Specialty chemicals maker Himadri Speciality Chemical Ltd is betting heavily on battery materials and semiconductor-linked technologies as it seeks to transform itself into a global advanced materials company, with plans to build a Rs 30,000-crore battery materials business over the next six years.
The company aims to develop 100 GWh of cathode and anode material capacity over the period, Chairman, Managing Director and CEO Anurag Choudhary told The New Indian Express in an interview.
"We have been working on lithium-ion materials for more than 12 years. Over the next six years, we are targeting 100 GWh capacity of cathode and anode materials. We expect this business to generate around Rs 30,000 crore in revenue," Choudhary said.
However, he clarified that the company has no plans to enter battery cell manufacturing or electric vehicle production.
"We want to remain a materials manufacturer. There is no plan to manufacture battery cells or EVs," he said.
The company also sees a significant opportunity in India's emerging semiconductor ecosystem through carbon nanotubes, an advanced material that is stronger than steel while offering electrical conductivity comparable to copper.
According to Choudhary, carbon nanotubes could find widespread applications in semiconductors, electric vehicles, energy storage systems, aerospace and advanced polymers.
The ambitious expansion comes as Himadri reported a robust first quarter, with both revenue and net profit rising 28% year-on-year. Choudhary attributed the performance to the company's strategic shift from commodity products to high-value-added specialty products, coupled with improvements in manufacturing efficiency and cost optimisation.
"Our strategy has been to move from volume to value. Higher contribution from specialty products, along with lower manufacturing costs and better operational efficiencies, has significantly improved profitability," he said.
The company is now targeting a doubling of profit after tax from Rs 555 crore in FY25 to about Rs 1,100 crore by FY28, although it does not provide revenue guidance.
Unlike many companies chasing topline growth, Himadri is prioritising profitability, Choudhary said.
