Himadri Specialty Chemicals saw its stock sink 5.5% on Friday after reporting a September quarter revenue of ₹1,543 crore, a 44.2% jump year‑over‑year, and an EBITDA of ₹320 crore, up 34.7% from the same period a year ago.
The 44.2% rise in sales outpaced the consensus of ₹1,400 crore, while the EBITDA margin narrowed to 20.7% from 22.1%, falling short of the 22.5% target set by the lone 'buy' analyst.
With volumes climbing to 1.46 lakh metric tonnes from 1.35 lakh a year earlier, the company is shifting toward high‑value additions, backed by a ₹1,500 crore self‑funded capex programme that includes LFP, specialty chemicals, carbon nanotubes and super‑specialty carbon black.
The stock’s 25% weekly slide makes it the weakest performer on the Nifty Smallcap 100, and its 34% correction from a 52‑week high to ₹495 has erased all gains seen since the start of 2026, leaving investors wary of the company’s trajectory.
With only three analysts covering Himadri—one issuing a 'buy' and two 'hold'—the market remains thin‑liquidity, and the next earnings call on March 15 will be crucial for assessing whether the high‑margin strategy can translate into sustained profitability.