Valuation | |
|---|---|
| Market Cap | 11.22 kCr |
| Price/Earnings (Trailing) | 30.85 |
| Price/Sales (Trailing) | 1.33 |
| EV/EBITDA | 12.88 |
| Price/Free Cashflow | -1.07 K |
| MarketCap/EBT | 25.03 |
| Enterprise Value | 16.07 kCr |
Fundamentals | |
|---|---|
Growth & Returns | |
|---|---|
| Price Change 1W | -5.1% |
| Price Change 1M | -7.9% |
| Price Change 6M | -32.6% |
| Price Change 1Y | -28.3% |
| 3Y Cumulative Return | 31.2% |
| 5Y Cumulative Return | 26.8% |
| 7Y Cumulative Return | 15.6% |
| 10Y Cumulative Return | 36.8% |
| Revenue (TTM) |
| 8.42 kCr |
| Rev. Growth (Yr) | 0.30% |
| Earnings (TTM) | 349.1 Cr |
| Earnings Growth (Yr) | -50% |
Profitability | |
|---|---|
| Operating Margin | 5% |
| EBT Margin | 5% |
| Return on Equity | 8.99% |
| Return on Assets | 2.99% |
| Free Cashflow Yield | -0.09% |
Cash Flow & Liquidity |
|---|
| Cash Flow from Investing (TTM) | -690.32 Cr |
| Cash Flow from Operations (TTM) | 760.49 Cr |
| Cash Flow from Financing (TTM) | -63.93 Cr |
| Cash & Equivalents | 217.14 Cr |
| Free Cash Flow (TTM) | -13.33 Cr |
| Free Cash Flow/Share (TTM) | -0.35 |
Balance Sheet | |
|---|---|
| Total Assets | 11.69 kCr |
| Total Liabilities | 7.8 kCr |
| Shareholder Equity | 3.88 kCr |
| Current Assets | 3.43 kCr |
| Current Liabilities | 3.93 kCr |
| Net PPE | 3.98 kCr |
| Inventory | 1.07 kCr |
| Goodwill | 606.76 Cr |
Capital Structure & Leverage | |
|---|---|
| Debt Ratio | 0.43 |
| Debt/Equity | 1.31 |
| Interest Coverage | 0.02 |
| Interest/Cashflow Ops | 2.68 |
Dividend & Shareholder Returns | |
|---|---|
| Dividend/Share (TTM) | 11.5 |
| Dividend Yield | 4.03% |
| Shares Dilution (1Y) | 4.2% |
| Shares Dilution (3Y) | 4.2% |
Balance Sheet: Reasonably good balance sheet.
Dividend: Pays a strong dividend yield of 4.03%.
Insider Trading: There's significant insider buying recently.
Size: Market Cap wise it is among the top 20% companies of india.
Past Returns: Outperforming stock! In past three years, the stock has provided 31.2% return compared to 12.8% by NIFTY 50.
Technicals: SharesGuru indicator is Bearish.
Smart Money: Smart money looks to be reducing their stake in the stock.
Momentum: Stock is suffering a negative price momentum. Stock is down -7.9% in last 30 days.
Balance Sheet: Reasonably good balance sheet.
Dividend: Pays a strong dividend yield of 4.03%.
Insider Trading: There's significant insider buying recently.
Size: Market Cap wise it is among the top 20% companies of india.
Past Returns: Outperforming stock! In past three years, the stock has provided 31.2% return compared to 12.8% by NIFTY 50.
Technicals: SharesGuru indicator is Bearish.
Smart Money: Smart money looks to be reducing their stake in the stock.
Momentum: Stock is suffering a negative price momentum. Stock is down -7.9% in last 30 days.
Investor Care | |
|---|---|
| Dividend Yield | 4.03% |
| Dividend/Share (TTM) | 11.5 |
| Shares Dilution (1Y) | 4.2% |
| Earnings/Share (TTM) | 9.24 |
Financial Health | |
|---|---|
| Current Ratio | 0.87 |
| Debt/Equity | 1.31 |
Technical Indicators | |
|---|---|
| RSI (14d) | 33.96 |
| RSI (5d) | 9.74 |
| RSI (21d) | 35.67 |
| MACD Signal | Sell |
| Stochastic Oscillator Signal | Hold |
| SharesGuru Signal | Sell |
| RSI Signal | Hold |
| RSI5 Signal | Buy |
| RSI21 Signal | Hold |
| SMA 5 Signal | Sell |
| SMA 10 Signal |
Summary of PCBL's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
In the Q2 FY'26 earnings conference call held on October 17, 2025, PCBL Chemical Limited provided a cautiously optimistic outlook for the future. The management noted a healthy growth in carbon black sales volume and improved capacity utilization across product lines, with the expectation of a steady recovery in profitability due to a bottoming-out of current market challenges.
Key forward-looking points shared by the management include:
Capacity Utilization: Achieved a capacity utilization of over 99% during the quarter, with a carbon black sales volume of 161,728 metric tons, up 5% QoQ. The domestic sales volume was 99,549 tons, while international sales stood at 62,179 tons, reflecting a 6% YoY growth.
Revenue and Profitability: Consolidated revenue from operations for Q2 FY'26 was Rs. 2,164 crore, while EBITDA was Rs. 278 crore, PBT stood at Rs. 78 crore, and PAT was Rs. 62 crore. For H1 FY'26, consolidated revenue was Rs. 4,278 crore, with a sales volume of 315,821 MT of carbon black.
Project Timelines: Significant projects are set to come online soon, including a Specialty Black Line in Palej (1,000 MTPA) to commence commercial production by November 2025, and a brownfield expansion of 90,000 MTPA rubber line in Tamil Nadu expected to be operational in the current quarter.
Market Trends: The company anticipates a consumer demand recovery, with domestic tire demand projected to grow by 6-8% in FY'26 due to stronger replacement demand in the latter half, aided by recent GST cuts.
Global Expansion: Management highlighted significant investments by major international tire companies in North America, indicating strong long-term optimism in the sector despite current demand challenges.
Financial Management: The company managed to release around Rs. 240 crores of cash through an improved working capital cycle. They reduced gross debt by over Rs. 300 crores since March 2025.
Innovative Developments: The company is set to achieve over 1 million tons of carbon black capacity within the next couple of years, diversifying into high-performance segments like battery chemicals, and actively pursuing patents for advanced materials aimed at growing markets.
Management expressed confidence in navigating current challenges and projected a return to better performance levels, supported by strong initiatives and market conditions stabilizing in the near future.
Understand PCBL ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
| Shareholder Name | Holding % |
|---|---|
| Rainbow Investments Limited | 47.43% |
| Dotex Merchandise Private Limited | 2.71% |
| Life Insurance Corporation Of India | 2.7% |
| Quest Capital Markets Limited | 2.17% |
| Hdfc Trustee Company Ltd. A/C Hdfc Balanced Advantage Fund | 1.64% |
| SBI Life Insurance co. Ltd | 1.53% |
| Bandhan Small Cap Fund |
Detailed comparison of PCBL against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Ticker | Name | Mkt Cap | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|---|---|---|---|---|---|---|---|---|
| HSCL | Himadri Speciality Chemical | 23.76 kCr | 4.55 kCr | +1.60% | -18.70% | 35.43 | 5.22 | - | - |
| GRAPHITE | Graphite India | 12.28 kCr | 2.9 kCr |
PCBL Chemical Limited, together with subsidiaries, produces, sells, and exports carbon black in India and internationally. It operates through Carbon Black and Power segments. The company offers organo phosphonates, including phosphonates, specialty phosphonates, and blends; green chelates; oil and gas chemicals, such as imidazoline, quats, and triazine; and maleic and acrylic acid for detergent, industrial cleaners, water treatment, oil and gas, textiles and textile printing, dish wash, desalination, wood preservation, paper pulp, pharmaceutical, and agri-chemical applications. It provides carbon black grades for tyres and technical rubber goods applications; and specialty chemicals used for food contact plastics, synthetic fibers and textile fabric, wire and cables, films and sheets, geo-textile, pressure pipes, drip irrigation pipe systems, ESD and conductive, plastic moulded parts, engineering plastics, inks, paints, coatings, adhesives, sealants, and batteries applications. In addition, the company generates and distributes electricity from the tail gas recovered from carbon black production. It sells its products under the CarboNext, Orient Black, and Royale Black brands. The company was formerly known as PCBL Limited and changed its name to PCBL Chemical Limited in October 2024. PCBL Chemical Limited was incorporated in 1960 and is headquartered in Kolkata, India.
This is an informational page just to provide a quick 'first look' at the stock. You must do your own deeper research. Know your risk appetite. Consult a SEBI-registered financial advisor before making any investment decisions.
| Sell |
| SMA 20 Signal | Sell |
| SMA 50 Signal | Sell |
| SMA 100 Signal | Sell |
Question 1: "In your initial remark, you mentioned that the US tariff impact and GST related changes have led to slower volume uptick. Can you quantify how much volumes we lost in this quarter?"
Answer: We reduced our volumes by approximately 2,000 tons this quarter related to the US tariffs. Regarding GST, while we have not lost volume, we faced pricing pressure due to a shift towards sales in the spot market, primarily influenced by a temporary deferment of auto purchases.
Question 2: "There has been a sharp decline in per kg EBITDA. Can you elaborate on why this has happened?"
Answer: The decline in EBITDA was due to multiple factors: the US tariffs added significant costs; crude oil prices fell, pressuring pricing from competitors; and we faced a deferment in auto sales, leading to weak market conditions. These elements combined caused the decrease in our EBITDA.
Question 3: "Aquapharm is set to see visible EBITDA improvement. Can you quantify what that looks like for FY'26 and FY'27?"
Answer: For FY'26, we aim for an exit EBITDA rate of around Rs. 75 crores. The India business has shown improvement, reaching Rs. 33 crores in Q2. We expect to overcome the current headwinds linked to our US business as conditions normalize, with a target for FY'27 to push even higher.
Question 4: "Given the current market, what are your expectations for sales realization and EBITDA per ton for carbon black and Aquapharm over the next two years?"
Answer: We aim to return to Rs. 20,000 per ton EBITDA as the market stabilizes. Currently, we've adjusted to Rs. 16,000 due to headwinds. For Aquapharm, the focus remains on how crude prices affect margins, with future product mix enhancing profit but not immediate realizations expected to change substantially.
Question 5: "What is the expected timeline for operational readiness of capacity expansions?"
Answer: Capacity expansion of 90,000 tons in Tamil Nadu is set to start this month. Trials will begin shortly after commissioning, and we aim for over 50% utilization by the end of the next financial year, maintaining discussions with customers to scale production effectively.
Question 6: "How do you see the domestic volume stabilizing, considering healthy growth this quarter?"
Answer: While volumes have grown, market conditions remain soft. Achieving consistent high volumes will require monitoring market dynamics. Long-term, we can sustain capacity utilization fully, but ensuring a right market mix will take a couple of quarters to align correctly.
| 1.45% |
| Tata Mutual Fund - Tata small Cap Fund | 1.25% |
| Kerala State Industrial Development Corporation | 1.19% |
| Stel Holdings Limited | 1.04% |
| Lebnitze Real Estates Private Limited | 0.02% |
| Saregama India Limited | 0% |
| Digidrive Distributors Limited | 0% |
Distribution across major stakeholders
Distribution across major institutional holders
| +14.90% |
| 51.01 |
| 4.24 |
| - |
| - |
| HEG | HEG | 11.09 kCr | 2.68 kCr | +5.00% | +22.90% | 43.01 | 4.14 | - | - |
| RAIN | Rain Industries | 4.77 kCr | 16.44 kCr | +38.30% | -14.40% | -36 | 0.29 | - | - |
| 4.9% |
| 2,097 |
| 2,000 |
| 1,981 |
| 1,897 |
| 2,005 |
| 1,991 |
| Profit Before exceptional items and Tax | -35.3% | 78 | 120 | 126 | 124 | 164 | 164 |
| Exceptional items before tax | - | 0 | 0 | 0 | -0.52 | 0 | 0 |
| Total profit before tax | -35.3% | 78 | 120 | 126 | 124 | 164 | 164 |
| Current tax | -32.3% | 22 | 32 | 45 | 22 | 53 | 59 |
| Deferred tax | 5% | -5.48 | -5.82 | -19.14 | 8.14 | -12.91 | -13.06 |
| Total tax | -36% | 17 | 26 | 26 | 30 | 40 | 46 |
| Total profit (loss) for period | -34.4% | 62 | 94 | 100 | 93 | 123 | 118 |
| Other comp. income net of taxes | -147.7% | -14.75 | 34 | -43.01 | -50.65 | 145 | 69 |
| Total Comprehensive Income | -63.8% | 47 | 128 | 57 | 42 | 268 | 187 |
| Earnings Per Share, Basic | -57.7% | 1.63 | 2.49 | 2.65 | 2.47 | 3.27 | 3.13 |
| Earnings Per Share, Diluted | -58.1% | 1.62 | 2.48 | 2.64 | 2.46 | 3.26 | 3.13 |
| Debt equity ratio | -0.1% | 0.0131 | 0.0139 | 0.0146 | 0.01 | 0.01 | 0.0141 |
| Debt service coverage ratio | 0.2% | 0.0113 | 097 | 045 | 0.02 | 0.03 | 0.0223 |
| Interest service coverage ratio | -0.3% | 0.0197 | 0.0226 | 0.0246 | 0.02 | 0.03 | 0.0255 |
| 19.6% |
| 245 |
| 205 |
| 190 |
| 159 |
| 132 |
| - |
| Finance costs | 121.6% | 278 | 126 | 53 | 29 | 34 | - |
| Depreciation and Amortization | 4% | 157 | 151 | 137 | 121 | 110 | - |
| Other expenses | 2% | 568 | 557 | 500 | 498 | 400 | - |
| Total Expenses | 7.1% | 5,340 | 4,984 | 5,327 | 3,941 | 2,285 | - |
| Profit Before exceptional items and Tax | -16.2% | 604 | 721 | 585 | 532 | 390 | - |
| Total profit before tax | -16.2% | 604 | 721 | 585 | 532 | 390 | - |
| Current tax | -9.6% | 162 | 179 | 157 | 110 | 69 | - |
| Deferred tax | -222.2% | -8.52 | 8.79 | -15.83 | -5.26 | 8.74 | - |
| Total tax | -18.7% | 153 | 188 | 141 | 105 | 78 | - |
| Total profit (loss) for period | -15.4% | 451 | 533 | 444 | 427 | 312 | - |
| Other comp. income net of taxes | -19.5% | 108 | 134 | -21.78 | 49 | 44 | - |
| Total Comprehensive Income | -16.1% | 560 | 667 | 422 | 476 | 356 | - |
| Earnings Per Share, Basic | -16.6% | 11.95 | 14.13 | 11.76 | 5.92 | 9.06 | - |
| Earnings Per Share, Diluted | -16.8% | 11.92 | 14.13 | 11.76 | 5.92 | 9.06 | - |
| Debt equity ratio | 0% | 087 | 087 | - | 0 | - | - |
| Debt service coverage ratio | -2.5% | 0.0125 | 0.0363 | - | 0 | - | - |
| Interest service coverage ratio | -0.5% | 0.0357 | 0.0406 | - | 0 | - | - |
| 28.3% |
| 264 |
| 206 |
| 252 |
| 163 |
| 170 |
| 285 |
| Investment property | 0% | 4.48 | 4.48 | 4.48 | 4.48 | 4.48 | 4.48 |
| Non-current investments | -0.2% | 3,984 | 3,992 | 4,054 | 3,675 | 1,227 | 1,005 |
| Loans, non-current | -39.3% | 5.12 | 7.79 | 7.27 | 7.69 | 7.65 | 7.65 |
| Total non-current financial assets | -0.2% | 4,023 | 4,032 | 4,092 | 3,711 | 1,262 | 1,040 |
| Total non-current assets | 0.3% | 6,557 | 6,536 | 6,441 | 6,026 | 3,557 | 3,290 |
| Total assets | -2.9% | 8,655 | 8,912 | 8,467 | 8,184 | 5,448 | 5,016 |
| Borrowings, non-current | -7.3% | 2,104 | 2,269 | 2,151 | 2,266 | 284 | 204 |
| Total non-current financial liabilities | -7.3% | 2,184 | 2,356 | 2,206 | 2,320 | 345 | 279 |
| Provisions, non-current | 0% | 17 | 17 | 10 | 10 | 3.12 | 3.12 |
| Total non-current liabilities | -6.5% | 2,485 | 2,658 | 2,520 | 2,614 | 617 | 539 |
| Borrowings, current | -18.7% | 802 | 986 | 587 | 602 | 394 | 489 |
| Total current financial liabilities | -10% | 2,153 | 2,391 | 1,999 | 2,187 | 1,611 | 1,564 |
| Provisions, current | 11% | 102 | 92 | 91 | 86 | 86 | 82 |
| Current tax liabilities | - | 2.55 | 0 | 0 | 0 | 0 | 0 |
| Total current liabilities | -9.3% | 2,277 | 2,511 | 2,101 | 2,290 | 1,706 | 1,657 |
| Total liabilities | -7.9% | 4,761 | 5,169 | 4,620 | 4,905 | 2,323 | 2,197 |
| Equity share capital | 0% | 38 | 38 | 38 | 38 | 38 | 38 |
| Total equity | 4% | 3,894 | 3,743 | 3,847 | 3,279 | 3,125 | 2,820 |
| Total equity and liabilities | -2.9% | 8,655 | 8,912 | 8,467 | 8,184 | 5,448 | 5,016 |
| 88.4% |
| 0 |
| -7.59 |
| -9.79 |
| -7.59 |
| - |
| - |
| Interest received | 82.8% | 0 | -4.81 | -0.63 | -4.74 | - | - |
| Income taxes paid (refund) | -26.3% | 155 | 210 | 166 | 104 | - | - |
| Net Cashflows From Operating Activities | -41.9% | 565 | 972 | 722 | 321 | - | - |
| Cashflows used in obtaining control of subsidiaries | -92.2% | 197 | 2,507 | 549 | 201 | - | - |
| Proceeds from sales of PPE | 817.6% | 7.53 | 0.09 | 0.2 | 0 | - | - |
| Purchase of property, plant and equipment | 81.4% | 322 | 178 | 289 | 170 | - | - |
| Proceeds from sales of long-term assets | - | 0 | 0 | 7.85 | 0 | - | - |
| Dividends received | 16.4% | 8.67 | 7.59 | 9.79 | 7.59 | - | - |
| Interest received | - | 0 | 0 | 0 | 6.08 | - | - |
| Other inflows (outflows) of cash | - | 0 | 0 | 0 | 100 | - | - |
| Net Cashflows From Investing Activities | 81.5% | -493.12 | -2,664.99 | -508.4 | -547.85 | - | - |
| Proceeds from issuing shares | - | 0 | 0 | 0 | 390 | - | - |
| Proceeds from issuing other equity instruments | - | 112 | 0 | 0 | 0 | - | - |
| Proceeds from issuing debt | -100.1% | 0 | 700 | 0 | 0 | - | - |
| Proceeds from borrowings | -24.6% | 2,426 | 3,218 | 1,115 | 1,053 | - | - |
| Repayments of borrowings | 17.1% | 2,041 | 1,743 | 1,106 | 976 | - | - |
| Payments of lease liabilities | -6.7% | 29 | 31 | 29 | 29 | - | - |
| Dividends paid | 0% | 208 | 208 | 208 | 189 | - | - |
| Interest paid | 145.7% | 286 | 117 | 53 | 33 | - | - |
| Net Cashflows from Financing Activities | -101.5% | -26.1 | 1,819 | -280.57 | 217 | - | - |
| Net change in cash and cash eq. | -64% | 46 | 126 | -67.18 | -10.07 | - | - |
Analysis of PCBL's financial performance, highlighting revenue trends, growth patterns, and key metrics through quarterly analysis.
Last Updated: Sep 30, 2025
| Description | Share | Value |
|---|---|---|
| Carbon Black | 77.2% | 1.7 kCr |
| Chemical | 18.0% | 394.9 Cr |
| Power | 4.9% | 106.9 Cr |
| Total | 2.2 kCr |