Strong Q beat, ambitious roadmap—but LFP margin story unproven

PAT ₹228 Cr (+27% YoY) on revenue ₹1,432 Cr (+28% YoY); margins stable at 20.1% OPM, 15.3% NPM

MD claimed cost advantage from backward integration, but analyst Tanvi Warekar showed input cost + China parity pricing yield negative gross spread; MD deflected without cost substantiation

Supplied Stage B samples globally; 1.5–2 year approval timeline but company advancing process; approvals expected by plant commissioning

MD Anurag: 'Definitely' reaffirmed, 'no negative' assumptions changed, 'things positive only'

Phase 1 split to 2K MT (Q3FY27) + 40K MT (FY28) vs. original 40K MT monolith; customer trials (IBC partnership) validating demand

CNT (₹70 Cr), SSCB (₹170 Cr), total ₹2B over 2 years; ₹1B FY27, ₹1B FY28; fully self-funded

Q1 ₹127 Cr sales (per MD), targeting EBITDA breakeven in FY27; 4-5 year target ₹3,000 Cr

₹1,100 Cr PAT reaffirmed 'definitely'; no negative assumptions changed per MD

Mining operations paused awaiting licensing; Birla Tyres revenue ramp-up offset the gap. Post-licensing, mining resumes.

CNT is graphene rolled into cylinder—100x steel strength + copper conductivity. Global play (~30,000 MT market, evolving). First in India. Applications: lithium-ion, semiconductors, aerospace, coatings. 200 MT pilot to stabilize, then scale.

MD cited 'multi-fold value addition' over specialty but refused technical details citing competitive sensitivity. Market: ~300,000 MT. Margins 'significantly higher' than specialty.

No further capex announced yet. 200 MT is a 'plant for approvals.' Once approval roadmap is clear, capex for full capacity will be disclosed.

2,000 MTPA Q3FY27. 40,000 MTPA FY28. ₹1,125 Cr capex committed. Revenue potential ₹3,000 Cr at today's prices.

IBC partnership is the anchor—they approved our LFP sample, formed strategic partnership. Sample B trial to begin when 2K MT comes online. Sample C & D to follow. Phased approach defers capex and ensures approvals by plant commissioning.

We have cost advantage: backward-integrated feedstock (no China dependency), India production base, proprietary technology. Pricing same as China but cost structure different.

Excel sheet calculations don't capture true economics. Took us years to develop the model. Cannot disclose sources (confidential). We are confident we'll make profit.

No. By God's grace, things moving in right direction, things positive only. Will not comment or change projections. Remain at ₹1,100 Cr.

Calculate on the basis of our results, what we are performing.

Himadri is a pioneer—no other player in India has a pilot before us. We've had a pilot plant for many years. Great customer traction; quality of output attracting strong interest from customers India and globally.

I don't want to disclose margins at this point. Numbers will speak at the right time.

Based on current LFP pricing; pilot (2K MT) commencing Q3FY27; Phase 1 full in FY28; customer trials ongoing; IBC partnership validates demand

5,300 MTPA total capacity; 2,600 MTPA Q2FY27, balance Q2FY28; forward integration into coal tar value chain; pricing power assumed

3x asset ratio on ₹170 Cr capex; niche, high-margin application; market ~300,000 MT; launch FY28

Pilot-phase revenue; real scale-up in next capex phase; market evolving (~30,000 MT globally)

Approval/sampling stage; no full-scale capex announced yet; future capacity TBD

MD stated 'no comparison' but refused to quantify. Analyst Tanvi Warekar's LFP margin analysis contradicted this claim

Current 22% EBITDA margin; aspires to 24%+ as specialty/super-specialty scale. FY27 guidance vague ('calculate on our results')

MD: 'supply lowest price globally to customers' yet maintain value margins. Historical track record supports

₹1,000 Cr FY27, ₹1,000 Cr FY28; fully self-funded; no debt needed

Over 5–6 years; phased approach; FY30–31 target; market share 2–3% global LFP

LFP targeted at China parity pricing but input costs (lithium carbonate, precursors) poorly disclosed. Analyst Tanvi Warekar's cost analysis suggested negative gross spread. MD deflected without substantiation.

₹2B capex over 2 years across 5+ new products (LFP, anode, CNT, SSCB, anthraquinone). Delays or cost overruns could pressure cash flow and debt needs.

LFP and anode in early stage. Only IBC named as committed customer for LFP. Approval & scaling timelines uncertain (1.5–2 years typical, MD says 'advanced' but no specific date).

Mining operations paused Q1 awaiting environmental clearance. Prior Q4 contribution ₹25 Cr EBIT now zero; no visibility on timing (3–6 months per MD, but subject to regulatory process).

FX loss ₹[amount unspecified] booked Q1 due to rupee volatility. MD claims 'last quarter for this' but hedging policy unchanged; future rupee depreciation could re-trigger losses.