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₹11,050.00 last close on 23 Oct 2026 +0.84%
Research updated
PCBL Chemical Ltd.
NSE: PCBLBasic MaterialsSpecialty Chemicals
- Last close
- ₹274.85
- Day change
- −₹17.65 (−6.03%)vs
- Market cap
- ₹12,170 crIndian rupees
- Research updated
- 1 report
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About PCBL Chemical
PCBL Chemical Ltd. is a prominent player in the specialty chemicals industry, known for its extensive production of carbon black. Carbon black is primarily used as a reinforcing agent in tires, but it also plays a crucial role in manufacturing inks, paints, plastics, and coatings. PCBL Chemical Ltd. caters to a wide array of industries, including automotive, industrial applications, and consumer products. As part of a sector that significantly influences the manufacturing and industrial processes, PCBL's operations are integral to both direct consumer goods and broader industrial applications. The company is a key supplier in the tire industry, contributing to the performance, durability, and efficiency of automotive vehicles. With continuous advancements in production processes and a focus on quality, PCBL Chemical Ltd. maintains a critical position within the chemicals market, impacting numerous sectors and supporting industrial growth through its innovative solutions and reliable product offerings.
- Sector
- Basic Materials
- Industry
- Specialty Chemicals
- Listing
- NSE: PCBL
- Employees
- 1,350
- Headquarters
- Kolkata, India
- ISIN
- INE602A01031
- Website
- pcblltd.com
Public research · Report of
Business model & financial foundation
PCBL Chemical (NSE: PCBL), Carbon black and specialty chemicals: revenue of ₹8,189 crore in FY26 (-2.6% on FY25), an EBITDA margin of 13.2%, net profit of ₹197.9 crore and net debt of ₹4,596 crore.
- Revenue, FY26 (₹ crore)
- 8,189
- consolidated
- Revenue growth, FY26
- -2.6%
- on FY25
- EBITDA margin, FY26
- 13.2%
- EBITDA including other income, before exceptional items / revenue
- Net profit, FY26 (₹ crore)
- 197.9
- to owners
- Return on equity, FY26
- 5.1%
- on average equity
- Net debt, FY26 (₹ crore)
- 4,596
- Reported net debt, includes current-investment liquidity
- Market capitalisation (₹ crore)
- 12,477
- at the close of 17 Oct 2026
Company profile
PCBL Chemical Limited, formerly PCBL Limited and Phillips Carbon Black Limited, is an India-based RP-Sanjiv Goenka Group industrial chemicals manufacturer. Its consolidated business includes reinforcing and specialty carbon black, cogenerated power, Aquapharm specialty chemicals and controlled Nanovace battery-materials development. Consolidated Ind AS reporting is the appropriate primary boundary because PCBL (TN) and Aquapharm are material operating subsidiaries.
| Item | Value |
|---|---|
| Legal name | PCBL Chemical Limited (formerly PCBL Limited, Phillips Carbon Black Limited) |
| Exchange and ticker | NSE: PCBL; BSE: 506590 |
| ISIN | INE602A01031 |
| CIN | L23109WB1960PLC024602 |
| Sector | Materials |
| Industry | Carbon black and specialty chemicals |
| Headquarters | Kolkata, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S. R. Batliboi & Co. LLP |
| Market capitalisation | ₹12,477 crore (17 Oct 2026) |
| Shares outstanding | 39.35 crore shares (FY26) |
| Price | ₹309.3 (close, 17 Oct 2026) |
| 52-week range | ₹226.5 - ₹382.5 (to 17 Oct 2026) |
| Website | https://www.pcblltd.com |
Corporate structure and shareholding
Parent: Rainbow Investments Limited.
| Entity | Holding | Business |
|---|---|---|
| PCBL (TN) Limited | 100% | India; carbon-black manufacturing; material subsidiary. Direct group subsidiary at 31-Mar-2026. |
| Aquapharm Chemical Limited | 100% | India; specialty chemicals; material subsidiary. Formerly Advaya Chemical Industries Limited; 80% direct plus 20% through PCBL (TN), at 31-Mar-2026. |
| Nanovace Technologies Limited | 51% | India; battery-materials technology and development; controlled and fully consolidated, not an equity-accounted JV. Group interest at 31-Mar-2026. |
| Phillips Carbon Black Cyprus Holdings Limited | 100% | Cyprus; overseas holding company; holds the Vietnam subsidiary. Group interest at 31-Mar-2026. |
| Phillips Carbon Black Vietnam Joint Stock Company | 80% | Vietnam; carbon-black project entity; indirect through Cyprus Holdings. Group interest at 31-Mar-2026. |
| PCBL Europe SRL | 100% | Belgium; European carbon-black innovation/technical presence. Group interest at 31-Mar-2026. |
| PCBL Chemical USA Inc | 100% | USA; overseas subsidiary incorporated 23-Jul-2025. Detailed standalone activity not retrieved; group interest at 31-Mar-2026. |
| Enersil PTY LTD | 51% | Australia; battery-materials technology platform. Effective group ownership at 31-Mar-2026, not necessarily the immediate shareholder percentage. |
| Aquapharm Europe B.V. | 100% | Netherlands; Aquapharm specialty-chemicals subsidiary; indirect group ownership at 31-Mar-2026. |
| Unique Solutions for Chemical Industries Company | 95% | Saudi Arabia; Aquapharm specialty-chemicals subsidiary; indirect group ownership at 31-Mar-2026. |
| Aquapharm Chemicals LLC | 100% | USA; Aquapharm specialty-chemicals subsidiary; indirect group ownership at 31-Mar-2026. |
| USCI LLC | 95% | UAE; Aquapharm specialty-chemicals subsidiary; indirect group ownership at 31-Mar-2026. |
| Aquapharm PChem LLC | 100% | USA; Aquapharm specialty-chemicals subsidiary; indirect group ownership at 31-Mar-2026. |
| Aquapharm Specialty Chemicals LLC | 100% | USA; Aquapharm specialty-chemicals subsidiary; indirect group ownership at 31-Mar-2026. |
| Nanovace Inc | 51% | USA; Nanovace platform subsidiary incorporated 16-Jun-2025. Effective group interest at 31-Mar-2026. |
RP-Sanjiv Goenka Group affiliation differs from the accounting parent: Rainbow holds 47.43% at 31-Mar-2026 and is parent under de facto Ind AS 110 control (S2:p489). Holdings are effective group interests at FY26-end. PCBL (TN) and Aquapharm are material subsidiaries (S2:pp280-281). Oct2026 Nanovace Advanced Materials is secondary-only (S81), excluded pending primary verification; Sep2026 shareholding original not found (S82).
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 53.38% | 53.38% | 53.38% | 53.38% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 5.68% | 5.56% | 5.79% | 6.34% |
| Domestic institutions | 10.19% | 10.98% | 11.27% | 13.71% |
| of which mutual funds | 5.43% | 5.52% | 5.62% | 6.72% |
| Retail | 22.24% | 21.95% | 21.39% | 19.97% |
| Other | 8.51% | 8.13% | 8.17% | 6.60% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
PCBL Chemical Limited, NSE PCBL/BSE506590, is an RPSG-group carbon-black and chemical manufacturer; Rainbow is the accounting parent. March year-end, consolidated Ind AS, money INR crore/shares crore. Carbon black sells reinforcing grades to tyres and specialty grades into plastics/coatings/conductivity. Aquapharm supplies homecare, water and oilfield chemicals. Waste-heat power includes captive transfers eliminated from group revenue. FY26 revenue8189.30 = CB6511.66 + Chemical1442.73 + external power234.91. The business controls yields/mix/logistics/capacity; it cannot control crude, contract reset lags, export tariffs or customers' grade qualification.
| Segment | revenue, FY26 (₹ crore) | Share | result, FY26 (₹ crore) | Share | capex, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Carbon Black | 6,512 | 78.3% | 721.1 | 73.8% | 496.6 | 70.9% |
| Power (gross revenue includes intersegment transfers) | 365.6 | 4.4% | 238.6 | 24.4% | 55.7 | 8.0% |
| Chemical (Aquapharm platform) | 1,443 | 17.3% | 17.4 | 1.8% | 89.9 | 12.8% |
| Battery Chemical (Nanovace) | 0.00 | 0.0% | -0.15 | -0.0% | 57.9 | 8.3% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Himadri Speciality Chemical Limited (HSCL) | India; closest domestic listed carbon-black/specialty-black peer. Coal-tar integration and battery-materials exposure make feedstock, mix and capital intensity non-identical. |
| Rain Industries Limited (RAIN) | India-listed/global operations; carbon/feedstock-cycle and leverage proxy. Coke, pitch and cement rather than pure carbon black; December year-end limits period comparability. |
| Cabot Corporation | USA; NYSE CBT. |
| Orion S.A. | Luxembourg domicile/global operations; NYSE OEC. Close rubber/specialty carbon-black comparator; energy, geography, currencies and capital structure differ from PCBL. |
| Tokai Carbon Co., Ltd. | Japan; JPX 5301. Carbon-black manufacturing and global-cycle benchmark; graphite electrodes and other carbon products dilute purity; December year-end and JPY reporting. |
| Aarti Industries Limited (AARTIIND) | India; specialty-chemicals/process-manufacturing context for Aquapharm diversification. Not a carbon-black peer; product/customer mix and capex cycle limit whole-group comparison. |
| Deepak Nitrite Limited (DEEPAKNTR) | India; chemical-manufacturing and capital-allocation context. Phenolics/intermediates are not carbon black or Aquapharm-equivalent products; commodity/product mix differs. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 4,425 | 5,752 | 6,420 | 8,404 | 8,189 |
| Cost of revenue (vendor classification) * | 3,262 | 4,480 | 4,627 | 5,810 | 5,908 |
| Other operating costs (vendor classification) * | 368.2 | 352.3 | 515.2 | 1,066 | 814.3 |
| EBITDA (vendor classification) * | 681.3 | 752.2 | 1,056 | 829.5 | 1,062 |
| EBIT including other income before exceptional items | 560.1 | 635.0 | 857.1 | 1,038 | 708.8 |
| Finance costs including lease interest | 28.6 | 53.3 | 180.8 | 460.9 | 423.0 |
| Profit before tax | 531.6 | 581.7 | 676.3 | 577.1 | 260.8 |
| Total income-tax expense | 105.2 | 139.5 | 185.2 | 142.4 | 62.7 |
| Consolidated profit after tax before NCI attribution | 426.3 | 442.2 | 491.1 | 434.7 | 198.0 |
| Diluted earnings per equity share (₹) | 11.81 | 11.70 | 13.00 | 11.48 | 5.13 |
| Cost of materials consumed | 4,534 | 5,836 | 5,674 | ||
| Purchases of stock-in-trade | 1.74 | 17.2 | 13.7 | ||
| Changes in finished goods, stock-in-trade and WIP | -69.9 | -44.1 | 30.9 | ||
| Materials, traded purchases and inventory change | 4,466 | 5,810 | 5,719 | ||
| Employee benefits expense | 250.4 | 412.8 | 463.4 | ||
| Other expenses, net of FX gains | 666.2 | 845.1 | 964.1 | ||
| EBITDA including other income, before exceptional items | 1,074 | 1,384 | 1,082 | ||
| Other income | 37.0 | 47.4 | 38.6 | ||
| Depreciation and amortisation including ROU | 217.3 | 345.7 | 372.8 | ||
| Exceptional items, signed PBT impact | 0.00 | -0.52 | -25.0 | ||
| Profit before tax and exceptional items | 676.3 | 577.6 | 285.8 | ||
| Current-year current tax | 187.9 | 179.0 | 90.0 | ||
| Deferred tax charge / credit excluding earlier years | -0.03 | -37.0 | -21.8 | ||
| Tax relating to earlier years, charge / credit | -2.64 | 0.38 | -5.45 | ||
| Profit attributable to non-controlling interests | 0.17 | 0.07 | 0.17 | ||
| Share of equity-accounted associates / JV profit | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to equity owners of parent | 490.9 | 434.6 | 197.9 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 2,622 | 2,839 | 3,250 | 3,709 | 4,019 |
| Borrowings excluding lease liabilities | 785.8 | 1,029 | 4,820 | 5,380 | 4,825 |
| Cash and cash equivalents | 118.6 | 40.2 | 312.3 | 318.5 | 229.5 |
| Trade receivables net of loss allowance | 1,105 | 1,111 | 1,710 | 1,794 | 1,395 |
| Inventories | 603.9 | 571.4 | 999.3 | 1,268 | 1,024 |
| Total trade payables, MSME plus other creditors | 911.1 | 956.4 | 1,802 | 1,595 | 1,447 |
| Net property, plant and equipment excluding ROU | 200.5 | 218.9 | 3,354 | 3,548 | 4,216 |
| Capital work-in-progress | 288.8 | 1,176 | 433.0 | 729.6 | 565.9 |
| Total assets | 4,785 | 5,433 | 11,295 | 11,722 | 11,295 |
| Equity attributable to parent equity holders | 3,247 | 3,697 | 4,006 | ||
| Non-controlling interest in equity | 3.73 | 11.7 | 12.9 | ||
| Paid-up equity share capital | 37.8 | 37.8 | 39.4 | ||
| Other equity attributable to parent | 3,209 | 3,660 | 3,967 | ||
| Non-current borrowings | 3,777 | 3,647 | 3,197 | ||
| Current borrowings including current maturities | 1,043 | 1,733 | 1,628 | ||
| Current and non-current lease liabilities | 163.4 | 191.4 | 163.9 | ||
| Other bank balances including earmarked dividends | 72.5 | 70.6 | 58.5 | ||
| Deposits with original maturity over 3 to under 12 months | 64.3 | 51.8 | |||
| Unpaid dividend bank accounts, restricted | 6.29 | 6.67 | |||
| Non-current investments, not net-debt liquidity | 396.2 | 516.1 | 464.1 | ||
| Current investments treated as net-debt liquidity | 36.9 | 0.00 | 0.00 | ||
| Reported net debt, includes current-investment liquidity | 4,471 | 5,061 | 4,596 | ||
| Total current assets | 3,439 | 3,725 | 2,968 | ||
| Total current liabilities | 3,211 | 3,897 | 3,587 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities after tax | -27.5 | 510.7 | 1,105 | 760.5 | 1,576 |
| Free cash flow (vendor definition) * | -15.8 | -391.8 | 569.7 | -13.3 | 849.5 |
| Dividends paid, signed cash outflow | -188.7 | -207.6 | -207.6 | -207.6 | -226.5 |
| Cash purchase of fixed/intangible assets, signed outflow | -306.2 | -895.7 | -535.8 | -773.8 | -726.5 |
| CFO less gross capex spend | 569.7 | -13.3 | 849.5 | ||
| Proceeds from disposal of property, plant and equipment | 2.86 | 9.46 | 1.39 | ||
| Cash generated from operations before income-tax paid | 1,321 | 938.5 | 1,643 | ||
| Income taxes paid net of refunds, signed outflow | -215.6 | -178.0 | -66.7 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Year-end issued subscribed and paid-up equity shares | 36.06 | 37.75 | 37.75 | 37.75 | 39.35 |
| Weighted-average equity shares, basic EPS | 37.75 | 37.75 | 38.40 | ||
| Weighted-average equity shares, diluted EPS | 37.75 | 37.85 | 38.47 | ||
| Operating EBITDA excluding other income and exceptional items | 1,037 | 1,337 | 1,043 | ||
| Management reported EBITDA, rounded to whole crore | 1,074 | 1,384 | 1,082 | ||
| COGS / revenue (x) | 0.70x | 0.69x | 0.70x | ||
| Other expenses / revenue | 0.10x | 0.10x | 0.12x | ||
| Total tax / PBT | 0.27x | 0.25x | 0.24x | ||
| Owners PAT / reported diluted EPS, historical reproduction only (crore shares) | 37.76 | 37.86 | 38.57 | ||
| Closing receivable days on annual revenue | 97 | 78 | 62 | ||
| Closing inventory days on annual COGS | 82 | 80 | 65 | ||
| Closing trade payable days on annual COGS | 147 | 100 | 92 | ||
| Trade NWC: receivables + inventory - payables | 907.5 | 1,467 | 972.1 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,163 | 2,010 | 2,087 | 2,114 | 2,164 | 1,846 | 2,066 | 2,473 |
| Cost of revenue (vendor classification) * | 1,499 | 1,385 | 1,477 | 1,455 | 1,284 | 1,451 | 1,650 | |
| Other operating costs (vendor classification) * | 202.6 | 202.5 | 203.9 | 231.0 | 230.4 | 259.0 | 297.0 | |
| EBITDA (vendor classification) * | 369.2 | 882.1 | 317.4 | 324.9 | 230.7 | 247.8 | 399.9 | |
| EBIT including other income before exceptional items | 282.8 | 241.8 | 229.3 | 232.5 | 185.4 | 137.1 | 153.8 | 296.8 |
| Finance costs | 118.9 | 117.7 | 103.2 | 112.4 | 107.2 | 106.3 | 97.2 | 92.5 |
| Profit before tax after exceptional items | 163.8 | 123.5 | 126.1 | 120.2 | 78.3 | 9.96 | 52.4 | 204.3 |
| Total tax expense including prior-year adjustments | 40.4 | 30.4 | 25.9 | 26.1 | 16.6 | 7.94 | 12.2 | 49.3 |
| Consolidated profit after tax before NCI attribution | 123.5 | 93.1 | 100.2 | 94.1 | 61.7 | 2.02 | 40.2 | 154.9 |
| Diluted EPS, not annualised (₹) | 3.26 | 2.46 | 2.64 | 2.48 | 1.62 | 0.05 | 1.02 | 3.94 |
| Cost of materials consumed | 1,513 | 1,434 | 1,454 | 1,447 | 1,497 | 1,350 | 1,380 | 1,767 |
| Purchases of stock-in-trade | 1.93 | 1.17 | 1.15 | 9.89 | 3.48 | 0.24 | 0.11 | 0.16 |
| Signed change in finished goods and stock-in-trade | -16.2 | -49.9 | 21.9 | -2.75 | 28.3 | -65.3 | 70.7 | -116.7 |
| Materials, traded purchases and inventory change | 1,499 | 1,385 | 1,477 | 1,455 | 1,529 | 1,284 | 1,451 | 1,650 |
| Employee benefits expense excluding exceptional charges | 98.5 | 104.9 | 109.3 | 109.5 | 124.4 | 116.2 | 113.4 | 130.4 |
| Other operating expenses as reported | 202.6 | 202.5 | 203.9 | 231.0 | 243.7 | 230.4 | 259.0 | 297.0 |
| EBITDA including other income, before exceptional items | 369.2 | 328.4 | 317.4 | 324.9 | 278.2 | 230.7 | 247.8 | 399.9 |
| Other income | 5.65 | 11.1 | 19.8 | 5.80 | 12.1 | 16.1 | 4.66 | 4.40 |
| Depreciation and amortisation | 86.4 | 86.7 | 88.1 | 92.4 | 92.8 | 93.6 | 94.0 | 103.2 |
| Exceptional items, signed PBT impact | 0.00 | -0.52 | 0.00 | 0.00 | 0.00 | -20.9 | -4.19 | 0.00 |
| Profit before tax and exceptional items | 163.8 | 124.1 | 126.1 | 120.2 | 78.3 | 30.8 | 56.6 | 204.3 |
| Profit attributable to non-controlling interests | 0.08 | 0.06 | 0.03 | 0.05 | 0.16 | -0.01 | -0.03 | -0.04 |
| Equity-accounted associates and JV profit contribution | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to equity owners of parent | 123.4 | 93.1 | 100.2 | 94.1 | 61.5 | 2.03 | 40.3 | 155.0 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 66.7% | 30.0% | 11.6% | 30.9% | -2.6% |
| EBITDA margin | 16.7% | 16.5% | 13.2% | ||
| Net margin | 7.6% | 5.2% | 2.4% | ||
| Return on equity | 16.1% | 12.5% | 5.1% | ||
| Return on capital employed | 18.4% | 17.5% | 14.4% | 12.1% | 7.9% |
| Return on assets | 5.9% | 3.8% | 1.7% | ||
| Net debt (₹ crore) | 4,471 | 5,061 | 4,596 | ||
| Net debt / EBITDA | 4.16x | 3.66x | 4.25x | ||
| Interest cover | 19.6x | 11.9x | 4.74x | 2.25x | 1.68x |
| Asset turnover | 1.04x | 1.13x | 0.77x | 0.73x | 0.71x |
| Receivable days | 91 | 70 | 97 | 78 | 62 |
| Inventory days (on revenue) | 50 | 36 | 57 | 55 | 46 |
| Payable days (on revenue) | 75 | 61 | 102 | 69 | 64 |
| Cash conversion | 2.25x | 1.75x | 7.97x | ||
| Capex intensity | 6.9% | 15.6% | 8.3% | 9.2% | 8.9% |
| Free cash flow (₹ crore) | -333.7 | -385.0 | 569.7 | -13.3 | 849.5 |
| Dividend payout | 42.3% | 47.8% | 114.5% | ||
| EPS, diluted (₹) | 11.81 | 11.70 | 13.00 | 11.48 | 5.13 |
| Book value per share (₹) | 72.73 | 75.22 | 86.11 | 98.27 | 102.1 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA including other income, before exceptional items / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Reported net debt, includes current-investment liquidity; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA including other income, before exceptional items.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted earnings per equity share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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