NSE:PCBL · Risk Score Report

NSE:PCBLNSEBasic Materials

PCBL Chemical Limited

📊 Specialty Chemicals

Day ₹295

₹303 Overbought

52W ₹226

₹437 Neutral

₹300.76

▲ ₹4.36 (+1.47%)

Vol: 989,622 · Avg: 4,613,376

As of April 29, 2026 · 06:41 IST

COMPOSITE RISK SCORE

VAL:11/25 · FIN:5/25 · GRO:4/25 · TECH:15/25

📈 P/E RATIO

44.5x

Trailing

📖 P/B RATIO

2.9x

Price to Book

💰 EPS

₹6.76

TTM

🏛 MARKET CAP

₹11,834Cr

Mid Cap

📊 ROE

11.8%

Return on Equity

📈 REV GROWTH

-8.2%

YoY

🏢 Company Analysis · PCBL Chemical Limited

💼 BUSINESS MODEL

PCBL Chemical Limited, together with subsidiaries, produces, sells, and exports carbon black in India and internationally..
The company operates through Carbon Black, Power, Chemicals, and Battery Chemical segments..
It offers carbon black for tires, performance chemicals, specialty chemicals, and other materials under the CarboNext, ECOZEN 6000, Royale Black, Bluemina, NuTone, and Energia brands..
The company also provides phosphonates under the AQUACID brand and polymers and green chelates for household, industrial, and institutional cleaning, as well as for industrial water treatment..
Operates in Specialty Chemicals within the Basic Materials sector.
Workforce of 1,320 employees.

🏰 MOAT & COMPETITION

Mid-cap (₹11,834 Cr) — growing company in a competitive landscape.
Key competitors: Himadri Special, PCBL Chemical.

🚀 CATALYSTS

How The PCBL Chemical (NSEI:PCBL) Investment Story Is Evolving After Recent Analyst Fine Tuning (Simply Wall St.)
PCBL Chemical Ltd (BOM:506590) Q3 2026 Earnings Call Highlights: Navigating Trade Deals and ... (GuruFocus.com)

⚖️ ASYMMETRY CHECK

Analyst target range: ₹254 — ₹651 (mean ₹362, 10 analysts).
Favorable asymmetry — upside potential of +116% vs downside floor of -16% (7.5x reward-to-risk).
P/E of 44.5x — premium valuation, growth must sustain to avoid de-rating risk.

🔭 FUTURE OUTLOOK

Analyst consensus: None (10 analysts).
Latest quarter earnings declined -98% YoY — watch for recovery signals.

✅ PROS

Company has been maintaining a healthy dividend payout of 45.7%

❌ CONS

Stock is trading at 3.07 times its book value
Company has low interest coverage ratio.

VALUATION

11/25

25% WEIGHT

P/E at 44x
P/B at 2.9x
Analyst target: ₹362 (+20.5%)
1Y return: -17.2%

FINANCIAL HEALTH

5/25

25% WEIGHT

ROE: 11.8%
Profit margin: 3.1%
Revenue growth: -8.2%
Debt/Equity: 135%

GROWTH

4/25

25% WEIGHT

Revenue growth: -8.2%
Earnings growth: -98.0%
Beta: 0.44
Sector: Basic Materials

TECHNICAL

15/25

25% WEIGHT

RSI, MACD, MA crossovers
200 DMA & 50 EMA position
Volume trend analysis
Price momentum signals

📈 Price Movement

🕯 Candlestick Chart

🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗

📉 Valuation Trends (at current CMP)

P/E Ratio at current CMP

💎 Valuation & Financial Metrics

P/E RATIO

44.5x

Trailing twelve months

P/B RATIO

2.9x

Price to Book value

ROE

11.8%

Return on Equity

PROFIT MARGIN

3.1%

Net profit margin

OPM

6.6%

Operating profit margin

ANALYST TARGET

₹362

Range: ₹254 - ₹651

Yahoo Finance ↗

PEG RATIO

45.60

Price/Earnings to Growth

EV/EBITDA

15.8x

Enterprise value ratio

CURRENT RATIO

N/A

Liquidity measure

DIVIDEND YIELD

2.02%

Annual yield

ROA

2.2%

Return on Assets

GROSS MARGIN

29.3%

Gross profit margin

INDUSTRY AVERAGES — CARBON BLACK

P/E 42.3x (above avg)

P/B 2.5x (sector fair)

ROCE 17.0% (below avg)

ROE 18% (sector good)

OPM 15% (sector good)

Div Yield 1.03%

D/E <40 (sector comfort)

📋 Quarterly Performance Trend

Quarter	Revenue	QoQ %	Net Profit	QoQ %	Op. Cash Flow	EBITDA Margin
Q2 FY25	₹2,163 Cr	—	₹123 Cr	—	N/A	17.1%
Q3 FY25	₹2,010 Cr	-7.1%	₹93 Cr	-24.6%	N/A	16.3%
Q4 FY25	₹2,039 Cr	+1.5%	₹100 Cr	+7.6%	N/A	15.1%
Q1 FY26	₹2,114 Cr	+3.7%	₹94 Cr	-6.1%	N/A	15.4%
Q3 FY26	₹1,846 Cr	-12.7%	₹2 Cr	-97.8%	N/A	11.4%

📊 Year-on-Year Trend

FY	Revenue	YoY %	Net Profit	YoY %	Op. Cash Flow	YoY %
FY22	₹4,425 Cr	—	₹426 Cr	—	₹290 Cr	—
FY23	₹5,752 Cr	+30.0%	₹442 Cr	+3.7%	₹504 Cr	+73.6%
FY24	₹6,387 Cr	+11.0%	₹491 Cr	+11.1%	₹1,105 Cr	+119.3%
FY25	₹8,356 Cr	+30.8%	₹435 Cr	-11.5%	₹760 Cr	-31.2%

📈 Revenue vs Earnings

🎯 EPS: Estimate vs Actual

💰 How PCBL Chemical Limited Makes Its Money

🏦 Snapshot of PCBL Chemical Limited's Balance Sheet

💸 Looking into PCBL Chemical Limited's Cash Flow

📅 Quarterly Results Source: Screener ↗

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales +	1,347.52	1,486.71	1,656.76	1,928.78	2,143.56	2,163.20	2,010.00	2,087.49	2,114.05	2,163.57	1,845.62
YOY Sales Growth %	-4.37%	-8.67%	21.52%	40.40%	59.07%	45.50%	21.32%	8.23%	-1.38%	0.02%	-8.18%
Expenses +	1,136.75	1,248.59	1,377.82	1,619.27	1,785.29	1,799.69	1,692.66	1,789.83	1,795.00	1,897.41	1,630.97
Material Cost %	69%	71%	70%	68%	68%	69%	69%	71%	69%	71%	70%
Employee Cost %	4%	4%	4%	4%	5%	5%	5%	5%	5%	6%	6%
Operating Profit	210.77	238.12	278.94	309.51	358.27	363.51	317.34	297.66	319.05	266.16	214.65
OPM %	15.64%	16.02%	16.84%	16.05%	16.71%	16.80%	15.79%	14.26%	15.09%	12.30%	11.63%
Other Income +	3.98	2.68	7.17	23.20	10.88	5.65	10.57	19.77	5.80	12.05	-4.77
Exceptional items	0.00	0.00	0.00	0.00	0.00	0.00	-0.52	0.00	0.00	0.00	-20.85
Other income normal	3.98	2.68	7.17	23.20	10.88	5.65	11.09	19.77	5.80	12.05	16.08
Interest	19.25	20.97	32.37	108.19	121.11	118.92	117.72	103.16	112.35	107.15	106.29
Depreciation	41.18	48.24	52.65	75.19	84.47	86.41	86.66	88.14	92.35	92.78	93.63
Profit before tax	154.32	171.59	201.09	149.33	163.57	163.83	123.53	126.13	120.15	78.28	9.96
Tax %	29.14%	28.42%	26.41%	25.70%	27.91%	24.65%	24.63%	20.57%	21.68%	21.18%	79.72%
Net Profit +	109.35	122.83	147.98	110.95	117.92	123.45	93.11	100.19	94.10	61.70	2.02
Minority share	-0	-0	-0	0	0	-0	-0	-0	-0	-0	0
Exceptional items AT	0	0	0	0	0	0	-0	0	0	0	-3
Profit excl Excep	109	123	148	111	118	123	94	100	94	62	5
Profit for PE	109	123	148	111	118	123	93	100	94	62	5
Profit for EPS	109	123	148	111	118	123	93	100	94	62	2
YOY Profit Growth %	-14%	5%	52%	9%	8%	1%	-37%	-10%	-20%	-50%	-95%
EPS in Rs	2.89	3.25	3.92	2.95	3.13	3.27	2.47	2.65	2.49	1.63	0.05
Raw PDF

📊 Profit & Loss Statement Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales +	2,558	3,529	3,244	2,660	4,446	5,774	6,420	8,404	8,211
Sales Growth %	32.75%	37.95%	-8.08%	-18.01%	67.19%	29.86%	11.18%	30.91%
Expenses +	2,175	2,912	2,778	2,143	3,793	5,043	5,383	7,067	7,113
Manufacturing Cost %	6%	5%	4%	6%	4%	3%	4%	4%
Employee Cost %	4%	4%	4%	5%	4%	4%	4%	5%
Other Cost %	9%	9%	9%	9%	7%	5%	6%	6%
Operating Profit	383	616	465	517	653	731	1,037	1,337	1,098
OPM %	15%	17%	14%	19%	15%	13%	16%	16%	13%
Other Income +	23	20	28	19	28	41	37	47	33
Exceptional items	3.48	7.82	8.90	4.31	9.08	19.49	0.29	2.67
Other income normal	19.53	11.95	19.10	15.10	19.12	21.10	37.03	44.20
Interest	41	37	46	34	29	53	181	461	429
Depreciation	61	66	92	110	121	137	217	346	367
Profit before tax	304	533	355	392	532	582	676	577	335
Tax %	24%	28%	19%	20%	20%	24%	27%	25%
Net Profit +	230	383	288	314	426	442	491	435	258
Minority share	-1	1	-1	-0	-0	-0	-0	-0
Exceptional items AT	2	6	7	3	7	15	0	2
Profit excl Excep	227	377	280	311	419	428	491	433
Profit for PE	226	378	279	310	419	427	491	433
Profit for EPS	229	384	287	314	426	442	491	435
Profit Growth %	230%	67%	-26%	11%	35%	2%	15%	-12%
EPS in Rs	6.64	11.13	8.31	9.10	11.29	11.70	13.01	11.51	6.82
Dividend Payout %	11%	16%	42%	38%	44%	47%	42%	48%

🏦 Balance Sheet Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	34	34	34	34	38	38	38	38	38
Reserves	1,343	1,615	1,665	1,901	2,576	2,792	3,209	3,660	3,833
Borrowings +	717	793	617	724	786	1,029	4,983	5,571	5,252
Long term Borrowings	164	274	215	305	220	407	3,777	3,647	3,374
Short term Borrowings	523	452	330	302	464	536	1,043	1,733	1,701
Lease Liabilities	0	0	0	117	102	86	163	191	177
Other Borrowings	30	68	72	0	0	0	0	0
Other Liabilities +	776	944	995	1,067	1,385	1,573	3,066	2,453	2,563
Non controlling int	7	6	7	8	8	9	4	12	13
Trade Payables	402	508	419	592	911	956	1,802	1,595	1,672
Advance from Customers	2	2	1	3	4	4	7	12
Other liability items	366	428	567	464	461	604	1,253	835	877
Total Liabilities	2,871	3,387	3,311	3,726	4,785	5,433	11,295	11,722	11,686
Fixed Assets +	1,399	1,500	1,640	1,742	1,934	1,968	6,892	6,595	6,756
Land	631	631	631	632	632	634	695	719
Building	131	157	169	185	211	223	590	782
Plant Machinery	782	921	991	1,167	1,430	1,566	2,681	3,169
Equipments	6	7	7	10	12	13	19	21
Furniture n fittings	24	24	31	45	61	75	189	203
Railway sidings	0	0	0	0	0	0	0	0
Vehicles	0	0	0	0	0	0	3	34
Intangible Assets	0	0	0	0	0	0	1,161	1,292	2,775
Other fixed assets	6	7	148	151	155	159	2,473	2,188
Gross Block	1,580	1,746	1,978	2,190	2,501	2,671	7,812	8,408
Accumulated Depreciation	180	246	338	447	567	703	920	1,813
CWIP	67	175	306	267	175	1,130	433	732	731
Investments	316	362	155	196	588	234	433	516	515
Other Assets +	1,090	1,350	1,210	1,521	2,087	2,101	3,537	3,879	3,684
Inventories	310	460	326	445	604	571	999	1,268	1,072
Trade receivables	522	653	588	708	1,105	1,111	1,710	1,794	1,757
Cash Equivalents	173	115	152	264	159	96	385	389	290
Loans n Advances	10	66	43	17	27	20	58	48	99
Other asset items	76	55	100	86	192	303	385	380	467
Total Assets	2,871	3,387	3,311	3,726	4,785	5,433	11,295	11,722	11,686

💰 Cash Flow Statement Source: Screener ↗

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	346	293	290	532	385	290	504	1,105	760
Profit from operations	271	470	639	478	513	658	743	1,029	1,346
Receivables	0	0	0	75	-123	-394	-8	-323	-80
Inventory	1	-66	-150	134	-119	-159	33	-144	-269
Payables	0	0	0	-82	167	317	53	693	-198
Other WC items	109	-42	-70	-6	13	-28	-151	66	140
Working capital changes	109	-109	-221	121	-62	-264	-73	292	-408
Direct taxes	-34	-68	-128	-66	-66	-104	-166	-216	-178
Cash from Investing Activity +	-36	-34	-278	-107	-203	-541	-552	-4,214	-690
Fixed assets purchased	-41	-94	-233	-231	-115	-306	-896	-536	-774
Fixed assets sold	0	0	1	0	1	0	0	3	9
Investments purchased	-2,518	-2,969	-2,577	-3,307	-1,978	-3,701	-5,160	-6,029	-6,024
Investments sold	2,519	3,026	2,525	3,374	1,987	3,380	5,507	6,043	6,076
Interest received	1	1	2	4	2	7	2	6	11
Dividends received	3	3	4	5	8	8	10	8	9
Acquisition of companies	0	0	0	0	0	0	0	-3,708	0
Inter corporate deposits	0	0	0	0	0	0	0	0	0
Other investing items	-0	0	0	48	-107	72	-15	-1	2
Cash from Financing Activity +	-337	-110	-70	-389	-180	217	-31	3,381	-64
Proceeds from shares	0	0	0	0	0	390	0	0	4
Proceeds from borrowings	1,064	1,421	1,300	733	1,324	1,053	1,365	5,765	3,944
Repayment of borrowings	-1,283	-1,474	-1,227	-925	-1,318	-976	-1,106	-1,962	-3,390
Interest paid fin	-50	-31	-47	-31	-36	-33	-53	-165	-475
Dividends paid	-35	-25	-97	-145	-121	-189	-208	-208	-208
Financial liabilities	0	0	0	-23	-29	-29	-29	-49	-47
Other financing items	-33	0	0	2	0	0	0	0	108
Net Cash Flow	-27	148	-58	36	3	-34	-78	272	6
Free Cash Flow	306	198	58	301	271	-16	-392	573	-4
CFO/OP	143%	94%	68%	129%	87%	60%	92%	127%	70%

📈 Key Financial Ratios

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	88	74	68	66	97	91	70	97	78
Inventory Days	72	68	73	54	101	70	48	82	80
Days Payable	123	88	81	70	134	106	80	147	100
Cash Conversion Cycle	37	54	60	51	64	55	38	32	57
Working Capital Days	-57	-34	-1	-4	15	17	4	-11	-24
ROCE %	11%	17%	25%	16%	17%	18%	17%	14%	12%

🏭 Industry Peers — Carbon Black

#	Company	CMP	P/E	Mkt Cap	ROCE	Qtr Profit	Score
1	Himadri Special ★	₹581	39.0	₹29,314	22.2%	+29.1%	100
2	PCBL Chemical	₹302	45.6	₹11,863	11.8%	-95.0%	0

★ Himadri Special ranks higher on combined P/E, ROCE, and growth metrics in Carbon Black

🏛 Shareholding Pattern

	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	51.41%	51.41%	51.41%	51.41%	53.38%	53.38%
FIIs	5.24%	5.58%	5.53%	6.08%	5.68%	5.56%
DIIs	6.70%	8.93%	9.89%	10.77%	10.20%	10.99%
Government	1.24%	1.24%	1.24%	1.24%	1.19%	1.19%
Public	35.44%	32.83%	31.95%	30.51%	29.55%	28.90%
No. of Shareholders	3,03,531	2,92,570	2,87,329	2,85,546	2,81,584	2,84,488

🟢 CATALYSTS

🏆Analyst Upside (20%): Mean target of ₹362 above current price.

💹Low Beta (0.44): Less volatile than market — defensive play.

🔀Sector Opportunity: Basic Materials / Specialty Chemicals — positioned in growth sector.

🔴 RISKS

📜Elevated P/E (44.5x): Above sector expensive threshold of 30x.

💰High Debt/Equity (135%): Above sector threshold of 100% — leverage risk.

🔓Revenue Decline (-8.2%): Top-line shrinking — negative trend.

🕸 Factor Analysis · Radar

Momentum 6/10
1M +24.3%, 6M -19.1%, RSI 64, MACD bullish, Below 200DMA

Sentiment 7/10
Analyst upside +20.5%, Rec: none

Value 3/10
P/E 44.5, P/B 2.9, PEG 45.60, EV/EBITDA 15.8

Quality 4/10
Margin 3.1%, D/E 135

Low Volatility 8/10
Beta 0.44, Ann. vol 41%

🎯 Decision Matrix

Action	If Stock Rises	If Stock Falls
BUY	Capture 20.5% analyst upside	Fundamentals provide base support
HOLD	Retain existing position; wait for better entry; FII stake falling (-0.12%)	Miss further upside if momentum continues; 1M return of +24.3% shows momentum
SELL	Lock in -17.2% 1Y return; redeploy into Himadri Special at lower P/E	Avoid further drawdown

REASONS TO BUY

Analyst upside of 20.5% with mean target of ₹362

REASONS TO SELL / AVOID

P/E of 44.5x exceeds sector expensive threshold of 30x
FII stake falling (-0.12%) — institutional exit signal
Himadri Special offers lower P/E (39.0) with ROCE of 22.2% in the same sector
Debt/Equity at 135% exceeds sector comfort zone

📰 Latest News

How The PCBL Chemical (NSEI:PCBL) Investment Story Is Evolving After Recent Analyst Fine Tuning

Simply Wall St. · 2026-04-28T15:06

PCBL Chemical Ltd (BOM:506590) Q3 2026 Earnings Call Highlights: Navigating Trade Deals and ...

GuruFocus.com · 2026-02-10T01:01

PCBL Chemical Ltd (BOM:506590) Q2 2026 Earnings Call Highlights: Strong Sales Growth Amid ...

GuruFocus.com · 2025-11-05T01:02

RECOMMENDATION

SELL

COMPOSITE SCORE

35/100

PCBL Chemical Limited trades at ₹300.76 with a composite risk score of 35/100. The stock scores 11/25 on valuation, 5/25 on financial health, 4/25 on growth, and 15/25 on technicals. The company is currently profitable with moderate return on equity.

Analyst consensus suggests upside of 20.5% with a mean target of ₹362. Revenue growth is at -8.2% — a concern.

Within Carbon Black, Himadri Special (P/E 39.0, ROCE 22.2%) ranks higher on techno-fundamental metrics and may be worth considering.

Bottom Line: Elevated risk for Basic Materials — consider exiting. The current recommendation is SELL.

UPSIDE POTENTIAL HIGH DEBT