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Forex volatility from unhedged positions
View Risks →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.
bullish
high
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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.
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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.
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.
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Guidance and risk preview
Management committed to doubling FY25 PAT of ₹555 crore to over ₹1,100 crore by FY28.
Sharp rupee depreciation led to hedging losses in Q4; management keeps positions open due to import-export parity, but volatility could impact earn...
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