PCBL Chemical Ltd

PCBL

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Market Cap

₹ 12,451 Cr

P/E

35.68

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Investment Checklist

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Performance

MARKET LEADER

Valuation

REASONABLE

Growth

STABLE

Profitability

LOW MARGIN

Technicals

Bearish

Risk

HIGH RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

PCBL Chemical Limited, part of the RP-Sanjiv Goenka Group, is India's largest Carbon Black producer with a strong presence in the specialty chemicals sector.

The company is expanding its focus on battery materials, having secured patents for innovations in conductive carbons and nano-silicon, poised to enhance their energy storage capabilities.

Significant capacity expansion plans are underway, with intentions to boost production across all product segments by 50% over the coming years.

The strategic acquisition of Aquapharm Chemical Limited bolsters PCBL Chemical Limited's market position in water treatment and specialty chemicals.

Sector

Chemicals

Industry

Carbon Black

Market Cap

12,451 Cr

Volatility

High Risk

P/E Ratio

35.7

Industry P/E

36.3

PEG Ratio

0.9

P/B Ratio

3.2

52W High

498.55

52W Low

306.00

Sales CAGR

30.91%

9.92%

12.73%

10Y

12.08%

Profit CAGR

-11.49%

1.83%

9.73%

10Y

44.03%

ROE

TTM

9.01%

13.95%

14.67%

10Y

14.52%

ROCE

TTM

9.68%

12.98%

13.88%

10Y

14.97%

Technicals

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Forecasts

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ANURAS	1327.00	15,007 Cr	99.26	4.69	0.05	4.73	9.37	3.94
AARTIIND	372.65	13,652 Cr	50.74	2.39	0.27	5.09	5.85	2.49
FINEORG	4315.00	13,351 Cr	33.35	5.39	0.25	16.37	21.90	15.24
PCBL	310.00	12,451 Cr	35.68	3.22	1.67	9.01	9.68	2.99
PRIVISCL	3053.15	12,307 Cr	46.13	9.93	0.16	21.52	19.32	8.66
AETHER	865.10	11,687 Cr	57.64	5.02	0.00	8.36	10.91	6.83
JUBLINGREA	694.80	11,228 Cr	38.99	3.69	0.71	9.47	11.15	5.48

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	1,348	1,487	1,657	1,929	2,144	2,163	2,010	2,087	2,114	2,164
Expenses	1,137	1,249	1,378	1,619	1,785	1,800	1,693	1,790	1,795	1,897
Operating Profit	211	238	279	310	358	364	317	298	319	266
OPM %	15.64	16.02	16.84	16.05	16.71	16.80	15.79	14.26	15.09	12.30
Other Income	3.98	2.68	7.17	23	11	5.65	11	20	5.80	12
Interest	19	21	32	108	121	119	118	103	112	107
Depreciation	41	48	53	75	84	86	87	88	92	93
Profit Before Tax	154	172	201	149	164	164	124	126	120	78
Tax %	29.14	28.42	26.41	25.70	27.91	24.65	24.63	20.57	21.68	21.18
Net Profit	109	123	148	111	118	123	93	100	94	62
EPS in Rs	2.77	3.12	3.76	2.83	3.00	3.13	2.36	2.53	2.38	1.55

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2,131	2,611	3,529	3,244	2,660	4,446	5,774	6,420	—	8,375
Expenses	1,669	2,181	2,912	2,779	2,141	3,793	5,043	5,382	0.00	7,077
Operating Profit	462	430	616	464	518	653	731	1,037	0.00	1,298
OPM %	21.70	16.47	17.46	14.31	19.48	14.69	12.66	16.16	—	15.49
Other Income	19	29	20	29	18	29	41	37	0.00	42
Interest	51	41	37	46	34	29	53	181	—	452
Depreciation	61	61	66	92	110	121	137	217	—	354
Profit Before Tax	165	304	533	355	392	532	582	676	—	534
Tax %	58.29	24.38	28.20	18.97	19.91	19.80	23.98	27.39	—	23.01
Net Profit	69	230	383	288	314	426	442	491	—	411
EPS in Rs	—	—	9.72	7.31	7.98	10.56	11.22	12.48	11.02	8.83
Dividend Payout %	149.24	54.22	15.72	41.97	76.92	84.67	47.01	42.31	—	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	34	34	34	34	34	34	38	38	38	38
Reserves	1,010	1,096	1,343	1,615	1,665	1,901	2,576	2,792	3,209	3,660
Borrowings	910	738	687	726	545	679	786	1,029	4,983	5,571
Other Liabilities	636	711	807	1,012	1,067	1,112	1,385	1,573	3,066	2,453
Total Liabilities	2,591	2,580	2,871	3,387	3,311	3,726	4,785	5,433	11,295	11,722
Fixed Assets	1,416	1,383	1,395	1,496	1,635	1,738	1,930	1,963	6,888	6,590
CWIP	80	80	67	175	306	267	175	1,130	433	732
Investments	228	295	320	367	160	201	592	238	438	521
Other Assets	867	822	1,090	1,350	1,210	1,521	2,087	2,101	3,537	3,879
Total Assets	2,591	2,580	2,871	3,387	3,311	3,726	4,785	5,433	11,295	11,722

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	422	346	293	290	532	385	290	504	1,105	760
Cash from Investing Activity	-121	-36	-34	-278	-107	-203	-541	-552	-4,214	-690
Cash from Financing Activity	-262	-337	-110	-70	-389	-180	217	-31	3,381	-64
Net Cash Flow	39	-27	148	-58	36	2.80	-34	-78	272	6.24

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Nov 2025
Promoters	51.41%	51.41%	51.41%	51.41%	51.41%	51.41%	51.41%	51.41%	51.41%	51.41%	51.41%	53.38%
FIIs	6.34%	6.57%	7.07%	7.12%	6.68%	5.29%	5.00%	5.23%	5.58%	5.52%	6.07%	5.82%
DIIs	9.40%	10.29%	9.01%	7.48%	6.85%	7.64%	8.03%	7.93%	10.17%	11.12%	12.01%	11.52%
Public	32.86%	31.74%	32.51%	33.99%	35.07%	35.66%	35.57%	35.43%	32.84%	31.95%	30.51%	29.28%
Total 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	2,84,011

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Aug 05, 2024	Hrti private limited	Bulk	Sell	376.02	104.15 Cr	27,69,795	0.73
Aug 05, 2024	Hrti private limited	Bulk	Buy	375.35	97.77 Cr	26,04,836	0.69
Oct 06, 2023	Saregama india limited	Insider - Promoter Group	Disposal	166.00	0.02 Cr	1,000	—

Projection

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Actions

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Announcements

Last 7 days

Newest

Sentiment

Regulatory Filing

4 days ago

Final Reminder for Transfer Requests of Physical Shares

The company published a final reminder regarding the special window for re-lodgement of transfer requests for physical shares as per SEBI regulations.

Shareholder Meeting

5 days ago

Appointment of Managing Director Passed

Mr. Nilesh Koul appointed as the Managing Director following successful electronic voting results for the special resolution.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q1 FY25

Investor Presentation

Q1 FY25

Investor Presentation

Q4 FY24

Showing 1 - 8 of 28

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	1,348	1,487	1,657	1,929	2,144	2,163	2,010	2,087	2,114	2,164
Expenses	1,137	1,249	1,378	1,619	1,785	1,800	1,693	1,790	1,795	1,897
Operating Profit	211	238	279	310	358	364	317	298	319	266
OPM %	15.64	16.02	16.84	16.05	16.71	16.80	15.79	14.26	15.09	12.30
Other Income	3.98	2.68	7.17	23	11	5.65	11	20	5.80	12
Interest	19	21	32	108	121	119	118	103	112	107
Depreciation	41	48	53	75	84	86	87	88	92	93
Profit Before Tax	154	172	201	149	164	164	124	126	120	78
Tax %	29.14	28.42	26.41	25.70	27.91	24.65	24.63	20.57	21.68	21.18
Net Profit	109	123	148	111	118	123	93	100	94	62
EPS in Rs	2.77	3.12	3.76	2.83	3.00	3.13	2.36	2.53	2.38	1.55

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2,131	2,611	3,529	3,244	2,660	4,446	5,774	6,420	—	8,375
Expenses	1,669	2,181	2,912	2,779	2,141	3,793	5,043	5,382	0.00	7,077
Operating Profit	462	430	616	464	518	653	731	1,037	0.00	1,298
OPM %	21.70	16.47	17.46	14.31	19.48	14.69	12.66	16.16	—	15.49
Other Income	19	29	20	29	18	29	41	37	0.00	42
Interest	51	41	37	46	34	29	53	181	—	452
Depreciation	61	61	66	92	110	121	137	217	—	354
Profit Before Tax	165	304	533	355	392	532	582	676	—	534
Tax %	58.29	24.38	28.20	18.97	19.91	19.80	23.98	27.39	—	23.01
Net Profit	69	230	383	288	314	426	442	491	—	411
EPS in Rs	—	—	9.72	7.31	7.98	10.56	11.22	12.48	11.02	8.83
Dividend Payout %	149.24	54.22	15.72	41.97	76.92	84.67	47.01	42.31	—	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	34	34	34	34	34	34	38	38	38	38
Reserves	1,010	1,096	1,343	1,615	1,665	1,901	2,576	2,792	3,209	3,660
Borrowings	910	738	687	726	545	679	786	1,029	4,983	5,571
Other Liabilities	636	711	807	1,012	1,067	1,112	1,385	1,573	3,066	2,453
Total Liabilities	2,591	2,580	2,871	3,387	3,311	3,726	4,785	5,433	11,295	11,722
Fixed Assets	1,416	1,383	1,395	1,496	1,635	1,738	1,930	1,963	6,888	6,590
CWIP	80	80	67	175	306	267	175	1,130	433	732
Investments	228	295	320	367	160	201	592	238	438	521
Other Assets	867	822	1,090	1,350	1,210	1,521	2,087	2,101	3,537	3,879
Total Assets	2,591	2,580	2,871	3,387	3,311	3,726	4,785	5,433	11,295	11,722

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	422	346	293	290	532	385	290	504	1,105	760
Cash from Investing Activity	-121	-36	-34	-278	-107	-203	-541	-552	-4,214	-690
Cash from Financing Activity	-262	-337	-110	-70	-389	-180	217	-31	3,381	-64
Net Cash Flow	39	-27	148	-58	36	2.80	-34	-78	272	6.24

Overview

Detailed Summary

PCBL Chemical Limited, part of the RP-Sanjiv Goenka Group, is India's largest Carbon Black producer with a strong presence in the specialty chemicals sector.

The company is expanding its focus on battery materials, having secured patents for innovations in conductive carbons and nano-silicon, poised to enhance their energy storage capabilities.

Significant capacity expansion plans are underway, with intentions to boost production across all product segments by 50% over the coming years.

The strategic acquisition of Aquapharm Chemical Limited bolsters PCBL Chemical Limited's market position in water treatment and specialty chemicals.

Sector

Chemicals

Industry

Carbon Black

Market Cap

12,451 Cr

Volatility

High Risk

P/E Ratio

35.7

Industry P/E

36.3

PEG Ratio

0.9

P/B Ratio

3.2

52W High

498.55

52W Low

306.00

Sales CAGR

30.91%

9.92%

12.73%

10Y

12.08%

Profit CAGR

-11.49%

1.83%

9.73%

10Y

44.03%

ROE

TTM

9.01%

13.95%

14.67%

10Y

14.52%

ROCE

TTM

9.68%

12.98%

13.88%

10Y

14.97%

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ANURAS	1327.00	15,007 Cr	99.26	4.69	0.05	4.73	9.37	3.94
AARTIIND	372.65	13,652 Cr	50.74	2.39	0.27	5.09	5.85	2.49
FINEORG	4315.00	13,351 Cr	33.35	5.39	0.25	16.37	21.90	15.24
PCBL	310.00	12,451 Cr	35.68	3.22	1.67	9.01	9.68	2.99
PRIVISCL	3053.15	12,307 Cr	46.13	9.93	0.16	21.52	19.32	8.66
AETHER	865.10	11,687 Cr	57.64	5.02	0.00	8.36	10.91	6.83
JUBLINGREA	694.80	11,228 Cr	38.99	3.69	0.71	9.47	11.15	5.48