Himadri Speciality Chemical Limited (NSE: HSCL) announced on September 21, 2026, that its board of directors has approved a Scheme of Arrangement under Sections 230-232 and other applicable provisions of the Companies Act, 2013, wherein Dalmia Bharat Refractories Limited will act as the demerged company and Himadri Speciality Chemical Limited will serve as the resulting company. The scheme is subject to approval from shareholders, creditors, and relevant regulatory authorities including the National Company Law Tribunal.

Scheme of Arrangement: Key Structure

Under the proposed demerger, the relevant business or undertaking of Dalmia Bharat Refractories Limited will be carved out and vested into Himadri Speciality Chemical Limited. Such schemes under the Companies Act, 2013 typically require approval from a majority of shareholders and creditors at their respective meetings, followed by NCLT sanction and stock exchange compliance. The exact perimeter of the business being demerged, the share swap ratio, and the appointed date have not been disclosed in the current exchange filing. Investors should monitor subsequent regulatory filings for these material details.

Dividend Track Record: Consistent Upward Trajectory

Separately, HSCL has maintained a steadily rising final dividend payout over the past five financial years, reflecting improving profitability and cash generation:

The FY2026 dividend of ₹0.80 per share represents a 33.3% increase over the FY2025 payout of ₹0.60, and a 220% increase over the FY2022 payout of ₹0.25. The compounded annual growth rate in dividend per share from FY2021 to FY2026 stands at approximately 39.9%, indicating sustained improvement in the company's shareholder return policy over five years. Note that reliable current market price, 52-week range, PE ratio, sector PE, delivery percentage, and market capitalisation data were not available in the source data for this report and have therefore been excluded to maintain factual accuracy.

About Himadri Speciality Chemical Limited

Himadri Speciality Chemical Limited is one of India's largest manufacturers of coal tar pitch, advanced carbon materials, and specialty chemicals. The company supplies critical raw materials to aluminium smelters, graphite electrode producers, and lithium-ion battery anode material manufacturers. Its ISIN is INE019C01026 and it is listed on the National Stock Exchange under the symbol HSCL.

What This Means for Investors

The proposed demerger of Dalmia Bharat Refractories' business into HSCL signals a potential inorganic expansion into the refractories segment, which serves steel, cement, and glass industries. This would diversify HSCL's revenue base beyond its core carbon chemistry and battery materials business. However, the financial impact, including any equity dilution from the share swap ratio, remains unknown until the scheme details are formally disclosed. Investors should review the detailed scheme document, once filed with the exchanges and NCLT, to assess the valuation implications and the ratio at which Dalmia Bharat Refractories shareholders will receive HSCL equity. The company's unbroken dividend growth streak over six consecutive years adds a degree of income visibility even as the structural transaction unfolds.