initiated a Brownfield project to enhance the company’s coal tar distillation capacity in India by 60%
- 2014- Commenced expanded coal tar distillation capacity at Mahistikry
- 2015- Initiated setting up a pitch melting plant at Sambalpur, Odisha
- 2016- Transformed identity to Himadri Speciality Chemical to faithfully reflect the depth and distinctiveness of the business
- 2019- Himadri Speciality Chemical allots commercial papers worth Rs 60 crore
- 2020- Himadri Speciality Chemical starts operations of Carbon Black manufacturing at Mahistikry Plant
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