Incorporated in 1960, Company is a part of RP‑Sanjiv Goenka Group and is in the business of production of Carbon Black, speciality chemical and generation of electricity for the purpose of captive consumptions and sale of surplus to outsiders.[1]
Market Leadership[1]PCBL is India’s largest and the world’s7th largest carbon black producer, with a total capacity of790 KTPA—678 KT for rubber black and 112 KT for specialty black.In the chemicals segment, it ranks among the top 3 global producers of phosphonates, offering over 275 products, with phosphonates contributing over 50% of revenue.
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Himadri Special | 472.70 | 33.74 | 23823.29 | 0.13 | 192.04 | 35.29 | 1183.62 | 3.77 | 22.01 | 4507.58 | 21.16 | 706.13 | 192.20 | 5.86 | 12.19 | 0.21 |
| 2. | PCBL Chemical | 274.90 | 30.16 | 10810.51 | 2.18 | 59.63 | -53.79 | 1478.01 | -3.78 | 13.20 | 5808.51 | 14.88 | 358.46 | 59.63 | 2.66 | 5.25 | 0.77 |
| – | Median: 2 Co. | 373.8 | 31.95 | 17316.9 | 1.16 | 125.83 | -9.25 | 1330.82 | -0.0 | 17.61 | 5158.05 | 18.02 | 532.29 | 125.91 | 4.26 | 8.72 | 0.49 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 1,628 | 1,463 | 1,374 | 1,297 | 1,398 | 1,485 | 1,493 | 1,491 | 1,536 | 1,430 | 1,448 | 1,453 | 1,478 |
Expenses | 1,439 | 1,295 | 1,190 | 1,086 | 1,164 | 1,231 | 1,227 | 1,224 | 1,263 | 1,186 | 1,233 | 1,227 | 1,298 |
Operating Profit | 189 | 168 | 184 | 211 | 235 | 254 | 266 | 267 | 273 | 244 | 215 | 226 | 180 |
Other Income | 3 | 8 | 16 | 3 | 1 | 4 | 23 | 7 | 2 | 8 | 22 | 7 | 6 |
Profit before tax | 148 | 128 | 148 | 162 | 181 | 198 | 180 | 164 | 168 | 146 | 127 | 125 | 80 |
Tax % | 22% | 22% | 31% | 27% | 27% | 27% | 23% | 29% | 23% | 24% | 25% | 26% | 25% |
Net Profit | 116 | 100 | 102 | 118 | 132 | 144 | 138 | 116 | 129 | 111 | 95 | 93 | 60 |
EPS in Rs | 3.08 | 2.65 | 2.70 | 3.13 | 3.51 | 3.83 | 3.67 | 3.08 | 3.42 | 2.94 | 2.51 | 2.47 | 1.58 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 2,277 | 2,470 | 1,894 | 1,927 | 2,558 | 3,529 | 3,244 | 2,660 | 4,446 | 5,874 | 5,674 | 5,905 | 5,809 |
Expenses | 2,251 | 2,318 | 1,728 | 1,661 | 2,172 | 2,906 | 2,778 | 2,142 | 3,790 | 5,137 | 4,708 | 4,905 | 4,944 |
Operating Profit | 26 | 152 | 166 | 266 | 386 | 623 | 466 | 517 | 656 | 736 | 967 | 1,000 | 864 |
Other Income | 20 | 14 | 17 | 12 | 20 | 19 | 23 | 17 | 26 | 38 | 31 | 40 | 44 |
Interest | 80 | 95 | 72 | 51 | 41 | 37 | 46 | 34 | 29 | 53 | 126 | 278 | 269 |
Depreciation | 54 | 58 | 62 | 61 | 61 | 66 | 92 | 110 | 121 | 137 | 151 | 157 | 162 |
Profit before tax | -88 | 14 | 48 | 166 | 304 | 539 | 351 | 390 | 532 | 585 | 721 | 604 | 477 |
Net Profit | -87 | 13 | 17 | 70 | 230 | 389 | 283 | 312 | 427 | 444 | 533 | 451 | 358 |
EPS in Rs | -2.51 | 0.37 | 0.49 | 2.02 | 6.67 | 11.27 | 8.22 | 9.06 | 11.31 | 11.77 | 14.13 | 11.95 | 9.50 |
Dividend Payout % | 0% | 27% | 51% | 30% | 18% | 16% | 43% | 39% | 44% | 47% | 39% | 46% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 34 | 34 | 34 | 34 | 34 | 34 | 34 | 34 | 38 | 38 | 38 | 38 | 38 |
Reserves | 468 | 476 | 1,004 | 1,091 | 1,338 | 1,614 | 1,657 | 1,893 | 2,567 | 2,782 | 3,241 | 3,705 | 3,856 |
Borrowings | 1,087 | 1,220 | 1,022 | 758 | 717 | 793 | 617 | 607 | 786 | 779 | 2,939 | 3,363 | 3,006 |
Other Liabilities | 532 | 233 | 515 | 683 | 770 | 933 | 987 | 1,176 | 1,365 | 1,417 | 1,966 | 1,806 | 1,755 |
Total Liabilities | 2,121 | 1,963 | 2,575 | 2,568 | 2,859 | 3,375 | 3,296 | 3,710 | 4,755 | 5,016 | 8,184 | 8,912 | 8,655 |
Fixed Assets | 858 | 820 | 1,416 | 1,388 | 1,399 | 1,500 | 1,640 | 1,717 | 1,908 | 1,939 | 2,107 | 2,240 | 2,218 |
Gross Block | 1,272.35 | 1,291.40 | 1,477.97 | 1,510.27 | 1,579.51 | 1,746.46 | 1,977.53 | 2,164.28 | 2,474.53 | 2,641.98 | 2,959.77 | 3,243.43 | – |
Accumulated Depreciation | 414.74 | 470.94 | 62.12 | 122.74 | 180.32 | 246.15 | 337.61 | 447.54 | 566.66 | 703.10 | 853.26 | 1,003.53 | – |
CWIP | 67 | 73 | 73 | 74 | 67 | 175 | 306 | 267 | 129 | 285 | 163 | 208 | 264 |
Investments | 72 | 72 | 249 | 309 | 337 | 384 | 177 | 220 | 783 | 1,005 | 3,675 | 3,992 | 3,984 |
Other Assets | 1,123 | 997 | 837 | 797 | 1,056 | 1,315 | 1,173 | 1,506 | 1,935 | 1,786 | 2,239 | 2,472 | 2,190 |
Total Assets | 2,121 | 1,963 | 2,575 | 2,568 | 2,859 | 3,375 | 3,296 | 3,710 | 4,755 | 5,016 | 8,184 | 8,912 | 8,655 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | -150 | -7 | 422 | 347 | 261 | 290 | 534 | 383 | 321 | 722 | 972 | 565 |
Cash from Investing Activity | -30 | -26 | -121 | -36 | -40 | -279 | -110 | -197 | -548 | -508 | -2,665 | -493 |
Cash from Financing Activity | 122 | 34 | -262 | -337 | -110 | -70 | -389 | -180 | 217 | -281 | 1,819 | -26 |
Net Cash Flow | -58 | 1 | 39 | -26 | 111 | -59 | 34 | 6 | -10 | -67 | 126 | 46 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 83 | 77 | 84 | 88 | 74 | 68 | 66 | 97 | 91 | 69 | 83 | 78 |
Inventory Days | 85 | 56 | 66 | 72 | 68 | 73 | 54 | 101 | 70 | 40 | 52 | 69 |
Days Payable | 89 | 28 | 73 | 122 | 88 | 81 | 70 | 134 | 106 | 78 | 133 | 109 |
Cash Conversion Cycle | 79 | 105 | 78 | 38 | 54 | 60 | 51 | 64 | 55 | 31 | 2 | 38 |
Working Capital Days | -26 | -28 | -80 | -57 | -34 | 54 | -4 | 17 | 17 | 2 | -19 | -22 |
ROCE % | -0% | 7% | 6% | 11% | 17% | 25% | 17% | 17% | 19% | 18% | 17% | 13% |
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Stock Analysis
PCBL Chemical Limited, part of the RP-Sanjiv Goenka Group, is a leading producer of Carbon Black and specialty chemicals in India.
The company targets a 2x increase in revenue to ~₹16,000 Cr and 3x EBITDA growth by FY30, driven by capacity expansion, focus on high-margin specialty chemicals including battery materials, enhanced R&D, and geographical expansion.
Currently no data available for Order Book.
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