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Himadri Speciality Chemical (HSCL)₹573.65−0.49%Carbon Black
In the Sep 2026 quarter (consolidated), Himadri Speciality Chemical reported sales of ₹1,689 Cr, up 57.9% from Sep 2025, and net profit of ₹231 Cr, up 31.4% year on year. For the year to Mar 2026, sales were ₹4,656 Cr and net profit ₹754 Cr.
Company filings, consolidated accounts; latest reported quarter Sep 2026
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,052 | 1,176 | 1,200 | 1,137 | 1,139 | 1,134 | 1,118 | 1,069 | 1,183 | 1,287 | 1,430 | 1,689 |
| Expenses | 878 | 994 | 1,005 | 928 | 918 | 900 | 871 | 836 | 940 | 1,043 | 1,141 | 1,374 |
| Operating Profit | 174 | 180 | 192 | 208 | 221 | 233 | 245 | 233 | 243 | 242 | 288 | 315 |
| OPM % | 17.0% | 15.0% | 16.0% | 18.0% | 19.0% | 21.0% | 22.0% | 22.0% | 20.0% | 19.0% | 20.0% | 19.0% |
| Other Income | 9.98 | 11.98 | 12.98 | 13.96 | 11.97 | 13.98 | 26.94 | 35.92 | 46.91 | 61.83 | 55.86 | 41.91 |
| Interest | 21.10 | 14.05 | 13.05 | 11.04 | 12.04 | 9.04 | 16.05 | 15.07 | 16.06 | 17.06 | 22.10 | 28.10 |
| Depreciation | 13.04 | 13.04 | 13.03 | 13.03 | 15.04 | 14.03 | 15.05 | 17.05 | 18.05 | 19.06 | 21.06 | 22.05 |
| Profit before tax | 150 | 166 | 179 | 197 | 206 | 224 | 241 | 237 | 255 | 268 | 300 | 307 |
| Tax % | 28.0% | 30.0% | 31.0% | 31.0% | 31.0% | 31.0% | 26.0% | 26.0% | 25.0% | 23.0% | 24.0% | 25.0% |
| Net Profit | 109 | 115 | 123 | 136 | 141 | 155 | 179 | 176 | 192 | 208 | 228 | 231 |
| EPS (Rs) | 2.48 | 2.35 | 2.49 | 2.75 | 2.89 | 3.16 | 3.69 | 3.58 | 3.82 | 3.99 | 4.57 | 4.62 |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,182 | 1,340 | 2,019 | 2,420 | 1,803 | 1,676 | 2,789 | 4,169 | 4,183 | 4,607 | 4,656 | 5,588 |
| Expenses | 1,034 | 1,105 | 1,565 | 1,859 | 1,522 | 1,547 | 2,629 | 3,764 | 3,531 | 3,752 | 3,689 | 4,498 |
| Operating Profit | 146 | 233 | 452 | 560 | 280 | 131 | 156 | 399 | 646 | 856 | 964 | 1,090 |
| OPM % | 12.0% | 17.0% | 22.0% | 23.0% | 16.0% | 8.0% | 6.0% | 10.0% | 15.0% | 19.0% | 21.0% | 19.5% |
| Other Income | 8.98 | 5.99 | 11.98 | 7.98 | 7.98 | 13.97 | −16.96 | −1.99 | 42.92 | 51.91 | 171 | 207 |
| Interest | 111 | 82.36 | 70.24 | 71.23 | 55.22 | 33.14 | 36.17 | 66.26 | 64.23 | 45.20 | 64.23 | 83.32 |
| Depreciation | 67.16 | 33.08 | 33.12 | 34.11 | 39.12 | 47.17 | 50.15 | 51.16 | 50.14 | 55.14 | 68.22 | 80.22 |
| Profit before tax | −22.98 | 125 | 360 | 461 | 194 | 64.94 | 52.96 | 280 | 573 | 805 | 1,000 | 1,130 |
| Tax % | −19.0% | 34.0% | 31.0% | 30.0% | −6.0% | 27.0% | 27.0% | 23.0% | 28.0% | 31.0% | 25.0% | — |
| Exceptional items | 2.01 | 1.01 | 0.00 | 0.00 | 0.00 | 0.00 | −18.06 | −22.07 | 1.01 | 0.00 | 2.01 | — |
| Net Profit | −18.97 | 81.99 | 248 | 324 | 205 | 46.97 | 38.98 | 216 | 411 | 554 | 754 | 859 |
| EPS (Rs) | −0.45 | 1.99 | 5.93 | 7.78 | 4.93 | 1.14 | 0.99 | 5.00 | 8.36 | 11.29 | 14.94 | 17.00 |
| Dividend payout % | −10.9% | 5.0% | 2.0% | 2.0% | 3.0% | 13.0% | 20.0% | 5.0% | 6.0% | 5.0% | 5.0% | — |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 39.08 | 42.09 | 42.09 | 42.09 | 42.13 | 42.11 | 42.11 | 42.09 | 43.08 | 49.16 | 49.11 | 50.12 |
| Reserves | 750 | 837 | 987 | 1,373 | 1,590 | 1,690 | 1,750 | 1,825 | 2,236 | 2,995 | 3,672 | 4,656 |
| Borrowings | 1,123 | 885 | 773 | 659 | 475 | 504 | 728 | 586 | 841 | 604 | 312 | 769 |
| Other Liabilities | 329 | 295 | 308 | 339 | 679 | 324 | 270 | 1,000 | 558 | 800 | 622 | 831 |
| Total Liabilities | 2,240 | 2,060 | 2,110 | 2,413 | 2,787 | 2,561 | 2,790 | 3,453 | 3,679 | 4,449 | 4,657 | 6,307 |
| Fixed Assets | 1,225 | 1,177 | 1,170 | 1,174 | 1,166 | 1,471 | 1,464 | 1,542 | 1,510 | 1,530 | 1,600 | 1,937 |
| CWIP | 14.02 | 31.06 | 13.02 | 22.04 | 133 | 158 | 160 | 77.10 | 94.15 | 67.14 | 185 | 373 |
| Investments | 22.96 | 52.96 | 86.99 | 273 | 179 | 46.94 | 65.96 | 113 | 132 | 477 | 581 | 1,059 |
| Other Assets | 979 | 799 | 840 | 944 | 1,308 | 884 | 1,101 | 1,721 | 1,943 | 2,375 | 2,289 | 2,939 |
| Inventories | 369 | 321 | 396 | 421 | 544 | 406 | 339 | 773 | 544 | 704 | 586 | 764 |
| Trade receivables | 321 | 204 | 221 | 272 | 366 | 300 | 461 | 505 | 505 | 656 | 633 | 696 |
| Cash & equivalents | 40.97 | 46.94 | 36.95 | 33.95 | 50.90 | 46.92 | 138 | 265 | 624 | 729 | 671 | 734 |
| Total Assets | 2,240 | 2,060 | 2,110 | 2,413 | 2,787 | 2,561 | 2,790 | 3,453 | 3,679 | 4,449 | 4,657 | 6,307 |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 212 | 296 | 205 | 258 | 477 | 283 | −40.07 | 332 | 54.15 | 406 | 448 | 383 |
| Cash from investing activity | 128 | −5.99 | 9.97 | −49.89 | −224 | −214 | −114 | −27.93 | −396 | −404 | −235 | −960 |
| Cash from financing activity | −349 | −278 | −234 | −200 | −257 | −41.05 | 165 | −182 | 378 | 7.01 | −272 | 591 |
| Net cash flow | −7.01 | 12.01 | −18.01 | 8.01 | −6.01 | 28.01 | 11.01 | 121 | 34.02 | 7.01 | −60.05 | 10.01 |
| Capex | 27.94 | 14.97 | 4.99 | 62.81 | 204 | 246 | 34.90 | 22.96 | 82.79 | 52.92 | 171 | 449 |
| Free cash flow | 184 | 281 | 201 | 195 | 272 | 36.01 | −76.08 | 308 | −22.01 | 353 | 276 | −63.08 |
| CFO / OP % | 168.9% | 202.9% | 97.9% | 74.9% | 101.9% | 112.9% | −20.1% | 222.9% | 25.0% | 76.9% | 69.0% | 63.9% |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor days | 82 | 63 | 60 | 49 | 55 | 61 | 100 | 66 | 44 | 57 | 50 | 55 |
| Inventory days | 122 | 138 | 164 | 112 | 124 | 121 | 100 | 125 | 61 | 85 | 68 | 96 |
| Days payable | 35 | 49 | 73 | 38 | 99 | 67 | 44 | 126 | 38 | 68 | 27 | 46 |
| Cash conversion cycle | 168 | 151 | 150 | 122 | 79 | 113 | 155 | 65 | 66 | 73 | 90 | 103 |
| Working capital days | 5 | −21 | 20 | 30 | 41 | 11 | 16 | 0 | 2 | 33 | 70 | 58 |
| ROCE % | 3.0% | 5.0% | 11.0% | 22.0% | 25.0% | 11.0% | 4.0% | 5.0% | 13.0% | 19.0% | 22.0% | 22.0% |
For the Sep 2026 quarter, Himadri Speciality Chemical reported sales of ₹1,689 Cr, up 57.9% year on year and net profit of ₹231 Cr, up 31.4% year on year. The operating margin was 19.0%.
Himadri Speciality Chemical's sales for the year to Mar 2026 were ₹4,656 Cr; over the last twelve months they were ₹5,588 Cr.
Net profit for the year to Mar 2026 was ₹754 Cr, and ₹859 Cr over the last twelve months. Earnings per share over the same trailing period were ₹17.00.
Himadri Speciality Chemical reported borrowings of ₹769 Cr at Mar 2026, against cash and equivalents of ₹734 Cr.
Cash from operations was ₹383 Cr in the year to Mar 2026; after capital spending, free cash flow was −₹63.08 Cr.