HIMADRI SPECIALITY Results Analysis-Q1FY27

Financial performance and key operating metrics (consolidated) Operating Revenue for Q1FY27 is Rs. 1,432 Crs., 28.04% growth YoY, Total Income is Rs. 1,488 Crs., 29.98% growth YoY, Gross Profit is Rs. 520 Crs., 27.13% growth YoY, EBITDA is Rs. 288 Crs., 17.51% growth YoY, EBITDA Margin is 20.11% declined by 180 Basis points YoY, PBT Rs. 301 Crs. 24.58% growth YoY, PAT Rs. 228 Crs. 27.36% growth YoY. On QoQ basis Op. Revenue is up by 11.19%, Total Income is up by 10.25%, Gross Profit is up by 3.88%, EBITDA is up by 19.1%, PBT is up by 12.18% and PAT is also up by 10.07%. Stable volumes combined with higher margins drove strong performance. Management framed the quarter as validation of “operational discipline” and a continued shift to “higher value segments,” with a stated intent to “grow earnings faster than revenue.” CEO aggregated announced capex to ₹ 2,000 Cr: ₹1,125 Cr for LFP, ₹368 Cr announced (implied CNT/SSCB/other new items), ₹ 500 Cr for Birla Tyres this year. Phasing: ₹1,000 Cr capex in FY27 and ₹1,000 Cr in FY28. New capex to be covered by free cash flow; management said “There is no question of any incremental debt.”.