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.
| ₹ 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) |
| ₹ 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 |
| 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HIMADRI SPECIALITY CHEM L | 33,511 | 41.6 | 7.04 | 30.1 | 15.9 | 19.7 | 22.6 | 24.0 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 4 Sept 2026 · Routine compliance certificate for August 2026 | compliance | minimal | — | — |
| 26 Aug 2026 · PCBL Chemical publishes 65th AGM notice in newspapers | compliance | minimal | — | — |
| 25 Aug 2026 · PCBL Chemical files BRSR for FY26 with carbon neutrality target by 2050 | compliance | minimal | — | — |
| 25 Aug 2026 · PCBL Chemical 65th AGM on September 22, 2026 along with FY26 Integrated Report | board shareholder meetings | low | — | — |
| 21 Aug 2026 · PCBL appoints Rohit Maindwal as Chief & ED for Specialty Blacks | management changes | medium | — | — |
| 18 Aug 2026 · PCBL Chemical - No physical share transfer requests in July 2026 | compliance | minimal | — | — |
| 18 Aug 2026 · PCBL gets ECMS approval for Acetylene Black Project worth Rs 329 cr | business updates | high | — | — |
| 6 Aug 2026 · Routine SEBI compliance certificate for July 2026 demat processing | compliance | minimal | — | — |
| 5 Aug 2026 · PCBL Q1 FY27 Earnings Transcript: Revenue up 17%, PAT up 65% | investor communications | medium | — | — |
| 5 Aug 2026 · PCBL Chemical Q1 FY27: Revenue up 17%, EBITDA up 23%, PAT up 65% | investor communications | medium | — | — |
| 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 |
| PCBL CHEMICAL LIMITED ◆ |
| 13,045 |
| 49.9 |
| 3.25 |
| 16.7 |
| 4.9 |
| 3.4 |
| 25.2 |
| 16.2 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 49.9 | 20.9 | 172 of 211 | 19% |
| P/B | 3.3 | 2.2 | 136 of 201 | 32% |
| ROCE | 3.4 | 8.2 | 165 of 225 | 27% |
| ROE | 4.9 | 7.2 | 129 of 212 | 39% |
| Debt / Equity | 1.2 | 0.2 | 192 of 212 | 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 | 13045 | 401 | 21 of 222 | 91% |
| 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 |
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.
