Himadri Speciality Chemical Ltd (HSCL) is pivoting toward the electric vehicle sector by developing cathode and anode materials for lithium-ion batteries. The company plans to commission a 2,000 tonnes per annum cathode capacity by Q3 FY27, with a larger goal of 40,000 TPA by FY29. While HSCL leverages its existing carbon black business for stability, the venture faces risks from global competition, particularly from China, and a slower than expected rollout of India's Advanced Chemistry Cell PLI scheme. The company is also integrating Silicon-Carbon anode technology through a license with Sicona.
