Himadri Speciality Chemical

“And once it is consolidated with Himadri, we will see the numbers being added to Himadri figures. And we are on track to achieve breakeven.”

“No, no, definitely, we maintain our guidance what we have given.”

“And we expect in this year to be around INR 800 crores to INR 900 crores of spend in total.”

“We have already invested in capital in this year, in capex already we have invested more than INR 400 crores, in investment in capex.”

“So, we are at the advanced stage of announcing capex for the project. We have not made any formal announcement as such.”

“So once we are completed with the engineering, we'll announce the capex and the time frame, then we'll commence the commercial operation.”

“Phase 1 was supposed to start from Q2 FY27 and Phase 2 from Q2 FY28.”

“The progress in customer engagements together with strong visibility on future demand gives us confidence to move into the next phase of expansion with 40,000 TPA capacity planned for commissioning next year.”

“In anthraquinone and carbazole, our in-house engineering team has enabled us to accelerate execution with full capacity 5,300 TPA now targeted for commissioning together in Q4 FY27.”

“We'll commence production of 2,000 TPA trial production in Q3 FY27. And from there, next in Q4, the samples will start generating.”

“No, we commissioned 70,000 TPA.”

“Yes, Q4 FY27, we are starting production.”

“Commercial production resumed on 29th May 2025, and since then, the business has steadily strengthened into operating foundation and market presence.”

“We do a trading sales from Himadri and we achieved a top line of INR 140 crores on which we have an EBITDA of INR 1 crores as a trading margin.”

“I'm happy to announce that we have received environmental clearance during the current month and the mining will be operational during the current quarter.”

“We are basically into sand mining in Bengal. And it will be the construction industries who are our customers.”

“So LFP margins, that it's premature now because it will commence in FY29 only.”

“During the quarter, we have entered into NDAs with Indian and international customers across Battery Materials, Carbon Nanotube (CNT) and Super Speciality Carbon Black segments.”

“If you see, there has been 11% volume growth on quarter - corresponding quarter from last year.”

“Corresponding quarter last year, we had 26% as export, today, we have 33%.”

“So Carbon Black business is doing strong. The demand is very robust.”

“IBC will not be consuming any material. IBC is a technology partner for many companies who are setting up cell manufacturing capacities in India and globally.”

“As you all are aware, these expansions are focused largely on very high value-add categories and are therefore expected to have meaningful impact on company's profitability and margins.”

“So per metric ton EBITDA is around 21,000, which in the sequential quarter was at around 22,700-22,800 and in the corresponding quarter, that is last year, it was at around 17,900.”

“Yes, definitely, these products will start from the start only. They will add to the incremental margin.”

“But it happens at times in a quarter when the raw material increase is there in the previous month, and it has to be passed in the next month and the next month falls in the coming ensuing quarter.”

“One is the last quarter, some pricing was not able to pass on, which will be passed in the next quarter.”

“We are only having 9 days, 10 days of raw material inventory in order to take care of this volatility.”

“So if you look at the working capital, Q1 FY27, our net working capital as a percentage of sales was 41%, which has come down to 37% in Q2 FY27.”

“But compared to corresponding quarter last year, it has slightly gone up, which I think in next coming 2 quarters will normalise and will come down further.”

“But in terms of days, if you see, last quarter, it was 63 days, this is 65 days.”

“See, idea is to invest from internal accrual, not from debt.”

“So INR 1,500 crores is over 2 years. So everything will be through internal accrual.”

“Our ENERGEX speciality carbon black grades received approval for high-voltage cable and battery applications followed by commercial orders.”

“During the quarter, we invested further in Sicona Battery Technologies. Sicona has also completed the acquisition of 100% of Advano in United States, adding valuable silicon anode intellectual property, a U.S.-based pilot plant facility and additional R&D and cell-testing capabilities.”

“I have made announcement that our partner, Sicona Batteries, they have secured AUD 45 million as a package from Australian government.”

“During the quarter, we incorporated Ardent Impex FZCO in Dubai Airport Free Zone Area as a wholly owned subsidiary.”

“The Board has proposed the demerger of tyre business from Dalmia Bharat Refractories Limited into Himadri Speciality Chemical Ltd , subject to the requisite statutory, regulatory, creditor, and shareholders' approvals.”

“So expenses in the other entities where there was no revenue generation led to this.”

“So last quarter, in fact, the current quarter, we had negative EBITDA from the mining segment because expenses were there and it was not operational because environmental clearance was pending.”

“And the freight has gone up to another level altogether. And that had some impact, which was there on the margin. So these are temporary things.”

“Our half year revenue stood at INR 3,123 crores, EBITDA at INR 616 crores, PAT at INR 460 crores, reflecting strong performance across all business segments.”

“On a consolidated basis, revenue for Q2 FY27 stood at INR 1,691 crores versus INR 1,071 crores in the same period last year.”

“EBITDA for Q2 FY27 stood at INR 303 crores, recording a growth of 27% year-on-year and PAT at INR 231 crores with a growth of 31% year-on-year.”

“It will be coming in the carbon segment only because all things are related to carbon.”

“So all the subsidiaries are 100% WOS of Himadri. And till yet we have not put in significant capital in these companies.”