Hold Himadri Speciality Chemical: target of Rs 470 : ICICI Securities

ICICI Securities recommended hold rating on Himadri Speciality Chemical with a target price of Rs 470 in its research report dated January 22, 2026.

Broker Research

January 30, 2026 / 21:06 IST

Hold

ICICI Securities's research report on Himadri Speciality Chemical

Himadri Specialty Chemical (Himadri)’s Q3FY26 volume rose 11.3% YoY while EBITDA/kg declined 1.3% YoY to INR15.9, likely owing to pressure on specialty carbon black spreads. Himadri is undergoing the next round of capacity addition – coal tar distillates by +20% to 600ktpa, carbon black by +40% to 250ktpa and specialty oil products. The company has seen initial revenue in Birla Tyres, and may expand products/distribution in coming quarters. Other capex, including LFP facility, is progressing as scheduled while we await the announcement for capex in anode materials.

Outlook

We cut our EBITDA estimates by 5–7% for FY26/27 and SoTP-based TP to INR 470 (from INR 500) as we lower the EV/EBITDA multiple to 12x (from 16x) for its core business while rolling over valuations to FY28E. Retain HOLD.

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