PCBL Chemical Ltd

₹ 276 0.00%

11 Mar 1:21 p.m.

About

Incorporated in 1960, Company is a part of RP‑Sanjiv Goenka Group and is in the business of production of Carbon Black, speciality chemical and generation of electricity for the purpose of captive consumptions and sale of surplus to outsiders.^[1]

Key Points

Market Leadership^[1]
PCBL is India’s largest and the world’s 7th largest carbon black producer, with a total capacity of 790 KTPA—678 KT for rubber black and 112 KT for specialty black. In the chemicals segment, it ranks among the top 3 global producers of phosphonates, offering over 275 products, with phosphonates contributing over 50% of revenue.

Website BSE NSE

Market Cap ₹ 10,850 Cr.
Current Price ₹ 276
High / Low ₹ 444 / 254
Stock P/E 41.6
Book Value ₹ 98.4
Dividend Yield 2.24 %
ROCE 11.8 %
ROE 12.5 %
Face Value ₹ 1.00

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Pros

Company has been maintaining a healthy dividend payout of 45.7%
Promoter holding has increased by 1.97% over last quarter.

Cons

Stock is trading at 2.84 times its book value
Company has low interest coverage ratio.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Commodities Chemicals Chemicals & Petrochemicals Carbon Black

Part of BSE 500 Nifty 500 Nifty Smallcap 100 BSE Allcap BSE Commodities BSE 250 SmallCap Index BSE 400 MidSmallCap Index Nifty MidSmallcap 400 Nifty Smallcap 250 Nifty 500 Multicap 50:25:25 Nifty Total Market Nifty Smallcap250 Momentum Quality 100 Nifty500 Equal Weight Nifty500 LargeMidSmall Equal-Cap Weighted

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	1,363.33	1,373.81	1,347.52	1,486.71	1,656.76	1,928.78	2,143.56	2,163.20	2,010.00	2,087.49	2,114.05	2,163.57	1,845.62
	1,199.96	1,189.98	1,136.75	1,248.59	1,377.82	1,619.27	1,785.29	1,799.69	1,692.66	1,789.83	1,795.00	1,897.41	1,630.97
Operating Profit	163.37	183.83	210.77	238.12	278.94	309.51	358.27	363.51	317.34	297.66	319.05	266.16	214.65
OPM %	11.98%	13.38%	15.64%	16.02%	16.84%	16.05%	16.71%	16.80%	15.79%	14.26%	15.09%	12.30%	11.63%
	8.51	16.62	3.98	2.68	7.17	23.20	10.88	5.65	10.57	19.77	5.80	12.05	-4.77
Interest	14.98	18.61	19.25	20.97	32.37	108.19	121.11	118.92	117.72	103.16	112.35	107.15	106.29
Depreciation	33.00	33.55	41.18	48.24	52.65	75.19	84.47	86.41	86.66	88.14	92.35	92.78	93.63
Profit before tax	123.90	148.29	154.32	171.59	201.09	149.33	163.57	163.83	123.53	126.13	120.15	78.28	9.96
Tax %	21.59%	31.03%	29.14%	28.42%	26.41%	25.70%	27.91%	24.65%	24.63%	20.57%	21.68%	21.18%	79.72%
	97.15	102.28	109.35	122.83	147.98	110.95	117.92	123.45	93.11	100.19	94.10	61.70	2.02
EPS in Rs	2.57	2.71	2.89	3.25	3.92	2.95	3.13	3.27	2.47	2.65	2.49	1.63	0.05
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	2,277	2,470	1,894	1,927	2,558	3,529	3,244	2,660	4,446	5,774	6,420	8,404	8,211
	2,252	2,319	1,729	1,662	2,175	2,912	2,778	2,143	3,793	5,043	5,383	7,067	7,113
Operating Profit	25	151	165	265	383	616	465	517	653	731	1,037	1,337	1,098
OPM %	1%	6%	9%	14%	15%	17%	14%	19%	15%	13%	16%	16%	13%
	22	14	16	12	23	20	28	19	28	41	37	47	33
Interest	80	95	72	51	41	37	46	34	29	53	181	461	429
Depreciation	55	58	62	61	61	66	92	110	121	137	217	346	367
Profit before tax	-88	12	47	165	304	533	355	392	532	582	676	577	335
Tax %	-1%	14%	66%	58%	24%	28%	19%	20%	20%	24%	27%	25%
	-87	10	16	69	230	383	288	314	426	442	491	435	258
EPS in Rs	-2.51	0.31	0.46	2.01	6.64	11.13	8.31	9.10	11.29	11.70	13.01	11.51	6.82
Dividend Payout %	0%	32%	54%	30%	11%	16%	42%	38%	44%	47%	42%	48%

Compounded Sales Growth
10 Years:	13%
5 Years:	21%
3 Years:	24%
TTM:	0%

Compounded Profit Growth
10 Years:	45%
5 Years:	9%
3 Years:	1%
TTM:	-42%

Stock Price CAGR
10 Years:	41%
5 Years:	21%
3 Years:	33%
1 Year:	-27%

Return on Equity
10 Years:	16%
5 Years:	16%
3 Years:	15%
Last Year:	12%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	34	34	34	34	34	34	34	34	38	38	38	38	38
Reserves	467	473	1,010	1,096	1,343	1,615	1,665	1,901	2,576	2,792	3,209	3,660	3,833
	1,087	1,220	1,022	758	717	793	617	724	786	1,029	4,983	5,571	5,252
	540	285	524	691	776	944	995	1,067	1,385	1,573	3,066	2,453	2,563
Total Liabilities	2,128	2,012	2,590	2,580	2,871	3,387	3,311	3,726	4,785	5,433	11,295	11,722	11,686
	889	851	1,416	1,388	1,399	1,500	1,640	1,742	1,934	1,968	6,892	6,595	6,756
CWIP	74	80	80	80	67	175	306	267	175	1,130	433	732	731
Investments	38	86	228	291	316	362	155	196	588	234	433	516	515
	1,127	995	867	822	1,090	1,350	1,210	1,521	2,087	2,101	3,537	3,879	3,684
Total Assets	2,128	2,012	2,590	2,580	2,871	3,387	3,311	3,726	4,785	5,433	11,295	11,722	11,686

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-149	35	422	346	293	290	532	385	290	504	1,105	760
	-36	-68	-121	-36	-34	-278	-107	-203	-541	-552	-4,214	-690
	122	34	-262	-337	-110	-70	-389	-180	217	-31	3,381	-64
Net Cash Flow	-63	1	39	-27	148	-58	36	3	-34	-78	272	6

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	83	77	84	88	74	68	66	97	91	70	97	78
Inventory Days	85	56	66	72	68	73	54	101	70	48	82	80
Days Payable	89	28	74	123	88	81	70	134	106	80	147	100
Cash Conversion Cycle	79	105	77	37	54	60	51	64	55	38	32	57
Working Capital Days	-25	-34	-80	-57	-34	-1	-4	15	17	4	-11	-24
ROCE %	-0%	6%	6%	11%	17%	25%	16%	17%	18%	17%	14%	12%

Insights

In beta

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Carbon Black Installed Capacity
KTPA

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xx	xx	xx	xx	xx	xx	xx	xx	xx	xxx	xxx
		xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx
xxx.xx	xxx.xx	xxx.xx	xxx.xx		xxx.xx		xxx.xx	xxx.xx	xxx.xx	xxx.xx
									x	x
	x.xx	x.xx	x.xx			x.xx	x.xx	x.xx	x.xx	x.xx

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Power Cogeneration Capacity
MW

Carbon Black Sales Volume
MT

Power Generation
MU

Cumalative Patents Granted
Number

R&D Expenditure (Percentage of Turnover)
% ・Standalone data

Shareholding Pattern

Numbers in percentages

2 Recently

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	51.41%	51.41%	51.41%	51.41%	51.41%	51.41%	51.41%	51.41%	51.41%	51.41%	51.41%	53.38%
	6.34%	6.56%	7.07%	7.12%	6.68%	5.29%	4.99%	5.24%	5.58%	5.53%	6.08%	5.68%
	8.15%	9.05%	7.78%	6.25%	5.61%	6.41%	6.80%	6.70%	8.93%	9.89%	10.77%	10.20%
	1.24%	1.24%	1.24%	1.24%	1.24%	1.24%	1.24%	1.24%	1.24%	1.24%	1.24%	1.19%
	32.85%	31.74%	32.51%	33.98%	35.07%	35.66%	35.56%	35.44%	32.83%	31.95%	30.51%	29.55%
No. of Shareholders	1,64,052	1,73,347	1,88,648	2,18,524	2,41,489	2,40,162	2,77,335	3,03,531	2,92,570	2,87,329	2,85,546	2,81,584

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Dec 2025
	53.56%	53.56%	53.56%	53.56%	53.56%	51.38%	51.41%	51.41%	51.41%	53.38%
	8.19%	10.98%	10.30%	12.01%	8.13%	9.46%	6.34%	6.68%	5.58%	5.68%
	1.35%	3.06%	2.30%	1.29%	1.63%	5.16%	8.15%	5.61%	8.93%	10.20%
	1.36%	1.36%	1.36%	1.36%	1.36%	1.24%	1.24%	1.24%	1.24%	1.19%
	35.54%	31.04%	32.48%	31.78%	35.32%	32.75%	32.85%	35.07%	32.83%	29.55%
No. of Shareholders	33,573	60,429	94,541	1,00,056	1,13,717	1,52,820	1,64,052	2,41,489	2,92,570	2,81,584

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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