Current/ Expected Orderbook/ Pending Orders?

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.

Any current/future new fundraising through debt or equity?

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 incom

Any current/future capex/capital investment/strategic investment?

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

Future growth expectations in sales/revenue/volumes?

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. Birl

Future growth expectations in earnings/operating earnings/profits/EPS?

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 expans

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Himadri Speciality Chemical LtdQ1 FY26Chemicals & Petrochemicals

Himadri Speciality Chemical Ltd Q1 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹678P/E: 40.0Market Cap: ₹30.1K CrSector: Chemicals & Petrochemicals

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

→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.

Margin guidance

Category 3

→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.

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Fundraise plans

→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

→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.

Capex plans

Yes

→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.

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