Pondy Oxides & Chemicals Ltd(POCL)

NSE: POCLBSE: 532626

₹ 415.1-2.33%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 3,166 crWebsite: www.pocl.comUpdated: 24 Oct 2026

About

Pondy Oxides & Chemicals Ltd (POCL) is an Indian non-ferrous metal recycler processing lead, copper, aluminium, and plastics scrap into value-added products at plants across Tamil Nadu and Andhra Pradesh. POCL's '3N7' lead brand is India's first 99.97-purity lead brand registered on the London Metal Exchange. In FY26 it reported revenue of Rs 2958.36 Cr, with lead making up 76.2% of segment revenue.^[1][2]

Business segments

Lead segment contributed 76.2% of segment revenue (Rs 2,253.66 Cr) in FY26, with segment EBIT margin of 8.4%; it recycles scrap into lead and lead alloys for lead-acid battery OEMs and other customers.^[2]
Copper segment contributed 22.7% of segment revenue (Rs 672.58 Cr) in FY26, with segment EBIT margin of 3.7%; it recycles copper scrap into cathode grades and is ramping up after capacity was doubled in FY26.^[2]
Plastics and aluminium recycling are early-stage verticals; plastics turned profitable at INR 15 lakh net on ~800 MT in Q1 FY27, while aluminium remains at ~200 MT.^[3]

Products

Lead products: Pure Lead, Lead Calcium, Lead Tin, Lead Antimony, Lead Master, and Specialty Alloys; copper products: Clove, Cobra, Mill Berry, Grease Berry, and Tin Berry grades.^[4]
Aluminium alloys include ADC Series (JIS Standard) and LM Series (BS Standard) plus tailor-made grades; plastic granules cover PPCP, ABS, HDPE, LDPE, PC, PPHP, and Nylon 6/66.^[4]
Value-added products represented 85% of lead segment revenue in Q1 FY27 (vs ~55% in Q1 FY26); FY27 full-year VAP mix is targeted at 65 - 70%.^[3]

Operations and capacity

Lead capacity is 204,000 MTPA across three sites: Sriperumbudur (48 KTPA), Thervoy Kandigai/TKD (72 KTPA, both phases commissioned by December 2025), and Andhra Pradesh SMD-II (84 KTPA).^[4]
Copper recycling capacity was doubled to 12,000 MTPA during FY26; the additional 6,000 MTPA commissioned in Q4 FY26 was running at ~75% utilisation in Q1 FY27.^[5]
TKD lead plant ran below 50% utilisation in Q1 FY27 due to lead scrap supply disruptions via Strait of Hormuz shipping routes; overall FY26 lead capacity utilisation was ~51%.^[3]
POCL sources scrap from 270+ overseas suppliers across 70+ countries; lead scrap is 77% imported, copper scrap 95% imported, aluminium 100% imported.^[4]

Key operating numbers

Lead production: 15,801 MT in Q1 FY27; 104,481 MT in FY26. Lead sales: 15,930 MT in Q1 FY27; 100,727 MT in FY26.^[3]
Lead EBITDA per tonne: INR 21,595 in Q1 FY27 (up 28% YoY), the highest ever; INR 18,462 in FY26 vs INR 13,325 in FY25.^[3]
Copper production: 3,235 MT in Q1 FY27 (more than 3x YoY); 6,543 MT in FY26. Copper sales: 4,001 MT in Q1 FY27 (more than 3.5x YoY).^[3]
Copper EBITDA per tonne: INR 48,488 in Q1 FY27 (up 66% YoY); INR 45,556 in Q4 FY26.^[3]
Net working capital days improved to 46 days in Q1 FY27 from 53 days in the prior period.^[3]

Customers and distribution

POCL serves 25 prominent market-leader customers and is directly empanelled with OEMs across lead, plastics, and aluminium; lead targets battery OEMs, copper targets wire and copper applications.^[4]
Revenue split in Q1 FY27: 55% domestic, 45% export; export share was 67% in Q3 FY26 and 66% of total revenue in FY25.^[3]
Export destinations include Japan, South Korea, Thailand, Indonesia, and the Middle East, across 20+ countries in total.^[4]

Expansion and capex

INR 200 cr copper cathode facility (36,000 MTPA LME-grade) at Thervoy Kandigai: INR 25 cr spent as of Q1 FY27; Phase 1 (18,000 MTPA) targeted for December 2026, Phase 2 (18,000 MTPA) by Q3 FY28.^[3]
Once the cathode facility is operational, management guides copper EBITDA per tonne at a minimum of INR 60,000 - 65,000 on a blended basis.^[3]
Total FY27 capex guided at INR 180 cr: INR 140 - 150 cr for the copper cathode plant, INR 20 - 25 cr maintenance; INR 5 cr was spent in Q1 FY27.^[3]
A greenfield expansion on 123 acres at Mundra, Gujarat is planned to start in H2 CY2027, targeting lead and copper capacity for European and Middle Eastern markets.^[6][4]
Long-term targets by 2030: volume CAGR 15%+, revenue CAGR 20%+, EBITDA margins above 8%, ROCE above 20%, and 60%+ of revenue from value-added products.^[3]

Recent developments

CRISIL revised POCL's long-term rating outlook to Positive from Stable in Q1 FY27, reaffirming the CRISIL A rating.^[3]
Lead scrap supply was disrupted in Q1 FY27 by shipping delays through the Strait of Hormuz, cutting lead production and sales volumes ~25%; direct Middle East procurement is below 5%.^[3]
Board approved amalgamation of wholly-owned subsidiary POCL Future Tech Private Limited into the parent in Q3 FY26, subject to regulatory approvals, with no equity dilution or cash outflow.^[6]
POCL acquired a stake in ACE Green Recycling in H1 FY26 as an entry point for lithium-ion battery recycling R&D; no commercial timeline is committed.^[7]

Market Cap

₹3,166 Cr

High / Low

₹647 / 392

Stock P/E

22.2

Price / Book

4.0

Book Value

₹258

EPS

₹17.3

No. of Shares

3.05 Cr

ROCE

23.3%

ROE

19.1%

OPM

6.5%

Debt / Equity

0.19

Sales

₹2,958 Cr

Net Profit

₹132 Cr

Promoter holding

36.4%

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Pondy Oxides & Chemicals Ltd(POCL)

About

Business segments

Products

Operations and capacity

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

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