What Himadri Chemicals & Inds does

Himadri Speciality Chemical Ltd (NSE: HSCL, BSE: 500184) is an Indian publicly listed specialty chemicals conglomerate founded in 1987 and headquartered in Kolkata. The company manufactures specialty carbon black, coal tar pitch, refined naphthalene derivatives, lithium-ion battery anode and LFP cathode active materials, SNF superplasticizers, specialty oils, and anti-corrosion products, and also operates the acquired Birla Tyres brand for OTR, OHT, and passenger car radial tyres including EV-specific products. Its technology foundation is coal tar distillation, vertically integrated upstream into specialty carbon black (250,000 MTPA total, with 130,000 MTPA specialty carbon black at the world's largest single-location Mahistikry facility) and downstream into new energy materials, including India's first commercial lithium-ion battery anode production facility (200 MTPA commissioned April 2026) and India's first commercial-scale LFP cathode plant under construction in Odisha with Phase 1 capex of ₹1,125 crore. Proprietary silicon-carbon anode technology has been licensed from Australia's Sicona Battery Technologies, in which Himadri holds a stake potentially reaching 24% on conversion of compulsorily convertible notes.

The company operates eight zero-liquid discharge manufacturing plants across India and one in Longkou, Shandong, China (established 2012), exporting products to 56 countries. Its R&D center at Mahistikry is NABL-accredited and recognized by India's Department of Science and Technology. The business model is direct enterprise sales of bulk industrial chemicals priced by metric tonne via negotiated multi-year contracts with B2B customers; the company does not disclose public list pricing. GTM motions include direct engagement with EV battery manufacturers (cell-makers, automotive OEMs, energy storage integrators) and a retail/distribution channel for the Durofresh consumer brand and Birla Tyres. Named customers and strategic partners include International Battery Company (supplied graphite anode materials, with Himadri holding a 20.47% equity stake) and Mahanagar Gas Limited (via the IBC JV for energy storage). FY26 disclosed revenue was ₹4,660.7 crore with EBITDA of ₹1,006 crore (up 19% YoY) and PAT of ₹755 crore (up 36% YoY).

Customer segments span EV battery manufacturers (primary), steel and aluminum smelting (coal tar pitch for electrodes and anodes), automotive tyre manufacturers (specialty carbon black and Birla Tyres), paints/plastics/coatings, construction chemicals (SNF/PCE), agrochemicals, and consumer products via the Durofresh brand. Management has set a target of ₹30,000 crore in battery materials revenue over 5-6 years and a 2x profit doubling target by FY28, anchored by the LFP cathode plant's 200,000 MTPA capacity intended to serve 100 GWh of battery output over five years. The company has earned the EcoVadis Platinum Medal (top 1% of 150,000+ companies assessed globally) for two consecutive years, ICRA ESG score of 82 (Exceptional), ISCC PLUS certification, and Three Star Export House status, reflecting its positioning as a sustainability-credentialed Indian specialty chemicals exporter targeting European and North American battery and industrial customers.

Name

Himadri Chemicals & Inds

Legal name

Himadri Speciality Chemical Ltd

Website

https://www.himadri.com/

Company type

Public

Founded year

1984

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Himadri Speciality Chemical Ltd is an Indian specialty chemicals conglomerate producing specialty carbon black, coal tar pitch, refined naphthalene derivatives, lithium-ion battery anode and LFP cathode materials, and tyres, serving EV battery makers, automotive, steel, aluminum, paints, and construction industries across 56 countries.

Ownership category

akta.pro rank

Product category

Specialty Chemicals

NAICS

Other Petroleum and Coal Products Manufacturing (32419), Chemical Manufacturing (325), Petrochemical Manufacturing (32511)

SIC

Miscellaneous Products Of Petroleum & Coal (2990), Chemicals & Allied Products (2800)

akta.pro primary industry

Specialty Carbon & Pitch Products (Petroleum Pitch, Carbon Binders for Anodes) (EUALAKAK)

akta.pro secondary industries

Cathode Active Materials (CAM) Manufacturing (EUAFABAB), Battery Raw Materials Mining & Refining (Lithium, Nickel, Cobalt, Manganese, Graphite) (EUAFABAA), Battery-Grade Chemical Processing (LiOH/Li2CO3, Ni/Co Sulfates, Mn Sulfate) (IMAKAFAI)

Keywords

• Specialty carbon black
• Coal tar pitch
• Lithium-ion battery materials
• LFP cathode materials
• Naphthalene derivatives

Headquarters

HQ city

Kolkata

HQ country

India

HQ region

Asia

Offices9 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Specialty Carbon Black: Sale of specialty carbon black products including premium grades for plastics, inks, paints, coatings, and battery applications. Total capacity of 250,000 MTPA with 130,000 MTPA at Mahistikry being the world's largest single-location specialty carbon black facility.
2. Coal Tar Pitch: Production and sale of coal tar pitch for aluminum smelting, graphite electrodes, and other industrial applications. The company exports to 56 countries and recently started liquid coal tar pitch exports from New Mangalore Port.
3. Battery Materials (Anode & Cathode): Sale of lithium-ion battery components including anode materials and LFP cathode active materials. Initial 200 MTPA anode facility commissioned April 2026, targeting exports of approximately 70% to US and Europe. LFP cathode plant targeting 200,000 MTPA capacity for 100 GWh of batteries.
4. Refined Naphthalene Derivatives: Production and sale of naphthalene-based products including SNF (Superplasticizers for concrete) and PCE for construction chemicals, agrochemicals, and other applications.
5. Specialty Chemicals: Various specialty chemicals including specialty oils, anti-corrosion products, and advanced carbon materials. Anthraquinone and carbazole facilities being set up for import substitution in dyes and pigments.
6. Birla Tyres: Revenue from tyre manufacturing through Birla Tyres acquisition, including OTR (Off-the-Road), OHT (Off-Highway Tyres), and passenger car radial tyres including EV-focused products.
7. Durofresh Consumer Products: Consumer-facing brand Durofresh offering household and personal care products through retail distribution channels.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Himadri Speciality Chemical Ltd manufactures and sells specialty chemicals derived from coal tar, including specialty carbon black, coal tar pitch, refined naphthalene derivatives, SNF superplasticizers, and specialty oils. The company has expanded into new energy materials, producing anode materials and LFP cathode active materials for lithium-ion batteries, making it India's first commercial producer of battery anode material outside China.

Product overview

Himadri Speciality Chemical Ltd is a global specialty chemicals conglomerate operating a diversified portfolio across energy materials, carbon products, and specialty chemicals. The company operates as a multi-product platform with core offerings including: New Energy Materials (anode and LFP cathode materials for lithium-ion batteries, lithium mining & refining, and recycling), Carbon Black (specialty carbon black with premium grades under ONYX, JETEX, KLAREX, ELECTRA, COLORX, BARONX brands), Coal Tar Pitch and Naphthalene Derivatives (including anthraquinone, carbazole, and other refined chemicals), Construction Chemicals (SNF superplasticizers), Tyres (through acquired Birla Tyres brand), and Specialty Oils. The company has expanded from traditional coal tar derivatives into EV battery materials, positioning itself as India's first commercial producer of anode and cathode materials for lithium-ion batteries. The flagship Mahistikry facility in West Bengal is the world's largest single-location specialty carbon black manufacturing facility, while the company is building India's first commercial-scale LFP cathode plant in Odisha.

Differentiator

Problem solved

Functional benefit

Brands

• Birla Tyres: Tyre brand acquired by Himadri consortium - manufactures OTR, OHT and passenger car radial tyres including EV tyres
• Durofresh
• ONYX
• JETEX
• KLAREX
• ELECTRA
• COLORX
• BARONX

Products and services

• Anode Materials
• LFP Cathode Materials
• Carbon Black
• Specialty Black Grades (ONYX, JETEX, KLAREX, ELECTRA, COLORX, BARONX)
• Coal Tar Pitch
• Naphthalene Derivatives Refined naphthalene products including Solvent Oil, 2-6-Lutidine, Phenol, O-Cresol, M P-Cresol, Indene, Quinoline, Flourene, Carbazole, Anthraquinone, and Pitch Creosote Mixture (PCM) for dyes, pigments, agrochemicals, and construction chemicals.
• SNF (Superplasticizers)
• Specialty Oils
• Birla Tyres
• Durofresh Consumer Products
• Anti Corrosion Products

Quantifiable outcome

• India's first anode material production facility commissioned April 2026
• +3 more outcomes

Named customers2 records

Segments7 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Four partnerships are on record, tiered core and minor.

• International Battery Company (IBC)coreStrategic or Co-development Partner · 19 June 2026Himadri increased its stake in US-based International Battery Company to 20.47% through an additional investment of USD 0.66 million, bringing total investment to approximately USD 6.09 million. The partnership focuses on deploying Himadri's LFP cathode active materials and advanced anode materials through IBC's battery technology platform. Collaboration spans R&D in California, manufacturing in South Korea, and an upcoming gigafactory in Bengaluru, India, supporting India's energy storage and EV markets.
• Sicona Battery TechnologiescoreTechnology or Integration · 19 May 2026Himadri made an additional investment of AUD 2.56 million (approximately ₹17.54 crore) in Australia-based Sicona Battery Technologies through compulsorily convertible notes, bringing cumulative holding to 1.67 crore CCNs with potential ownership reaching 24% on conversion. The partnership grants exclusive rights to access, localize, and commercialize Sicona's proprietary silicon-carbon anode technology for lithium-ion batteries in India. Capacity expansion targeted for completion by Q2FY27.
• Birla TyrescoreStrategic or Co-development PartnerHimadri led a consortium (along with Dalmia) that acquired Birla Tyres through an NCLT-sanctioned resolution plan from total admitted indebtedness of ₹1,000 crore. The acquisition at approximately ₹300 crore effective capital deployed acquired assets valued at ₹3,400 crore. Birla Tyres operates a manufacturing facility in Balasore, Odisha, producing OTR, OHT, and passenger car radial tyres including EV-specific products.
• Mahanagar Gas Limited (via IBC)minorStrategic or Co-development PartnerInternational Battery Company operates a joint venture with Mahanagar Gas Limited in India, creating a tri-party strategic relationship. IBC sources graphite anode materials from Himadri Speciality Chemical and deploys battery packs through this JV structure.

Scale indicators12 records

Recent moves6 records

Expansion highlights8 records

Direct peers

• Orion S.A. Orion S.A. is a leading global specialty carbon black producer with comparable product portfolio (specialty blacks for tires, plastics, inks, coatings) and similar go-to-market through direct industrial sales to global customers. Like Himadri, Orion has been expanding into battery-grade carbon blacks and conductive carbons for lithium-ion battery applications.
• Tokai Carbon: Tokai Carbon is a Japanese specialty carbon black and battery materials producer with direct product overlap in specialty carbon black grades. The company has been expanding into battery anode materials and conductive carbons, paralleling Himadri's pivot into lithium-ion battery materials, and serves similar global B2B customer segments.
• Rain Industries: Rain Industries is the closest direct peer to Himadri — a global coal tar pitch and specialty carbon black manufacturer with operations spanning India, the US, and Europe. Both companies operate coal tar distillation and produce specialty carbon black for similar end-markets (aluminum, tires, batteries, plastics), making them head-to-head competitors in carbon black and pitch supply globally.
• POSCO Future M: POSCO Future M is a major Korean producer of battery cathode active materials including LFP and NCM chemistries, directly competing for the same lithium-ion battery customers that Himadri targets. Both companies are pursuing similar strategies to capture non-China battery materials demand from EV and energy storage customers.
• Koppers Holdings: Koppers is a global leader in coal tar pitch and related carbon materials for aluminum smelting and graphite electrodes, with direct product overlap in Himadri's coal tar pitch segment. Both companies serve the aluminum and steel industries with similar coal tar derivatives and have expanded into specialty carbon products.

Regional players

• Aarti Industries: Aarti Industries is an Indian specialty chemicals manufacturer with comparable specialty intermediates and performance chemicals business model, serving similar industrial customer segments globally. While both companies target specialty chemicals growth and ESG positioning, Aarti Industries has minimal exposure to coal tar pitch or battery materials, making it a regional comparable rather than direct peer.
• Deepak Nitrite: Deepak Nitrite is a leading Indian specialty chemicals company with comparable business model (specialty organic chemicals and intermediates) and similar Indian B2B customer base. Both companies serve Indian and global customers in agrochemicals, dyes, and intermediates, but Deepak Nitrite has minimal exposure to coal tar pitch or battery materials, making it a regional specialty chemicals peer.

Broad incumbents

• Cabot Corporation: Cabot Corporation is a global specialty chemicals and performance materials company with significant carbon black operations alongside broader specialty chemicals, batteries, and rubber additives portfolios. While overlapping with Himadri in specialty carbon black, Cabot's broader chemicals and battery materials focus make it a broad incumbent rather than direct peer in pitch or LFP.
• Birla Carbon (Aditya Birla Group): Birla Carbon is the world's largest carbon black manufacturer and a much larger incumbent across both commodity and specialty carbon black grades. As part of the diversified Aditya Birla Group, it has broader scale and global footprint than Himadri, but does not focus on battery materials or specialty pitch — making it a broad incumbent in carbon black rather than a direct competitor in the most differentiated segments.
• Umicore: Umicore is a Belgian materials technology company with a significant battery cathode materials (CAM) business serving European and global EV OEMs. While directly comparable to Himadri's LFP cathode ambitions, Umicore operates across a much broader materials and recycling portfolio, positioning it as a broad incumbent rather than direct peer in specialty carbon black or coal tar pitch.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/HimadriSpChem
• YouTubeyoutube.com/channel/UCsRTpXP9XsAZm1pqNyH5uzw
• LinkedInlinkedin.com/company/himadri-speciality-chemical-limited

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries5 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments6 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Himadri Chemicals & Inds