Himadri Speciality Chemical Ltd (HSCL) Growth Catalysts - Q2 FY27 (Sep-26)
9 growth catalysts flagged by management, 2 new in the recent quarters, 2 no longer discussed.
Reported base: Consolidated Q2 FY27 revenue INR 1,691 crores, EBITDA INR 303 crores, PAT INR 231 crores; H1 FY27 revenue INR 3,123 crores, EBITDA INR 616 crores, PAT INR 460 crores.
Growth catalysts
LFP cathode active materials
Initial 2,000 TPA LFP cathode plant is targeted for Q3 FY27 commissioning to support customer qualifications, followed by 40,000 TPA scale-up by FY28 end. Project carries INR 1,125 Cr capex for INR 3,000 Cr revenue potential previously disclosed. The 40,000 TPA scale-up is planned for FY28 end, allowing time for qualifications and approvals before commercial-capacity operations.
Quantum: INR 1,125 Crores capex for 40,000 MTPA (INR 3,000 Crores revenue) · Timeline: FY27 · Battery materials · Capacity
Discussed on the earnings calls of Sep-26, Jun-26, Mar-26, Dec-25.
Birla Tyres merger
Rebuilding plant footprint by shifting TBB to OTR tyres alongside INR 500 Crores FY27 capex. PCR facility scheduled for commissioning by FY28 to enter EV/SUV markets. Mgmt targets full-year EBITDA breakeven in FY27 and INR 3,000 Crores revenue within 4–5 years. The proposed tyre-business transaction remains subject to statutory, regulatory, creditor and shareholder approvals. Direct ownership is expected to align capacity utilisation, modernisation, capital allocation and product development, with the stated opportunity to integrate carbon-material expertise with tyre engineering.
Quantum: INR 500 Crores FY27 capex, INR 3,000 Crores revenue target · Timeline: FY27 · Tyres · Capacity
Discussed on the earnings calls of Sep-26, Jun-26, Mar-26, Dec-25.
7 more growth catalysts on the Stocksigma ELITE plan.
Guidance & timelines
- PAT target: INR 1,100 crores plus PAT (Timeline: FY28)
- Anthraquinone and carbazole: Full capacity 5,300 TPA; commissioning together (Timeline: Q4 FY27)
6 more guidance items on ELITE.