Petro Carbon and Chemicals Ltd. (PCCL)
SME CapIndustrials stocks · SME cap · NSE
Petro Carbon and Chemicals Limited (PCCL) manufactures and markets Calcined Petroleum Coke (CPC), a key raw material for aluminum and steel sectors. Incorporated in 2007, it operates on a B2B model, supplying to major clients like NALCO and Hindalco. The group has a 70-year history in mining and minerals.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 30/100YoY data unavailable — classification deferred
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹316 Cr | NDF | +21.5% |
| EBITDA | ₹40 Cr | +900.0% | +150.0% |
| Operating margin | 12.0% | +860 bps | +600 bps |
| PAT | ₹23 Cr | NDF | +666.7% |
| PAT margin | 7.3% | +645 bps | +613 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
FY25 consolidated total income declined significantly to INR 29,977.30 lakhs from INR 54,035.41 lakhs in FY24. EBITDA margin compressed to 5.83% from 23.63%, and PAT margin fell to 3.20% from 15.31%, primarily due to elevated raw material prices and inability to pass on costs.
PCCL's FY25 performance shows severe margin compression and revenue decline, attributed to raw material price volatility and import dependency. While strategic expansions and diversification efforts are underway, the immediate financial results indicate significant operational challenges that need close monitoring.
Revenue by End-User
Latest issuer-disclosed distribution across 2 reported categories.
Diversification into Carbon-Based Recycling
neutralManagement is actively evaluating entry into the carbon-based recycling industry as part of a broader diversification strategy.
Advanced Carbon Materials Production
positiveEnvironmental clearance received for capacity expansion, including up to 72,000 TPA Advanced carbon materials.
Backward Integration
positiveNew subsidiary ACL Alchemy Pvt. Ltd. joined as 50% partner in a firm producing carbon products, strengthening backward integration.
10 MW WHRB Power Plant Commissioned
positiveA 10 MW WHRB Power Plant was commissioned at Haldia Oil Refinery to reduce power cost and dependency on external sources.
Carbon Paste Plant Revamp
positiveEnvironmental clearance received for revamp of 48,000 TPA Carbon Paste Plant at Haldia, West Bengal.
Advanced Carbon Materials Capacity
positiveEnvironmental clearance received for up to 72,000 TPA Advanced carbon materials at Haldia, West Bengal.
Expanding Indian Aluminium Industry
positiveIndian Aluminium majors are expanding, leading to a gradual increase in demand for CPC.
Emerging Li-ion Battery Market
positiveOnce Li-ion component manufacturing is operational in India, it will create an additional market for CPC.
Volatility in Raw Material Prices
negativeThe CPC industry faced headwinds in FY25 due to elevated raw material prices, which could not be fully passed on to customers.
Import Dependency
negativeHeavy reliance on imports for low-sulphur RPC (especially from the U.S. and other Europe and Asian countries) affects cost and availability.
High Energy Consumption
negativeEnergy-intensive calcination process raises operational costs, especially during power/fuel inflation.
Raw Material Price Volatility
negativeIncrease in raw material prices, consequent to the price movement of crude oil, may affect margins.
Competition from International Calciners
negativeThe company may face competition from international calciners.
Single Product Dependence
negativeDependence on a single product (CPC), though new product expansion is underway.
Customer Concentration
negativeDependence on a few big customers.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
The company's financial statements are presented annually (FY25 vs FY24) and half-yearly (H2 FY25 vs H2 FY24). Annual comparisons are crucial for assessing long-term trends and mitigating seasonal fluctuations in the industrial manufacturing sector.
Dispatch Quantity
negativeDispatch Quantity for FY25 was 86,943 MT, down from 92,853 MT in FY24.
EBITDA Margin
negativeConsolidated EBITDA Margin for FY25 was 5.83%, a significant drop from 23.63% in FY24.
PAT Margin
negativeConsolidated PAT Margin for FY25 was 3.20%, down from 15.31% in FY24.
Plant Utilization
neutralThe plant is running with almost 80% to 90% of its capacity since last three years.
Maintaining Profitability Amidst Headwinds
positiveDespite material price headwinds in FY25, PCCL maintained profitability, avoiding any losses due to its agile operations and strict cost control.
Strategic Diversification
neutralManagement is actively evaluating entry into the carbon-based recycling industry as part of a broader diversification strategy aligned with long-term sustainability goals.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | 5.83% (FY25 consolidated) | Recovery towards historical levels (e.g., FY24's 23.63%) indicating improved pricing power or cost control. |
| Raw Material Price Trend | Elevated and volatile | Stabilization or decline in Raw Petroleum Coke (RPC) prices and the company's ability to pass on costs. |
| New Capacity Ramp-up & Contribution | WHRB plant commissioned, environmental clearance for carbon paste and advanced materials capacity received. | Timely commissioning, utilization ramp-up, and revenue/cost savings contribution from new capacities and diversification efforts. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
66Bullishfull bull SMA stack · SMA20 +30.5% / mo · RSI overbought · MACD + · near 52W high
Technical chart
PCCLdaily · 1Y · AUTO+93.3%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 82.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~23.3% over last month) — short-term momentum positive.
- RSI(14) at 82 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- 4% off 52W high · 152% 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.
Valuation & score drivers
U-Score 41 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 41 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Growth contributes 23/25 to the score.
- Balance sheet contributes 6/15 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -3.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
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.
Score history
12 stored score snapshots. Latest stored move: -4 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 35th percentile of the scored universe and 32nd percentile within Industrials. Main check: cash conversion is weak at 43/100.
Healthy Trust Lite: Promoter holding is 73.2%. Key concern: Only 0 years of positive FCF.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 32nd pctile, median 68 · SME: 41st pctile, median 64
1 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
Trust positives
- ▸Promoter holding is 73.2%.
- ▸Promoter pledge is zero.
Trust risks
- ▸Only 0 years of positive FCF.
- ▸Debt/equity is 1.02.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 41.50
- P/B
- 5.37
- EV/EBITDA
- 20.48
- Market Cap
- 1050.00Cr
Profitability
- ROE
- 13.80%
- ROCE
- 14.10%
- ROA
- 5.68%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 94.93%
- EPS 5Y
- 188.89%
- Revenue 3Y
- 94.93%
- EPS 3Y
- 188.89%
Balance Sheet
- Debt/Equity
- 1.02
- Interest Coverage
- 3.24×
- Altman Z
- 4.74
- Book Value
- 79.10
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- 4.00 Cr
- EPS TTM
- 10.40
Shareholding
- Promoter Hold
- 73.21%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 93%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in Industrials — 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.