PCBL Chemical Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Carbon Black: 79.5% • Chemicals: 17.6% • Power: 2.9%
AI Sector View
AI GENERATEDChemicals
The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.
PROS
- Company has consistently been profitable over the last 5 years
- Latest quarter profit grew 64.6% YoY, showing strong momentum
- Company has delivered good sales growth of 25.2% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 3.06x)
- Working capital cycle has improved - days down from -7 to -28
- Company has a consistent dividend-paying track record
CONS
- Recent results are weak - TTM profit is down 33.4% versus prior year
- A large part of profit comes from other income (43.9% of PBT)
- Company has a low return on capital employed of 11.4%
- Interest coverage is weak at 1.6x - earnings barely cover interest
- Company has delivered a poor profit growth of -8.8% over past five years
- Recurring exceptional / one-off items are inflating headline profit
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| HSCL | 665.70 | 42.03 | 33589.50 | 0.12 | 228.43 | 27.36 | 1431.88 | 28.04 | 22.42 | 20.11 |
| PCBL | 334.95 | 50.93 | 13179.03 | 1.79 | 154.93 | 64.64 | 2473.37 | 17.00 | 7.64 | 15.99 |
| GOACARBON | 465.15 | 46.74 | 425.66 | 0.00 | -6.58 | 17.18 | 65.70 | -67.02 | -4.49 | -6.71 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,348 | 1,487 | 1,657 | 1,929 | 2,144 | 2,163 | 2,010 | 2,087 | 2,114 | 2,164 | 1,846 | 2,066 | 2,473 | |
| 1,137 | 1,249 | 1,378 | 1,619 | 1,785 | 1,800 | 1,693 | 1,790 | 1,795 | 1,897 | 1,631 | 1,823 | 2,274 | |
| Operating Profit | 211 | 238 | 279 | 310 | 358 | 364 | 317 | 298 | 319 | 266 | 215 | 243 | 200 |
| OPM % | 15.64% | 16.02% | 16.84% | 16.05% | 16.71% | 16.80% | 15.79% | 14.26% | 15.09% | 12.30% | 11.63% | 11.77% | 8.08% |
| 4 | 3 | 7 | 23 | 11 | 6 | 11 | 20 | 6 | 12 | -5 | 0 | 4 | |
| Interest | 19 | 21 | 32 | 108 | 121 | 119 | 118 | 103 | 112 | 107 | 106 | 97 | 93 |
| Depreciation | 41 | 48 | 53 | 75 | 84 | 86 | 87 | 88 | 92 | 93 | 94 | 94 | 103 |
| Profit before Tax | 154 | 172 | 201 | 149 | 164 | 164 | 124 | 126 | 120 | 78 | 10 | 52 | 204 |
| Tax % | 29.14% | 28.42% | 26.41% | 25.70% | 27.91% | 24.65% | 24.63% | 20.57% | 21.68% | 21.18% | 79.72% | 23.23% | 24.15% |
| Net Profit | 0 | 0 | 0 | 0 | 118 | 123 | 93 | 100 | 94 | 62 | 2 | 40 | 155 |
| 2.89 | 3.25 | 3.92 | 2.95 | 3.13 | 3.27 | 2.47 | 2.65 | 2.49 | 1.63 | 0.05 | 1.02 | 3.94 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,927 | 2,558 | 3,529 | 3,244 | 2,660 | 4,446 | 5,774 | 6,420 | 8,404 | 8,189 | 8,549 | |
| 1,688 | 2,188 | 2,914 | 2,784 | 2,153 | 3,825 | 5,059 | 5,431 | 7,121 | 7,222 | 7,625 | |
| Operating Profit | 239 | 370 | 614 | 459 | 506 | 621 | 715 | 989 | 1,283 | 967 | 924 |
| OPM % | 12.41% | 14.48% | 17.40% | 14.16% | 19.04% | 13.97% | 12.38% | 15.40% | 15.27% | 11.81% | 10.81% |
| 38 | 35 | 22 | 34 | 30 | 60 | 57 | 86 | 100 | 89 | 12 | |
| Interest | 51 | 41 | 37 | 46 | 34 | 29 | 53 | 181 | 461 | 423 | 403 |
| Depreciation | 61 | 61 | 66 | 92 | 110 | 121 | 137 | 217 | 346 | 373 | 384 |
| Profit before Tax | 165 | 304 | 533 | 355 | 392 | 532 | 582 | 676 | 577 | 261 | 345 |
| Tax % | 58.29% | 24.38% | 28.20% | 18.97% | 19.91% | 19.80% | 23.98% | 27.39% | 24.68% | 24.06% | 24.94% |
| Net Profit | 69 | 230 | 383 | 288 | 314 | 426 | 442 | 491 | 435 | 198 | 259 |
| EPS | 3.98 | 13.32 | 22.20 | 16.68 | 9.10 | 11.81 | 11.70 | 13.01 | 11.51 | 5.03 | — |
| Dividend Payout % | 29.85% | 18.07% | 15.72% | 42.10% | 38.47% | 44.31% | 47.00% | 42.29% | 47.77% | 119.32% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 16%
- 5 Years:
- 25%
- 3 Years:
- 12%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 28%
- 5 Years:
- -9%
- 3 Years:
- -23%
STOCK PRICE CAGR
- 10 Years:
- 30%
- 5 Years:
- 22%
- 3 Years:
- 24%
- 1 Year:
- -14%
RETURN ON EQUITY
- 10 Years:
- 15%
- 5 Years:
- 14%
- 3 Years:
- 11%
- Last Year:
- 5%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 34 | 34 | 34 | 34 | 34 | 38 | 38 | 38 | 38 | 39 |
| Minority Interest | 6 | 7 | 6 | 7 | 8 | 8 | 9 | 4 | 12 | 13 |
| 1,096 | 1,343 | 1,615 | 1,665 | 1,901 | 2,576 | 2,792 | 3,209 | 3,548 | 3,967 | |
| 758 | 717 | 793 | 721 | 714 | 775 | 1,017 | 4,639 | 5,149 | 4,630 | |
| Trade Payables | 416 | 402 | 508 | 419 | 592 | 911 | 956 | 1,802 | 1,595 | 1,447 |
| 433 | 600 | 790 | 882 | 477 | 1,070 | 1,855 | 3,292 | 3,416 | 3,388 | |
| Total Liabilities | 2,744 | 3,103 | 3,747 | 3,728 | 3,726 | 5,379 | 6,668 | 12,984 | 13,756 | 13,483 |
| 1,383 | 1,395 | 1,496 | 1,635 | 1,738 | 1,930 | 1,963 | 6,888 | 6,590 | 7,123 | |
| Capital Work in Progress | 80 | 67 | 175 | 306 | 267 | 175 | 1,130 | 433 | 730 | 566 |
| 291 | 316 | 362 | 155 | 196 | 588 | 234 | 433 | 516 | 464 | |
| 244 | 310 | 460 | 326 | 445 | 604 | 571 | 999 | 1,268 | 1,024 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,710 | 1,794 | 1,395 | |
| Cash & Bank | 25 | 173 | 115 | 152 | 264 | 159 | 96 | 385 | 389 | 288 |
| 722 | 844 | 1,138 | 1,154 | 816 | 1,923 | 2,674 | 2,135 | 2,469 | 2,623 | |
| Total Assets | 2,744 | 3,103 | 3,747 | 3,728 | 3,726 | 5,379 | 6,668 | 12,984 | 13,756 | 13,483 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 380 | 361 | 418 | 598 | 451 | 394 | 670 | 1,105 | 760 | 1,576 | |
| Cash from Investing | -36 | -34 | -278 | -107 | -203 | -541 | -552 | -4,214 | -690 | -675 |
| Cash from Financing | -337 | -110 | -70 | -389 | -180 | 217 | -31 | 3,381 | -64 | -990 |
| -27 | 148 | -58 | 36 | 3 | -34 | -78 | 272 | 6 | -89 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-04 - PCBL Chemical Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018 for the month of August, 2026
2026-08-26 - PCBL Chemical Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-25 - PCBL Chemical Limited has informed the Exchange regarding 'Submission of Business Responsibility and Sustainability Report for FY 2025-26'.
2026-08-25 - PCBL Chemical Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 22, 2026
2026-08-21 - PCBL Chemical Limited has informed the Exchange about Appointment of Mr. RohitMaindwal as Chief & Executive Director Specialty Blacks
2026-08-18 - PCBL Chemical Limited has informed the Exchange regarding 'Re-lodgement of Transfer Requests of Physical Shares for the month of July, 2026'.
2026-08-18 - PCBL Chemical Limited has informed the Exchange about approval received under the Electronics Components Manufacturing Scheme (ECMS) for its Acetylene Black Project
2026-08-06 - PCBL Chemical Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018 for the month of July, 2026
2026-08-05 - PCBL Chemical Limited has informed the Exchange about Transcript
News
Recent coverage and analyst commentary for PCBL
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