From Rs 30 to Rs 470! This multibagger mulls pivot into EV race; what's next?
Himadri Speciality Chemicals is mulling to enter into the production of lithium iron phosphate (LFP) cathode active material.
- Feb 17, 2026,
- Updated Feb 17, 2026 4:17 PM IST
Mutlibagger stock: Himadri Speciality Chemicals, One of India's largest producer of coal tar derivatives and speciality carbon black, is mulling to enter into the production of lithium iron phosphate (LFP) cathode active material, which is an essential component in batteries used for electric vehicles and energy storage.
It is planning a manufacturing facility to produce 2 lakh metric tonnes per annum (MTPA) of LFP. Himadri Speciality Chemicals’ phased plan is designed to support 100 GWh of battery manufacturing over the next five years. It stated that the first phase of the LFP cathode active material facility is scheduled for completion by the third quarter of FY27.
Shares of Himadri Speciality Chemical Ltd have gained nearly 1,460 per cent from in the last six years. The stock has surged to Rs 468 from Rs 30 apiece in March 2020. Its' latest market capitalization stands above Rs 23,600 crore. The stock is down more than 12 per cent from its 52-week high at Rs 534.35, hit in July 2025.
Himadri Speciality Chemicals reported a 37 per cent year-on-year (YoY) jump in the net profit at Rs 195 crore for the December 2025 quarter, while its Ebitda increased 12 per cent YoY to Rs 249 crore. The company clocked a revenue of Rs 3,303.80 crore, with total sales rising 3 per cent YoY to Rs 4,82,572 MT.
Mehta Equities recommended a 'buy-on-dips vies on Himadri Speciality, supported by strong earnings visibility, an improving business mix, and scalable long-term growth drivers. Its target price of Rs 571 reflects the intrinsic value of Himardri's diversified portfolio, while an alternate valuation using a 30 times FY27E P/E multiple, providing downside comfort with upside potential.
"The battery chemicals business is valued at 2.2 time FY27E EV/invested capital, capturing both steady cash flows and long-term EV-linked optionality. Its balance sheet remains strong, reflecting healthy capital efficiency. We view this as a temporary phase, with investments enhancing long-term earnings visibility, sustainability, and positioning the stock for medium-to-long-term re-rating," it added.
Himadri is undergoing the next round of capacity addition – coal tar distillates by 20 per cent to 600ktpa, carbon black by 40 per cent to 250ktpa and specialty oil products. Other capex, including LFP facility, is progressing as scheduled while we await the announcement for capex in anode materials, said ICICI Securities.
We cut our Ebitda estimates by 5–7 per cent for FY26/27 and SoTP-based target to Rs 470 as we lower the EV/Ebitda multiple to 12 times for its core business while rolling over valuations to FY28E," it said with a hold rating on the stock.
Among other analysts, Anshul Jain, Research Head at Lakshmishree Investment and Securities has set a target of Rs 515 for the stock in the next one month, with a target of Rs 650 in the short term.
Mutlibagger stock: Himadri Speciality Chemicals, One of India's largest producer of coal tar derivatives and speciality carbon black, is mulling to enter into the production of lithium iron phosphate (LFP) cathode active material, which is an essential component in batteries used for electric vehicles and energy storage.
It is planning a manufacturing facility to produce 2 lakh metric tonnes per annum (MTPA) of LFP. Himadri Speciality Chemicals’ phased plan is designed to support 100 GWh of battery manufacturing over the next five years. It stated that the first phase of the LFP cathode active material facility is scheduled for completion by the third quarter of FY27.
Shares of Himadri Speciality Chemical Ltd have gained nearly 1,460 per cent from in the last six years. The stock has surged to Rs 468 from Rs 30 apiece in March 2020. Its' latest market capitalization stands above Rs 23,600 crore. The stock is down more than 12 per cent from its 52-week high at Rs 534.35, hit in July 2025.
Himadri Speciality Chemicals reported a 37 per cent year-on-year (YoY) jump in the net profit at Rs 195 crore for the December 2025 quarter, while its Ebitda increased 12 per cent YoY to Rs 249 crore. The company clocked a revenue of Rs 3,303.80 crore, with total sales rising 3 per cent YoY to Rs 4,82,572 MT.
Mehta Equities recommended a 'buy-on-dips vies on Himadri Speciality, supported by strong earnings visibility, an improving business mix, and scalable long-term growth drivers. Its target price of Rs 571 reflects the intrinsic value of Himardri's diversified portfolio, while an alternate valuation using a 30 times FY27E P/E multiple, providing downside comfort with upside potential.
"The battery chemicals business is valued at 2.2 time FY27E EV/invested capital, capturing both steady cash flows and long-term EV-linked optionality. Its balance sheet remains strong, reflecting healthy capital efficiency. We view this as a temporary phase, with investments enhancing long-term earnings visibility, sustainability, and positioning the stock for medium-to-long-term re-rating," it added.
Himadri is undergoing the next round of capacity addition – coal tar distillates by 20 per cent to 600ktpa, carbon black by 40 per cent to 250ktpa and specialty oil products. Other capex, including LFP facility, is progressing as scheduled while we await the announcement for capex in anode materials, said ICICI Securities.
We cut our Ebitda estimates by 5–7 per cent for FY26/27 and SoTP-based target to Rs 470 as we lower the EV/Ebitda multiple to 12 times for its core business while rolling over valuations to FY28E," it said with a hold rating on the stock.
Among other analysts, Anshul Jain, Research Head at Lakshmishree Investment and Securities has set a target of Rs 515 for the stock in the next one month, with a target of Rs 650 in the short term.