Himadri Special Q4 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 1 Jun 2026 | Chemicals & Petrochemicals | Market Cap: ₹39.4K Cr
FY27 expected to show both top-line (revenue) and bottom-line (PAT) growth after a period of minimal top-line growth. Himadri expects strong top-line and bottom-line growth starting FY27, driven by new capacities and value-added products.
From Himadri Special's Q4 FY26 earnings-call transcript · updated 23 Aug 2026.
Price
₹654
Market Cap
₹39.4K Cr
P/E Ratio
49.3
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Himadri Special — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹1.3K Cr, net profit ₹208 Cr.
Full financials →📊 Revenue & Sales Performance
- →FY27 expected to show both top-line (revenue) and bottom-line (PAT) growth after a period of minimal top-line growth.
- →New capacities coming online, including Birla Tyres and expanded carbon black capacity, will drive top-line growth.
- →Commitment to doubling PAT to INR 1,100+ crores by FY28 from INR 555 crores in FY25.
- →Top-line growth rate guidance for FY27 not explicitly quantified, but growth is anticipated driven by new product additions and capacity expansions.
- →Expansion plan includes scaling cathode capacity from 2,000 MTPA initial to 40,000 MTPA by FY29, with further scale-up planned.
- →Birla Tyres business expects to grow from INR 187 crores in FY26 to approx INR 3,000 crores in next 4 years.
- →New advanced battery material capacities (anode and cathode) expected to contribute to revenue growth once commercial scale plants come online.
📈 Profitability & Margins
- →Himadri expects strong top-line and bottom-line growth starting FY27, driven by new capacities and value-added products.
- →PAT is targeted to double from INR 555 crores in FY25 to INR 1,100+ crores by FY28.
- →Sustainable EBITDA margins of around 20% are anticipated, with long-term margin expansion supported by operational efficiencies and yield improvements.
- →The company projects steady margin improvement from existing levels beyond FY27 due to new capacity additions.
- →Birla Tyres segment revenue is expected to scale from INR 187 crores in FY26 to around INR 3,000 crores in four years.
- →Future expansion plans for anode and cathode materials are in progress, poised to add significant revenue and growth.
- →Overall, earnings growth is expected to be robust with focus on PAT rather than EBITDA as key performance metric.
🏗️ Capital Expenditure Plans
- →Phase 1 cathode capacity: 40,000 MTPA planned, with initial 2,000 tons to be commissioned soon; full 40,000 tons expected by FY29.
- →Capex for Phase 1 cathode facility: INR 1,125 crores.
- →Anode capacity: 200 metric tons plant commissioned to commercialize R&D; large-scale commercial capacity capex to be announced soon.
- →No new capex beyond already announced plans; anode capex details will be disclosed after finalization.
- →Future expansions primarily to be funded through internal accruals; minimal or low debt expected, mostly for timing gaps.
- →Renewable energy will be consumed via long-term contracts rather than direct investment for cathode plant.
- →Birla Tyres revival with expected top line of INR 3,000 crores in next 4 years; no immediate new capex disclosed.
💰 Fundraising & Capital Structure
- →No current or immediate new fundraising through debt or equity has been announced.
- →For future expansion, the company plans to primarily use internal accruals for all expansion needs.
- →If debt is taken for future projects, it will be a very significantly low portion, mainly to cover timing gaps.
- →The company prefers to avoid heavy debt and focuses on disciplined capital deployment.
- →Any major new capex, particularly for the anode business, will be announced once finalized.
- →Existing bank limits are utilized efficiently, taking loans at lower rates and placing funds at higher rates to generate income.
- →Overall, no change in the announced capex plans as of now.
📋 Order Book & Pipeline
- →The company has signed certain MOUs or LOIs related to Phase 1 capacity, but due to NDA, details including binding agreements with Indian or global cell manufacturers for LFP supply cannot be disclosed currently.
- →The order book or contracting of Phase 1 capacity depends on product approvals, which will affect these LOIs.
- →No explicit quantification of current or expected order book/pending orders was shared in the transcript.
- →Anurag Choudhary emphasized that disclosures will be made at the appropriate time once approvals and agreements materialize.
Key Metrics
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Frequently Asked Questions
What were Himadri Special Q4 FY26 results?
FY27 expected to show both top-line (revenue) and bottom-line (PAT) growth after a period of minimal top-line growth. Himadri expects strong top-line and bottom-line growth starting FY27, driven by new capacities and value-added products.
What is Himadri Special share price analysis?
Himadri Special currently shows a neutral. The stock trades at a P/E of 49.3 with a market cap of ₹39,410 Cr. Investors should review the full earnings analysis for detailed insights.
Is Himadri Special planning capital expenditure?
Phase 1 cathode capacity: 40,000 MTPA planned, with initial 2,000 tons to be commissioned soon; full 40,000 tons expected by FY29.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.