Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹1,184 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹253 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 strong Q3 FY26 with consolidated PAT of ₹192 crore, up 36% YoY, driven by value-added product mix and operational efficiencies. EBITDA grew 12% YoY to ₹253 crore, while 9M PAT of ₹548 crore already surpassed full-year FY25 PAT. Key highlights include trial production of the world's largest single-site specialty carbon black plant (130,000 MTPA) and commissioning of Mangalore port terminal for coal tar pitch exports. Management reiterated guidance to double FY25 PAT by FY28, with LFP cathode material phase one (40,000 MTPA) on track for Q3 FY27 and full utilization expected by FY29. The company maintains a strong balance sheet with no equity dilution planned. Risk: Execution and ramp-up risks in new battery materials business, especially customer qualification timelines.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects PAT to double from ₹558 crore in FY25 to ~₹1,100 crore by FY28, driven by new capacities and value-added products.
- First commercial phase of 40,000 MTPA LFP cathode active material plant remains on schedule for commissioning in Q3 FY27.
- Management expects the new specialty carbon black plant to reach ~85% utilization in the next financial year.
- All growth capex will be funded through internal accruals; no debt or equity dilution planned.
Risks flagged
- LFP cathode plant will take time to reach meaningful utilization; full capacity expected only by FY29, with customer qualification cycles uncertain.
- Analyst noted sequential decline in EBITDA per ton; management attributed to minor quarterly fluctuations but did not provide detailed breakdown.
- While management claims full pass-through, sharp lithium price swings could still impact working capital and customer demand.
- Multiple large-scale projects (carbon black, cathode, anode) running concurrently may strain management bandwidth and operational focus.
Key quotes
- We are confident that the profit will again double from FY25 to FY28.
- First time Himadri is going to be in a product where demand will not be a constraint. So growth will depend upon our ability to expand.
- We do not allocate capital to any business where ROCE is less than 30%.
Research modules