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Revenue
₹1,288 Cr
verified against source
Revenue YoY
14%
reported change
EBITDA
₹280 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Himadri delivered a record Q4 FY26 with consolidated revenue of ₹1,288 crore (+14% YoY), EBITDA of ₹280 crore (+21% YoY), and PAT of ₹208 crore (+34% YoY), driven by strong execution in specialty carbon black and coal tar pitch. The company commissioned a 70,000 MTPA specialty carbon black facility, debottlenecked coal tar distillation to 600,000 MTPA, and commenced anode material production (200 MTPA) in April 2026. Management guided for PAT doubling to ₹1,100+ crore by FY28 and expects both top-line and bottom-line growth in FY27. The LFP cathode project (40,000 MTPA) is on track with first 2,000 MTPA by Q3 FY27. Bila Tires contributed ₹187 crore revenue and targets ₹3,000 crore in four years. Key risk: forex volatility from unhedged positions could impact near-term profitability.
Colored figures show movement against the previous available record.
Guidance to track
- Management committed to doubling FY25 PAT of ₹555 crore to over ₹1,100 crore by FY28.
- First 2,000 MTPA by Q3 FY27; full 40,000 MTPA operational by FY29 with total capex of ₹1,125 crore.
- Tire business to scale from ₹187 crore in FY26 to ₹3,000 crore in next four years.
- Management expects both revenue and profit growth in FY27 driven by new capacities and margin expansion.
Risks flagged
- Sharp rupee depreciation led to hedging losses in Q4; management keeps positions open due to import-export parity, but volatility could impact earnings.
- Rising energy prices and logistics disruptions from West Asia tensions could increase input costs, though management believes they can pass through to customers.
- Anode and cathode capacity ramp-up depends on lengthy customer validation cycles; delays could push revenue contribution beyond FY27.
- PCR segment is crowded; management plans to focus on EV tires, but differentiation and market share gains remain uncertain.
Key quotes
- Research and development is not merely an enabler. It is foundational to who we are and how we have evolved over the years.
- We committed to expanding our specialty carbon black capacity. We delivered. We spoke about deepening focus on value added products which is reflected in our consumer foray with Durapress.
- The right way to look at Himadri is not at EBITDA but at PAT levels. If you consider PAT as a percentage of top line it is 16%+.
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