PCBL Chemical's Aquapharm sales volume falls 7% in first half FY27

PCBL Chemical Limited’s Aquapharm Specialty & Solutions business recorded sales volume of 47,238 metric tonnes (MT) in the first half of FY27 (H1FY27), down 7% from 50,744 MT in H1FY26. Oil & Gas volume fell 4,246 MT, outweighing a 1,550-MT increase in Application Specific Solutions, while the segment reported Rs 827 crore revenue and Rs 89 crore of earnings before interest, tax, depreciation and amortisation (EBITDA).

Why did PCBL Chemical’s Aquapharm volume fall in first half FY27?

PCBL Chemical’s Aquapharm volume fell because lower Oil & Gas and Water Solutions sales more than offset growth in Home Care and Application Specific Solutions. Total H1FY27 volume declined by 3,506 MT from 50,744 MT in H1FY26 to 47,238 MT, a reduction of 6.9% that rounds to 7%.

Oil & Gas was the largest source of the decline, with volume falling 28.4% to 10,693 MT from 14,939 MT. Water Solutions fell 1,031 MT to 7,709 MT from 8,740 MT, meaning the two declining categories lost a combined 5,277 MT, against combined growth of 1,771 MT in Home Care and Application Specific Solutions.

The quarterly comparison showed a smaller decline in Q2FY27. PCBL Chemical’s Aquapharm sales volume was 24,253 MT in Q2FY27, 941 MT below 25,194 MT in Q2FY26, equivalent to a 3.7% reduction. The presentation does not give a separate explanation for the difference between the quarterly and half-year changes.

Which PCBL Chemical Aquapharm categories gained volume?

PCBL Chemical increased H1FY27 volume in Application Specific Solutions and Home Care. Application Specific Solutions rose 19.6% to 9,450 MT from 7,900 MT, the fastest percentage increase among the four reported categories, while Home Care rose 221 MT to 19,386 MT.

Home Care remained PCBL Chemical’s Aquapharm largest category by H1 volume, ahead of Oil & Gas at 10,693 MT. In Q2FY27, Home Care increased 680 MT to 10,426 MT from 9,746 MT, and management said phosphonates were benefiting from demand tailwinds in Asia.

Application Specific Solutions increased by 645 MT in Q2FY27, reaching 4,859 MT from 4,214 MT in Q2FY26. Its H1 gain of 1,550 MT accounted for most of the 1,771-MT combined increase in the two growth categories, although the presentation does not provide a product, customer or geographic breakdown for this category.

How did PCBL Chemical’s Aquapharm sales mix change?

PCBL Chemical’s Aquapharm mix shifted away from Oil & Gas and towards Application Specific Solutions in H1FY27. Oil & Gas declined to 10,693 MT from 14,939 MT, while Application Specific Solutions rose to 9,450 MT from 7,900 MT and overtook Water Solutions, which fell to 7,709 MT.

Home Care held its position as the largest category, at 19,386 MT in H1FY27 compared with 19,165 MT a year earlier. Its 221-MT gain was considerably smaller than the 4,246-MT decline in Oil & Gas, which had been the second-largest category in H1FY26.

The Q2FY27 pattern was similar: Oil & Gas fell 1,322 MT to 5,115 MT and Water Solutions declined 944 MT to 3,853 MT. Home Care and Application Specific Solutions increased by a combined 1,325 MT, leaving a net quarterly reduction of 941 MT.

What did PCBL Chemical’s Aquapharm report financially?

PCBL Chemical reported Rs 827 crore of H1FY27 revenue and Rs 89 crore of EBITDA for Specialty & Solutions, which the presentation identifies as Aquapharm Chemical. The supplied presentation does not disclose H1FY26 revenue, EBITDA or margin for the segment, so it does not support a year-on-year financial comparison.

In Q2FY27, PCBL Chemical’s Aquapharm reported Rs 433 crore of revenue and Rs 42 crore of EBITDA. The company’s consolidated revenue from operations was Rs 4,948 crore in H1FY27, up 16% year on year, while consolidated EBITDA rose 18% to Rs 710 crore; those group figures are not a measure of Specialty & Solutions growth.

PCBL Chemical said Aquapharm represented 13% of its FY26 revenue mix. The segment has 167 thousand tonnes per annum of capacity across four plants and more than 275 grades serving Home Care, Oil & Gas, Water Solutions, Application Specific Solutions and industrial applications.

What plans did PCBL Chemical disclose for Aquapharm?

PCBL Chemical disclosed plans to expand greener chemistries, progress customer qualifications and pursue desalination opportunities for Aquapharm. Management said Green Chelates had healthy traction, with customer qualifications progressing in the United States and Europe, without providing revenue, volume or timing targets.

The company is also advancing biocide and corrosion-inhibitor qualifications with leading US oil-and-gas companies. That development activity follows the 28.4% H1FY27 fall in Oil & Gas volume to 10,693 MT, but qualifications are not disclosed as sales contracts or confirmed commercial volumes.

For the Middle East, PCBL Chemical said it is positioning for a transition from thermal desalination to seawater reverse osmosis (SWRO) technology. It also reported higher raw-material inventories to support supply security and said it was driving higher capacity utilisation, while providing no dated Aquapharm volume or financial target.

Conclusion

PCBL Chemical’s H1FY27 Aquapharm data show a volume and mix change: total volume fell 7% to 47,238 MT as lower Oil & Gas and Water Solutions sales exceeded gains in Home Care and Application Specific Solutions. The segment nonetheless reported Rs 827 crore of revenue and Rs 89 crore of EBITDA, with no prior-year segment financial comparator disclosed.

The next items to watch are management’s progress on Green Chelates qualifications in the US and Europe, biocide and corrosion-inhibitor qualifications with US oil-and-gas companies, and its positioning for SWRO desalination in the Middle East. PCBL Chemical also identified higher utilisation and raw-material inventory for supply security as priorities across its 167 thousand tonnes per annum Specialty & Solutions capacity.