Kolkata coal-tar and carbon-black chemicals maker moving into LFP cathode and anode materials
Price
₹568.00
snapshot 6 Nov 2026
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
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹28,688 Cr
Stock P/E
33.6x
Div Yield
0.14%
ROCE
22.1%
ROE
17.8%
P/B
5.6x
Revenue growth
+1.0%FY26
Profit growth
+36.0%FY26
Net margin
16.2%FY26
1Y vs Nifty
+27 ptsNifty −1.9%
Revenue, ₹ Cr (5-yr) — company table
2,791FY22
4,172FY23
4,185FY24
4,613FY25
4,661FY26
Stock price return · as of 6 Nov 2026
1Y price return
+25%
3Y CAGR
+31%
5Y CAGR
+61%
Trend76th percentile
52-week range as of 6 Nov 2026 vs snapshot price · 31% below its high
Market cap, ratios, CAGR and revenue: company table snapshot as of 6 Nov 2026 (the same figures on every page). Price: snapshot as of 6 Nov 2026. Not investment advice.
Where it fits
Lithium carbonate or hydroxide is reacted with iron phosphate (for LFP) or nickel-manganese-cobalt precursors (for NMC), calcined in kilns and milled into a fine powder with tightly controlled particle size and coating. Cell makers qualify each batch before it goes onto the cathode foil.
Why it matters
Cathode and anode together are about 65% of a cell's cost (Himadri, quoted by Business Today Oct 2026), and over 90% of both are processed in China. Without local cathode, an Indian gigafactory stays an assembler. Budget 2026-27 cut customs duty on lithium carbonate, oxide and hydroxide to nil.
Where the value pool sits
A large, cyclical pool tied to lithium prices; Chinese LFP cathode makers dominate on cost. Indian entrants (Himadri, Gujarat Fluorochemicals, Epsilon, Altmin) are at pilot-to-first-plant stage - the margin will depend on lithium sourcing and qualification with cell makers.
Key drivers
Local cell plants needing local cathode to reach 60% value addition
Reported ~₹13,000 Cr components scheme covering cathode material (heading to the EFC)
Customs duty cut on lithium salts (Feb 2026)
Potential bottlenecks
No domestic lithium refining yet (lithium sits in the critical-minerals policy)
Process know-how; China restricted export of LFP cathode technology in 2025
Long qualification with cell makers
Investor metrics to watch
Plant start-ups (Himadri's 2,000 t line due by Dec 2026)