NSE: PCBL · BSE: 506590
PCBL CHEMICAL LIMITED
Manufactures carbon black — the reinforcing filler used in tyres — alongside a specialty chemicals arm (Aquapharm) and a captive power plant that runs on by-product gas from carbon black production. Carbon Black was 78.3% of FY26 segment revenue at ₹6,511.66 crore and generated ₹721.05 crore EBIT. Aquapharm contributed 17.3% at ₹1,442.73 crore (EBIT ₹17.43 crore), making chelates and other specialty chemicals for customers including P&G and Henkel. Power was 4.4% of segment revenue at ₹365.6 crore but its ₹238.59 crore EBIT made it disproportionately profitable relative to its size. Battery Chemical (Nanovace) recorded no FY26 revenue; a pilot plant is being commissioned with commercial volumes targeted for FY28. Raw materials are the dominant cost at 69.3% of revenue, reflecting heavy reliance on coal tar and petroleum-derived feedstock, while capex ran at 8.9% of revenue and net debt fell ₹454 crore to ₹4,536 crore. Overall EBITDA margin was 12.90%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Carbon Black (78%), Chemical (Aquapharm) (17%), Power (4%), Battery Chemical (Nanovace) (0%). Asset-heavy, raw-material-intensive chemicals with a high-margin captive power by-product stream and a small new battery chemicals venture.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4,446 | 5,774 | 6,420 | 8,404 | 8,189 |
| EBITDA (ex other income) | 653 | 731 | 1,037 | 1,336 | 1,018 |
| margin % | 14.7 | 12.7 | 16.2 | 15.9 | 12.4 |
| Owners' profit | 426 | 442 | 491 | 435 | 198 |
| EPS, as reported (₹) | 11.81 | 11.70 | 13.00 | 11.51 | 5.15 |
| ROE % · ROCE % | 16.3 · 17.5 | 15.6 · 17.7 | 15.1 · 10.6 | 11.7 · 13.3 | 4.9 · 8.9 |
| Debt / equity (x) | 0.26 | 0.33 | 1.48 | 1.45 | 1.20 |
| Cash from operations | 290 | 504 | 1,105 | 760 | 1,576 |
| Capex | (306) | (896) | (536) | (774) | (727) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,163 | 2,010 | 2,087 | 2,114 | 2,164 | 1,846 | 2,066 | 2,473 |
| Profit before tax | 164 | 124 | 126 | 120 | 78 | 10 | 52 | 204 |
| Net profit | 123 | 93 | 100 | 94 | 62 | 2 | 40 | 155 |
| EPS (₹) | 3.27 | 2.47 | 2.65 | 2.49 | 1.63 | 0.05 | 1.02 | 3.94 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Carbon Black | 6,512 | 78.3 |
| Power | 366 | 4.4 |
| Chemical | 1,443 | 17.3 |
| Total, before eliminations | 8,320 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HIMADRI SPECIALITY CHEM L | 26,728 | 33.2 | 5.61 | 24.1 | 15.9 | 19.7 | 22.6 | 24.0 |
| PCBL CHEMICAL LIMITED ◆ | 11,410 | 43.7 | 2.84 | 15.2 | 4.9 | 3.4 | 25.2 | 16.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 43.7 | 21.2 | 154 of 197 | 22% |
| P/B | 2.8 | 2.1 | 125 of 202 | 37% |
| ROCE | 3.4 | 8.1 | 161 of 220 | 27% |
| ROE | 4.9 | 7.3 | 124 of 202 | 39% |
| Debt / Equity | 1.2 | 0.2 | 182 of 202 | 10% |
| EBITDA margin | 16.2 | 14.0 | 83 of 201 | 59% |
| Revenue growth | 17.0 | 17.2 | 100 of 194 | 49% |
| Profit growth | 64.6 | 41.9 | 87 of 202 | 57% |
| Market cap | 11410 | 381 | 20 of 225 | 92% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · PCBL Chemical schedules Q2FY27 results conference call | board shareholder meetings | low | — | — |
| 26 Oct 2026 · PCBL Board to approve September 2026 quarterly and half-year results | board shareholder meetings | low | — | — |
| 13 Oct 2026 · PCBL Chemical reappoints T.C. Suseel Kumar as Independent Director for 5 years | management changes | medium | — | — |
| 10 Oct 2026 · Nanovace Tech incorporates Nanovace Advanced Materials as wholly-owned subsidiary | strategic transactions | medium | — | — |
| 9 Oct 2026 · Senior management personnel resigns from PCBL Chemical | management changes | medium | — | — |
| 7 Oct 2026 · PCBL Chemical files half-yearly debt security details for Sep 2026 | compliance | minimal | — | — |
| 7 Oct 2026 · Nil report on physical share transfer re-lodgements for September 2026 | compliance | minimal | — | — |
| 6 Oct 2026 · SEBI Reg 74(5) compliance certificate for September 2026 filed by PCBL Chemical | compliance | minimal | — | — |
| 25 Sept 2026 · PCBL Chemical 65th AGM: 4 resolutions passed, Re. 6 dividend confirmed | board shareholder meetings | low | — | — |
| 24 Sept 2026 · PCBL Chemical reports no physical share transfer requests in August 2026 | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.