1. ICRA rating upgrade - AA- (Stable) from A+ (Stable) Delivered - In the Q2 FY25 PPT, management disclosed ICRA upgraded ratings in October 2024: ₹25 cr Term Loan and ₹1,780 cr fund/non-fund based limits to ICRA AA- (Stable) from A+ (Stable), and ₹300 cr Commercial Paper to A1+. On 10 July 2026, ICRA upgraded the long-term rating further to [ICRA]AA (Stable) from AA- (Positive) on ₹1,980.86 cr limits, with [ICRA]A1+ short-term and ₹500 cr CP ratings reaffirmed.
2. Invati Creations - 40% stake acquired Delivered - At the Q4 FY24 PPT, management disclosed acquisition of a 40% stake in Invati Creations for ₹45.16 cr. The Q4 FY25 PPT confirmed the 40% stake for ₹45.16 cr with two HSCL nominee directors, and the Q1 FY27 PPT shows Himadri holding 40% with two nominee directors and multiple patents held.
3. ROCE of 34% - existing business Partial - At the Q4 FY25 call, management cited ROCE of 34% for the existing business, restating the 34% figure at the Q3 FY26 call. FY25 ROCE was 33%, and FY26 ROCE (excluding Investment & CWIP) came in at 32%.
4. Volume trajectory to hold and grow further in FY26 Delivered - At the Q4 FY25 call, management expected the volume trajectory to hold on and grow further in FY26. FY26 standalone sales volume was 564,206 MT vs 552,206 MT in FY25, growth of \~2%; Q1 FY27 volume was 131,844 MT vs 140,090 MT in Q1 FY26.
5. Birla Tyres TBB-to-OTR conversion and modernization - over next 3 years On track - At the Q1 FY27 call, management guided Birla Tyres TBB-to-OTR conversion plus modernization over the next 3 years with additional capex; the Q1 FY26 call had set phased capex of \~₹250-300 cr in the current year, continuing for two more years. Birla Tyres modernization and automation is underway; no explicit read on conversion completion yet.
6. Total announced capex - \~₹2,000 cr, ₹1,000 cr this year and next Pending - At the Q1 FY27 call, management guided total announced capex of \~₹2,000 cr (₹1,125 cr LFP + ₹368 cr announced yesterday + ₹500 cr Birla Tyres this year), with \~₹1,000 cr of capex this year and ₹1,000 cr next year. FY26 CWIP was ₹372 cr; no explicit read on FY27 capex deployment yet.
7. Backward integration - lithium carbonate via CO2 process, mining investments Pending - At the Q1 FY26 call, management stated it is going for lithium carbonate in future via a green CO2 process with full-scale R&D underway, and is looking at mining investments already made; by Q1 FY27, mining was awaiting environmental clearance with no visibility on timing. A cost-optimised Li2CO3 process is being developed and phosphate mines explored, but no commercial production or mining acquisition is disclosed.
8. No intention for Birla Tyres entity to come within Himadri Delivered - At the Q1 FY26 call, management stated no intention as of date for the Birla Tyres entity to come within Himadri. Birla Tyres remained standalone with no Himadri carbon black supplied to it; by Q1 FY27 it is reflected on the Dalmia Refractory balance sheet, with revenue recognized in Himadri via a subsidiary.
9. No graphite electrode value-addition - only supply coal tar pitch Delivered - At the Q1 FY26 call, management stated no graphite electrode value-addition is planned - Himadri only supplies coal tar pitch to graphite electrode makers. No graphite electrode value-addition has been disclosed, and the company continues to supply coal tar pitch.
10. No cell manufacturing plans - remain a raw material/component company Delivered - At the Q4 FY25 call, management stated Himadri will not go into cell manufacturing, with focus on components; this was reiterated at the Q1 FY26 call and the Q1 FY27 call. No cell manufacturing activity is disclosed; the company continues supplying LFP cathode and anode materials to cell makers like IBC.
11. Forex - no FX impact from Q1 FY27 onwards Missed - At the Q4 FY26 call, management expected no FX impact before or after Q1 FY27, and at the Q1 FY27 call called it "the last quarter" of FX losses. Q1 FY27 still recorded a forex loss due to huge currency volatility, with no change in hedging policy; Q4 FY26 other expenses had jumped on hedging losses during sharp rupee depreciation.
12. Durofresh mothballs - larger capacity, equipment installed in 3-4 months On track - At the Q2 FY26 call, management guided a larger Durofresh mothballs capacity with equipment to be installed in the next 3-4 months, then ramp-up, with incremental addition going directly to the bottom line. Durofresh launched at 99.5% purity with encouraging traction through Q4 FY26 and Q1 FY27; no explicit confirmation of the installation is on record.
13. Cash positive (net debt positive) by March 2026 Delivered - At the Q2 FY26 call, management expected the company to be cash positive (net debt positive) in March in terms of debt. Net positive cash balance of ₹121 cr was reported as of 31 March 2026; Q1 FY27 net debt was ₹107 cr.
14. FY27 double-digit growth - top line and bottom line On track - At the Q2 FY26 call, management expected double-digit growth resumption in FY27 once capacity additions start contributing ("Definitely, we see double-digit growth"); at Q4 FY26 it affirmed FY27 top and bottom line growth without a number. Q1 FY27 consolidated revenue grew 28.04% YoY and PAT 27.36% YoY; the FY27 horizon is not complete.
15. No equity dilution and no debt for next 3-4 years - growth funded from internal accruals On track - At the Q3 FY26 call, management guided no equity dilution and no debt for the next 3-4 years, with growth funded from internal accruals, reiterated at Q4 FY26 and Q1 FY27 calls. Promoters converted one crore warrants into equity at ₹316 per warrant in Q3 FY26, lifting promoter holding to 52.5%; net cash of ₹121 cr at 31 March 2026, with no debt-funded expansion disclosed.
16. Dividend - ₹0.60 per share FY25, ₹0.80 per share FY26 Delivered - At the Q4 FY25 call, management proposed a dividend of ₹0.60 per share (60% of face value ₹1) for FY2024-25, subject to shareholder approval. The FY25 dividend of ₹0.60 was recommended, and the Q4 FY26 PPT recommended ₹0.80 per share (80% of face value) for FY2025-26; no shareholder approval disclosure appears in the notes.
17. Coal Tar division Outlook 2030 - top three global supplier, double revenues, exports 50% On track - In the FY26 Annual Report, management set the Coal Tar division Outlook 2030: become one of the top three global Coal Tar Pitch suppliers (ex-China), double revenues, expand exports from 20% to 50% of division business, and commercialise carbazole, anthracene and anthraquinone. Domestic market share is over 65% with 600,000 MTPA distillation capacity and Haldia and Mangalore port terminals commissioned; the 2030 horizon is not reached.
18. Coal tar pitch exports - 50,000 tons exported by FY28 On track - At the Q4 FY26 call, management guided that by FY28 the new 100,000 tons capacity gives 50,000 tons of coal tar pitch to be completely exported to the global market. The Mangalore port terminal is commissioned and a first export of 3,600 tons of liquid coal tar pitch to the Middle East completed in Q3 FY26; no read yet on the 50,000 tons target.
19. Birla Tyres EBITDA breakeven - FY27 On track - At the Q1 FY27 call, management guided Birla Tyres EBITDA breakeven to be reached in this financial year (FY27), with the business cash positive. Q1 FY27 Birla Tyres quarterly sales were ₹127 cr, not yet EBITDA positive; the FY27 horizon is not reached.
20. Super Speciality Carbon Black - 6,000 MTPA, ₹170 cr capex, Q4 FY28 On track - At the Q1 FY27 call, management guided conversion of 6,000 MTPA existing capacity to Super Speciality Carbon Black with ₹170 cr capex, starting in FY28; the 15 July 2026 announcement approved the ₹170 cr capex funded through internal accruals. As of Q1 FY27, no commissioning is disclosed; the project is announced and progressing.
21. CNT facility - 200 MTPA, ₹70 cr capex, Q4 FY27 On track - At the Q1 FY27 call, management guided a CNT facility of 200 MTPA with \~₹70 cr capex, targeted for commissioning in Q4 FY27; the 15 July 2026 announcement approved the ₹70 cr capex with commissioning expected by Q4 FY27. As of Q1 FY27, no commissioning is disclosed; the in-house developed CNT technology was announced 20 July 2026.
22. Sicona pilot-scale capacity expansion - completion by Q2 FY27 On track - At the Q4 FY26 call, management guided the Sicona pilot-scale capacity expansion for completion by Q2 FY27. As of Q1 FY27, no completion is disclosed; Sicona secured AUD 4.5 cr ARENA funding, has 39 global OEMs/cell manufacturers under NDA and 14 active qualification programs.
23. Anode material facility - 200 MTPA commissioned April 2026 Delivered - From the Q1 FY26 call through Q4 FY26, management repeatedly deferred announcing anode capex until engineering and validation were complete. The first anode material manufacturing facility at Mahistikry, West Bengal was commissioned on 23 April 2026 with initial capacity of 200 MT per annum using fully in-house high-purity coal tar pitch precursor; anode capex spent stands at ₹120 cr.
24. IBC gigafactory - operational by Q4 FY26 (later Q4 FY27) On track - At the Q1 FY26 call, management guided the IBC gigafactory in Bengaluru (JV with a Mahanagar Gas Limited subsidiary) to be operational by Q4 FY26; this was revised to Q4 FY27 in the Q4 FY26 PPT and reaffirmed in the Q1 FY27 PPT. As of Q1 FY27, no commissioning is disclosed; IBC's 50 MWh South Korea facility has been operational since 2023 and the India 7 GW facility is expected to commence by Q4 FY27.
25. FY26 cash capex - ₹600-700 cr funded through internal accruals Partial - At the Q4 FY25 call, management guided FY26 cash capex at around ₹600-700 cr, funded through internal accruals. FY26 has ended with no cash capex figure disclosed in the notes; CWIP rose from ₹185 cr in FY25 to ₹372 cr in FY26, indicating real spend but leaving the guided level unverified.
26. EBITDA per ton maintenance - ₹17,000/MT with gradual upward movement Delivered - At the Q4 FY25 call, management expressed confidence in maintaining and strengthening EBITDA per ton of ₹17,008 (Q4 basis) / ₹15,276 (full-year FY25), reiterated as ₹17/kg sustainable through FY26 and FY27, with \~20% EBITDA margin sustained for 2-3 years at Q4 FY26. 9M FY26 EBITDA per metric ton was ₹16,934 vs ₹14,707 prior year; FY26 consolidated EBITDA margin was 20.64% and Q1 FY27 22%.
27. Coal tar distillation debottlenecking - 500,000 to 600,000 MT Delivered - At the Q1 FY26 call, management guided coal tar distillation debottlenecking from 500,000 MT to 600,000 MT with quarter-on-quarter improvement, with the ramp-up visible by Q1 FY27 per the Q3 FY26 revision. Debottlenecking was completed in FY26, taking capacity to 600,000 MT per annum; Q1 FY27 utilization is 80%, expected at 90%+ during the year.
28. Birla Tyres PCR facility - commissioning by FY28 On track - At the Q2 FY26 call, management guided PCR plant installation to commence within the next 12 months; the timeline was refined at Q4 FY26 to commissioning in the next 24 months and at Q1 FY27 to commissioning by FY28. As of Q1 FY27, no PCR commissioning is disclosed; the project remains in the planning/installation phase.
29. Birla Tyres top line - ₹3,000 cr in 4 years (later 4-5 years) On track - At the Q4 FY26 call, management guided around ₹3,000 cr of top line from Birla Tyres in the next 4 years, vs ₹187 cr in FY26; at Q1 FY27 this was restated as 4 to 5 years. FY26 top line was ₹187 cr and Q1 FY27 quarterly sales ₹127 cr; the 4-5 year horizon is unreached.
30. Birla Tyres operations commencement - phased start from Q1 FY26 Delivered - At the Q4 FY25 call, management guided Birla Tyres operations to begin in phases starting end of Q1 FY26, with BIS approval expected in 25-30 days and first phase 10-20 tons. Operations commenced 29 May 2025; sales scaled from ₹5 cr in Q1 FY26 to ₹187 cr FY26 top line and ₹127 cr in Q1 FY27, with 49 distributors and 1,000+ dealers.
31. PAT doubling - ₹800+ cr by FY27 (later ₹1,100+ cr by FY28) On track - At the Q4 FY25 call, management guided standalone PAT of ₹800-plus crores by FY27, vs ₹558 cr in FY25 and ₹411 cr in FY24; the target was later restated as doubling from ₹555 cr in FY25 to ₹1,100-plus cr by FY28. FY26 standalone PAT was ₹750 cr and consolidated ₹755 cr - management said it was "nearing to the target"; Q1 FY27 consolidated PAT was ₹228 cr.
32. Anthraquinone and carbazole facility - commissioned by Q2 FY27 On track - At the Q4 FY25 call, management guided the high value-added specialty product line (anthraquinone and carbazole) to go live in Q2 FY27, reiterated across subsequent calls. At Q1 FY27 this was split into Phase 1 of 2,600 MTPA in Q2 FY27 and Phase 2 of 2,700 MTPA in Q2 FY28, with ₹128 cr additional capex approved; no commissioning is disclosed as of Q1 FY27.
33. LFP cathode active material - Phase 1 40,000 MTPA full operations by FY29 On track - At the Q4 FY24 PPT, management guided India's first commercial LFP Cathode Active Material plant with a 200,000 MTPA vision over 5-6 years and Phase 1 of 40,000 MTPA operational within 27-36 months, refined at the Q4 FY25 call to 40,000 MT up and running by Q3 FY27 with ₹1,130 cr capex. Revisions moved full Phase 1 operations to FY29, with a first 2,000 MTPA milestone targeted for Q3 FY27 and capex \~₹1,125 cr. As of Q1 FY27, no commissioning is disclosed; the 2,000 MTPA milestone remains targeted for Q3 FY27.
34. Speciality carbon black brownfield expansion - 70,000 MTPA to 130,000 MTPA by Q3 FY26 Delivered - At the Q4 FY24 PPT, management guided a brownfield expansion of 70,000 MTPA speciality carbon black, taking total speciality capacity to 130,000 MTPA (world's largest at a single site) with ₹220 cr capex, operational within 18 months; the Q4 FY25 PPT refined the timeline to Q3 FY26. Trial production started in December 2025 and commercial operations of the 70,000 MTPA line commenced in FY26, taking total carbon black capacity to 250,000 MTPA including 130,000 MTPA speciality, with \~85-90% utilization expected for FY27.