Himadri Speciality Chemical Ltd (HSCL) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Cofacto Research Published October 11, 2026 5 min read

Himadri Speciality Chemical is India's largest speciality carbon products maker, with over 65% domestic market share in coal tar pitch and a growing battery-materials arm, reporting into a quarter where record auto and tyre demand collides with a persistently weak rupee. The print will speak to whether the company reverted to natural hedging after a Rs. 25.20 crore forex loss in Q1 FY27, and whether core carbon volumes finally grow after Q1's 131,844 MT came in below the year-ago 140,090 MT.

Quick Details

Results date	October 16, 2026
Quarter	Q2 FY 2026-2027
Previous quarter revenue	Rs. 1,431.88 crore
Previous quarter PAT	Rs. 228.43 crore
Previous quarter EBITDA margin	22%
Market cap	Rs. 33,299.37 Cr
CMP	Rs. 659.95

Himadri Speciality Chemical Ltd Q2 Results Date and Time

The board was scheduled to meet on 16 October 2026 to consider unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026.

What to expect from Himadri Speciality Chemical Ltd's Q2 FY27 results

The quarter's dominant question is forex: the rupee averaged roughly 95.5-96.0/USD through Q2 FY27, essentially unchanged from Q1's level that produced a Rs. 25.20 crore foreign-exchange loss, and management had said it intended to revert to natural hedging through imports and exports. Demand-side signals were strong, with India's auto industry posting record July, August and September dispatches — July passenger vehicles up 34.3% YoY to 4.58 lakh units and September retail at 25.37 lakh units, up 31.8% YoY — a tailwind for carbon black offtake where HSCL holds over 65% domestic market share. Cost-side, lithium carbonate slumped about 25% in September to below 120,000 yuan/tonne, a tailwind for the LFP cathode program, though at the 2,000 MTPA initial milestone the volume is too small to move the P&L meaningfully this quarter. Finance costs are a rising drag: current borrowings had doubled to Rs. 762.11 crore by March 2026 and Q1 FY27 finance costs rose to Rs. 22.41 crore from Rs. 15.83 crore a year earlier, against a Rs. 2,000 crore total capex plan with Rs. 1,000 crore guided for this year. Management has reaffirmed its Rs. 1,100 crore PAT target by FY28, and the call is expected to cover hedging execution, core volume trajectory and the Birla Tyres breakeven path.

Key Things To Watch

PAT roadmap vs the Rs. 1,100 crore FY28 target

Track progress against the Rs. 1,100 crore PAT target by FY28 and whether management has changed any assumptions since the Q1 FY27 reaffirmation, when the CEO said there was "nothing negative" and "things are moving in the right direction"

Capacity execution timelines

Status against Q2 FY27 commissioning for the first anthraquinone/carbazole phase (Rs. 128 crore expansion from 2,600 to 5,300 MTPA) and Q4 FY27 commissioning for the Rs. 70 crore, 200 MTPA CNT facility
Q2 FY28 second anthraquinone/carbazole phase and Q4 FY28 commissioning of the Rs. 170 crore, 6,000 MTPA Super Speciality Carbon Black project

LFP timeline reconciliation and sales visibility

Reconcile the FY28 (Q1 FY27 commentary) and FY29 (Q4 FY26 summary) timelines for the 40,000 MTPA cathode-material target, and clarify the 2,000 MTPA initial milestone versus commercial production timing
Seek quantified customer qualification progress and supply commitments — Q1 FY27 Q&A cited sample feedback and the IBC strategic partnership but disclosed no contracted volumes

Capital deployment and funding mix

Follow up on the Rs. 2,000 crore total capex plan and the expectation to spend Rs. 1,000 crore "this year" and Rs. 1,000 crore "next year"
The July monitoring report states Rs. 267.9219 crore of Rs. 341.8172 crore warrant proceeds had been utilized by 30 June 2026, with no deviation and both stated objects marked "On Schedule"

Margin and forex hedging

Ask whether the core-business EBITDA margin outlook of 20% over the next two to three years remains unchanged, with Q1 FY27 consolidated EBITDA margin reported at 22%
Check whether management has reverted to its standard open-position policy after the Rs. 25.20 crore Q1 FY27 forex loss, which followed a Rs. 38.13 crore loss in Q4 FY26

Frequently Asked Questions

Is Himadri Speciality Chemical on track for its Rs. 1,100 crore PAT target?

Management reaffirmed the Rs. 1,100 crore PAT target by FY28 after Q1 FY27, with the CEO saying there was "nothing negative" and "things are moving in the right direction." Q1 FY27 consolidated PAT was Rs. 228.43 crore, up 27.36% year on year.

When will Birla Tyres turn EBITDA-positive for Himadri?

Management expects Birla Tyres to reach EBITDA breakeven and cash positivity in the current financial year, though the business was not yet EBITDA-positive as of Q1 FY27, when quarterly sales were Rs. 127 crore. The longer-term target is Rs. 3,000 crore of revenue over four to five years.

What utilization is Himadri guiding for its new speciality carbon black capacity?

Management guided to 85%-90% utilization of the newly commissioned 70,000 MTPA speciality carbon black capacity in FY27. It also said EBITDA per metric ton for this capacity would be significantly above the portfolio average of around Rs. 17,000 per metric ton, without giving a specific figure.

What is the status of the DBRL tyre-business demerger into Himadri?

The board approved a scheme to demerge Dalmia Bharat Refractories' Tyre Business into HSCL with an appointed date of 1 October 2026, with one HSCL Rs. 1 share for every 260 DBRL Rs. 10 shares and no cash consideration. The demerged undertaking reported turnover of Rs. 149.31 crore as of 31 March 2026, and the scheme remains subject to stock-exchange, SEBI, NCLT, shareholder and creditor approvals.