Himadri Speciality Chemicals shares rose nearly 3% to an intraday high of ₹692.8 on Monday, September 21, after its board approved the demerger of the tyre business from Dalmia Bharat Refractories and its transfer to HSCL. The clean‑tech player said in a regulatory filing that its board of directors had cleared the proposal after considering recommendations and reports from the company’s Audit Committee and Committee of Independent Directors. The demerger will see the tyre unit transferred as a fully operational business, continuing production without interruption.

The scheme of arrangement will be undertaken “as a going concern, on an as‑is, where‑is basis”, the filing said. When a business is transferred as a going concern, it is being transferred as a fully operational business. It continues to run uninterrupted without stopping production during the transfer. On an “as‑is, where‑is” basis, transfer means HSCL will be taking over the tyre business in its current physical, operational, and legal state—including all existing assets, liabilities, contracts, and facilities.

Following the transaction, Himadri Speciality Chemicals will issue new shares to eligible Dalmia Bharat Refractories shareholders. The number of shares will be determined by the share entitlement ratio specified in the scheme, the filing added. The transaction is subject to approvals from regulators and other stakeholders, including the Securities and Exchange Board of India (SEBI), the stock exchanges and the National Company Law Tribunal (NCLT).

Himadri Speciality Chemicals reported a consolidated net profit of ₹228.43 crore in the June quarter, a 27.36% year‑on‑year increase, up from ₹179.36 crore in the corresponding quarter of the preceding 2025‑26 fiscal year (Q1 FY26). During April‑June, the company posted its highest‑ever quarterly revenue, which rose 28.04% year‑on‑year to ₹1,431.88 crore in Q1 FY27, compared with ₹1,118.29 crore in the year‑ago quarter. Its EBITDA, also known as operating profit, stood at ₹313 crore for the reporting quarter, reflecting a 33% year‑on‑year increase from ₹235 crore in Q1 FY26, and its margin stood at 22% during the quarter.

At 12:31 PM, Himadri Speciality Chemicals shares were trading at ₹684.15 apiece on the National Stock Exchange, gaining 1.3%. At close, shares of the firm ended at ₹676.45 apiece. From the beginning of the year, the stock has jumped 41%; over a month’s time, it has climbed 4.5%, while for a six‑month period, it has surged 56%. Shares of the firm hit a 52‑week high of ₹810.40 on July 21, 2026, and a 52‑week low of ₹418.50 on November 24, 2025. According to NSE data, as of September 21, 2026, Himadri Speciality Chemicals has a total market capitalisation of ₹34,131.92 crore.