PCBL Chemical Ltd(PCBL)

NSE: PCBLBSE: 506590

₹ 274.7-5.97%refreshed 23 Oct, 03:54 pm ISTMarket cap: ₹ 10,808 crWebsite: www.pcblltd.comUpdated: 24 Oct 2026

About

PCBL Chemical Ltd makes rubber and specialty carbon black for tyre, industrial and specialty uses. It also runs a chemicals business (Aquapharm) and captive co-generation power. PCBL is the world's 6th largest carbon black producer and the 4th largest specialty black player globally. Its revenue was Rs 8189.3 Cr in FY26, and total installed carbon black capacity reached 900,000 MTPA in Q1 FY27.^[1][2][3]

Business segments

Carbon Black contributed 78.3% of segment revenue (₹6,511.66 Cr) in FY26.^[4]
Chemical (Aquapharm) contributed 17.3% of segment revenue (₹1,442.73 Cr) in FY26.^[4]
Power contributed 4.4% of segment revenue (₹365.6 Cr) in FY26. It sells co-generated electricity externally.^[4]

Products

The carbon black portfolio spans over 110 grades for tyre, performance and specialty applications as of FY26.^[1]
Aquapharm is India's largest phosphonate producer and among the world's top producers. It makes its products in India, the US and Saudi Arabia (FY26).^[1]
Aquapharm offers 275+ products for water treatment, home care, oil and gas, desalination, textiles and industrial uses (FY26).^[1]
Nanovace Technologies develops nano-silicon anode materials and secured a US patent (FY26).^[1]

Operations and installed capacity

Total installed carbon black capacity reached 900,000 MTPA in Q1 FY27, including 132,000 MTPA of specialty black, after a 20,000 MTPA specialty black line was commissioned at Mundra.^[3]
Plant capacities as of FY26: Mundra 245 KTPA with 32 MW of power; Durgapur 163 KTPA with 30 MW; Palej 142 KTPA with 19 MW; Kochi 93 KTPA with 17 MW.^[1]
A 1,000 MTPA super-conductive specialty black facility at Palej was operational by Q1 FY27.^[3]
The Nanovace pilot plant at Palej received consent to operate for R&D in Q1 FY27. The first customer sampling batch was committed to start in August 2026.^[3]
About 75-80% of raw material was sourced from the US Gulf Coast as of FY26.^[1]
Power generation was 217 MU in Q1 FY27. External sales realisation was ₹5.39/unit in Q1 FY27, up from ₹3.66/unit in Q4 FY26.^[3]
511 MU of power was supplied to the grid in FY26.^[1]

Key operating numbers

Consolidated carbon black sales volume was 153,513 MT in Q1 FY27: 102,985 MT domestic (+15% YoY) and 50,528 MT exports.^[3]
Carbon black EBITDA/tonne was ₹22,900/MT in Q1 FY27, compared with ~₹14,900/MT in Q4 FY26 and ~₹13,800/MT in Q3 FY26.^[3]
Full-year FY26 carbon black sales volume was 6,18,956 MT, down 4% YoY.^[5]
Specialty black sales volume grew 12% to 69,635 MT in FY26.^[1]
Specialty black volume grew 23% YoY to 19,748 MT in Q1 FY27, with ~70% sold in international markets.^[3]
PCBL (TN) Limited sold 122069 MT of carbon black in FY 2025-26.^[1]
Aquapharm sold 22,985 MT in Q1 FY27 at an EBITDA/tonne of ~₹20,500/MT, up ~₹1,000/MT YoY.^[3]

Customers and markets

In Q1 FY27 PCBL moved carbon black volumes from international markets to the domestic spot market, where margins were higher because outbound freight costs were high.^[3]
Aquapharm began commercial supplies of green chelates to global FMCG companies in FY26.^[1]
Green chelate order booking was running ahead of capacity in Q1 FY27. P&G, Reckitt and Henkel were in qualification.^[3]
Specialty black volumes gained traction in semiconductors, data centres and AI-led applications as of Q3 FY26.^[6]

Expansion and capex

FY27 capex is expected at ~₹300 Cr ± ₹50 Cr. It is mostly maintenance and efficiency spending, with a ~₹100 Cr strategic component.^[3]
Andhra Pradesh greenfield carbon black project: environmental clearance was still pending as of Q1 FY27, and meaningful capex spend was deferred to FY28.^[3]
Coal tar distillation backward integration: board approval was expected in Q2 FY27.^[3]
A 4,000 MTPA acetylene black plant is targeted for commissioning by end of FY27.^[6]
A new Aquapharm green chelates facility was under discussion as of Q1 FY27.^[3]
A 2,000 MT Nanovace commercial plant is targeted by end of FY28.^[6]
Vision 2030 targets revenue of ₹16,000 Cr and EBITDA of ₹4,000 Cr, reaffirmed as of Q4 FY26.^[5]

Recent developments

Nanovace Advanced Materials Limited, a wholly-owned subsidiary for advanced battery materials, was incorporated on 9 October 2026.^[7]
Rohit Narang (formerly of Eastman Chemicals) joined as CEO of Aquapharm in Q1 FY27, after prior CEO Suresh Kalra resigned in Q3 FY26.^[3]
The India-EU Free Trade Agreement concluded in January 2026 is going through ratification. It gives Indian carbon black duty-free access to European markets.^[3]
The India-US trade deal set an 18% tariff (vs 50% before). Management put PCBL's effective export duty at ~8-9% after offsetting US-sourced CBFS (Q3 FY26).^[6]
Aquapharm's phosphonates portfolio was launched commercially in Q1 FY27.^[3]

Market Cap

₹10,808 Cr

High / Low

₹375 / 226

Stock P/E

41.4

Price / Book

2.7

Book Value

₹102

EPS

₹5.0

No. of Shares

39.35 Cr

ROCE

7.8%

ROE

5.1%

OPM

8.6%

Debt / Equity

1.20

Sales

₹8,189 Cr

Net Profit

₹198 Cr

Promoter holding

53.4%

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PCBL Chemical Ltd(PCBL)

About

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Products

Operations and installed capacity

Key operating numbers

Customers and markets

Expansion and capex

Recent developments

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