Specialty carbon black capacity
130,000 MTPA
+117% YoY
Total carbon black capacity now 250,000 MTPA; world's largest single-location specialty carbon black plant.
HIMADRISPECIALITYCHEMICA
Manufacturing
23 Apr 2026
Himadri Speciality Chemical Ltd — Q4 FY26
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.
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
Coal tar distillation capacity
600,000 MTPA
+20% YoY
Debottlenecked from 500,000 MTPA; supports growth and export via new terminals.
Bila Tires revenue
₹187 crore
N/A (first full year)
First half-year of operations; targeting ₹3,000 crore in 4 years.
R&D spend
₹120 crore
N/A
FY26 spend; team of 180+ scientists including 28 PhDs driving innovation.
Management Guidance
PAT to double to ₹1,100+ crore by FY28
Management committed to doubling FY25 PAT of ₹555 crore to over ₹1,100 crore by FY28.
growthLFP cathode phase one (40,000 MTPA) commissioning by FY29
First 2,000 MTPA by Q3 FY27; full 40,000 MTPA operational by FY29 with total capex of ₹1,125 crore.
expansionBila Tires revenue target of ₹3,000 crore in 4 years
Tire business to scale from ₹187 crore in FY26 to ₹3,000 crore in next four years.
revenueTop-line and bottom-line growth in FY27
Management expects both revenue and profit growth in FY27 driven by new capacities and margin expansion.
growthKey Risks
Forex volatility from unhedged positions
Sharp rupee depreciation led to hedging losses in Q4; management keeps positions open due to import-export parity, but volatility could impact earnings.
medium · analyst_questionGeopolitical disruption in West Asia
Rising energy prices and logistics disruptions from West Asia tensions could increase input costs, though management believes they can pass through to customers.
low · management_commentaryCustomer approval delays for battery materials
Anode and cathode capacity ramp-up depends on lengthy customer validation cycles; delays could push revenue contribution beyond FY27.
medium · data_observationCompetition in passenger car tire segment
PCR segment is crowded; management plans to focus on EV tires, but differentiation and market share gains remain uncertain.
medium · analyst_questionNotable 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%+.