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Himadri Speciality Chemical HSCL

Kolkata coal-tar and carbon-black chemicals maker moving into LFP cathode and anode materials

Mapped in 1 theme: Battery Storage (PLI-ACC).

From publicly available information

Where Himadri Speciality Chemical sits in the supply chain

Himadri Speciality Chemical appears in 2 supply-chain layers in one theme, Battery Storage (PLI-ACC).

Battery Storage (PLI-ACC) › Cathode active material

Emerging entrant

Other companies in this layer

Gujarat FluorochemicalsEpsilon Advanced Materials (unlisted)Altmin (unlisted)
View in the 3D map →

Battery Storage (PLI-ACC) › Anode graphite & conductive carbon

Emerging entrant

Other companies in this layer

Epsilon Advanced Materials (unlisted)HEG Advanced Materials (TACC anode)PCBL Chemical
View in the 3D map →

Revenue and profit

₹ CrFY22FY23FY24FY25FY26
Revenue2,7914,1724,1854,6134,661
Net profit39216411555755

Latest-year revenue ₹4,661 Cr (FY26, company-wide).

Note: LFP cathode and anode materials.

Strengths

  • 2,000 t LFP cathode plant near Kolkata due by Dec 2026; a 40,000 t Phase I (~₹1,125 Cr) targets full operations in FY29, within a ~₹4,800 Cr long-term plan
  • 200 t anode plant in West Bengal; stake in Australia's Sicona for silicon-carbon anode technology
  • Plans lithium carbonate sourcing from Argentina, Bolivia and Chile

Risks

  • Says Indian cells will cost ~20% more than Chinese imports at first
  • Large capex ahead of cell-maker qualification
  • Lithium price exposure

Common questions

What does Himadri Speciality Chemical do?

Kolkata coal-tar and carbon-black chemicals maker moving into LFP cathode and anode materials.

Where does Himadri Speciality Chemical sit in the supply chain?

Himadri Speciality Chemical (NSE: HSCL) is mapped in 2 supply-chain layers: Cathode active material (Battery Storage (PLI-ACC)) and Anode graphite & conductive carbon (Battery Storage (PLI-ACC)).

Who are Himadri Speciality Chemical's peers?

In the Cathode active material layer of Battery Storage (PLI-ACC): Gujarat Fluorochemicals, Epsilon Advanced Materials (not NSE-listed) and Altmin (not NSE-listed).

What is Himadri Speciality Chemical's market cap and valuation?

As of 6 Nov 2026: market cap ₹28,688 Cr, P/E 33.6x, ROCE 22.1%, ROE 17.8%, dividend yield 0.14%.