AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 18 Sep - PCBL Chemical will participate in PL Capital Investor Conference on 29 September 2026 in Mumbai.
Source: Bse
PCBL Chemical Limited (PCBL)
Large CapChemicals stocks · Large cap · NSE
PCBL Chemical Limited manufactures carbon black, a key ingredient for the tyre and non-tyre industries, and operates a specialty chemicals business (Aquapharm) focusing on water solutions, home care, and oil & gas. The company is also diversifying into battery chemicals through its Nanovace platform.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result29 Jul, 07:54 pm IST
Score20 Oct, 05:15 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Chemicals P/E 33.1 (n=45)
Technical timing lens
Trend score and candlestick chart
50NeutralMACD − · sector -4.2pp vs Nifty 500 (3M)
Stock trend: 53
Sector RS: 46
Sector 3M: -9.8% vs Nifty 500 -5.6%
Chemicals FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
PCBLD candles · FIT view+7.3%Latest close ₹302.75 on 2026-10-19
Bar
-2.5%
RSI
34
MACD hist
-2.63
52W pos
51%
2026-10-19O ₹310.50H ₹310.50L ₹301.55C ₹302.75Vol 4.4L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
PCBLNifty ChemicalsNifty 500
- PCBL
- -7.0%
- Nifty 500
- -5.6%
- Nifty Chemicals
- -8.5%
- Vs Nifty 500
- -1.4 pp
Chart stats
19 Oct 2026- From 52W high
- -22.5%
- 52W range position
- 46%
- ATR (14)
- 3.2%
- Volume vs 20D
- 0.47x
- Avg traded value
- ₹29.9 Cr
- 20D price channel
- ₹301.6 - ₹356
₹390.8
₹226.5 - ₹390.8
₹9.6
Latest completed session
20-session average
23.6% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED28
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +17.0% · PAT +64.9% YoY
Technical
Neutral50
Price trend and sector-relative-strength timing.
Valuation
Legacy model-906.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence57
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +17% YoY · PAT +65% YoY · margin expansion · +20% QoQ · operating leverage
Filed 29 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,473 Cr | +17.0% | +19.7% |
| EBITDA | ₹396 Cr | +24.1% | +63.0% |
| Operating margin | 16.0% | +100 bps | +400 bps |
| PAT | ₹155 Cr | +64.9% | +287.5% |
| PAT margin | 6.3% | +182 bps | +433 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 45.00
- P/B
- 2.97
- EV/EBITDA
- 11.24
- Market Cap
- 11912.00Cr
Profitability
- ROE
- 5.56%
- ROCE
- 7.75%
- ROA
- 2.29%
- Dividend Y
- 1.90%
Growth (CAGR)
- Revenue 5Y
- 25.00%
- EPS 5Y
- -7.00%
- Revenue 3Y
- 12.00%
- EPS 3Y
- -21.00%
Balance Sheet
- Debt/Equity
- 1.25
- Interest Coverage
- 2.78×
- Altman Z
- 2.68
- Book Value
- 102.00
Cash Flow
- FCF Yield
- 7.56%
- FCF Positive Y
- 8/5
- OCF
- 1576.00 Cr
- EPS TTM
- 6.64
Shareholding
- Promoter Hold
- 53.38%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 52%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 5,777+3.6% vs prev
Net Profit
₹ CrLatest: 236-47.7% vs prev
Return on Equity
%Latest: 5.8-51.6% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 34.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 34 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 19% off 52W high · 34% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
48
RS percentile
Stage 1 Base / Transition
1M return
-10.1%
3M return
-7.0%
6M return
+4.4%
1Y return
-17.1%
RS 1D
-2
RS 20D
-4
Sector rank
#13
Industry rank
-
Stage evidence
- Price is within 0.5% of the 30-week proxy.
- The 30-week proxy changed +2.0% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price above
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 83.18-1.11%
RS vs Nifty 50083
Valuation & peers
U-Score 28 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 28 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation2/30
Growth8/25
Quality0/20
Balance Sheet5/15
Cash Flow10/10
Piotroski
5/9 (+3)
Penalties
0
Raw sum
28
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
28/100 · legacy band OVERVALUED
Positive drivers
- FCF yield is supportive at 7.6%.
- Cash flow contributes 10/10 to the score.
- Balance sheet contributes 5/15 to the score.
Main drags
- Fair-value margin of safety is negative at -906.4%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
45.0
PB
3.0
EV/EBITDA
11.2
ROE
5.6%
ROCE
7.8%
FCF Yield
7.6%
Debt/Equity
1.3
MoS
-906.4%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE. Debt/equity is 1.3, so downturn resilience matters.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
28
Previous: 28
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-906.4%
Previous: -906.4%
Score history
12 stored score snapshots. Latest stored move: +1 points.
20 Oct 2026
v4.3-runtime-valuation
27
27
27
27
27
27
27
27
27
27
27
28
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹123.45
-145.2% MoS
Growth-justified P/E
4.5
Growth-justified Value
₹30.08
-906.4% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Chemicals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SUMICHEM
Large
Sumitomo Chemical India Limited
Fertilizers & Agrochemicals
match 164
44
35.3
16.2%
-73%
WATCHLIST
SUDARSCHEM
Micro
Sudarshan Chemical Industries Limited
Fertilizers & Agrochemicals
match 163
24
89.6
0.5%
-8507%
OVERVALUED
KANSAINER
Micro
Kansai Nerolac Paints Limited
Fertilizers & Agrochemicals
match 163
38
22.5
8.8%
-176%
WATCHLIST
PRIVISCL
Micro
Privi Speciality Chemicals Limited
Fertilizers & Agrochemicals
match 162
66
38.0
26.0%
+18%
UNDERVALUED
NEOGEN
Micro
Neogen Chemicals Limited
Fertilizers & Agrochemicals
match 161
9
216.0
3.6%
-2868%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-03T18:23:30.168Z
Management commentary snapshot
Q4 FY26 Carbon Black Volumes Up YoY, But Margins Pressured by West Asia Conflict & Input Costs; Aquapharm Faces Headwinds.
The company navigated significant Q4 FY26 headwinds from the West Asia conflict, crude volatility, and logistics costs, impacting margins and Aquapharm's performance. However, management highlights clear recovery signals, including US tariff rationalization, India-EU FTA, customer restocking, and cost initiatives, projecting double-digit EBITDA growth for FY27.
Growth engines
Specialty Carbon Black
Specialty sales volumes grew by 26% YoY to 19,386 tons in Q4 FY26. Management is selectively increasing focus and resource reallocation in this segment.
Battery Chemicals (Nanovace)
Pilot plant at Palej is fully equipped and ready for commissioning within weeks. Engagement with large battery manufacturers is underway to validate product properties.
Export Market Expansion
India-EU FTA opens duty-free access to 1.8 million tons carbon black market. Recent U.S. tariff reduction restores cost advantage for Indian exports, seeing good traction from US customers.
Cost Reduction Initiatives
Program is progressing well, on track to unlock over INR 200-250 crores of savings over the next 4-6 quarters through yield improvement, throughput enhancement, and feedstock diversification.
Capacity and execution
Carbon Black Capacity
Added 90,000 tons of carbon black capacity (Brownfield expansion at Tamil Nadu), bringing total installed capacity to 880,000 tons per annum.
Superconductive Specialty Black Line
1,000 MTPA line at Palej, Gujarat, is mechanically ready for commissioning, but delayed due to gas shortage.
Specialty Black Line (Mudra)
20,000 tons line in Mudra is ready and will be commissioned in the next few weeks.
Aquapharm Capacity
Successfully expanded capacity from 130,000 tons to 167,000 tons during the year.
Tailwinds
Industry Recovery Signals
Broad industry dynamics show clear signs of recovery; spreads appear to have found a floor, and exit quarter momentum has turned positive.
Favorable Trade Policies
Recent rationalization of U.S. tariffs restored a meaningful cost advantage for Indian exports. India-EU FTA opens duty-free access to a significant carbon black market.
Customer Inventory Restocking
Customers are shifting from just-in-time to a 'just-in-case' approach, building strategic inventory buffers, which is translating into incremental demand.
Indian Tyre Sector Growth
The Indian tyre sector in FY27 is poised for robust, high single-digit growth, supported by high vehicle usage and aging commercial vehicle fleet.
Headwinds
West Asia Conflict Impact
Escalation of West Asia conflict created significant disruptions, massive increases in logistics cost, cost of feedstock, and availability of ships.
Raw Material Price Volatility
Raw material prices (linked to crude) rose sharply; Brent started at $60, ended March at $100, and is hovering close to $120 per barrel.
Contractual Lag Effect
Formula-based contracts with tyre majors carry an inherent quarterly lag effect, meaning the full impact of cost pass-through will reflect in Q2 FY27.
Aquapharm Raw Material & Logistics
Aquapharm faced 25-30% rise in raw material prices (yellow phosphorus, acrylic acid, malic acid), increased lead times, and freight rates due to West Asia conflict.
Risk radar
Geopolitical Instability
Ongoing West Asia conflict continues to pose risks to global supply chains, logistics, and raw material costs, impacting profitability.
Crude Price Volatility
Raw material prices are directly linked to crude, and continued high volatility can exert significant pressure on margins.
Domestic Overcapacity
Surplus domestic capacity in the carbon black industry persisted through Q4 FY26, potentially limiting pricing power.
New Product Qualification
Battery chemicals (Nanovace) require a validation period of a few months post-commissioning before capacity ramp-up begins.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is relevant for assessing overall growth and the impact of annual trends. QoQ is crucial for understanding sequential momentum, especially given the stated lag effect of cost pass-through in contracts and the expected recovery consolidation over the next 2-3 quarters.
Sector KPIs management disclosed
Carbon Black Sales Volume (Q4 FY26)
Consolidated sales volume increased by 8% YoY to 161,865 MT. Domestic sales volume grew by 21% YoY to 105,055 tons, while international sales volume decreased by 10% to 56,800 tons.
Carbon Black Sales Volume (FY26)
Sales volume for carbon black decreased 4% YoY to 618,956 metric tons in FY26 (vs 596,262 metric tons in FY25).
Consolidated EBITDA (Q4 FY26)
Consolidated EBITDA were INR 248 crores.
Consolidated EBITDA (FY26)
Consolidated EBITDA for FY26 stood at INR 1,081 crores as against INR 1,384 crores in FY25.
Management forward view
FY27 Outlook & Growth
Confident of delivering double-digit EBITDA growth in FY27, fueled by volume momentum, leaner cost structure, and better pricing realization.
Capital Allocation
Maintaining capital discipline with investment priorities towards specialty carbon black, battery chemicals, and other value-added segments.
Aquapharm Profitability Target
Goal remains to reach INR 75 crores per quarter EBITDA run rate for Aquapharm over the next 2-3 quarters.
Long-Term EBITDA Guidance
The long-term fundamentals remain intact, and the INR 40 billion EBITDA guidance by 2030 remains on track.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Carbon Black EBITDA per ton | Q4 FY26 EBITDA per ton not explicitly stated, but management noted it did not improve much QoQ. | Strong double-digit increase in EBITDA per ton for FY27, driven by pricing, product mix, and cost initiatives. |
| Aquapharm Quarterly EBITDA | INR 29 crores in Q4 FY26. | Achievement of INR 75 crores per quarter EBITDA run rate within the next 2-3 quarters. |
| Nanovace (Battery Chemicals) Progress | Pilot plant ready for commissioning; product validation with large battery manufacturers underway. | Successful product qualification and commencement of commercial volumes, expected in FY28. |
| Cost Savings Realization | Program progressing well. | Realization of INR 200-250 crores of savings over the next 4-6 quarters from yield, throughput, and feedstock diversification. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
57Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 20th percentile of the scored universe and 15th percentile within Chemicals. Main check: financial discipline is weak at 18/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
77 docs text-extracted · 14 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
20th percentile
overall median 67 · Chemicals: 15th pctile, median 73 · Large: 11th pctile, median 73
Evidence depth
Financial-only
77 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
53
watch · leverage and solvency
Discipline
18
weak · capital discipline
Results
35
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 7.6%.
- ▸8 years of positive FCF.
- ▸OPM spread across recent quarters is 5%.
Trust risks
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸Debt/equity is 1.25.
- ▸ROCE is low at 7.8%.
- ▸ROE is low at 5.6%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching PCBL Chemical Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Management 21 Aug - Mr. Rohit Maindwal appointed Chief & Executive Director, Specialty Blacks, effective 20 August 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 26 Aug - Post Dispatch Newspaper Advertisement- Disclosure under Regulation 30 and Regulation 47 of the SEBI Listing Regulations
Source: Bse
Credit ratingJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Credit Rating 7 Jul - CARE reaffirmed PCBL Chemical's bank facility ratings: AA Negative and A1+ on July 6, 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 31 Jul - Newspaper Publication of Unaudited Financial Results for the Quarter ended 30th June, 2026 and Interim Dividend
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Change in Management 9 Jun - Mr. Vaneet Kumar appointed Chief-Batteries and Executive Director effective 9 June 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 10 Jun - Special Window for Transfer and Dematerialization of Physical Securities
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Company Ir
AnnouncementMay 2026
May 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 21 May - PCBL Chemical will attend investor conferences on 28 May 2026 and 9 June 2026 in Mumbai.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.