Himadri Speciality Chemical Limited (HSCL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+117.1%

₹1,142.94

vs ₹526.35 price

Levered DCF

₹188.21

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

10.59

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	29.28×	39.02×	34.47×	17.02×	75.82×	36.86×	6×	14.99×
P/B	4.67×	5.82×	4.65×	1.61×	1.67×	0.97×	0.71×	2.98×
P/S	4.72×	4.7×	3.38×	0.88×	1.12×	1.04×	0.68×	2×
EV / EBITDA	19.44×	25.78×	22.89×	10.26×	21.53×	18.43×	5.78×	9.43×
Gross margin	32.2%	31.1%	26.7%	21.0%	18.3%	25.2%	31.0%	33.0%
Operating margin	20.0%	26.7%	22.9%	17.9%	15.1%	20.1%	26.3%	30.2%
Net margin	16.1%	12.0%	9.8%	5.2%	1.5%	2.8%	11.4%	13.4%
Current ratio	2.28×	3.56×	1.92×	1.51×	1.18×	1.25×	1.13×	1.38×
Debt / equity	0.16×	0.08×	0.2×	0.37×	0.31×	0.41×	0.3×	0.29×
Interest coverage	14.52×	28.87×	15.76×	14.22×	12.62×	10.26×	9.18×	10.91×
Dividend yield	0.1%	0.1%	0.1%	0.2%	0.2%	0.4%	0.6%	0.1%
Payout ratio	3.9%	4.4%	2.6%	3.9%	15.3%	13.2%	3.7%	1.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	16.0%	14.9%	13.5%	9.5%	2.2%	2.6%	11.8%	19.9%
Return on invested capital	12.1%	19.5%	17.9%	17.9%	12.2%	9.6%	20.6%	22.9%
Return on assets	11.9%	11.9%	9.2%	5.9%	1.2%	1.7%	8.0%	11.6%
Free cash flow yield	-0.4%	1.3%	2.5%	-0.8%	9.9%	-4.3%	2.9%	5.6%
Earnings yield	3.4%	2.6%	2.9%	5.9%	1.3%	2.7%	16.7%	6.7%
Enterprise value	₹220.4B	₹218.3B	₹145.5B	₹43.1B	₹35.3B	₹24.3B	₹17B	₹53.2B
Net debt / EBITDA	0.03×	0.19×	0.61×	1.51×	2.52×	5.2×	1.6×	0.82×
Cash conversion cycle (days)	100	90	75	68	67	158	114	80