$HSCL

Fundamental: Revenue +13.5% YoY | PAT +29.1% YoY | 5Y PAT CAGR 107% | P/E 45.1x vs sector 44.3x (in-line; above own 10Y avg of 30.2x) | Upside 12.7% | Operating Margin 24.3% (+184 bps) | ROCE 19.5% | Rank #5/35 peers | Rating 8.33 Technical: Strong uptrend, above all 5/9/13 EMAs bullishly aligned | Resumed upward move after consolidation near ₹670 | RSI 60 — positive momentum, not overbought | ADX ~27 — strengthening trend | MACD positive despite short-term consolidation — broader bullish structure intact Moat: India's largest carbon black and specialty carbon products manufacturer with growing exposure to advanced carbon materials (anode materials, graphite) for the EV battery supply chain — vertical integration and a 35+ year coal tar pitch processing legacy create a structural cost and technology advantage. View: A specialty chemicals compounder re-rating on strong margin expansion and a 107% five-year PAT CAGR — currently trading at a premium to its own historical average as the market begins pricing in the EV battery materials optionality, with a tight stop offering an attractive 2.9:1 risk-reward.