Himadri’s EV Bet

Himadri Speciality Chemical is making a bold move from a traditional chemicals player to a future-facing EV battery materials company, and this can be meaningful for shareholders if the execution stays on track. The company is building a lithium iron phosphate, or LFP, business aimed at supplying nearly 100 GWh of battery demand over the next five years, with the first phase expected by Q3 FY27. It is also investing about ₹1,125 crore in Odisha for a large LFP cathode active material plant, which could strengthen its role in India’s battery supply chain. For shareholders, the upside is clear. LFP batteries are gaining ground because they are safer, cheaper, longer lasting, and fit mass-market EVs as well as energy storage systems. Himadri also enters this space with a strong core business, and its recent financial performance has been solid, with FY26 revenue of ₹4,660.7 crore, EBITDA of ₹1,006 crore, and net profit of ₹755 crore. The company has also proposed a final dividend of Re 0.80 per share for FY26, showing that it is still returning some cash to investors while it expands. Still, this story is not risk-free. The LFP project needs heavy capital, technical execution, and timely ramp-up before it can meaningfully add earnings. Until then, the market may be pricing in a lot of future growth already, so short-term volatility is possible. In simple terms, the EV push is potentially value-accretive for long-term shareholders, but only if the company converts ambition into steady profits and avoids costly delays.