PCBL

PCBL Chemical Limited

Carbon black producer with advanced battery materials and specialty chemicals businesses

Commodities›Chemicals›Chemicals & Petrochemicals›Carbon Black

pcblltd.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹309.30
Market cap
12,166 Cr
Stock P/E
47.0
P/B
3.04
Dividend yield
1.9%
ROE (FY26)
4.9%
ROCE (FY26)
7.7%
Operating margin (FY26)
8.2%
Debt / equity (FY26)
1.20
OCF / EBITDA (FY26)
151.1%
OCF / EBITDA (3Y)
100.7%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

PCBL makes carbon black, specialty carbon black and specialty chemicals, selling to tyre makers and other industrial customers in India and in export markets.

Company snapshot

2ndBy market cap

Ranked among 2 companies in Carbon Black.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 81.3% of revenue

SegmentRevenue shareRevenuePBTAssets
Battery Chemical—0 Cr-0.02 Cr—
Carbon Black
81.3%
5,135 Cr827 Cr—
Chemical
16.5%
1,045 Cr46 Cr—
Power
3.6%
227 Cr143 Cr—

Shares add up to 101% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓101% of operating profit came in as cash over the last three years — profits are backed by real cash.
Concerns
  • ✗Net margin is very thin at 2.4% — little room for error if costs rise.
1 more signal from the filings.Sign in free to see them all

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales1,487 Cr1,657 Cr1,929 Cr2,144 Cr2,163 Cr2,010 Cr2,087 Cr2,114 Cr2,164 Cr1,846 Cr2,066 Cr2,473 Cr
Operating expenses (approx.)1,249 Cr1,378 Cr1,619 Cr1,785 Cr1,800 Cr1,693 Cr1,790 Cr1,795 Cr1,897 Cr1,631 Cr1,823 Cr2,078 Cr
EBITDA238 Cr279 Cr310 Cr358 Cr364 Cr317 Cr298 Cr319 Cr266 Cr215 Cr243 Cr396 Cr
OPM %16.0%16.8%16.0%16.7%16.8%15.8%14.3%15.1%12.3%11.6%11.8%16.0%
Other income3 Cr7 Cr23 Cr11 Cr6 Cr11 Cr20 Cr6 Cr12 Cr16 Cr5 Cr4 Cr
Interest21 Cr32 Cr108 Cr121 Cr119 Cr118 Cr103 Cr112 Cr107 Cr106 Cr97 Cr93 Cr
Depreciation48 Cr53 Cr75 Cr84 Cr86 Cr87 Cr88 Cr92 Cr93 Cr94 Cr94 Cr103 Cr
Profit before tax172 Cr201 Cr149 Cr164 Cr164 Cr124 Cr126 Cr120 Cr78 Cr10 Cr52 Cr204 Cr
Tax %28.4%26.4%25.7%27.9%24.6%24.6%20.6%21.7%21.2%79.7%23.2%24.1%
Net profit123 Cr148 Cr111 Cr118 Cr123 Cr93 Cr100 Cr94 Cr62 Cr2 Cr40 Cr155 Cr
EPS (₹)₹3.25₹3.92₹2.95₹3.13₹3.27₹2.47₹2.65₹2.49₹1.63₹0.05₹1.02₹3.94

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales2,131 Cr2,600 Cr3,529 Cr3,244 Cr2,660 Cr4,446 Cr5,774 Cr6,420 Cr8,404 Cr8,189 CrSign in free for the trailing twelve months
Operating expenses (approx.)1,873 Cr2,224 Cr2,912 Cr2,779 Cr2,141 Cr3,793 Cr5,043 Cr5,382 Cr7,067 Cr7,146 CrSign in free for the trailing twelve months
EBITDA258 Cr377 Cr616 Cr464 Cr518 Cr653 Cr731 Cr1,037 Cr1,337 Cr1,043 CrSign in free for the trailing twelve months
OPM %12.1%14.5%17.5%14.3%19.5%14.7%12.7%16.2%15.9%12.7%Sign in free for the trailing twelve months
Other income19 Cr29 Cr20 Cr29 Cr18 Cr29 Cr41 Cr37 Cr47 Cr39 CrSign in free for the trailing twelve months
Interest51 Cr41 Cr37 Cr46 Cr34 Cr29 Cr53 Cr181 Cr461 Cr423 CrSign in free for the trailing twelve months
Depreciation61 Cr61 Cr66 Cr92 Cr110 Cr121 Cr137 Cr217 Cr346 Cr373 CrSign in free for the trailing twelve months
Profit before tax165 Cr304 Cr533 Cr355 Cr392 Cr532 Cr582 Cr676 Cr577 Cr261 CrSign in free for the trailing twelve months
Tax %58.3%24.4%28.2%19.0%19.9%19.8%24.0%27.4%24.7%24.1%Sign in free for the trailing twelve months
Net profit69 Cr230 Cr383 Cr288 Cr314 Cr426 Cr442 Cr491 Cr435 Cr198 CrSign in free for the trailing twelve months
EPS (₹)₹3.98₹13.32₹22.20₹4.23₹18.22₹11.81₹11.70₹13.00₹11.51₹5.15Sign in free for the trailing twelve months
Dividend payout %————38.4%44.3%46.9%42.3%47.8%114.4%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital34 Cr34 Cr34 Cr34 Cr34 Cr38 Cr38 Cr38 Cr38 Cr39 Cr
Reserves1,096 Cr1,343 Cr1,615 Cr1,665 Cr1,901 Cr2,576 Cr2,792 Cr3,209 Cr3,660 Cr3,967 Cr
Borrowings738 Cr687 Cr726 Cr545 Cr562 Cr684 Cr943 Cr4,820 Cr5,380 Cr4,825 Cr
Other liabilities705 Cr800 Cr1,006 Cr1,056 Cr1,221 Cr1,478 Cr1,651 Cr3,225 Cr2,633 Cr2,450 Cr
Total liabilities2,580 Cr2,871 Cr3,387 Cr3,307 Cr3,726 Cr4,785 Cr5,433 Cr11,295 Cr11,722 Cr11,295 Cr
Fixed assets (net)1,383 Cr1,394 Cr1,494 Cr1,509 Cr1,631 Cr1,929 Cr1,962 Cr3,560 Cr3,548 Cr4,417 Cr
CWIP80 Cr67 Cr175 Cr306 Cr267 Cr175 Cr1,130 Cr433 Cr730 Cr566 Cr
Investments291 Cr316 Cr367 Cr160 Cr201 Cr592 Cr238 Cr438 Cr521 Cr469 Cr
Loans & advances——2 Cr0.63 Cr17 Cr0.46 Cr0.54 Cr0.64 Cr0.55 Cr0.51 Cr
Inventories244 Cr310 Cr460 Cr326 Cr445 Cr604 Cr571 Cr999 Cr1,268 Cr1,024 Cr
Trade receivables466 Cr522 Cr653 Cr588 Cr708 Cr1,105 Cr1,111 Cr1,710 Cr1,794 Cr1,395 Cr
Cash & bank23 Cr172 Cr114 Cr149 Cr152 Cr119 Cr40 Cr312 Cr319 Cr230 Cr
Other assets94 Cr91 Cr123 Cr268 Cr306 Cr260 Cr379 Cr3,842 Cr3,543 Cr3,194 Cr
Total assets2,580 Cr2,871 Cr3,387 Cr3,307 Cr3,726 Cr4,785 Cr5,433 Cr11,295 Cr11,722 Cr11,295 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity346 Cr293 Cr290 Cr531 Cr385 Cr290 Cr504 Cr1,105 Cr760 Cr1,576 Cr
Cash from investing-36 Cr-34 Cr-278 Cr-107 Cr-203 Cr-541 Cr-552 Cr-4,214 Cr-690 Cr-675 Cr
Cash from financing-337 Cr-110 Cr-70 Cr-389 Cr-180 Cr217 Cr-31 Cr3,381 Cr-64 Cr-990 Cr
Net cash flow-27 Cr148 Cr-58 Cr36 Cr3 Cr-34 Cr-78 Cr272 Cr6 Cr-89 Cr
Free cash flow (OCF − Capex)306 Cr198 Cr57 Cr301 Cr270 Cr-16 Cr-392 Cr570 Cr-13 Cr850 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %11.5%16.7%23.9%17.8%17.0%17.0%16.8%10.6%11.4%7.7%
ROE %6.1%16.6%23.2%16.8%16.1%16.2%15.6%15.1%11.7%4.9%
Debtor days80736766979070977862
Inventory days736871541026948807966
Days payable12484790136105801459993
Cash conversion cycle285860121635538335735
OCF / EBITDA %134.2%77.6%47.0%114.5%74.3%44.5%68.9%106.6%56.9%151.1%
OCF / EBITDA % (3 years)——74.2%76.4%75.5%73.8%62.0%78.5%76.3%100.7%
Debt / equity0.650.500.440.320.290.260.331.481.461.20
Current ratio0.830.941.181.981.331.441.091.070.960.83
Net debt / EBITDA2.77—0.990.850.790.871.234.353.794.41