Nuvama

PCBL posted a weak Q2FY26 showing as EBITDA fell sharply by 26.8% YoY to INR2.6bn due to higher opex. Revenue remained flat YoY at INR21.6bnn as volumes increased in both carbon black and Aquapharm business, but

Uncertainty still persists

PCBL posted in-line Q1FY26 results with revenue down 1.4% YoY to INR21.1bn as lower realisations in Carbon Black weighed on performance. EBITDA fell 10.9% YoY to INR3.19bn, with Carbon Black EBITDA/ton down 14.7% YoY to

Thematic

Chemical

May 14, 2025

Invite for Vinati Organics - Conference Call-16th May'25

Nuvama Wealth Management is hosting a conference call with Management of Vinati Organics to discuss the financial results of the Company for Q4FY25 on Friday, May 16, 2025 at 12.00 PM IST.

PCBL posted weak Q4FY25 results despite top-line growth of 8.2% YoY to INR20.8bn (led by 56.9% YoY growth in Aquapharm). Volume growth of 5.3% YoY was offset by poor pricing (owing to cheap Russian imports). Furthermore,

Slower-than-expected growth

PCBL posted weak Q3FY25 results with revenue down 7.1% QoQ, primarily due to lower carbon black volumes and realisations. The Aquapharm business came under pressure owing to competition from China and tepid demand in US.

PCBL (PCBL IN, INR 441, BUY) - EBITDA/mt to improve further, Result Update

PCBL posted in-line results with a 46% YoY jump in consolidated revenue to INR21.6bn led by higher carbon black volumes and improved realisation. EBITDA shot up 52% YoY to INR3.7bn as EBITDA/ton for carbon black inched

Moving towards specialty chemicals

PCBL overall posted in line Q1FY25 numbers as revenue increased 15% YoY to INR14.9bn aided by improved realisations and higher volumes. The company achieved its highest-ever carbon black production at 153,918 tonnes

EBITDA/mt scales new heights

PCBL reported strong Q4FY24 results as revenue increased 40% YoY aided by strong growth across segments. During the quarter, the company achieved its highest ever production volumes of 0.14mn mt with highest-ever

Sector Update

Chemical

February 19, 2024

Early signs of revival

Specialty chemicals players in our coverage suffered a contraction for a third quarter in a row. Their aggregate EBITDA/PAT dipped 24%/29% YoY due to: i) inventory liquidation across regions and end-user industries such

Operating margin holds strong

PCBL posted strong Q3FY24 results with improvement across segments. Sales/EBITDA/PAT beat estimates, rising 13%/66%/48% YoY. EBITDA margin at INR20,494/mt marks a sustained uptick—both YoY and QoQ—mainly due to a better

Adding whitener to its carbon black

PCBL, in pursuit of its aggressive growth (organic and inorganic) and to move its product basket towards speciality, announced it would acquire Aquapharm Chemicals (ACPL) at a consideration of INR38bn (9.1x FY23

Superior product mix drives margins

In Q2FY24, PCBL posted highest ever EBITDA/mt of ~18,300/mt led by improved product mix with rising share of speciality and chemicals. Overall sales volume increased 14%, but due to falling input prices, revenues fell

Margins stable; demand buoyant

PCBL reported it’s highest ever EBITDA amid global headwinds led by buoyant volume growth (12% YoY), better product mix (speciality black volume growth of 19%). Overall, sales was down 4% YoY (due to fall in

Tracking expectations

PCBL’s Q4FY23 EBITDA was up 35% YoY driven by 13% growth in revenues coupled with similar savings in overheads YoY; earnings grew by 13% YoY due to increase in interest and taxation. EBITDA margin expanded by 220bp YoY

Higher inventory erodes volumes

PCBL’s Q3FY23 EBITDA is flat YoY, whereas earnings slid by 10% YoY despite strong revenue growth of 27% YoY. EBITDA remained subdued because of a sharp contraction of ~520bp YoY in gross margin while increase in interest

Black going green: The best is yet to come

PCBL Ltd (PCBL) is at the cusp of a transformation with the consortium of value and volume working in its favour. By FY25E, we expect: i) Capacity ramp-up in speciality products’ to likely lift EBITDA/t to INR20,000/t

Sector Update

Chemical

April 25, 2019

Chemspec: Party for domestic manufacturers to continue

We visited Chemspec India—an exhibition which saw participation of various chemicals companies along with many players from China. Overall, companies are confident of strong growth opportunity in India underpinned by

Sector Update

Chemical

April 25, 2019

Chemspec: Party for domestic manufacturers to continue

We visited Chemspec India—an exhibition which saw participation of various chemicals companies along with many players from China. Overall, companies are confident of strong growth opportunity in India underpinned by

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