PCBL

PCBL Chemical share price & financials

Price
₹320.8
Market cap
₹13.0k Cr
Sector
Chemicals
Calls analysed
7
Latest concall · Q1 FY27 · call held 29 Jul 2026

PCBL Chemical Limited Q1 FY27

Consolidated Revenue ₹2,474 cr +17%Consolidated EBITDA ₹400 cr +23%Profit After Tax ₹155 cr +65%

What went well

  • Consolidated revenue grew 17% year-on-year to INR2,474 crores, demonstrating strong top-line performance.
  • EBITDA grew 23% year-on-year to INR400 crores, and PAT grew 65% year-on-year to INR155 crores, indicating robust profitability.
  • Specialty sales volume showed strong growth of 23% year-on-year to 19,748 tons, driven by differentiated offerings and customer acceptance.

What to watch

  • Cost volatility, particularly due to West Asia situation and higher Brent crude prices (USD 97/barrel vs USD 78/barrel in Q4 FY26), impacted raw material costs.
  • Export realizations were temporarily weighed down by elevated freight costs, leading to a strategic diversion of some volumes to the domestic spot market.
Read the full call →

What PCBL Chemical Limited does

PCBL Chemical Limited manufactures carbon black and specialty blacks used in tyres, technical rubber goods, plastics, inks, paints and coatings, produced across five plants in Durgapur, Kochi, Palej, Mundra and Chennai (the last via wholly-owned subsidiary PCBL(TN) Limited). It also captures waste process gases from its carbon black plants to co-generate power, selling the surplus electricity. Through subsidiary Aquapharm Chemical, it makes phosphonate-based specialty chemicals for water treatment, detergents/home care and oilfield applications from plants in India, the United States and Saudi Arabia, and through joint venture Nanovace Technologies it is developing nano-silicon anode materials for lithium-ion batteries. Part of the RP-Sanjiv Goenka Group, the company sells across more than 50 countries.

Segments

  • Rubber & Specialty Blacks
  • Specialty & Solutions
  • Battery Chemicals
Installed carbon black capacity
8,80,000 MTPA
Carbon black manufacturing plants
5 — Durgapur, Kochi, Palej, Mundra & Chennai (via PCBL(TN)); a 6th greenfield unit planned on 116 acres in Andhra Pradesh
Global market position
Among the world's largest carbon black producers and the largest specialty black player globally
Product grades offered
110+ tyre, performance & specialty grades
Countries served
50+ countries across 6 continents
Co-generation power capacity
122 MW
Founded 1960Headquarters Kolkata, West Bengal, IndiaEmployees 1,320 (31-Mar-2025) Company website

Guidance record · Q1 FY27

what the last two calls moved 20 tracked 2 delivered 3 missed 15 open
  • Aquapharm Quarterly EBITDA Run Rate at risk said Q4 FY26 Promised: ₹75 crores per quarter within the next 2-3 quarters Q1 FY27: Q1 EBITDA was ₹47 crores, an improvement but still well below the ₹75 crore target. The new Aquapharm CEO deferred commitment, stating it is 'early days' and will provide details in subsequent quarters, casting doubt on the timeline.
  • Carbon Black Quarterly Sales Volume delivered said Q3 FY25 Promised: 160-170 KT by Q4 FY26 Q4 FY26: Volume rebounded to 161.8 KT, confirming the early achievement.
  • Aquapharm Quarterly EBITDA Run Rate missed said Q3 FY25 Promised: ₹80-90 crores by Q4 FY26 Q4 FY26: Actual Q4 EBITDA was ₹29 crores. Management pushed the ₹75 crore goal out to 'next 2-3 quarters'.

All 20 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 13.8%, net profit up 15.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,536 1,430 1,448 1,453 1,478 −4%1,274 −11%1,371 −5%1,653 +14%
EBITDA273 244 215 226 180 −34%151 −38%157 −27%238 +5%
Net profit129 111 95 93 60 −53%36 −68%47 −51%107 +15%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −14.8% 1Y

₹250₹300₹350₹400Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 17 Oct 2025Q3 FY26 — 3 Feb 2026Q4 FY26 — 30 Apr 2026Q1 FY27 — 29 Jul 2026

1Y: ₹388.65 on 10 Sept 2025 → ₹331.05. High ₹413.55 (19 Sept 2025), low ₹232.15 (23 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+14.9%
29 Jul
Q4 FY26
−2.7%
30 Apr
Q3 FY26
+12.0%
3 Feb
Q2 FY26
−4.4%
17 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 1.2% a year over 3 years, FY23 to FY26. Operating margin held at 12.8%.

Year endingFY23FY24FY25FY26
Revenue₹5.8k Cr₹5.7k Cr₹5.9k Cr₹5.6k Cr
Operating profit₹731 Cr₹966 Cr₹999 Cr₹714 Cr
Operating margin12.7%17.0%16.9%12.8%
Interest₹54 Cr₹126 Cr₹278 Cr₹253 Cr
Depreciation₹137 Cr₹151 Cr₹157 Cr₹165 Cr
Net profit₹441 Cr₹532 Cr₹451 Cr₹236 Cr
Net margin7.6%9.4%7.6%4.2%
ROCE18.0%17.0%13.0%9.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹34 Cr₹38 Cr₹38 Cr₹38 Cr₹38 Cr₹39 Cr
Reserves₹1.9k Cr₹2.6k Cr₹2.8k Cr₹3.2k Cr₹3.8k Cr₹4.0k Cr
Borrowings₹607 Cr₹786 Cr₹779 Cr₹2.9k Cr₹5.3k Cr₹2.6k Cr
Other liabilities₹1.2k Cr₹1.4k Cr₹1.4k Cr₹2.0k Cr₹2.6k Cr₹1.6k Cr
Total liabilities₹3.7k Cr₹4.8k Cr₹5.0k Cr₹8.2k Cr₹11.7k Cr₹8.2k Cr
Fixed assets₹1.7k Cr₹1.9k Cr₹1.9k Cr₹2.1k Cr₹6.8k Cr₹2.3k Cr
Capital work in progress₹267 Cr₹129 Cr₹285 Cr₹163 Cr₹731 Cr₹250 Cr
Investments₹220 Cr₹783 Cr₹1.0k Cr₹3.7k Cr₹515 Cr₹4.0k Cr
Other assets₹1.5k Cr₹1.9k Cr₹1.8k Cr₹2.2k Cr₹3.7k Cr₹1.7k Cr
Total assets₹3.7k Cr₹4.8k Cr₹5.0k Cr₹8.2k Cr₹11.7k Cr₹8.2k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public trimmed −3.58 pp while promoters added +1.97 pp. The shareholder count shrank 4% to 2,75,244.

Promoters
53.4%
FIIs
5.8%
DIIs
11.3%
Government
1.2%
Public
28.4%

Since Jun 2025

  • Public −3.58 pp
  • Promoters +1.97 pp
  • DIIs +1.37 pp

How it drifted, 12 quarters

Over this window the public fell from 32.5% to 28.4% — −4.1 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 51.4%, FIIs 7.1%, DIIs 7.8%, Government 1.2%, Public 32.5%.Dec '23: Promoters 51.4%, FIIs 7.1%, DIIs 6.3%, Government 1.2%, Public 34.0%.Mar '24: Promoters 51.4%, FIIs 6.7%, DIIs 5.6%, Government 1.2%, Public 35.1%.Jun '24: Promoters 51.4%, FIIs 5.3%, DIIs 6.4%, Government 1.2%, Public 35.7%.Sep '24: Promoters 51.4%, FIIs 5.0%, DIIs 6.8%, Government 1.2%, Public 35.6%.Dec '24: Promoters 51.4%, FIIs 5.2%, DIIs 6.7%, Government 1.2%, Public 35.4%.Mar '25: Promoters 51.4%, FIIs 5.6%, DIIs 8.9%, Government 1.2%, Public 32.8%.Jun '25: Promoters 51.4%, FIIs 5.5%, DIIs 9.9%, Government 1.2%, Public 31.9%.Sep '25: Promoters 51.4%, FIIs 6.1%, DIIs 10.8%, Government 1.2%, Public 30.5%.Dec '25: Promoters 53.4%, FIIs 5.7%, DIIs 10.2%, Government 1.2%, Public 29.6%.Mar '26: Promoters 53.4%, FIIs 5.6%, DIIs 11.0%, Government 1.2%, Public 28.9%.Jun '26: Promoters 53.4%, FIIs 5.8%, DIIs 11.3%, Government 1.2%, Public 28.4%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of PCBL Chemical Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Rainbow Investments Limited 47.43%unchanged
Dotex Merchandise Private Limited 2.71%unchanged
Life Insurance Corporation Of India Insurer2.70%unchanged
SBI Life Insurance Co. Ltd Insurer2.36%+0.24 pp
Quest Capital Markets Limited 2.17%unchanged
HDFC Trustee Company Limited. A/C HDFC Balanced Advantage Fund Mutual fund1.67%unchanged
Bandhan Small Cap Fund Mutual fund1.66%unchanged
Tata Mutual Fund - Tata Small Cap Fund Mutual fund1.25%unchanged
Kerala State Industrial Development Corporation 1.19%unchanged
Stel Holdings Limited 1.04%unchanged
Lebnitze Real Estates Private Limited 0.02%unchanged
Digidrive Distributors Limited 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in PCBL

Filings to Aug 2026

0 new, 4 added, 1 trimmed, 0 sold out — net +0.05 L shares (+0.1%).

Held by funds
₹214 Cr
6 schemes
Biggest holder
HDFC Balanced Advantage Fund
₹200 Cr · 0.2% of that fund
SchemeHoldingLast month
HDFC Balanced Advantage Fund HDFC Mutual Fund₹200 Crheld
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund₹9 Cr+0.03 L
SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund₹5 Cr+0.02 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Cr+0.00 L
SBI Nifty 500 Index Fund SBI Mutual Fund₹0 Cr−0.00 L
SBI Nifty Small Cap 250 ETF SBI Mutual Fund₹0 Cr+0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

4 added, 1 trimmed — net +5,020 shares (+0.1%)

Funds are sitting on
+129%
vs est. average cost
Held by funds
₹214 Cr
6 schemes · ≈ 1.7% of the company
Biggest holder
HDFC Balanced Advantage Fund
₹200 Cr · 0.2% of that fund
Longest holder
Nippon India Nifty Smallcap 250 Index Fund
4y 5m · since Apr '22

Shares held by these funds +5%

Aug '23 67.35 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹331, this stock must grow earnings at 32% every year for 7 years. Our analysis caps realistic growth at ~-19%. At that growth it is worth ₹22 — downside of 93%.

Growth the price implies
31.6% a year
for 7 years, fading to 4%
It has actually compounded at
-18.8% a year
net profit, FY23–FY26 · EPS -19.2%
The gap
0.5 pp
-93% downside if it only repeats history
Price today ₹331.05 Value at the reference growth ₹22.3

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse PCBL Chemical Limited

Guides on how to read this kind of business and the numbers that matter.