Hold Himadri Speciality Chemical: target of Rs 500: ICICI Securities

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ICICI Securities's research report on Himadri Speciality Chemical

Himadri Specialty Chemical’s (Himadri) Q1FY26 volume rose only 0.7% YoY, probably on capacity constraints, but product mix improvement and EBITDA/kg continued to surprise positively (up 26.8% YoY). It 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. Himadri 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 announcement for capex in anode materials.

Outlook

Retain our EPS for FY26/27E, and SoTP-based TP of INR 500 with an unchanged EV/EBITDA multiple of 16x for core business. Downgrade the stock to HOLD (from Add).

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Himadri Speciality Chemical_23072025_ICICI Securities