ICICI Securities Recommends 'Hold' on Himadri Speciality Chemical, Sets Target at Rs 470
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Moneycontrol•30-01-2026, 21:07
ICICI Securities Recommends 'Hold' on Himadri Speciality Chemical, Sets Target at Rs 470
- •ICICI Securities maintains a 'Hold' rating for Himadri Speciality Chemical, revising its target price to Rs 470 from Rs 500.
- •Himadri's Q3FY26 saw an 11.3% YoY volume increase, but EBITDA/kg dropped 1.3% YoY to INR15.9 due to pressure on specialty carbon black spreads.
- •The company is expanding capacity: coal tar distillates by 20% to 600ktpa and carbon black by 40% to 250ktpa.
- •Himadri has started generating revenue from Birla Tyres and plans to expand product distribution.
- •Other capital expenditures, including the LFP facility, are on track, with an announcement for anode materials capex awaited.
Why It Matters: ICICI Securities advises 'Hold' on Himadri Speciality Chemical, citing revised EBITDA estimates and a target price of Rs 470.
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