Shares of Himadri Speciality Chemical have been riding a strong bull wave in recent months, scaling multiple record highs as investor demand for the stock remained robust on Dalal Street, particularly after its March quarter performance. The rally has turned the stock into one of the top-performing midcap counters of 2026.
After oscillating between gains and losses for nearly 18 months, the stock witnessed strong momentum in April, surging 38%. The rally further extended into May, with the stock gaining another 12% so far, taking its cumulative rise to 54% in less than three months.
During the rally, the stock touched a fresh record high of ₹698 apiece, inching closer to the ₹700 mark.
The stock had also witnessed a similar rally between March 2023 and September 2024, during which it delivered a massive return of nearly 700%, positioning itself among the biggest wealth creators in the market.
Apart from its better-than-expected financial performance, the growing adoption of electric vehicles has kept the stock firmly on investors’ radar, as the trend is creating significant opportunities for EV battery material manufacturers.
Despite the sharp rally and phenomenal returns, analysts believe the stock still has further upside potential and expect it to cross ₹900 in the near term, implying an upside of around 32% from its latest closing price.
Analysts see Himadri Speciality Chemical heading towards ₹900 mark
Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, said investors may consider accumulating on dips, with a stop-loss below ₹600. On the upside, the stock has the potential to move towards the ₹830–840 zone over the medium term.
Patel highlighted that the stock has decisively crossed the first resistance zone of ₹610–640, indicating strengthening bullish momentum. The next key hurdle is placed at ₹688.70, which marks the historical high recorded in September 2024.
“On the weekly chart, the MACD appears stretched and is showing signs of exhaustion, suggesting the possibility of a short-term pullback or consolidation before the next leg of the uptrend. However, despite the near-term overbought conditions, the overall technical structure remains bullish,” said Patel.
Rajesh Palviya, Senior Vice President Research (Head of Research) at Axis Securities, highlighted that Himadri Speciality Chemical is in a strong uptrend across all timeframes, forming a series of higher highs and higher lows. Rising volumes over the past couple of months indicate increased market participation.
The stock is comfortably trading above its 20-, 50-, 100-, and 200-day simple moving averages (SMAs). These averages are also trending higher alongside the price, further reinforcing the bullish outlook.
Sachin Janardan Sarvade, AVP – Derivatives, Retail Research at IDBI Capital Markets and Securities, recommends buying Himadri Speciality Chemical stock at the current levels, keeping a stop loss of ₹579 and a target price of ₹900.
Financial performance
For the March quarter, the company reported a 13.5% year-on-year (YoY) increase in consolidated revenue to ₹1,288 crore. EBITDA rose 21.15% YoY to ₹280 crore, with operating margin expanding to 21.74%.
On the bottom line, net profit surged 33.5% YoY to ₹207.53 crore. For the full FY26, the company reported revenue of ₹4,660.70 crore and EBITDA of ₹755.07 crore, reflecting a marginal 1% YoY revenue growth and a strong 36% YoY EBITDA growth.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
