Himadri Speciality Chemical Ltd is preparing for its next phase of growth by expanding into lithium-ion battery materials, scaling up Birla Tyres, strengthening its speciality carbon black business and moving deeper into high-value speciality chemicals, according to the company’s investor presentation.
The company has laid out a roadmap through FY28 under which growth will be driven by its core business, full-year operations from its speciality carbon black expansion, ramp-up of Birla Tyres’ capacity in off-highway tyres, commercial vehicle, and passenger car radial segments, commercialisation of lithium iron phosphate (LFP) cathode active material, and forward integration into anthraquinone and carbazole. The company said the strategy is aimed at “high-value growth”, business resilience and sustainable profitability over the next two years.
Record FY26 Performance
The forward-looking plan comes after a strong FY26 for the Kolkata-based speciality chemicals company. On a consolidated basis, Himadri reported revenue from operations of Rs 4,660.7 crore, record EBITDA of Rs 1,006 crore, and record PAT of Rs 755 crore. The company also ended the year as a net cash company with cash of Rs 121 crore.
The company said stable volumes and higher margins drove the year’s performance, while its focus on value-added products continued to support profitability growth.
Battery Materials to Anchor Future Growth
A key part of Himadri’s future plan is its move into lithium-ion battery components. The company has set a long-term vision to produce 200,000 MTPA of LFP cathode active material in phases over the next five to six years, catering to 100 GWh of lithium-ion battery capacity. It has described the project as the first commercial plant for LFP cathode active material globally outside China, aimed at serving both domestic and international markets.
Phase I of the LFP project is progressing as planned, with the first milestone capacity of 2,000 MTPA targeted for commencement by Q3FY27. The remaining Phase I capacity will be commissioned progressively over the next 12 months, with FY29 envisaged as the year of full operations. The company said customer engagement has intensified with Indian and global battery manufacturers.
Himadri is also working to secure raw materials for the LFP project. It is developing a cost-optimised and environmentally friendly process for producing lithium carbonate, exploring strategic interest in phosphate mines and holding discussions with lithium miners to ensure a reliable supply of lithium concentrate.
Anode Material Facility Begins Operations
The company has also commenced operations at its first 200 MTPA anode material production facility at Mahistikry in West Bengal in April 2026. Himadri said the facility builds on more than 10 years of in-house R&D across the anode technology stack and uses specially engineered high-purity coal tar pitch produced internally, giving it backward integration in the anode material value chain.
The company is developing natural, synthetic, hybrid and silicon anode materials for multiple applications and is engaging with potential customers for the approval process. It also has an exclusive technology licensing partnership with Sicona Battery Technologies to access, localise and commercialise Sicona’s silicon-carbon anode technology in India.
Strategic Investments to Support EV Play
Himadri has made a series of strategic investments to strengthen its position in battery materials. It has invested around Rs 138.34 crore in Sicona Battery Technologies, which will entitle it to about 19-22% equity post-conversion, subject to conversion terms. It has also acquired a 17.29% stake in US-based International Battery Company (IBC) for about USD 5.43 million, or Rs 46.89 crore, and holds a 40% stake in Invati Creations.
IBC has approved Himadri’s graphite anode samples and plans to incorporate them in prismatic cells for the Indian two-wheeler market. Trials are also underway for cells using Himadri’s LFP sample as cathode and Sicona’s silicon-carbon material as anode for applications across EVs, grid storage, drones, electric aviation, defence and AI data centres. IBC’s India gigafactory is expected to commence operations by Q4FY27. IBC is developing a gigafactory in Bengaluru, in JV with Mahanagar Gas Ltd.
Speciality Carbon Black Expansion
Himadri has commenced commercial operations of a 70,000 MTPA speciality carbon black line at Mahistikry, taking its total carbon black capacity to 250,000 MTPA, including 130,000 MTPA of speciality carbon black. The company said the new capacity is expected to drive revenue growth and strengthen its margin profile over the medium and long term.
The expansion will help the company serve high-value applications in batteries, plastics, inks, paints, coatings, conductive blacks for wires and cables, and other niche segments, according to the investor presentation. Himadri has also launched new speciality black grades, including Li+ and LB series for battery applications.
Forward Integration in Speciality Chemicals
Himadri is also investing Rs 120 crore in a brownfield project to extract high-value speciality products, anthraquinone and carbazole, from existing coal tar distillates. The plant is expected to be commissioned by Q2FY27.
The company said the project will be the first of its kind in India at this scale and is aimed at reducing the country’s dependence on imports of these chemicals. Anthraquinone finds applications in dyes, paper, wood pulp, hydrogen peroxide and agriculture, while carbazole is used in dyes and pigments, pharmaceuticals, electronics, polymeric materials and agrochemicals.
Birla Tyres Turnaround Plan
Birla Tyres is another key part of Himadri’s diversification plan. The company said Birla Tyres has commenced operations and is ramping up gradually. In FY27, it plans to scale capacity in off-highway tyres and commercial vehicle tyres, followed by production scale-up across OHT, CV and passenger car radial tyres in FY28.
The company is focusing on building a speciality tyre portfolio for off-highway, commercial vehicle, agriculture, industrial and EV segments. It also plans to commission its passenger car radial tyre unit to cater to EVs and SUVs, while leveraging its carbon black expertise to develop commercial and passenger vehicle tyres under the Birla Tyres brand.
Consumer Play through Durofresh
Himadri is also moving downstream into consumer-facing products through Durofresh, its branded naphthalene ball offering. The company said Durofresh is aimed at capturing greater value within its existing value chain by engaging directly with end consumers, enhancing margins and building brand equity.
The company expects to ramp up Durofresh in FY27 and achieve full operations by FY28. It has cited the domestic Indian naphthalene market as a growth opportunity, with the market expected to reach USD 232 million by 2030.
Export Push in Liquid Coal Tar Pitch
Himadri is also planning to strengthen its footprint in the international liquid coal tar pitch market.
The company has commissioned high-temperature liquid coal tar pitch terminals at Haldia and Mangalore ports and plans to expand operations in the liquid pitch market for exports to key global markets.
It said approvals from major aluminium players, global brand recognition, presence across 61 countries, R&D capabilities and product quality will support the export push.
Sustainability and Recycling Roadmap
The company is also positioning itself in lithium-ion battery recycling. It said the global availability of EV batteries for recycling is expected to increase 25% year-on-year till 2040, and Himadri is keen to play a significant role in lithium-ion battery recycling in India. The company said it is the only Indian company selected by the Indo-German Science and Technology Centre for a battery recycling initiative.
On sustainability, Himadri has set FY27 targets across safety, energy intensity, Scope 1, 2 and 3 emissions, zero liquid discharge, recycled materials, compliance training, value-chain assessments, carbon-neutral products and customer decarbonisation projects.