Himadri Speciality Chemical Ltd's Q2 FY27 numbers came in mixed, with revenue of Rs. 1,691.43 Cr (+57.93% YoY) and PAT growth of +31.33% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 16, 2026 |
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| Quarter | Q2 FY 2026-2027 |
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| Revenue (Q2) | Rs. 1,691.43 Cr (+57.93% YoY) |
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| PAT (Q2) | Rs. 231.32 Cr (+31.33% YoY) |
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| EBITDA margin | 17.93% (-428 bps YoY) |
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| EPS (Q2) | Rs. 4.60 (+28.50% YoY) |
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| Market cap | Rs. 33,372.46 Cr |
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| CMP | Rs. 660.70 |
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Quarter Snapshot
Revenue grew 57.9% YoY to Rs.1,691.43 Cr and PAT 31.3% YoY to Rs.231.32 Cr, aided by newly acquired Birla Tyres adding Rs.144.14 Cr of revenue. EBITDA margin compressed to 17.93% from 22.21% YoY as material costs grew 60.9% YoY, missing the company's 20%+ core margin target, while H1 operating cash flow was negative Rs.154.35 Cr and borrowings rose 50.7% in six months to fund the Rs.1,000 Cr FY27 capex programme.
Key Investment Insights
Key Positives
- Revenue grew 57.9% YoY to Rs.1,691.43 Cr (+18.1% QoQ), the highest quarterly figure in the table's history
- PAT grew 31.3% YoY to Rs.231.32 Cr; basic EPS rose to Rs.4.60 from Rs.3.58
- Birla Tyres contributed Rs.144.14 Cr of revenue versus near-zero in Q2FY26
- Carbon materials & chemicals revenue grew 44.2% YoY and 20.3% QoQ to Rs.1,539.02 Cr
- Power segment revenue grew 45.5% YoY to Rs.33.32 Cr at an 89.56% segment margin
- Net worth rose 9.1% in six months to Rs.5,135.22 Cr with debt-equity at 0.22x
- Board approved (21 September 2026) a scheme to demerge DBRL's Tyre Business into HSCL
Risk Factors
- EBITDA margin compressed to 17.93% from 22.21% YoY (~430 bps) and 21.87% QoQ (~394 bps); management EBITDA fell 3.2% QoQ to Rs.303.22 Cr despite 18% revenue growth
- Cost of materials consumed grew 60.9% YoY, outpacing revenue growth of 57.9%; carbon segment margin fell to 16.35% from 20.53% in Q1FY27
- Finance costs rose 87.5% YoY to Rs.27.72 Cr; total borrowings increased 50.7% in six months to Rs.1,155.84 Cr and ISCR fell to 12.87x from 18.18x
- H1FY27 operating cash flow was negative Rs.154.35 Cr (CFO/PAT −0.34x) on working-capital outflows of Rs.686.25 Cr
- Birla Tyres ('Others') margin fell to 0.03% from 0.80% in Q1FY27, remaining short of the FY27 EBITDA breakeven target
- Subsidiaries were a net drag of Rs.7.45 Cr on PAT to owners in Q2FY27, reversing a Rs.6.10 Cr addition in Q1FY27