Himadri Speciality Chemical Ltd Q3 FY26 Concall Decoded: PAT time-travelled into FY25 and still had change left

4

1. Opening Hook

While most companies are still explaining why revenue fell “due to macro,” Himadri quietly printed 9MFY26 PAT higher than full-year FY25.
No chest-thumping press release. No buzzwords overdose. Just numbers doing the talking—awkwardly loud numbers.

Management chose January 2026 to say: “Yes, topline dipped. No, profitability didn’t get the memo.”
Margins expanded, EBITDA per tonne jumped, and capex plans suddenly look like a shopping list rather than a dream board.

And just when you think this is another carbon-black-plus-pitch story, Himadri walks in with LFP cathodes, silicon anodes, EV batteries, tyre turnarounds, and B2C naphthalene balls—because why not?

Read on. The interesting part starts after the revenue decline excuses end.

2. At a Glance

• Revenue down 5% – Management says “product mix”; markets say “okay, show margins.”
• EBITDA up 19% – Turns out value-added products actually add value. Shocking.
• PAT up 41% – Profit clearly skipped the revenue panic meeting.
• EBITDA/MT up 15% – Chemistry finally flexing pricing power.
• Promoter holding at 52.5% – ₹237 cr paid in cash, not motivational speeches.

3. Management’s Key Commentary

“9MFY26 PAT has surpassed FY25 PAT.”
(Translation: We finished the marathon before others tied their shoes 😏)

“Revenue stability with a clear path to capacity-driven growth.”
(Translation: Volumes are boring today; capacity will fix that tomorrow)

“Product mix remains focused on high value-added products.”
(Translation: Commodity days are over, please stop valuing us like one)

“Trial production of speciality carbon black started in December 2025.”
(Translation: Capex is no longer PowerPoint)

“Delivered first liquid coal tar pitch shipment to the Middle East.”
(Translation: Export corridor unlocked, geography diversified)

“LFP Cathode Active Material plant to be operational by Q3FY27.”
(Translation: We are early, ex-China, and painfully serious ⚡)

“Birla Tyres acquisition provides B2C and EV optionality.”