Himadri Speciality Chemical financials and balance sheet

NSE: HSCLBSE: 500184Chemicals & PetrochemicalsSmall Cap

Formerly Himadri Chemicals and Industries

₹492.00₹30.90 (5.91%)BSE ₹492.10

Share price at the NSE close on 23 Oct 2026. Previous close ₹522.90.

52-week range of traded prices to 23 Oct 2026

₹418.50Low, 24 Nov 2025₹819.50High, 21 Jul 2026

Market cap: ₹24,825 Cr293rd largest listed
P/E: 29.0
P/B: 4.8
Dividend yield: 0.16%
ROE: 18.6%
ROCE: 15.9%
Debt to equity: 0.22
Volume, NSE: 36,13,60928.5% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Himadri Speciality Chemical annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 1.4% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue4,661
Materials and goods−2,900
Employee costs−194
Other expenses−605
Operating profit962
Depreciation−68
Other income+171
One-off items0.0
Finance costs−64
Profit before tax1,001
Tax−246
Net profit755

What the company owns

Plant, investments and other assets₹3,987 Cr
Inventory₹763 Cr
Cash and bank₹735 Cr
Receivables₹696 Cr
Current investments₹125 Cr

What pays for it: net worth and liabilities

Net worth₹4,762 Cr
Borrowings₹767 Cr
Other liabilities₹402 Cr
Owed to suppliers₹375 Cr

Himadri Speciality Chemical business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Himadri Speciality Chemical segment results by quarter

Revenue by segment

₹4,737 CrTotal

Carbon materials and chemicals₹4,367 Cr92.2% of total
Others₹274 Cr5.8% of total
Power₹96 Cr2.0% of total

Profit by segment

Carbon materials and chemicals₹828 Cr88.4% of total
Others₹28 Cr3.0% of total
Power₹81 Cr8.7% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Carbon materials and chemicals
Revenue, ₹ crore
2,404
1,793
1,669
2,774
4,152
4,161
4,589
4,367
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
469
196
16
23
284
497
699
828
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
274
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
28
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Power
Revenue, ₹ crore
67
66
76
101
99
100
105
96
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
59
59
68
91
84
88
93
81
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	2,470	1,859	1,744	2,875	4,251	4,261	4,694	4,737
Company revenue, as in its results	2,422	1,806	1,679	2,791	4,172	4,185	4,613	4,661
Revenue	2,404	1,793	1,669	2,774	4,152	4,161	4,589	4,367
Revenue growth	–	−25.4%	−7.0%	66.2%	49.7%	0.2%	10.3%	−4.8%
Profit	469	196	16	23	284	497	699	828
Profit growth	–	−58.1%	−91.9%	43.8%	1,147.0%	75.1%	40.6%	18.5%
Margin	19.5%	11.0%	0.9%	0.8%	6.8%	11.9%	15.2%	19.0%
Return on capital	–	9.2%	0.7%	1.1%	12.3%	20.2%	24.4%	22.3%
Assets	–	2,392	2,511	2,930	2,770	3,085	3,158	4,030
Liabilities	–	264	214	919	458	623	294	315
Capital employed	–	2,129	2,297	2,011	2,313	2,462	2,864	3,715
Revenue	–	–	–	–	–	–	–	274
Profit	–	–	–	–	–	–	–	28
Margin	–	–	–	–	–	–	–	10.1%
Return on capital	–	–	–	–	–	–	–	216.3%
Assets	–	–	–	–	–	–	–	179
Liabilities	–	–	–	–	–	–	–	166
Capital employed	–	–	–	–	–	–	–	13
Revenue	67	66	76	101	99	100	105	96
Revenue growth	–	−1.1%	14.9%	33.2%	−1.8%	1.1%	4.7%	−8.8%
Profit	59	59	68	91	84	88	93	81
Profit growth	–	−0.8%	16.0%	32.9%	−7.0%	5.1%	5.0%	−12.5%
Margin	89.0%	89.2%	90.0%	89.9%	85.1%	88.5%	88.7%	85.1%
Return on capital	–	113.4%	142.2%	79.5%	79.5%	82.8%	90.3%	81.9%
Assets	–	52	49	117	111	107	104	100
Liabilities	–	0	2	3	5	0	1	1
Capital employed	–	52	48	114	106	107	103	99

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Himadri Speciality Chemical quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 22 Jul	Mar 2021Filed 1 Jul	Mar 2022Filed 22 Jul	Mar 2023Filed 2 May	Mar 2024Filed 7 May	Mar 2025Filed 10 Jun	Mar 2026Filed 23 Apr
Revenue from operations	1,490	2,072	2,422	1,806	1,679	2,791	4,172	4,185	4,613	4,661
	1,229	1,613	1,863	1,526	1,549	2,635	3,773	3,540	3,758	3,699
Materials and goods bought	882	1,365	1,600	1,224	1,234	2,245	3,254	3,030	3,147	2,900
Employee costs	–	–	60	74	76	81	92	110	139	194
Other expenses	–	–	203	227	239	310	427	399	472	605
Operating profit before depreciation	261	459	560	280	131	156	399	645	854	962
Operating margin	17.5%	22.2%	23.1%	15.5%	7.8%	5.6%	9.6%	15.4%	18.5%	20.6%
Materials, % of revenue	–	–	66.1%	67.8%	73.5%	80.4%	78.0%	72.4%	68.2%	62.2%
Employee costs, % of revenue	–	–	2.5%	4.1%	4.5%	2.9%	2.2%	2.6%	3.0%	4.2%
Other expenses, % of revenue	–	–	8.4%	12.6%	14.2%	11.1%	10.2%	9.5%	10.2%	13.0%
Depreciation and amortisation	33	33	34	39	47	50	51	50	55	68
Operating profit after depreciation	229	426	525	241	84	107	348	595	799	894
Other income	−22	5	8	8	14	7	28	43	52	171
Finance costs	82	70	71	55	33	36	66	64	45	64
Profit before one-off items and tax	125	361	462	194	65	78	310	574	806	1,001
One-off items	0	0	0	0	0	−25	−30	0	0	0
Profit before tax	125	361	462	194	65	53	280	574	806	1,001
	42	113	138	−11	17	14	64	163	251	246
Current tax	–	76	97	35	12	14	48	101	143	224
Deferred tax	–	37	41	−46	5	1	17	62	108	22
	83	248	324	205	47	39	216	411	555	755
Belonging to the company's shareholders	83	248	324	205	47	41	216	411	556	751
Belonging to outside owners of subsidiaries	–	–	0	0	0	−2	0	0	−1	4
Other comprehensive income	–	–	−104	−97	17	40	8	46	20	9
Total comprehensive income	–	–	220	108	64	79	224	457	575	764
Net margin	5.6%	12.0%	13.4%	11.4%	2.8%	1.4%	5.2%	9.8%	12.0%	16.2%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019Filed 29 May	Mar 2020Filed 22 Jul	Mar 2021Filed 1 Jul	Mar 2022Filed 22 Jul	Mar 2023Filed 2 May	Mar 2024Filed 7 May	Mar 2025Filed 10 Jun	Mar 2026Filed 23 Apr	Sep 2026Half yearFiled 16 Oct
	1,631	1,734	1,792	1,865	2,278	3,043	3,771	4,762	5,188
	1,632	1,734	1,793	1,868	2,281	3,046	3,722	4,707	5,135
Share capital	42	42	42	42	43	49	49	50	50
Reserves	1,590	1,692	1,751	1,826	2,237	2,996	3,672	4,656	5,085
Belonging to outside owners of subsidiaries	0	0	−1	−3	−3	−3	49	55	53
	430	337	678	578	836	600	309	767	1,156
Repayable after a year	188	22	84	93	48	22	3	4	4
Repayable within a year	242	315	594	485	788	579	306	762	1,152
	834	743	841	1,412	1,248	1,203	605	1,236	1,462
Trade payables	441	229	153	779	346	570	239	375	160
Other financial liabilities	70	188	69	77	31	27	41	77	51
Other liabilities	78	10	24	70	83	17	8	12	16
Provisions	1	1	2	2	0	1	1	3	4
Tax owed	3	–	0	0	0	9	10	7	78
	322	86	158	177	153	203	280	308	327
Other financial liabilities	0	7	7	6	5	3	3	2	3
Other liabilities	4	–	0	0	0	0	0	–	–
Provisions	3	5	4	4	6	9	11	14	16
Deferred tax	127	52	62	73	94	169	263	288	305
Total assets	2,788	2,562	2,791	3,454	3,678	4,449	4,656	6,306	6,977
	1,637	1,726	1,744	1,786	1,793	2,142	2,505	3,483	3,948
Plant in use, after depreciation	1,168	1,439	1,432	1,514	1,488	1,510	1,502	1,812	–
Plant being built	133	158	160	77	94	67	185	372	–
Intangible assets	2	36	36	31	27	24	85	106	99
Goodwill	0	0	0	0	0	0	18	24	24
Investments	179	47	66	113	132	477	578	935	1,226
Loans given	20	20	18	1	1	0	0	0	0
Other financial assets	0	0	0	19	22	24	76	144	169
Deferred tax	0	2	4	7	7	7	9	13	16
Trade receivables	8	8	10	10	10	10	10	10	10
Other assets	126	15	18	13	12	23	41	66	140
	1,151	836	1,047	1,668	1,885	2,307	2,151	2,824	3,029
Inventories	543	405	339	772	544	703	585	763	806
Trade receivables	366	300	461	505	505	656	633	696	1,026
Cash and cash equivalents	14	42	53	173	208	215	155	165	96
Other bank balances	37	5	85	92	417	517	517	571	517
Current investments	0	0	0	0	0	1	4	125	23
Loans given	2	3	8	2	2	1	2	14	14
Other financial assets	10	6	7	13	25	29	24	27	32
Other assets	178	76	94	112	185	186	231	462	515
Net debt	379	290	541	313	211	−132	−367	−94	520

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021Filed 1 Jul	Mar 2022Filed 22 Jul	Mar 2023Filed 2 May	Mar 2024Filed 7 May	Mar 2025Filed 10 Jun	Mar 2026Filed 23 Apr	Sep 2026Half yearFiled 16 Oct
	−40	331	54	405	447	382	−154
	−27	348	101	498	591	613	−92
	−171	170	−275	−152	−271	−370	−755
Receivables	−163	−43	2	−150	27	−36	−317
Inventories	66	−432	227	−158	117	−177	−43
Payables	−78	616	−434	224	−331	131	−215
Other working capital	4	28	−70	−67	−85	−287	−181
Tax paid	−14	−17	−47	−93	−144	−231	−63
Capital spending	35	23	83	52	171	450	173
Free cash flow	−75	308	−29	352	276	−68	−327
	−114	−28	−397	−405	−235	−964	−215
Plant and property sold	0	0	7	0	0	5	2
Interest received	2	1	3	31	48	45	15
	165	−182	377	7	−271	591	301
Borrowings raised	408	−100	279	3	0	434	1
Borrowings repaid	−195	−43	−39	−243	−295	1	389
Interest paid	−36	−31	−49	−63	−42	−67	−48
Lease payments	−2	−3	−3	−1	−2	−2	−1
Dividends paid	6	6	8	11	25	30	40
Shares bought back	0	0	0	0	0	1	0
Shares issued	0	0	198	319	92	254	0
Net change in cash	11	121	34	7	−60	10	−69

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Himadri Speciality Chemical dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 22 Jul	Mar 2021Filed 1 Jul	Mar 2022Filed 22 Jul	Mar 2023Filed 2 May	Mar 2024Filed 7 May	Mar 2025Filed 10 Jun	Mar 2026Filed 23 Apr
Earnings per share	₹1.98	₹5.92	₹7.75	₹4.91	₹1.13	₹0.98	₹5.13	₹9.16	₹11.26	₹15.08
Diluted earnings per share	₹1.98	₹5.92	₹7.74	₹4.91	₹1.13	₹0.98	₹5.13	₹9.16	₹11.17	₹15.02
Dividend per share	₹0.10	₹0.10	₹0.15	₹0.15	₹0.15	₹0.20	₹0.25	₹0.50	₹0.60	₹0.80
Book value per share	–	–	₹38.98	₹41.41	₹42.79	₹44.57	₹52.70	₹61.83	₹75.37	₹93.29
Dividend payout	5.1%	1.7%	1.9%	3.1%	13.2%	20.5%	5.0%	6.0%	5.3%	5.4%
Shareholder yield	–	–	–	–	0.4%	0.2%	−5.0%	−2.1%	−0.3%	−1.0%
Market cap at the year end (₹ crore)	1,831	6,115	4,866	1,233	1,744	3,113	3,778	14,891	20,949	22,280

Ratios

Consolidated, years to March.Himadri Speciality Chemical PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 22 Jul	Mar 2021Filed 1 Jul	Mar 2022Filed 22 Jul	Mar 2023Filed 2 May	Mar 2024Filed 7 May	Mar 2025Filed 10 Jun	Mar 2026Filed 23 Apr
Revenue growth	25.9%	–	–	−25.5%	−7.0%	66.2%	49.5%	0.3%	10.2%	1.0%
Operating profit growth	–	75.7%	21.9%	−49.9%	−53.3%	19.2%	155.8%	61.6%	32.4%	12.6%
Net profit growth	–	199.1%	31.0%	−36.7%	−77.0%	−17.4%	452.8%	90.3%	35.2%	36.0%
Earnings per share growth	–	199.0%	30.9%	−36.6%	−77.0%	−13.3%	423.5%	78.6%	22.9%	33.9%
	–	–	19.9%	12.2%	2.7%	2.2%	10.4%	15.4%	16.4%	17.8%
	–	–	–	−7.7 pts	−9.5 pts	−0.5 pts	8.2 pts	5.0 pts	1.0 pts	1.4 pts
From the net margin	–	–	–	−3.0 pts	−9.2 pts	−1.3 pts	5.7 pts	9.3 pts	3.5 pts	5.6 pts
From asset turnover	–	–	–	−3.8 pts	−0.2 pts	0.6 pts	2.4 pts	−2.4 pts	−0.3 pts	−3.5 pts
From borrowing	–	–	–	−0.9 pts	−0.1 pts	0.2 pts	0.1 pts	−2.0 pts	−2.2 pts	−0.6 pts
Return on capital employed	–	–	25.5%	11.6%	3.4%	4.4%	11.2%	16.3%	19.6%	16.2%
Cash conversion	–	–	–	–	−85.5%	847.3%	25.0%	98.6%	80.5%	50.6%
Interest cover	2.8	6.0	7.4	4.4	2.5	3.0	5.3	9.3	17.9	13.9
Debt to equity	–	–	0.26	0.19	0.38	0.31	0.37	0.20	0.08	0.16
Receivable days	–	–	55	61	100	66	44	57	50	55
Inventory days	–	–	124	121	100	125	61	85	68	96
Payable days	–	–	100	68	45	127	39	69	28	47
Cash conversion cycle, days	–	–	79	113	155	65	66	73	90	103
Working capital days	–	–	76	73	144	62	70	83	93	117
Asset turnover	–	–	0.87	0.68	0.63	0.89	1.17	1.03	1.01	0.85
Assets per rupee of net worth	–	–	1.71	1.59	1.52	1.71	1.72	1.53	1.35	1.30
Sales per rupee of plant	–	–	2.07	1.26	1.17	1.84	2.80	2.77	3.07	2.57
Capital spending to depreciation	–	–	–	–	0.75	0.47	1.62	1.05	3.10	6.60
Plant being built, % of plant in use	–	–	11.4%	11.0%	11.1%	5.1%	6.3%	4.4%	12.3%	20.5%

Revenue growth is left blank for the years to Mar 2018 and Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 13.7%
Cash from operations against operating profit: 39.7%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	14.7%	22.6%	3.8%
Profit growth, yearly rate	–	73.7%	51.5%
Return on equity, average	–	12.5%	16.6%
Return on capital employed, average	–	13.5%	17.4%
Operating margin, average	15.6%	13.9%	18.2%
Net margin, average	9.0%	8.9%	12.7%
Asset turnover, average	–	0.99	0.96
Cash conversion cycle, days, average	–	80	89
Interest cover, average	7.2	9.9	13.7
Debt to equity, average	–	0.22	0.15

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,618	1,234	382
Cash from investing	−2,029	−1,604	−964
Cash from financing	522	327	591
Capital spending	778	673	450
Dividends paid	80	65	30
Shares bought back	1	1	1
Shares issued for cash	863	665	254
Borrowings raised	–	437	434
Borrowings repaid	621	539	1

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	3	6	7	6	6	4
Altman Z-scorePublished threshold 1.81	–	–	4.96	2.89	2.73	2.90	4.12	9.01	17.30	11.29
Beneish M-scorePublished threshold −1.78	–	–	–	–	−1.84	−2.58	−2.16	−2.31	−1.67	−2.34
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	7.52	−8.44	15.66	10.11	7.54	24.39
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.14	1.19	0.77	0.72
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	7.28	61.03	−56.76	−49.49	29.55	−13.70	9.01
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−1.87	−17.06	45.39	−74.43	35.97	−20.55	38.23
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−5.90	1.15	0.84	2.04	0.14	0.87	5.03
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.51	3.99	0.58	3.75	0.92	3.93	0.99
Effective tax ratePublished threshold 17.16 per cent	33.87	31.41	29.84	−5.78	26.79	26.97	22.98	28.44	31.14	24.56
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−5.31	6.06	12.26	13.24	1.49

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
10 Jul 2026	ICRA Limited (opens in a new tab)	Fund-based/Non-fund based-Others	[ICRA]AA /[ICRA]A1+Review, Upgrade	Stable	1,980
10 Jul 2026	ICRA Limited (opens in a new tab)	Commercial Paper	[ICRA]A1+Review, Re-affirm		50
10 Jul 2026	ICRA Limited (opens in a new tab)	Unallocated limits-Unallocated limits	[ICRA]AA /[ICRA]A1+Review, Upgrade	Stable	0.86
19 Mar 2026	India Ratings and Research Private Limited (opens in a new tab)	Commercial paper	IND A1+Review, Re-affirm		100
10 Sep 2025	ICRA Limited (opens in a new tab)	Unallocated-Unallocated	[ICRA]AA- /[ICRA]A1+Review, Re-affirm	Positive	0.86

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.