Himadri Speciality Chemical Targets ₹1,100 Crore FY28 Profit as Battery Materials Drive Expansion

Himadri Speciality Chemical Targets ₹1,100 Crore FY28 Profit as Battery Materials Drive Expansion

Category: Industry News
Published: September 2026

Himadri Speciality Chemical is expanding beyond its traditional speciality carbon and chemical businesses as it builds a larger presence in battery materials and advanced materials.

The company has set a target of around ₹1,100 crore in profit after tax by FY28, while continuing investments in battery materials, speciality carbon products and other high-value chemical applications.

The strategy reflects a broader shift among Indian chemical manufacturers toward higher-value products linked to electric vehicles, energy storage, electronics and advanced manufacturing.

From Specialty Chemicals to Advanced Battery Materials

Himadri has been developing capabilities across the battery-materials value chain, including anode materials and lithium iron phosphate (LFP) cathode materials.

The company commissioned its first anode-material production facility at Mahistikry, West Bengal, in April 2026, with an initial capacity of 200 MTPA. According to the company's disclosure, the facility is based on more than a decade of in-house R&D and uses Himadri-produced high-purity coal-tar pitch as a key raw material.

The company has also outlined plans to significantly increase its LFP manufacturing capacity. Its earlier announced roadmap envisages up to 200,000 MTPA of LFP cathode active material capacity, to be developed in phases and capable of supporting approximately 100 GWh of lithium-ion battery production.

Battery Materials Could Become a Major Growth Engine

Himadri's battery strategy goes beyond a single product.

The company is working toward a broader battery-materials portfolio covering cathode and anode materials, while also developing advanced carbon materials and related technologies.

In recent industry discussions, the company has outlined an ambition to build a battery-materials business capable of generating around ₹30,000 crore in annual revenue over the next five to six years. The longer-term plan includes developing up to 100 GWh of combined cathode and anode-material capacity.

The company has also continued investments in international battery-technology businesses, including International Battery Company and Australia's Sicona Battery Technologies, as part of its effort to strengthen its position in the emerging battery-materials ecosystem.

Stronger Focus on High-Value Chemical Products

The battery initiative is part of a wider strategy to increase the contribution of value-added products.

Himadri's existing portfolio includes speciality carbon black, carbon materials and other speciality chemicals serving applications such as batteries, plastics, inks, paints, coatings and conductive materials.

The company reported its highest-ever full-year EBITDA of ₹1,006 crore in FY26, while PAT increased to ₹755 crore.

Its speciality carbon business is also being expanded. The company has brought a new 70,000 MTPA speciality carbon black line into operation at Mahistikry, taking its total carbon-black capacity to 250,000 MTPA.

Why LFP and Anode Materials Matter

Lithium iron phosphate has become an important battery chemistry, particularly for applications where cost, safety and cycle life are important considerations.

For India, developing domestic production of battery materials could also help reduce dependence on imported components as electric mobility and energy-storage markets expand.

For chemical manufacturers, this creates opportunities in several connected areas, including:

• Battery-grade chemicals

• Cathode active materials

• Anode materials

• Conductive additives

• Speciality carbon black

• Carbon nanotubes

• High-purity raw materials

• Battery recycling and related technologies

The development therefore has implications beyond Himadri itself, potentially creating additional demand across India's speciality-chemical and advanced-materials supply chain.

Global Expansion Adds Another Dimension

Himadri's strategy also includes expanding its international presence.

The company has been increasing its engagement with overseas battery-technology companies and exploring opportunities to strengthen its global advanced-materials business. It has also established an international trading presence in Dubai as part of its broader global expansion strategy.

For Indian chemical manufacturers, international expansion can provide access to new customers and technology partnerships while also helping them participate more directly in global supply chains.

What This Means for India's Chemical Industry

Himadri's expansion illustrates an important trend in India's chemical sector: manufacturers are increasingly moving from conventional chemical products toward speciality, advanced and application-specific materials.

Battery materials are one example of this transition.

As EV production, energy storage, electronics and renewable-energy infrastructure expand, demand for materials with specific performance characteristics is likely to create opportunities for chemical companies that can develop the required technology, manufacturing scale and quality standards.

However, commercial success will depend on factors including production costs, technology performance, customer qualification, capacity utilisation and the pace at which battery-material demand develops.

ChemEnrich Industry View

Himadri's strategy highlights how India's speciality-chemical industry is attempting to move higher up the value chain.

The combination of in-house R&D, speciality chemicals, advanced carbon materials and battery technologies gives the company exposure to several emerging industrial markets.

The next stage will be to watch how quickly its new capacities scale, how battery-material customers adopt its products and how successfully the company converts its planned investments into commercial production.

For chemical manufacturers, suppliers and distributors, developments such as these also indicate where future demand for advanced materials and chemical inputs could emerge.

Source: Himadri Speciality Chemical company disclosures and industry reports, including CNBC TV18 coverage of the company's FY28 profit target and expansion strategy.