Integrated Filing — IndAS



General information about company

Scrip Code 500184
NSE Symbol HSCL
MSEI Symbol NOTLISTED
ISIN INE019C01026
Name of company Himadri Speciality Chemical Limited
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 17-10-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 10-10-2025
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Second quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Unaudited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Unaudited
Segment Reporting Multi segment
Description of single segment
Start date and time of board meeting 17-10-2025   17:30:00
End date and time of board meeting 17-10-2025   18:30:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Not applicable



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-07-2025 01-04-2025
B Date of end of reporting period 30-09-2025 30-09-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 1,07,103.00 2,18,932.00
Other income 3,593.00 6,261.00
Total income 1,10,696.00 2,25,193.00
2 Expenses
(a) Cost of materials consumed 71,076.00 1,43,644.00
(b) Purchases of stock-in-trade 2,818.00 3,390.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (7,699.00) (9,894.00)
(d) Employee benefit expense 5,138.00 9,250.00
(e) Finance costs 1,478.00 3,061.00
(f) Depreciation, depletion and amortisation expense 1,739.00 3,203.00
(f) Other Expenses
1 Other Expenses 12,492.00 24,763.00
Total other expenses 12,492.00 24,763.00
Total expenses 87,042.00 1,77,417.00
3 Total profit before exceptional items and tax 23,654.00 47,776.00
4 Exceptional items 0.00 0.00
5 Total profit before tax 23,654.00 47,776.00
6 Tax expense
7 Current tax 5,521.00 11,617.00
8 Deferred tax 519.00 609.00
9 Total tax expenses 6,040.00 12,226.00
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations 17,614.00 35,550.00
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 0.00 0.00
16 Total profit (loss) for period 17,614.00 35,550.00
17 Other comprehensive income net of taxes 280.00 453.00
18 Total Comprehensive Income for the period 17,894.00 36,003.00
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent 17,666.00 35,835.00
Total profit or loss, attributable to non-controlling interests (52.00) (285.00)
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent 17,958.00 36,306.00
Total comprehensive income for the period attributable to owners of parent non-controlling interests (64.00) (303.00)
21 Details of equity share capital
Paid-up equity share capital 4,942.00 4,942.00
Face value of equity share capital 1 1
27 Details of debt securities
22 Reserves excluding revaluation reserve
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 3.58 7.26
Diluted earnings (loss) per share from continuing operations 3.55 7.2
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 3.58 7.26
Diluted earnings (loss) per share from continuing and discontinued operations 3.55 7.2
24 Debt equity ratio 0.21 0.21
25 Debt service coverage ratio 12.22 12.14
26 Interest service coverage ratio 18.18 17.65
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results

Textual Information(1) (3) The above unaudited consolidated financial results have been reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on 17 October 2025. A Limited Review of these consolidated financial results for the quarter and six months ended 30 September 2025 has been carried out by the Statutory Auditors, as required under Regulation 33 and Regulation 52 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. (4) Other expenses includes foreign exchange fluctuation loss/ (gain) (net) of Rs 5.07 crores for the quarter ended 30 September 2025, Rs (9.76) crores for the quarter ended 30 June 2025, Rs (4.90) crores for the quarter ended 30 September 2024, Rs (4.70) crores for the six months ended 30 September 2025, Rs (9.21) crores for the six months ended 30 September 2024 and Rs (7.48) crores for the year ended 31 March 2025. (5) Based on the guiding principles given in Ind AS 108 on 'Operating Segments', the Group's business activity falls within two operating segments, namely: (a) Carbon materials and chemicals, and (b) Power (6) The consolidated financial results are prepared in accordance with the principles and procedures for the preparation and presentation of consolidated financial results as set out in Ind AS 110 'Consolidated Financial Statements' notified by Ministry of Corporate Affairs. The consolidated financial results of Himadri Speciality Chemical Limited (the Holding Company or the Parent), include its subsidiaries, namely AAT Global Limited, Shandong Dawn Himadri Chemical Industry Limited, Himadri Speciality Inc (w.e.f 07 February 2025), Himadri Agro Tech Specialities Limited (HATSL) (formerly Combe Projects Private Ltd. and Combe Projects Ltd.), Himadri Clean Energy Limited, Himadri Future Material Technology Limited, Invati Creations Private Limited (w.e.f 17 May 2024), Himadri Green Technologies Innovation Limited (w.e.f 01 August 2024), Birla Tyres Limited (w.e.f 01 April 2025), Himadri Birla Tyre Manufacturer Private Limited (w.e.f 01 April 2025), Trancemarine and Confreight Logistics Private Limited (w.e.f 04 April 2025), Sturdy Niketan Private Limited (w.e.f 04 April 2025) and Himadri Advance New Energy Material Limited (HANEML) (formerly, Elixir Carbo Private Ltd. and Elixir Carbo Ltd.) (w.e.f 22 April 2025) (the Holding Company or the Parent and its subsidiaries together referred to as the 'Group'), combined on a line-by-line basis by adding together the book values of like items of asset and liabilities, income and expenses eliminating intra-group balances and transactions and resulting unrealised gains/ (losses). The Holding Company has acquired 40% and 49% paid-up share capital of M/s. Invati Creations Private Limited (ICPL) and Himadri Birla Tyre Manufacturer Private Limited (HBTMPL) respectively and this voting right does not qualify ICPL and HBTMPL as a subsidiary under Section 2(87) of the Companies Act, 2013. However based on contractual rights (including potential voting right), the Holding Company has the power to make decisions concerning relevant activities and thus has control over ICPL and HBTMPL as per IND AS 110: Consolidated Financial Statements. Consequently, the management of the Holding Company has decided to consolidate the financial results of ICPL as a subsidiary with effect from May 17, 2024 and 1 April 2025 respectively. The consolidated financial results are prepared applying uniform accounting policies on all material items. (7) On 14 May 2024, the Holding Company has issued and allotted 10,817,000 warrants, each convertible into one equity share of Re 1 each, on Preferential allotment basis at an issue price of Rs 316 per warrant, to the Promoters of the Holding Company and certain identified non-promoter persons, upon receipt of 25% of the issue price (i.e. Rs 79 per warrant) as warrant subscription money. Balance 75% of the issue price (i.e. Rs 237 per warrant) shall be payable within 18 months from the date of allotment i.e.14 May 2024, at the time of exercising the option to apply for fully paid-up equity share of Re 1 each of the Holding Company, against each warrant held by the warrant holder. During the quarter ended 30 September 2025, the Holding Company upon receipt of balance 75% of the issue price (i.e., Rs 237 per warrant) for 308,000 warrants, has allotted equal no. of fully paid-up equity shares against conversion of said warrants exercised by the warrant holder. As a result of such allotment, the paid-up equity share capital of the Holding Company has increased from 493,849,499 equity shares to 494,157,499 equity shares of face value of Re 1 each. (8) The Nomination and Remuneration Committee of the Holding Company at its meeting held on 20 September 2025, has allotted 12,451 equity shares of Re 1 each (Under Grant II) to the option grantees pursuant to exercise of options under the Holding Company’s “Himadri Employee Stock Option Plan 2016”. As a result of such allotment, the paid up equity share capital of the Holding Company has increased from 494,157,499 equity shares to 494,169,950 equity shares of face value of Re 1 each. (9) Subsequent to the period ended 30 September 2025, the Holding Company upon receipt of balance 75% of the issue price (i.e., Rs 237 per warrant) for 307,800 warrants, has allotted equal no. of fully paid-up equity shares against conversion of said warrants exercised by the warrant holder. As a result of such allotment, the paid-up equity share capital of the Holding Company has increased from 494,169,950 equity shares to 494,477,750 equity shares of face value of Re 1 each. For the remaining 10,041,200 warrants, the respective allottees have not yet exercised their option for conversion of the warrants into equity shares and accordingly, balance 75% money towards such remaining warrants is yet to be received.The last day for exercising the option for conversion of the warrants into equity shares of the Holding Company is 13 November 2025, being 18 months from the date of allotment of warrants i.e., 14 May 2024. (10) Effective 01 April 2025 the Holding Company has migrated to the Lower Tax Regime as prescribed under section 115BAA of the Income Tax Act 1961, introduced by the Taxation Laws (Amendment) Act, 2019. The Holding Company had during the previous year, re-assessed the carrying value of deferred tax assets/ Liability and took a reversal of deferred tax liability of Rs 3.01 Crores during the quarter and year ended 31 March 2025 on account of deferred tax to be reversed during lower tax regime. The Holding Company had also charged to deferred tax liability, unutilised MAT of Rs 3.57 Crores during the quarter and year ended 31 March 2025 as the same is not eligible to be set off during lower tax Regime. (11) During the quarter ended 30 September 2025, the Holding Company has issued commercial papers which were listed on the BSE pursuant to SEBI Master Circular No SEBIIHOIDDHS/PoDUP/CIR/2024154 dated 22 May 2024. (12) Earnings per share is not annualised for the quarter ended 30 September 2025, 30 June 2025, 30 September 2024, six months ended 30 September 2025 and 30 September 2024.



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 30-09-2025
Whether results are audited or unaudited Unaudited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 1,52,560.00
Capital work-in-progress 44,291.00
Investment property 0.00
Goodwill 2,443.00
Other intangible assets 11,342.00
Intangible assets under development
Biological assets other than bearer plants
Investments accounted for using equity method
Non-current financial assets
Non-current investments 68,157.00
Trade receivables, non-current 1,018.00
Loans, non-current 0.00
Other non-current financial assets 12,250.00
Total non-current financial assets 81,425.00
Deferred tax assets (net) 1,310.00
Other non-current assets 3,708.00
Total non-current assets 2,97,079.00
2 Current assets
Inventories 74,111.00
Current financial asset
Current investments 4,173.00
Trade receivables, current 60,228.00
Cash and cash equivalents 6,910.00
Bank balance other than cash and cash equivalents 58,271.00
Loans, current 712.00
Other current financial assets 4,299.00
Total current financial assets 1,34,593.00
Current tax assets (net)
Other current assets 45,984.00
Total current assets 2,54,688.00
3 Non-current assets classified as held for sale
4 Regulatory deferral account debit balances and related deferred tax Assets
Total assets 5,51,767.00
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 4,942.00
Other equity 4,01,956.00
Total equity attributable to owners of parent 4,06,898.00
Non controlling interest 2,744.00
Total equity 4,09,642.00
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 5,627.00
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0.00
Total Trade payable 0.00
Other non-current financial liabilities 360.00
Total non-current financial liabilities 5,987.00
Provisions, non-current 1,184.00
Deferred tax liabilities (net) 27,191.00
Deferred government grants, Non-current
Other non-current liabilities
Total non-current liabilities 34,362.00
Current liabilities
Current financial liabilities
Borrowings, current 80,350.00
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 333.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 16,267.00
Total Trade payable 16,600.00
Other current financial liabilities 6,687.00
Total current financial liabilities 1,03,637.00
Other current liabilities 1,319.00
Provisions, current 229.00
Current tax liabilities (Net) 2,578.00
Deferred government grants, Current
Total current liabilities 1,07,763.00
3 Liabilities directly associated with assets in disposal group classified as held for sale
4 Regulatory deferral account credit balances and related deferred tax liability
Total liabilities 1,42,125.00
Total equity and liabilites 5,51,767.00
Disclosure of notes on assets and liabilities Textual Information(1)



Text Block

Textual Information(1) Other unallocable expenses net of unallocable income includes other income and foreign exchange loss/ (gain) (net), fully unallocable



Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-07-2025 01-04-2025
Date of end of reporting period 30-09-2025 30-09-2025
Whether results are audited or unaudited Unaudited Unaudited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
1 Carbon materials and chemicals 1,06,721.00 2,18,006.00
2 Power 2,290.00 4,844.00
Total Segment Revenue 1,09,011.00 2,22,850.00
Less: Inter segment revenue 1,908.00 3,918.00
Revenue from operations 1,07,103.00 2,18,932.00
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
1 Carbon materials and chemicals 20,131.00 39,978.00
2 Power 1,915.00 4,129.00
Total Profit before tax 22,046.00 44,107.00
i. Finance cost 1,478.00 3,061.00
ii. Other Unallocable Expenditure net off Unallocable income (3,086.00) (6,730.00)
Profit before tax 23,654.00 47,776.00
3 (Segment Asset - Segment Liabilities)
Segment Asset
1 Carbon materials and chemicals 3,88,306.00 3,88,306.00
2 Power 10,076.00 10,076.00
Total Segment Asset 3,98,382.00 3,98,382.00
Un-allocable Assets 1,53,385.00 1,53,385.00
Net Segment Asset 5,51,767.00 5,51,767.00
4 Segment Liabilities
Segment Liabilities
1 Carbon materials and chemicals 24,258.00 24,258.00
2 Power 54.00 54.00
Total Segment Liabilities 24,312.00 24,312.00
Un-allocable Liabilities 1,17,813.00 1,17,813.00
Net Segment Liabilities 1,42,125.00 1,42,125.00
Disclosure of notes on segments Textual Information(2)



Text Block

Textual Information(2) Other unallocable expenses net of unallocable income includes other income and foreign exchange loss/ (gain) (net), fully unallocable



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-07-2025 01-04-2025
B Date of end of reporting period 30-09-2025 30-09-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
1 Remeasurements of the net defined benefit plan -500000 -1000000
2 Net gain/ (loss) on investment in equity instruments accounted at fair value -10000000 4700000
Total Amount of items that will not be reclassified to profit and loss (105.00) 37.00
2 Income tax relating to items that will not be reclassified to profit or loss (15.00) (29.00)
3 Amount of items that will be reclassified to profit and loss
1 Exchange differences in translating financial statements of foreign operations 37000000 38700000
Total Amount of items that will be reclassified to profit and loss 370.00 387.00
4 Income tax relating to items that will be reclassified to profit or loss 0.00 0.00
5 Total Other comprehensive income 280.00 453.00



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2025
B Date of end of reporting period 30-09-2025
C Whether results are audited or unaudited Unaudited
D Nature of report standalone or consolidated Consolidated
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 47,776.00
Adjustments for reconcile profit (loss)
Adjustments for finance costs 3,061.00
Adjustments for decrease (increase) in inventories (15,534.00)
Adjustments for decrease (increase) in trade receivables, current 4,730.00
Adjustments for decrease (increase) in trade receivables, non-current 0.00
Adjustments for decrease (increase) in other current assets (2,691.00)
Adjustments for decrease (increase) in other non-current assets 45.00
Adjustments for other financial assets, non-current 0.00
Adjustments for other financial assets, current (29,744.00)
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current (7,800.00)
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities 65.00
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 3,203.00
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current 0.00
Adjustments for provisions, non-current 0.00
Adjustments for other financial liabilities, current 866.00
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains 729.00
Adjustments for dividend income 0.00
Adjustments for interest income 2,683.00
Adjustments for share-based payments 0.00
Adjustments for fair value losses (gains) 0.00
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow 0.00
Other adjustments to reconcile profit (loss) 0.00
Other adjustments for non-cash items (1,136.00)
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) (46,889.00)
Net cash flows from (used in) operations 887.00
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) 10,373.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities (9,486.00)
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0.00
Cash flows used in obtaining control of subsidiaries or other businesses 0.00
Other cash receipts from sales of equity or debt instruments of other entities 0.00
Other cash payments to acquire equity or debt instruments of other entities 0.00
Other cash receipts from sales of interests in joint ventures 0.00
Other cash payments to acquire interests in joint ventures 0.00
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property, plant and equipment 343.00
Purchase of property, plant and equipment 18,065.00
Proceeds from sales of investment property 0.00
Purchase of investment property 24,748.00
Proceeds from sales of intangible assets 0.00
Purchase of intangible assets 3.00
Proceeds from sales of intangible assets under development 0.00
Purchase of intangible assets under development 0.00
Proceeds from sales of goodwill 0.00
Purchase of goodwill 0.00
Proceeds from biological assets other than bearer plants 0.00
Purchase of biological assets other than bearer plants 0.00
Proceeds from government grants 0.00
Proceeds from sales of other long-term assets 0.00
Purchase of other long-term assets 0.00
Cash advances and loans made to other parties 0.00
Cash receipts from repayment of advances and loans made to other parties 0.00
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 0.00
Interest received 1,177.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash (5,097.00)
Net cash flows from (used in) investing activities (46,393.00)
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0.00
Payments from changes in ownership interests in subsidiaries 0.00
Proceeds from issuing shares 0.00
Proceeds from issuing other equity instruments 730.00
Payments to acquire or redeem entity's shares 0.00
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 112.00
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings 5,349.00
Repayments of borrowings (47,465.00)
Payments of lease liabilities 78.00
Dividends paid 2,963.00
Interest paid 3,175.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash (275.00)
Net cash flows from (used in) financing activities 47,165.00
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes (8,714.00)
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0.00
Net increase (decrease) in cash and cash equivalents (8,714.00)
Cash and cash equivalents cash flow statement at beginning of period 15,624.00
Cash and cash equivalents cash flow statement at end of period 6,910.00