Himadri Speciality Chemical Ltd

- Himadri Speciality Chemical Ltd does not plan any equity dilution for future growth. - The entire growth for the next 3-4 years will be funded through internal accruals. - There will be no new debt taken for funding growth. - In the last 3 years, promoters have increased their stake by 10%, showing strong confidence. - The company emphasizes capital allocation to projects with ROCE above 30%. - Current and upcoming expansions, including lithium-ion battery projects, are financed internally without external equity or debt.

- Himadri is planning a major capex of INR 1,125 crores for Phase 1 lithium-ion phosphate (LFP) cathode active material capacity of 40,000 MT per annum, expected by Q3 FY '27, with full utilization from FY '29. - The company targets building a total of 200,000 MT LFP capacity in phases, catering to around 100 GWh battery energy demand by FY '30. - Capex for anode material development is underway with investments in synthetic, natural hybrid, and silicon carbon-based technologies (specific capex numbers were queried but not disclosed). - Himadri has made strategic investments and collaborations with Sicona (Australia), International Battery Company (IBC, California & South Korea), and Invati to strengthen R&D and innovation pipeline. - No further equity dilution is expected; growth capex will be funded through internal accruals. - The company is focused on expanding speciality carbon black, Birla Tyres segments, and R&D in high-value products.

- Himadri aims to double PAT from FY '25 to FY '28, indicating strong profit and revenue growth. - Sales volumes for nine months FY '26 stood at 428,572 metric tons, a 3% increase YoY. - EBITDA per ton improved by 15% driven by focus on high value-added products. - Cathode active material capacity ramp-up expected mainly from FY '29 with full utilization and over 2x asset turns. - Battery expansion (LFP) Phase 1 capex INR1,125 crores with commercial production expected in FY '29. - New product launches in lithium-ion batteries, including Prabal series and silicon carbon anodes, position the company for growth. - Overall, growth will be driven by capacity expansions, value-added products, and strong demand in lithium-ion battery raw materials amid global capacity ramp-up.

- Himadri aims to double its PAT from FY '25 levels (~INR 558 crores) by FY '28, effectively reaching over INR 1,100 crores in 3 years. - The company has already nearly achieved the FY '27 target within FY '26, indicating accelerated growth. - The PAT growth guidance remains consistent with previous estimates; growth depends on ramp-up of new capacities and value-added product commercialization. - EBITDA per metric ton has improved by 15% year-on-year, indicating margin expansion driven by product mix. - EBITDA margins for new battery expansions are targeted with a return on capital employed (ROCE) exceeding 30%, with asset turns over 2x. - Full capacity utilization for new cathode and lithium-ion phosphate projects expected by FY '29, driving incremental profits. - Growth will be internal accrual funded, with no equity dilution or debt planned for expansion over the next 3-4 years.

The transcript does not provide explicit details on current or expected order book or pending orders for Himadri Speciality Chemical Ltd. However, some relevant points that may indirectly reflect order expectations include: - The lithium-ion battery raw material market is expected to grow significantly due to the projected global lithium-ion battery cell capacity increase from 2,500 GWh to around 7,500-8,000 GWh by FY 2030. - Himadri is actively engaged in R&D partnerships and manufacturing collaborations, indicating ongoing demand development (e.g., collaboration with Sicona in Australia and International Battery Company in California and South Korea). - The lithium-ion phosphate plant is expected to be fully operational by FY '29 with ramp-up beginning post FY '28, suggesting anticipated orders in this segment. - Existing business segments such as coal tar pitch and speciality carbon black are experiencing steady demand with expansion and ramp-up indicated. - No specific figures or order backlog values are disclosed in the transcript.