Himadri Speciality Chemical500184Earnings call transcript

Q2 FY27 call: CNT, LFP and anthraquinone capacity timelines, plus a proposed tyre business demerger

Himadri shared the transcript of its Q2 FY27 earnings call held on 22 October 2026.

By ScoutQuest · Wed 28 Oct 2026, 6:25 PM IST · 3 min read

H1 FY27 Consolidated Revenue: revenue surpassed INR 3,000 crores
H1 FY27 EBITDA: EBITDA exceeded INR 600 crores
H1 FY27 PAT: PAT crossed INR 450 crores

Financial performance for H1 FY27

Management said that on a consolidated basis for the half year ended 30 September 2026

Revenue surpassed INR 3,000 crores
EBITDA exceeded INR 600 crores
Profit after tax crossed INR 450 crores

The company attributed this to an optimised product mix, operational efficiencies and continued focus on value-added products.

Capacity commissioning roadmap

These are stated as targeted or planned timelines by management on the call.

Carbon Nanotube facility of 200 TPA remains targeted for commissioning in Q4 FY27
Super Speciality Carbon Black capacity of 6,000 TPA remains targeted for Q4 FY28
LFP cathode active materials: initial 2,000 TPA targeted for commissioning in Q3 FY27; a further 40,000 TPA capacity is planned for commissioning next year
Anthraquinone and carbazole: full capacity of 5,300 TPA now targeted for commissioning together in Q4 FY27, with both phases taken up together

Management said these expansions are focused largely on high value-add categories and are expected to have a meaningful impact on profitability and margins.

Customer engagement and commercial progress

The company entered into NDAs with Indian and international customers across battery materials, Carbon Nanotube and Super Speciality Carbon Black segments during the quarter
ENERGEX speciality carbon black grades received approval for high-voltage cable and battery applications, followed by commercial orders
On the anode side, materials have been provided to leading domestic and global customers for their qualification process, with feedback described as encouraging
Capabilities are progressing across synthetic graphite and next-generation silicon carbon technologies

Battery materials ecosystem

The company invested further in Sicona Battery Technologies during the quarter; Sicona has also completed the acquisition of Advano in the United States, adding silicon anode intellectual property, a U.S.-based pilot plant and additional R&D and cell-testing capabilities
Sicona secured funding from the Australian Renewable Energy Agency (ARENA) to advance its next-generation silicon carbon anode technology
The strategic investment in International Battery Company is described as adding a platform that bridges material innovation, cell-level validation and commercial deployment

Global sales platform

During the quarter the company incorporated Ardent Impex FZCO in the Dubai Airport Free Zone Area as a wholly owned subsidiary, intended as a platform for global sales, marketing, strategic trading and procurement across the Middle East, Africa and Europe.

Proposed tyre business demerger

The Board has proposed the demerger of the tyre business from Dalmia Bharat Refractories Limited into Himadri Speciality Chemical Ltd
The proposal is subject to requisite statutory, regulatory, creditor and shareholders' approvals
Following the acquisition of Birla Tyres in October 2023, commercial production resumed on 29 May 2025, and the business is described as having steadily strengthened
Strategically, the proposed transaction is said to bring together complementary capabilities across feedstock, speciality carbon black, R&D, manufacturing and finished tyre production

What a reader can take away

The transcript sets out management's stated commissioning timelines for several new material capacities, early commercial milestones such as approvals and orders for ENERGEX grades, and a Board proposal to bring the tyre business into the company, which is still subject to approvals. The capacity dates are targets stated by management.

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