Himadri Speciality Chemical is diversifying its portfolio by building production capacity for EV battery materials. The company has already commissioned an anode material facility and is developing a lithium-ion phosphate cathode project to target the growing global battery market. While the company leverages its profitable carbon black and coal tar businesses to fund this pivot, it faces significant execution risks. High capital requirements and stiff competition from established East Asian manufacturers create uncertainty regarding the timeline for profitability in the battery segment.
