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Indian manufacturer of carbon black, coal-tar pitch and advanced carbon materials including battery anode materials.
Indian manufacturer of carbon black, coal-tar pitch and advanced carbon materials including battery anode materials.
Buys coal tar, a by-product of coke ovens at steel plants, and refines it into pitch for aluminium smelters and carbon black for tyres, so the spread between tar cost and product prices matters. Battery anode materials are the newer effort.
Moat: narrow (scale, process know-how). India's largest coal-tar pitch/carbon-black producer, now building know-how in battery anode materials.
Headquarters: Kolkata, India · Founded: 1987 · Employees: 3,193
Size Himadri Speciality Chemical (HSCL.NS) is an India Materials company (Industrial Specialties) with a market value of $3.04B, the 283rd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹568.15 on 6 Nov 2026.
Performance Over six months the shares fell 7.6%, against -18.5% for the median peer and 0.0% for the India market (cap-weighted) — 8th highest of 19 in its peer set.
Growth Revenue grew 25.3% over the last twelve months (peer median +9.9%); the operating margin is 19.5% (peer median 10.6%).
Valuation It trades at 31.9× forward earnings against a peer median of 33.9× (8th cheapest of 16).
Capital Return on invested capital runs 5.8 points below its cost of capital (20.0% WACC).
Next results Next results expected around 5 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹55.9B | ₹46.6B | ₹46.1B | ₹41.8B | ₹41.7B |
| Revenue growth | — | +1% | +10% | 0% | — |
| Gross profit | ₹16.8B | ₹13.9B | ₹11.9B | ₹9.09B | ₹6.83B |
| EBITDA | ₹11.7B | ₹10.1B | ₹8.50B | ₹6.38B | ₹4.21B |
| Net income | ₹8.55B | ₹7.51B | ₹5.56B | ₹4.11B | ₹2.16B |
| Free cash flow | n/a | -₹900M | ₹2.82B | ₹3.21B | -₹742M |
| Capital expenditure | n/a | ₹4.50B | ₹1.71B | ₹527M | ₹832M |
| Total debt | ₹11.6B | ₹7.70B | ₹3.13B | ₹6.05B | ₹8.42B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Himadri Speciality Chemical HSCL.NS | $3.04B | -8% | +25% | 20% | 31.9× | n/a |
| PCBL Chemical PCBL.NS | $1.16B | -8% | +6% | 8% | 23.5× | 27.6% |
| Graphite India GRAPHITE.NS | $1.50B | 0% | +22% | 9% | 21.8× | n/a |
| Rain Industries RAIN.NS | $645M | +35% | +17% | 10% | 12.4× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HSCL.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.6% | -10.5% | 8th lowest of 20 |
| 6-month return | -7.6% | -18.5% | 8th highest of 19 |
| Distance from 52-week high | -30.7% | -43.2% | 7th highest of 20 |
| Revenue growth (TTM) | +25.3% | +9.9% | 5th highest of 21 |
| Operating margin | 19.5% | 10.6% | 3rd highest of 21 |
| Forward P/E | 31.9× | 33.9× | 8th cheapest of 16 |
| ROIC minus cost of capital | -5.8 pp | -0.1 pp | 5th lowest of 21 |
| EV / EBITDA | 25.0× | 24.7× | 5th most expensive of 10 |
| Net debt / EBITDA | 0.5× | 1.4× | 4th least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Himadri Speciality Chemical HSCL.NS | India | $3.04B | -8% | +25% | 20% | 31.9× | n/a | n/a |
| Flat Glass 601865.SS | China | $3.03B | -30% | -23% | -2% | n/a | 8.2% | +20.0% |
| Kinik 1560.TW | Taiwan | $3.04B | +17% | +19% | 19% | 35.7× | 34.8% | +9.6% |
| WD-40 WDFC | United States | $2.97B | +6% | +11% | 16% | 33.9× | 2.2% | +7.1% |
| SKSHU Paint 603737.SS | China | $3.14B | -33% | 0% | 4% | 29.5× | 27.7% | +8.9% |
| Kansai Paint 4613.T | Japan | $3.23B | +29% | +3% | 8% | 19.1× | 2.3% | +10.1% |
| Jiangsu Pacific Quartz 603688.SS | China | $2.78B | -38% | +15% | 10% | 82.1× | n/a | n/a |
| Crown New Materials Techn Co L 001381.SZ | China | $3.33B | n/a | +8% | 10% | n/a | n/a | n/a |
| China Hainan Rubber Industry 601118.SS | China | $3.36B | -27% | -37% | -3% | 104.6× | 2.9% | +22.2% |
| GCL Technology 3800.HK | Hong Kong | $2.71B | -30% | +25% | -22% | n/a | n/a | n/a |
| H.B. Fuller FUL | United States | $2.68B | -19% | +1% | 11% | 9.5× | 3.5% | +4.5% |
| DIC 4631.T | Japan | $2.68B | +25% | +6% | 7% | 9.3× | -1.0% | +8.5% |
| Shenzhen Leading Semiconductor Industry 603991.SS | China | $2.60B | +12% | +996% | 10% | n/a | 21.7% | +12.0% |
| Shanghai Sinyang Semiconductor Materials 300236.SZ | China | $3.58B | -20% | +33% | 15% | 54.8× | n/a | n/a |
| Xizang Gaozheng Civil Explosives 002827.SZ | China | $2.53B | +92% | -1% | 12% | 108.9× | n/a | n/a |
| Shaanxi Huaqin Technology Industry 688281.SS | China | $2.50B | -18% | +31% | 15% | 34.7× | 27.5% | +24.7% |
| Quanzhou Jiadeli Electronic Materials 603435.SS | China | $2.49B | n/a | +4% | 38% | n/a | n/a | n/a |
| Sichuan Yahua Industrial 002497.SZ | China | $2.48B | -56% | +69% | 18% | 6.2× | n/a | n/a |
| AZZ AZZ | United States | $3.76B | -15% | +10% | 17% | 16.9× | 9.8% | +14.5% |
| Pamica Technology 001359.SZ | China | $2.41B | -1% | +23% | 23% | 36.2× | 38.0% | +12.1% |
| Beijing Oriental Yuhong Waterproof Technology 002271.SZ | China | $3.92B | -27% | +10% | 1% | 18.8× | 10.6% | +5.0% |