# Himadri Speciality Chemical (HSCL) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/hscl

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹568.5
- Change: -0.01%
- As of: 2026-11-06
- 1D return: -0.01%
- 5D return: +11.65%
- 1M return: -13.87%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

HSCL presents a conflicting technical picture as of 06-Nov-2026, with the daily trend firmly bearish while the monthly trend remains bullish. The stock closed at ₹568.5, trading below all key daily moving averages and the Supertrend, which is in a bearish configuration. Daily ADX stands at 34.74, indicating an established downward trend, supported by Minus DI (35.29) significantly outweighing Plus DI (20.68). This short-term weakness is corroborated by weekly data, where price also sits below all major indicators and the Supertrend is bearish.

Despite the near-term downtrend, the monthly structure shows price above all supplied moving averages and the Supertrend, suggesting longer-term support. However, recent performance has been volatile: the stock is down 15.0% over the last month and 25.3% over three months, though it remains up 24.6% year-over-year. A notable upward gap anomaly occurred on 05-Nov-2026 (+1.2%, z-score 4.87), but this has not reversed the broader daily decline. Current drawdown is -29.0%, with annualized volatility at +39.6%.

Price is positioned around the middle of its 20-day (+45.4%) and 50-day (+40.4%) ranges, and in the lower-middle of its 252-day range (+37.4%). Immediate resistance lies at ₹570.2 (pivot, +0.30%) and ₹574.35 (high, +1.03%), while support is found at ₹564.4 (low, -0.72%) and ₹560.25 (low, -1.45%).

The setup is invalidated if price sustains above the daily Supertrend and closes above ₹574.35, potentially signaling a reversal toward the monthly bullish bias. Conversely, a break below ₹560.25 would confirm continued daily bearish momentum.

- Trend Conflict: Daily and weekly trends are bearish (price below all MAs/Supertrend; ADX 34.74 daily), while the monthly trend remains bullish (price above all MAs/Supertrend).
- Key Levels: Immediate resistance at ₹570.2 (pivot) and ₹574.35 (high); immediate support at ₹564.4 (low) and ₹560.25 (low).
- Momentum & Risk: Stock is down 15.0% over 1 month and 25.3% over 3 months. Annualized volatility is high at +39.6%, with current drawdown at -29.0%.
- Anomaly Note: An extreme upward gap (+1.2%, z-score 4.87) occurred on 05-Nov-2026, but price remains below key daily indicators.

- Inside Bar
- Harami
- Outside Bar

### News Context

Himadri Speciality Chemical (HSCL) reported corporate governance updates and shareholder approvals between October 28 and November 2, 2026. On October 30, the Board approved a revised senior management roster following organizational restructuring, appointing new business presidents for the Carbon Black, Tyre and Strategy, Treated Black, and CTD & SNF divisions, while Mr. Kunal Mukherjee ceased his role as Vice President, HR. Separately, on October 27, shareholders passed a special resolution via postal ballot with 99.9983% support to alter the Memorandum of Association and adopt a new set of MOA in compliance with the Companies Act, 2013. As of November 6, 2026, HSCL shares closed at ₹568.50 on the NSE, reflecting a -29.0% current drawdown from recent peaks despite a +17.1% year-to-date return. Technical indicators show a bearish daily trend with an ADX of 34.74, contrasting with a bullish monthly supertrend.

- Management Restructuring: Effective October 30, 2026, HSCL updated its senior leadership, including new Business Presidents for key divisions and the cessation of the VP, HR role, citing organizational restructuring.
- MOA Approval: Shareholders approved alterations to the Memorandum of Association on October 27, 2026, with 99.9983% voting support via postal ballot.
- Price Action: The stock closed at ₹568.50 on November 6, 2026, with a market capitalization of approximately ₹2,868.76 crore; the share has experienced a -29.0% current drawdown.
- Technical Context: Daily technicals indicate a bearish trend (Supertrend: bearish, ADX: 34.74), while monthly trends remain bullish.

- Himadri Speciality Chemical Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication
- Himadri Speciality Chemical Limited has informed the Exchange about Revision of list of Senior Management Personnel of the Company |SUBJECT: Change in Management
- Himadri Speciality Chemical Ltd has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA
- MEETING DATE : 27-OCT-2026
- Himadri Speciality Chemical Limited has informed the Exchange regarding Proceedings of Postal Ballot and Voting Results along with Scrutinizer s Report |SUBJECT: Shareholders meeting

### Official Filings

Himadri Speciality Chemical Limited (HSCL) has advanced its corporate governance and capital structure through a special resolution passed on October 27, 2026, approving alterations to its Memorandum of Association (MOA). The amendment, supported by 99.9983% of votes polled, aligns the company’s objects with the Companies Act, 2013, restructuring clauses to permit new business activities while maintaining existing operations. Concurrently, HSCL is undergoing significant leadership adjustments; the Board approved a revised senior management roster on October 30, 2026, following organizational restructuring, which included the cessation of Mr. Kunal Mukherjee from his role as Vice President, HR.

On the operational front, HSCL reported H1 FY27 consolidated revenue of ₹3,123 crore, EBITDA of ₹616 crore, and PAT of ₹460 crore during an earnings call held on October 22, 2026. A notable development disclosed in this context is the Board’s proposal to transfer the Birla Tyres business from Dalmia Bharat Refractories Limited into Himadri. This transaction remains at the proposal stage and is subject to statutory, regulatory, creditor, and shareholder approvals, meaning it has not yet been completed or finalized.

- MOA Alteration Approved: Shareholders approved MOA changes via postal ballot on October 27, 2026, with 99.9983% support, enabling new business activities under the Companies Act, 2013.
- Leadership Restructuring: Senior management roster revised on October 30, 2026, including appointments for CFO and Business Presidents, alongside the exit of VP-HR Mr. Kunal Mukherjee due to organizational restructuring.
- H1 FY27 Financial Performance: Reported consolidated revenue of ₹3,123 crore, EBITDA of ₹616 crore, and PAT of ₹460 crore for the half-year ended September 30, 2026.
- Proposed Business Transfer: Board proposed transferring the Birla Tyres business from Dalmia Bharat Refractories Limited to HSCL; this is a proposal pending multiple approvals and is not yet a completed merger.

- [Himadri Speciality Chemical Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/HSCL_02112026183807_HSCLNewspaperforLossofCertificates.pdf)
- [Himadri Speciality Chemical Limited has informed the Exchange about Revision of list of Senior Management Personnel of the Company |SUBJECT: Change in Management](https://nsearchives.nseindia.com/corporate/HSCL_30102026234958_RevisionoflistofSeniorManagementPersonnel.pdf)
- [Himadri Speciality Chemical Ltd has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_527_WebXMLFile_20261030_235237297.xml)
- [MEETING DATE : 27-OCT-2026](https://nsearchives.nseindia.com/corporate/xbrl/RESULT_VOTING_1747536_28102026020931_WEB.xml)
- [Himadri Speciality Chemical Limited has informed the Exchange regarding Proceedings of Postal Ballot and Voting Results along with Scrutinizer s Report |SUBJECT: Shareholders meeting](https://nsearchives.nseindia.com/corporate/HSCL_28102026141358_StockExoutcome_Postal_Ballot.pdf)
- [Himadri Speciality Chemical Limited has informed the Exchange about Transcript of Earnings Conference Call for Financial Performance for the 2nd Quarter and Half Year ended 30 September 2026 held on Thursday, 22 October 2026 |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/HSCL_28102026182544_HSCLTranscriptQ2FY27.pdf)
- [HIMADRI SPECIALITY CHEMICAL LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_527_WebXMLFile_20261028_183813836.xml)
- [Himadri Speciality Chemical Limited has informed the Exchange regarding the Amendment to AOA/MOA of the company. |SUBJECT: Amendment to AOA/MOA](https://nsearchives.nseindia.com/corporate/HSCL_28102026185223_Alteration_of_Memorandum_of_Association.pdf)
- [Himadri Speciality Chemical Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/HSCL_22102026215045_EarningsrecordingQ2FY27.pdf)
- [HIMADRI SPECIALITY CHEMICAL LIMITED has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_527_WebXMLFile_20261022_215414925.xml)

### Fundamentals

Himadri Speciality Chemical (HSCL) is in an aggressive expansion phase, evidenced by a sharp rise in borrowings and fixed assets. Borrowings surged from ₹313 crore in Mar 2025 to ₹1,160 crore by Sep 2026, while Fixed Assets grew from ₹1,605 crore to ₹2,016 crore over the same period. This capital intensity is reflected in a rising Cash Conversion Cycle, which extended from 73 days in Mar 2024 to 103 days in Mar 2026, driven primarily by Inventory Days increasing from 85 to 96 days.

Despite these balance-sheet pressures, earnings momentum remains strong. TTM Sales reached ₹5,595 crore with a 25% compounded growth rate, and TTM Net Profit rose to ₹859 crore. In Q2 FY2026-27, sequential revenue increased to ₹1,691 crore, supporting a stable Operating Profit of ₹307 crore. However, finance costs are climbing, rising from ₹22.4 crore in Q1 to ₹27.7 crore in Q2, which compresses net margins as interest expenses grow alongside debt.

Earnings quality shows a slight deceleration, with CFO/EBITDA falling from 77% in Mar 2024 to 64% in Mar 2026. While Return on Capital Employed (ROCE) has held steady at 22%, the combination of higher leverage and working capital needs suggests that near-term profitability will be sensitive to interest rates and inventory management efficiency.

- Leverage and Asset Growth: Borrowings more than tripled to ₹1,160 crore (Sep 2026) and Fixed Assets rose to ₹2,016 crore, signaling heavy capex execution.
- Earnings Momentum: TTM Net Profit grew to ₹859 crore; Q2 FY26-27 revenue sequentially increased to ₹1,691 crore with stable operating profit of ₹307 crore.
- Working Capital Strain: The Cash Conversion Cycle widened to 103 days (Mar 2026), driven by Inventory Days rising to 96 days, pressuring cash flow.
- Margin Pressure: Finance costs increased to ₹27.7 crore in Q2 FY26-27, up from ₹22.4 crore in Q1, as interest expenses climb with higher debt.

### Bear Case

As of 6 November 2026, Himadri Speciality Chemical (NSE: HSCL) exhibits a pronounced near-term technical deterioration despite maintaining a longer-term bullish structure. The stock is trading at ₹568.50, reflecting a significant correction from recent highs. Daily and weekly trends are bearish, with the Supertrend indicator signaling downside pressure on both timeframes. Momentum indicators confirm this weakness: the daily Minus DI (35.29) significantly outweighs the Plus DI (20.68), and the Average Directional Index (ADX) of 34.74 suggests strong trend intensity in the downward direction. Short-term moving averages are sloping negatively, with the 20-day SMA slope at -28.9 over the last five periods.

Price action shows limited upside resilience, with immediate resistance just 0.30% above at ₹570.20. The stock has experienced a current drawdown of -29.0%, approaching its maximum historical drawdown of -38.6%. Volatility remains elevated, with annualized volatility at +39.6% and an ATR of 4.1%, indicating substantial price swings. While the monthly trend remains bullish (Supertrend: bullish, ADX: 17.9), the divergence between short-term bearish momentum and long-term bullish structure highlights a period of consolidation or correction that requires careful monitoring for potential breakdown below key support levels.

- Daily and weekly Supertrend indicators are bearish as of 6 Nov 2026, with daily ADX at 34.74 confirming strong downward trend intensity.
- Current drawdown stands at -29.0%, nearing the maximum historical drawdown of -38.6%, while annualized volatility is high at +39.6%.
- Momentum favors sellers: daily Minus DI (35.29) exceeds Plus DI (20.68), and the 20-day SMA slope is negative (-28.9).
- Immediate resistance is tight at ₹570.20 (0.30% above), suggesting limited upside buffer if support at ₹564.40 fails.

- [Himadri Speciality Chemical Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/HSCL_02112026183807_HSCLNewspaperforLossofCertificates.pdf)
- [Himadri Speciality Chemical Limited has informed the Exchange about Revision of list of Senior Management Personnel of the Company |SUBJECT: Change in Management](https://nsearchives.nseindia.com/corporate/HSCL_30102026234958_RevisionoflistofSeniorManagementPersonnel.pdf)
- [Himadri Speciality Chemical Ltd has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_527_WebXMLFile_20261030_235237297.xml)
- [MEETING DATE : 27-OCT-2026](https://nsearchives.nseindia.com/corporate/xbrl/RESULT_VOTING_1747536_28102026020931_WEB.xml)
- [Himadri Speciality Chemical Limited has informed the Exchange regarding Proceedings of Postal Ballot and Voting Results along with Scrutinizer s Report |SUBJECT: Shareholders meeting](https://nsearchives.nseindia.com/corporate/HSCL_28102026141358_StockExoutcome_Postal_Ballot.pdf)
- [Himadri Speciality Chemical Limited has informed the Exchange about Transcript of Earnings Conference Call for Financial Performance for the 2nd Quarter and Half Year ended 30 September 2026 held on Thursday, 22 October 2026 |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/HSCL_28102026182544_HSCLTranscriptQ2FY27.pdf)
- [HIMADRI SPECIALITY CHEMICAL LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_527_WebXMLFile_20261028_183813836.xml)
- [Himadri Speciality Chemical Limited has informed the Exchange regarding the Amendment to AOA/MOA of the company. |SUBJECT: Amendment to AOA/MOA](https://nsearchives.nseindia.com/corporate/HSCL_28102026185223_Alteration_of_Memorandum_of_Association.pdf)
- [Himadri Speciality Chemical Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/HSCL_22102026215045_EarningsrecordingQ2FY27.pdf)
- [HIMADRI SPECIALITY CHEMICAL LIMITED has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_527_WebXMLFile_20261022_215414925.xml)

### FAQs

**What corporate governance changes has Himadri Speciality Chemical (HSCL) recently implemented?**

On October 27, 2026, shareholders approved a new Memorandum of Association via postal ballot with 99.9983% support. Concurrently, the Board revised its Senior Management Personnel list on October 30, 2026, following organizational restructuring. Key updates include Mr. Kunal Mukherjee ceasing as Vice President, HR, and the appointment of new Business Presidents for the Carbon Black, Tyre and Strategy, Treated Black, and CTD & SNF divisions.

**How is HSCL performing technically over different timeframes as of November 6, 2026?**

The stock shows divergent trends: the daily and weekly charts are bearish, while the monthly trend remains bullish. The share closed at ₹568.50 on November 6, 2026, with a market capitalization of approximately ₹28,687.56 crore. Recent performance includes a +17.1% year-to-date return, but a -25.3% decline over the last three months and a current drawdown of -29.0%.

**What are the key price levels to monitor for HSCL in the near term?**

As of November 6, 2026, immediate resistance sits at ₹570.20 (pivot), followed by highs at ₹574.35 and ₹580.15. Support levels are located at ₹564.40, ₹560.25, and ₹554.45. The stock's annualized volatility is +39.6%, indicating significant price fluctuation risk for traders monitoring these intraday or short-term levels.

- [Himadri Speciality Chemical Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/HSCL_02112026183807_HSCLNewspaperforLossofCertificates.pdf)
- [Himadri Speciality Chemical Limited has informed the Exchange about Revision of list of Senior Management Personnel of the Company |SUBJECT: Change in Management](https://nsearchives.nseindia.com/corporate/HSCL_30102026234958_RevisionoflistofSeniorManagementPersonnel.pdf)
- [Himadri Speciality Chemical Ltd has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_527_WebXMLFile_20261030_235237297.xml)
- [MEETING DATE : 27-OCT-2026](https://nsearchives.nseindia.com/corporate/xbrl/RESULT_VOTING_1747536_28102026020931_WEB.xml)
- [Himadri Speciality Chemical Limited has informed the Exchange regarding Proceedings of Postal Ballot and Voting Results along with Scrutinizer s Report |SUBJECT: Shareholders meeting](https://nsearchives.nseindia.com/corporate/HSCL_28102026141358_StockExoutcome_Postal_Ballot.pdf)
- [Himadri Speciality Chemical Limited has informed the Exchange about Transcript of Earnings Conference Call for Financial Performance for the 2nd Quarter and Half Year ended 30 September 2026 held on Thursday, 22 October 2026 |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/HSCL_28102026182544_HSCLTranscriptQ2FY27.pdf)
- [HIMADRI SPECIALITY CHEMICAL LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_527_WebXMLFile_20261028_183813836.xml)
- [Himadri Speciality Chemical Limited has informed the Exchange regarding the Amendment to AOA/MOA of the company. |SUBJECT: Amendment to AOA/MOA](https://nsearchives.nseindia.com/corporate/HSCL_28102026185223_Alteration_of_Memorandum_of_Association.pdf)
- [Himadri Speciality Chemical Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/HSCL_22102026215045_EarningsrecordingQ2FY27.pdf)
- [HIMADRI SPECIALITY CHEMICAL LIMITED has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_527_WebXMLFile_20261022_215414925.xml)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Moderate Downtrend
- Weekly trend: Weak Downtrend
- Pivot point: ₹570.2
- Risk regime: Price Risk Requires Attention

### Support levels
- 542.1
- 530.0062499999999
- 446.6732421875

### Resistance levels
- 632.5625
- 653.0703125
- 669.9

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -0.01% |
| return_10 | +15.55% |
| return_1m | -14.97% |
| return_1y | +24.59% |
| return_20 | -13.87% |
| return_3m | -25.30% |
| return_5 | +11.65% |
| return_6m | -10.49% |
| return_since_start | -2.19% |
| return_ytd | +17.12% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | elevated_risk |
| label | Price risk requires attention |
| summary | Recent drawdown or price variability is high enough to warrant closer monitoring. |
| maximum_drawdown | -38.57% |
| annualized_volatility | +39.61% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# Himadri Speciality Chemical Limited FY2026-27 Q2: Revenue rises 18% sequentially

Consolidated revenue from operations increased 18.1% quarter on quarter to ₹1,691 crore in Q2 FY2026-27, while profit before tax rose 2.3% to ₹307 crore and profit for the period grew 1.3% to ₹231 crore. Year on year, revenue was up 57.9% and profit for the period increased 31.3%. Total expenses rose 20.1% sequentially, faster than revenue.

## Revenue growth and profit conversion

Revenue from operations increased in each of the four quarters from Q3 FY2025-26 through Q2 FY2026-27, rising from ₹1,184 crore to ₹1,288 crore, ₹1,432 crore and ₹1,691 crore. In Q2 FY2026-27, total income was ₹1,733 crore, up 16.5% from Q1 FY2026-27; other income contributed ₹41.8 crore.

Profit before tax increased to ₹307 crore from ₹301 crore in Q1 FY2026-27. Profit for the period was ₹231 crore, compared with ₹228 crore in the previous quarter. The modest sequential increase in profit relative to revenue growth coincided with total expenses rising 20.1% to ₹1,426 crore.

## Expenses and tax

Cost of materials consumed was ₹1,144 crore in Q2 FY2026-27. Other expenses declined 16.6% quarter on quarter to ₹145 crore, while finance costs rose 23.7% to ₹27.7 crore. Tax expense increased 5.5% to ₹76 crore: current tax rose to ₹69.6 crore from ₹61.7 crore, while deferred tax declined to ₹6.4 crore from ₹10.4 crore.

## Per-share earnings

Basic and diluted EPS from continuing operations were ₹4.60 in Q2 FY2026-27, up from ₹4.55 in Q1 FY2026-27. Basic EPS was 28.5% higher than the ₹3.58 reported in Q2 FY2025-26; diluted EPS was 29.6% higher than the ₹3.55 reported a year earlier.

## Balance sheet and working capital

At 30 September 2026, total assets were ₹6,977 crore, compared with ₹6,306 crore at 31 March 2026 and ₹5,518 crore at 30 September 2025. Equity attributable to owners of the parent stood at ₹5,135 crore. Property, plant and equipment was ₹1,893 crore, up from ₹1,812 crore at 31 March 2026, while noncurrent investments increased to ₹1,226 crore from ₹935 crore.

Current trade receivables rose to ₹1,026 crore at 30 September 2026, from ₹696 crore at 31 March 2026 and ₹602 crore at 30 September 2025. Inventories were ₹806 crore, compared with ₹763 crore at 31 March 2026.

## Liquidity and borrowings

Cash and cash equivalents were ₹95.9 crore at 30 September 2026, down from ₹164.8 crore at 31 March 2026. Bank balances other than cash and cash equivalents stood at ₹516.7 crore, and current investments were ₹23.4 crore, compared with ₹124.8 crore at 31 March 2026.

Current borrowings increased to ₹1,152 crore at 30 September 2026 from ₹762 crore at 31 March 2026. Noncurrent borrowings were ₹3.6 crore, compared with ₹4.5 crore at the March year-end.

## Key Takeaway

Q2 FY2026-27 brought strong sequential and year-on-year revenue growth, but profit increased only modestly quarter on quarter as total expenses grew faster than revenue. The higher receivables balance and lower cash and cash equivalents, alongside increased current borrowings, make working-capital and liquidity positions important areas to monitor.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q2
- As of: 2026-09-30
- Promoter holding: +52.49%
- FII holding: +7.33%
- DII holding: +2.85%
- Mutual fund holding: +0.73%
- Retail holding: +16.78%
- Promoter pledged: +0.00%

### Major reported shareholders

- MODERN HI-RISE PRIVATE LIMITED — +36.75% (Bodies Corporate)
- ANURAG CHOUDHARY — +8.58%
- AMIT CHOUDHARY — +3.52%
- NARANTAK DEALCOMM LIMITED — +2.17%
- SHYAM SUNDAR CHOUDHARY — +1.64%
- STOCK BROKER — +1.41% (Others)
- VT CAPITAL MARKET PRIVATE LIMITED — +1.30% (Others)
- PENGUIN TRADING & AGENCIES LTD — +1.18%
- LIFE INSURANCE CORPORATION OF INDIA — +1.14%
- SHIKHA CHOUDHARY — +0.73%

## Official filings

- 2026-11-07 — Generic Announcement: Himadri Speciality Chemical Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HSCL_07112026131338_OutcomeofBM07112026.pdf)
- 2026-11-07 — Generic Announcement: Himadri Speciality Chemical Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_527_WebXMLFile_20261107_133257265.xml)
- 2026-11-02 — Generic Announcement: Himadri Speciality Chemical Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HSCL_02112026183807_HSCLNewspaperforLossofCertificates.pdf)
- 2026-10-30 — Generic Announcement: Himadri Speciality Chemical Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HSCL_30102026234958_RevisionoflistofSeniorManagementPersonnel.pdf)
- 2026-10-30 — Generic Announcement: Himadri Speciality Chemical Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_527_WebXMLFile_20261030_235237297.xml)
- 2026-10-28 — Regulatory Filing: Himadri Speciality Chemical Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/RESULT_VOTING_1747536_28102026020931_WEB.xml)
- 2026-10-28 — Generic Announcement: Himadri Speciality Chemical Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HSCL_28102026141358_StockExoutcome_Postal_Ballot.pdf)
- 2026-10-28 — Generic Announcement: Himadri Speciality Chemical Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HSCL_28102026182544_HSCLTranscriptQ2FY27.pdf)
- 2026-10-28 — Generic Announcement: Himadri Speciality Chemical Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_527_WebXMLFile_20261028_183813836.xml)
- 2026-10-28 — Generic Announcement: Himadri Speciality Chemical Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HSCL_28102026185223_Alteration_of_Memorandum_of_Association.pdf)
- 2026-10-22 — Generic Announcement: Himadri Speciality Chemical Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HSCL_22102026215045_EarningsrecordingQ2FY27.pdf)
- 2026-10-22 — Generic Announcement: Himadri Speciality Chemical Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_527_WebXMLFile_20261022_215414925.xml)
- 2026-10-17 — Earnings Presentation: Himadri Speciality Chemical Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HSCL_17102026190250_InvestorpresentationQ2FY27Stockex17102026.pdf)
- 2026-10-17 — Press Release: Himadri Speciality Chemical Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HSCL_17102026190443_PressReleaseQ2FY27Stockex17102026.pdf)
- 2026-10-17 — Generic Announcement: Himadri Speciality Chemical Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HSCL_17102026190721_Newspaperpublicationresult17102026.pdf)
- 2026-10-16 — Generic Announcement: Himadri Speciality Chemical Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HSCL_16102026181850_OutcomeofBM16102026_Result30092026.pdf)
- 2026-10-16 — Generic Announcement: Himadri Speciality Chemical Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HSCL_16102026190149_OutcomeofBM16102026_Result30092026.pdf)
- 2026-10-16 — Generic Announcement: Himadri Speciality Chemical Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HSCL_16102026191141_Monitoringagencyreport16102026.pdf)
- 2026-10-16 — Financial Results Filing: Himadri Speciality Chemical Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1740410_16102026072536_WEB.xml)
- 2026-10-16 — Financial Results Filing: Himadri Speciality Chemical Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1740408_16102026072443_WEB.xml)
- 2026-10-16 — Generic Announcement: Himadri Speciality Chemical Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HSCL_16102026195743_StockEx_Concall22102026_HSCL.pdf)
- 2026-10-16 — Generic Announcement: Himadri Speciality Chemical Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_527_WebXMLFile_20261016_200648577.xml)
- 2026-10-13 — Shareholding Disclosure: Himadri Speciality Chemical Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1736844_13102026031321_WEB.xml)
- 2026-10-09 — Board Meeting Notice: Himadri Speciality Chemical Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HSCL_09102026141001_NoticeofBMStockex161022026.pdf)
- 2026-10-09 — Board Meeting Notice: Himadri Speciality Chemical Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_527_WebXMLFile_20261009_141843441.xml)

## News and market events

- 2026-11-06 — Mint: **Multibagger stock to buy: Motilal Oswal sees 37% upside in Himadri Speciality Chemical; key triggers, target price** — Motilal Oswal has maintained a 'Buy' rating on Himadri Speciality Chemical with a target price of ₹780, implying approximately 37% upside from the recent close. The brokerage cites growth drivers including expansion into lithium iron phosphate battery materials, India's increasing cell manufacturing capacity, and the acquisition of Birla Tyres as key factors supporting the outlook. — [Source](https://www.livemint.com/market/stock-market-news/multibagger-stock-to-buy-motilal-oswal-sees-37-upside-in-himadri-speciality-chemical-key-triggers-target-price-11793971080471.html)
- 2026-10-30 — The Hindu: **Himadri Speciality Chemicals expects Birla Tyres to break even this fiscal, plans to invest ₹600 crore** — Himadri Speciality Chemical announced a plan to invest approximately ₹600 crore into its wholly-owned arm Birla Tyres for the modernization and automation of its Odisha plant. The company also proposed merging Birla Tyres into itself to create an integrated tyre value chain, expecting statutory approvals within the current financial year. — [Source](https://www.thehindubusinessline.com/companies/himadri-speciality-chemicals-expects-birla-tyres-to-break-even-this-fiscal-plans-to-invest-600-crore/article71645993.ece)
- 2026-10-22 — BUSINESSTODAY: **India has failed to build an ecosystem of batter cells. Can a new PLI change this?** — More Indians are opting for electric cars and scooters, turning what were once niche products into an increasingly familiar sight on the roads. — [Source](https://www.businesstoday.in/magazine/deep-dive/story/india-has-failed-to-build-an-ecosystem-of-batter-cells-can-a-new-pli-change-this-563134-2026-10-22)
- 2026-10-20 — The Hindu: **Himadri plans ₹500-crore Birla Tyres expansion as Sicona invests $10.3 million in US battery technology** — Himadri expands Birla Tyres by ₹500 crore and Sicona invests $10.3 million in US battery tech, reshaping EV materials strategy. — [Source](https://www.thehindubusinessline.com/companies/himadri-plans-500-crore-birla-tyres-expansion-as-sicona-invests-103-million-in-us-battery-technology/article71600659.ece)
- 2026-10-18 — The Hindu: **Himadri Speciality Q2 results: Net profit jumps 31% to ₹231 cr** — Himadri Speciality Chemical reports Q2 FY27 net profit up 31% to ₹231 cr with revenue surge across core segments. — [Source](https://www.thehindubusinessline.com/companies/himadri-speciality-q2-results-net-profit-jumps-31-to-231-cr/article71599084.ece)
- 2026-10-08 — DECCANCHRONICLE.COM: **AP Govt Attracts Rs.25,000-Cr Investments in Vizag Regional Conference** — Through 31 agreements across high-growth sectors, the investments are expected to create nearly 57,000 jobs — [Source](https://www.deccanchronicle.com/southern-states/andhra-pradesh/ap-govt-attracts-rs25000-cr-investments-in-vizag-regional-conference-1994073)
- 2026-10-08 — MONEYCONTROL: **Andhra Pradesh signs Rs 21,498 crore investment deals, nearly 57,000 jobs in sight** — Andhra Pradesh investments, Andhra Pradesh investment MoUs, Andhra Pradesh Rs 21498 crore investment, CII Partnership Summit 2026, Andhra Pradesh jobs, Visakhapatnam investment summit, Himadri Speciality Chemical Andhra Pradesh, Granules India investment, ReNew Photovoltaics Andhra Pradesh, Andhra Pradesh industrial investment — [Source](https://www.moneycontrol.com/news/business/andhra-pradesh-signs-rs-21-498-crore-investment-deals-nearly-57-000-jobs-in-sight-14047474.html)
- 2026-09-25 — Mint: **Himadri Speciality, Borosil Renewables among 5 fundamental stock picks Ambareesh Baliga recommends buying for short term** — SEBI-registered independent market expert Ambareesh Baliga identifies five promising stocks, including Himadri and Borosil Renewables, poised for growth. Do you own any? — [Source](https://www.livemint.com/market/stock-market-news/himadri-speciality-borosil-renewables-among-5-fundamental-stock-picks-ambareesh-baliga-recommends-buying-for-short-term-11790333179461.html)
- 2026-09-21 — BUSINESS: **HSCL board approves scheme of arrangement with Dalmia Bharat Refractories** — At meeting held on 21 September 2026 — [Source](https://www.business-standard.com/markets/capital-market-news/hscl-board-approves-scheme-of-arrangement-with-dalmia-bharat-refractories-126092100269_1.html)
- 2026-09-12 — MONEYCONTROL: **Rising Bharat Summit: India Inc see fresh investment, real estate boom with government change in West Bengal** — rising bharat summit, kolkata, west bengal, government, BJP, economy, investment, real estate, consumption, rural demand — [Source](https://www.moneycontrol.com/news/business/rising-bharat-summit-india-inc-see-fresh-investment-real-estate-boom-with-government-change-in-west-bengal-14028444.html)
- 2026-09-07 — BUSINESSTODAY: **Himadri Speciality Chemicals targets ₹30,000-cr battery materials business, eyes global footprint** — Himadri Speciality Chemicals targets ₹30,000-cr battery materials business, eyes global footprint — [Source](https://www.businesstoday.in/latest/corporate/story/himadri-speciality-chemicals-targets-rs30000-cr-battery-materials-business-eyes-global-footprint-553637-2026-09-07)
- 2026-09-07 — Mint: **Multibagger stock Himadri up 50% in 6 months amid major expansion, investment plans** — Over a longer timeframe of three years, Himadri stock has delivered a multibagger return of 150%, while over the last five years, it has surged 1,375%.  The chemical stock has jumped about 50% over the last six months. — [Source](https://www.livemint.com/market/stock-market-news/multibagger-stock-himadri-up-50-in-6-months-amid-major-expansion-investment-plans-11788764102349.html)
- 2026-09-02 — Mint: **Stock market today: Gift Nifty signals a negative start amid rising yields; 8 stocks to buy on Wednesday, 2 September** — As rising global bond yields and escalating US-Iran tensions loom, the Indian stock market braces for a negative open. Analysts suggest a cautious approach with stock-specific strategies, identifying potential buy opportunities amid the chaos.  — [Source](https://www.livemint.com/market/stock-market-news/stock-market-today-gift-nifty-signals-a-negative-start-amid-rising-yields-8-stocks-to-buy-on-wednesday-2-september-11788312282518.html)
- 2026-08-31 — Mint: **Stocks to watch and why on September 1: PVR INOX, E2E Networks, NCC, Brigade Enterprises, Time Technoplast and more** — On September 1, Indian stock market attention focuses on companies such as PVR INOX and PNB Housing Finance amid multiple developments.  — [Source](https://www.livemint.com/market/stock-market-news/stocks-to-watch-and-why-on-september-1-pvr-inox-e2e-networks-ncc-brigade-enterprises-indegene-and-more-11788197253602.html)
- 2026-08-20 — BUSINESS: **Himadri Speciality Chemical Ltd leads losers in 'A' group** — Aster DM Quality Care Ltd, Syrma SGS Technology Ltd, V I P Industries Ltd and Chennai Petroleum Corporation Ltd are among the other losers in the BSE's 'A' group today, 20 August 2026. — [Source](https://www.business-standard.com/markets/capital-market-news/himadri-speciality-chemical-ltd-leads-losers-in-a-group-126082000691_1.html)
- 2026-08-15 — Economic Times: **Nifty at risk below 24,000; MCX, Havells among stocks to watch next week: Rupak De** — Nifty faces a crucial 24,000 support level after weakening momentum, with a break potentially triggering short-term bearishness. Analyst Rupak De favours auto and PSU banks, while highlighting MCX, ELGI Equipments, Havells and Himadri Speciality Chemical as trading opportunities. — [Source](https://economictimes.indiatimes.com/markets/expert-view/nifty-at-risk-below-24000-mcx-havells-among-stocks-to-watch-next-week-rupak-de/articleshow/133257377.cms)
- 2026-07-21 — Mint: **Himadri Speciality Chemical shares hit fresh 52-week high, up for 9th consecutive day after Q1 results** — Himadri Speciality Chemicals share price opened at  ₹771 apiece today, as compared to the previous close of  ₹769.90 on Monday. The stock  touched an intraday high of  ₹791.40 on 21 July. — [Source](https://www.livemint.com/market/stock-market-news/himadri-speciality-chemical-shares-hit-fresh-52-week-high-up-for-9th-consecutive-day-after-q1-results-11784613616802.html)
- 2026-07-16 — The Hindu: **Q1 Results Today Live: Wipro, Jio Financial, Tech Mahindra, Polycab, BHEL, ITC Hotels, CEAT, WeWork India to announce Q1 results, Union Bank, Groww, HDBFS, HDFC AMC, HDFC Life, ICICI Pru Life, ICICI Lombard, Angel One shares in focus** — Q1 Results Today, 16th July 2026 Live Updates: Catch live updates — [Source](https://www.thehindubusinessline.com/markets/q1-results-today-live-updates-wipro-jio-financial-tech-mahindra-polycab-india-bhel-piramal-finance-itc-hotels-ceat-wework-hdbfs-groww-icici-pru-hdfc-results-16-july-2026/article71225300.ece)
- 2026-07-15 — CNBC-TV18: **Stocks to Watch for July 16: ICICI Lombard, MRPL, HDFC Life and more** — From Himadri Speciality and Angel One reporting their Q1FY27 results to agrochemical company India Pesticides receiving Technical Equivalence (TEQ) approval in the European Union; here are stocks to track ahead of Thursday trading session. — [Source](https://www.cnbctv18.com/photos/market/stocks-to-watch-for-july-16-icici-lombard-mrpl-hdfc-life-and-more-19946332.htm)
- 2026-07-15 — CNBC-TV18: **Himadri Speciality posts record Q1 revenue, profit up 26%; expands into advanced carbon materials** — Himadri Speciality Chemical reported its highest-ever quarterly revenue and a 26% rise in profit for the June quarter. The company also announced new investments in carbon nanotubes and speciality carbon black to expand its advanced materials business. — [Source](https://www.cnbctv18.com/business/companies/himadri-speciality-q1-profit-rises-26-on-record-revenue-as-company-expands-into-advanced-carbon-materials-19946298.htm)
- 2026-07-15 — The Hindu: **Q1 Results Today Live: Groww Q1 PAT jumps, HDFC AMC, HDFC Life, Jana SFB, ICICI Pru Life, Union Bank profit soars, ICICI Lombard, HDB Financial, Angel One to announce Q1 results** — Q1 Results Today, 15th July 2026 Live Updates: Catch live updates — [Source](https://www.thehindubusinessline.com/markets/q1-results-today-live-updates-ubi-billionbrains-garage-ventures-hdfc-life-hdfc-amc-icici-lombard-icici-pru-hdb-financial-himadri-angel-one-ltts-tata-elxsi-results-15-july-2026/article71220808.ece)

## Business profile

**Strategic vision:** Global speciality chemical conglomerate focused on carbon value chains.

### Business segments
- **Speciality Carbon Chemicals:** The business is centered around extensive value chains within the carbon segment, utilizing core products and value-added by-products.
- **New Energy Materials:** Himadri is recognized as a pioneer in India for the production of lithium-ion battery anode material and is actively involved in the continuous development and innovation of raw materials crucial for the lithium-ion battery value chain.

### Competitive strengths
- Pioneer in India for lithium-ion battery anode material production.
- Extensive value chains within the carbon segment.
- State-of-the-art manufacturing units in India and China.
- R&D facilities recognized by the Government of India.

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/hscl
Markdown representation: https://faxioms.com/stocks/hscl?render=md