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India's largest carbon-black manufacturer (RP-Sanjiv Goenka Group), a key raw material input for tyres.
India's largest carbon-black manufacturer (RP-Sanjiv Goenka Group), a key raw material input for tyres.
Sells carbon black, the reinforcing black powder in tyres, at prices linked to the oil-derived feedstock it starts from, so feedstock cost swings pass through to prices with a lag. Waste heat from the process generates power it uses or sells. It is moving into specialty grades used in plastics, batteries and coatings, which are less tied to tyre cycles.
Moat: narrow (scale, customer qualification). Largest domestic capacity and long-standing qualification with major tyre makers.
Headquarters: Kolkata, India · Founded: 1960 · Employees: 2,049
Size PCBL Chemical (PCBL.NS) is an India Materials company (Industrial Specialties) with a market value of $1.16B, the 551st largest of 1,058 India companies the cockpit tracks. Shares closed at ₹279.25 on 6 Nov 2026.
Performance Over six months the shares fell 8.3%, against -13.7% for the median peer and 0.0% for the India market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 5.8% over the last twelve months (peer median +9.2%); the operating margin is 8.5% (peer median 10.5%).
Valuation It trades at 23.5× forward earnings against a peer median of 14.2× (2nd most expensive of 14).
Price implies For today's price to make sense, revenue must grow about 28% a year for seven years (Req g). Recent delivered growth is +25%, so the hurdle is +2 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 9.0 points below its cost of capital (15.3% WACC).
Next results Next results expected around 20 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹88.6B | ₹81.5B | ₹83.6B | ₹64.0B | ₹57.6B |
| Revenue growth | — | -2% | +31% | +11% | — |
| Gross profit | ₹17.9B | ₹12.7B | ₹14.9B | ₹12.2B | ₹8.99B |
| EBITDA | ₹11.5B | ₹9.44B | ₹12.6B | ₹9.75B | ₹7.09B |
| Net income | ₹2.71B | ₹1.98B | ₹4.35B | ₹4.91B | ₹4.42B |
| Free cash flow | n/a | ₹4.22B | -₹4.69B | ₹4.18B | -₹4.34B |
| Capital expenditure | n/a | ₹7.27B | ₹7.74B | ₹5.36B | ₹8.96B |
| Total debt | ₹50.8B | ₹49.9B | ₹55.7B | ₹49.8B | ₹10.3B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| PCBL Chemical PCBL.NS | $1.16B | -8% | +6% | 8% | 23.5× | 27.6% |
| Himadri Speciality Chemical HSCL.NS | $3.04B | -8% | +25% | 20% | 31.9× | n/a |
| Cabot CBT | $3.67B | -17% | +1% | 14% | 10.9× | -3.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PCBL.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.6% | -6.8% | 4th lowest of 21 |
| 6-month return | -8.3% | -13.7% | 10th highest of 21 |
| Distance from 52-week high | -25.3% | -25.3% | 11th highest of 21 |
| Revenue growth (TTM) | +5.8% | +9.2% | 9th lowest of 21 |
| Operating margin | 8.5% | 10.5% | 8th lowest of 21 |
| Forward P/E | 23.5× | 14.2× | 2nd most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | 27.6% | 0.5% | 3rd most demanding of 16 |
| Growth delivered (Del g) | +25.1% | +6.7% | highest of 16 |
| Hurdle (Req g minus delivered) | +2.5 pp | -8.3 pp | 6th most demanding of 16 |
| ROIC minus cost of capital | -9.0 pp | +2.3 pp | lowest of 21 |
| EV / EBITDA | 13.8× | 8.9× | 4th most expensive of 12 |
| Net debt / EBITDA | 4.2× | -1.0× | most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| PCBL Chemical PCBL.NS | India | $1.16B | -8% | +6% | 8% | 23.5× | 27.6% | +25.1% |
| Xinjiang Xuefeng Sci-Tech (Group) 603227.SS | China | $1.14B | -17% | -8% | 12% | 10.3× | -7.6% | +22.0% |
| Sinosteel Engineering & Technology 000928.SZ | China | $1.22B | -13% | +4% | 5% | 11.9× | -15.6% | -1.3% |
| artience 4634.T | Japan | $1.25B | +18% | +7% | 6% | 9.3× | -3.9% | +6.3% |
| Nihon Parkerizing 4095.T | Japan | $1.26B | +16% | +5% | 12% | n/a | -1.6% | +6.7% |
| Fujimi 5384.T | Japan | $1.28B | -18% | +13% | 21% | 15.6× | n/a | n/a |
| Nitta 5186.T | Japan | $1.05B | +36% | +5% | 7% | 10.8× | 10.6% | +3.1% |
| Solar Applied Materials Technology 1785.TWO | Taiwan | $1.30B | -55% | +54% | 10% | n/a | -0.2% | +8.1% |
| Xinjiang Tianye 600075.SS | China | $1.04B | -41% | -10% | -3% | n/a | n/a | n/a |
| SK Kaken 4628.T | Japan | $1.04B | +2% | +9% | 13% | n/a | -19.4% | +5.2% |
| Chugoku Marine Paints,Ltd 4617.T | Japan | $1.04B | +4% | +10% | 13% | 12.8× | 0.0% | +11.1% |
| JSW Dulux JSWDULUX.NS | India | $1.31B | +3% | -5% | 11% | 30.9× | n/a | n/a |
| Intco Recycling Resources 688087.SS | China | $1.01B | -25% | +29% | 12% | 22.0× | 0.5% | +15.8% |
| ZJMI Environmental Energy 603071.SS | China | $1.00B | -15% | -4% | 3% | 9.2× | n/a | n/a |
| ELANTAS Beck India ELANTAS.NS | India | $999M | +23% | +19% | 21% | n/a | 32.4% | +17.2% |
| Supreme Petrochem SPLPETRO.NS | India | $1.38B | -6% | +21% | 11% | 22.1× | 10.1% | +11.1% |
| Morgan Advanced Materials MGAM.L | United Kingdom | $981M | +22% | -6% | 9% | 14.6× | 9.4% | +1.8% |
| Yangling Metron New Material 300861.SZ | China | $1.39B | -31% | +23% | 16% | 21.1× | 9.6% | +12.5% |
| Guangdong Tloong Technology 300063.SZ | China | $946M | -26% | +21% | 2% | n/a | 25.0% | -6.6% |
| Luxin Venture Capital 600783.SS | China | $1.45B | -40% | +24% | -50% | n/a | 40.2% | -6.1% |
| Jiangxi Guotai 603977.SS | China | $914M | -29% | +15% | 9% | 14.2× | n/a | n/a |