Carbon Black industry

2 companies · ₹35,639 cr · 2 with AI deep dives · Q2FY27 report

Exhibit 3Structure

₹35,639 cr

Himadri Speciality Chemical Ltd is 69.7% of this industry by market cap. The top 5 are 100% and the top 10 are 100%.

mid 22 above ₹500 cr

Exhibit 5Coverage (2 of 2)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Himadri Speciality Chemical Ltd	₹27,186 cr	30.8x	24.7x	22.2%	20.6%	+57.9%	Unlock
PCBL Chemical Ltd	₹10,928 cr	41.5x	14.9x	7.8%	12.7%	+17.0%

Himadri Speciality Chemical Ltd

Mcap: ₹27,186 cr
P/E: 30.8x
EV/EBITDA: 24.7x
ROCE: 22.2%
Margin: 20.6%
Rev YoY: +57.9%

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PCBL Chemical Ltd

Mcap: ₹10,928 cr
P/E: 41.5x
EV/EBITDA: 14.9x
ROCE: 7.8%

Exhibit 6What managements said

from Chemicals & Petrochemicals earnings calls · as of 2026-09-30

headwindWest Asia conflict drives up energy, freight and crude-linked raw material costs12 managements

This was the most widely voiced theme. Twelve managements cited higher fuel, gas, freight or feedstock costs (ammonia, propylene, styrene, VAM, sulphur/phos acid). Pass-through…

AARTIIND (Q1FY27): “persistent geopolitical tensions in the Middle East disrupting global supply chains…”

headwind7 managements mixed5 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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