Q2 FY27 EBITDA per metric ton: INR 20,990 (vs INR 17,910 in Q2 FY26)
Volume growth: 11% year-on-year in Q2 FY27
Export percentage: 33% of total sales (vs 26% in Q2 FY26)
Capacity utilization: 88% in Carbon Black business
Strategic Developments and Expansion Projects
New Material Platforms Timeline:
Carbon Nanotube (200 TPA): Commissioning targeted for Q4 FY27
Super Speciality Carbon Black (6,000 TPA): Commissioning targeted for Q4 FY28
LFP Cathode Active Material: Initial 2,000 TPA capacity targeted for Q3 FY27; 40,000 TPA expansion planned for next year
Anthraquinone and Carbazole (5,300 TPA): Full capacity now targeted for commissioning in Q4 FY27 (combined phases to avoid 3-month shutdown)
Silicon Carbon Anode: Advanced stage of capex planning; technology demonstrates 4,000+ mAh/g capacity vs 360 mAh/g for standard graphite
Strategic Investments:
Sicona Battery Technologies: Further investment during quarter; completed 100% acquisition of Advano (US); secured AUD 45 million funding from Australian Renewable Energy Agency (ARENA)
International Battery Company (IBC): Strategic investment provides platform bridging material innovation, cell-level validation, and commercial deployment
Global Commercial Architecture:
Incorporated Ardent Impex FZCO in Dubai Airport Free Zone Area as wholly owned subsidiary for global sales, marketing, and procurement
Birla Tyres Merger Update
Proposed merger of Birla Tyres business (currently under Dalmia Bharat Refractories Limited) with Himadri
Subject to statutory, regulatory, creditor, and shareholders' approvals
Commercial production resumed May 29, 2025
Q2 FY27 performance: INR 140 crore revenue with INR 1 crore EBITDA as trading margin
On track to achieve breakeven
Expected annual revenue: INR 500 crore from mining business (received environmental clearance in October 2026)
Capital Expenditure and Funding
Total planned capex: ~INR 1,500 crore across various projects
Spent till date: INR 250 crore in Q2 FY27 (including Birla Tyres)
FY27 expected spend: INR 800-900 crore
Funding strategy: Primarily through internal accruals; net debt at ~INR 500 crore
Business Outlook and Guidance
Maintains FY28 PAT guidance of INR 1,100 crore plus
Expects sustainable EBITDA per metric ton between INR 20,000-24,000
ROCE of 30% for H1 FY27; target to maintain this baseline for all projects
Working capital as percentage of sales: 37% in Q2 FY27 (vs 41% in Q1 FY27)
Debtors days: 65 days in Q2 FY27 (vs 63 days in Q1 FY27)
Customer Engagement and Market Development
Entered into NDAs with Indian and international customers across Battery Materials, CNT, and Super Speciality Carbon Black segments
ENERGEX speciality carbon black grades received approval for high-voltage cable and battery applications with commercial orders
Anode materials supplied to leading domestic and global customers for qualification process
LFP plant (2,000 TPA) to support customer qualification and early commercial engagements
Operational Updates
Mining business received environmental clearance in October 2026; operations to commence in current quarter
Durofresh brand performing well with positive consumer response
Raw material inventory maintained at 9-10 days to manage volatility
