Himadri Speciality Chemical posted record FY26 EBITDA of ₹1,006 crore and PAT of ₹755 crore. Now it is using cash from its legacy carbon business to build a 200,000 MTPA lithium iron phosphate cathode plant.
Himadri supplies roughly 70% of India's coal tar pitch and 17% of carbon black. That deep integration in coal tar chemistry funds its push into higher-margin specialty chemicals and battery materials.
Management wants 40–50% of future revenue from energy materials this decade. The play combines LFP cathodes, silicon-carbon anodes, and a Dubai trading arm aimed at the China+1 supply chain shift.
The Odisha project starts with a 2,000 MTPA demonstration plant targeted for Q3 FY27, then moves to 40,000 MTPA by FY28 with ₹1,125 crore of initial capex. The full 200,000 MTPA could support over 100 GWh of cell capacity.
FY26 consolidated EBITDA crossed ₹1,000 crore and operating profit hit ₹934 crore. PAT rose 36% to ₹755 crore, gross profit per kilogram rose 23% to ₹28.6, and the company ended the year debt-free and net cash positive.
Himadri commissioned India's first commercial advanced carbon anode line in April 2026. It has built stakes in Sicona Battery Technologies—up to 24%—and International Battery Company at 20.47%, securing access to silicon-carbon anode technology.
That is the planned multi-year capex for the 200,000 MTPA LFP cathode facility in Odisha. It is funded by cash generated from the legacy carbon business, with management targeting ₹1,100 crore net profit by FY28.
Scenario models put FY30 revenue at ₹2,050 crore in a bear case, ₹2,665 crore in the base case, and ₹3,360 crore in a bull case. The spread hinges on executing the LFP phase and Sicona anodes.
About 45% of baseline sales remain tied to cyclical aluminium and graphite industries. Scale-up to ultra-pure battery-grade output risks batch rejections, and Chinese producers could dump LFP material. Birla Tyres must reach EBITDA breakeven by FY27.
Himadri has the cash engine, certifications, and partnerships to attempt the leap from coal tar leader to battery materials force. Read the full deep dive for the detailed scenarios, peer comparisons, and risk assessment.
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