Hi-Green Carbon Ltd(HIGREEN)

NSE: HIGREEN

₹ 140+0.11%refreshed 26 Oct, 02:01 pm ISTMarket cap: ₹ 350 crUpdated: 24 Oct 2026

About

Hi-Green Carbon recycles end-of-life tyres using continuous pyrolysis. Its products are recovered carbon black (rCB), tyre pyrolysis oil (TPO), recycled steel, syngas and sodium silicate, and it also sells renewable technology solutions. It runs three 100 TPD plants in Rajasthan, Maharashtra and Madhya Pradesh, with a combined processing capacity of 300 TPD. Revenue was Rs 138.68 Cr in FY26, and the annual report says the company operates one of the world's largest continuous pyrolysis plants.^[1][2]

Revenue mix

FY26 revenue by product: fuel oil ~53.56%, recovered carbon black ~18.60%, sodium silicate glass ~18.00%, renewable technology solutions ~8.44%.^[1]
The FY25 and FY26 annual reports show no segment reporting; the company appears to operate as a single segment.^[3][1]
The renewable technology solutions business was added in FY26, taking the company beyond waste-tyre recycling.^[1]

Products and certifications

Products as of FY26: rCB, TPO, recycled steel, syngas, sodium silicate and renewable technology solutions.^[1]
Certifications as of FY26: ISO 14001, ISO 9001, ISO 45001, REACH, ISCC Plus, ISCC EU and GMP.^[1]
In FY25, rCB was priced at ₹45/kg against ₹110/kg for virgin carbon black.^[4]
The Radhe Group has an in-house R&D centre recognised by DSIR. In FY25 the company had an R&D initiative with Manipal University on recovering chemicals from fuel oil.^[1][3]

Plants and capacity

Three 100 TPD tyre pyrolysis plants in Rajasthan, Maharashtra and Madhya Pradesh give a combined capacity of 300 TPD (FY26 annual report).^[1]
The Rajasthan plant also has a 60 TPD sodium silicate plant, commissioned in 2020.^[1]
The 100 TPD Dhule, Maharashtra plant was commissioned in November 2024 at a total capex of ~Rs 48 Cr. Its rCB plant started in March 2025.^[4]
The Dhar, Madhya Pradesh plant, owned by subsidiary Shantol Recycling, started operations in May 2026. It had been targeted for November-December 2025.^[1]
State subsidies on the new plants: 80% in Maharashtra and 40% in Madhya Pradesh, along with interest and duty exemptions.^[1]
Subsidiary Samsara Recycling, in Kutch, makes crumb rubber and is meant to handle raw-material procurement. In H1 FY26 its machinery was upgraded from 40 MT/day to 60-80 MT/day.^[1][5]

Key operating numbers

In FY26, its first full year, the Maharashtra plant processed 19650 MT of waste tyres and ran at 82% of installed capacity.^[1]
TPO volume was 15,501 MT in FY26, up from 10,324 MT the year before.^[1]
Sodium silicate volume was 11126 MT in FY26, compared with 12089 MT in FY25.^[1]
Waste tyres processed across both plants were 17,400 MT in H1 FY26, against 15,900 MT in the previous half-year. Blended utilisation was ~75-76%.^[5]
rCB utilisation in H1 FY26: 75-80% at Rajasthan and 30% at Maharashtra.^[5]
TPO realisation was ₹36-38/unit in H1 FY26, down from ₹44-45 a year earlier.^[5]

Customers

As of the Q4 FY25 call, the company had over 50 rCB customers in India and abroad, across masterbatch, plastics, solid tyre and conveyor belt uses.^[4]
In H1 FY26 the Maharashtra plant added 6-7 rCB customers, and a major tyre maker audited the facility.^[5]
In H1 FY26 the company was in talks on rCB exports with customers in Sri Lanka, Thailand, Malaysia and the Middle East. No deals had closed.^[5]
Sales of rCB from a new plant typically take 9-12 months to ramp up because customers must first qualify the product.^[1]

Expansion plans

The company aims to add one new greenfield plant a year over the next 7-10 years, subject to market conditions and feasibility (FY26 annual report).^[1]
It is exploring a sodium silicate glass plant at the Madhya Pradesh site that would use excess syngas as fuel. This replaces an earlier syngas bottling plan, dropped because of regulatory complexity.^[1]
At the Maharashtra plant, the company is exploring captive power from syngas-adapted DG sets at zero fuel cost. The power equipment was estimated at ~Rs 2 Cr in FY25.^[1][4]

Recent developments

In H1 FY26 the company took over Radhe Renewables' know-how, patents and IP for a token ₹1, and leased its factory at ₹1 lakh/month. This covers gasification plant manufacturing.^[5]
A fire at Samsara Recycling on Diwali 2025 disrupted operations. The subsidiary resumed operations in May 2026.^[5][1]
Work on the J&K project under Green Valley Hydrocarbon was put on hold, and the company sold its stake in February 2026.^[1]

Market Cap

₹350 Cr

High / Low

₹203 / 101

Stock P/E

102.9

Price / Book

3.9

Book Value

₹36

EPS

₹1.4

No. of Shares

2.5 Cr

ROCE

10.4%

ROE

3.9%

OPM

10.6%

Debt / Equity

0.70

Sales

₹139 Cr

Net Profit

₹3 Cr

Promoter holding

72.0%

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