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PCBL Chemical (PCBL) investor relations material

PCBL Chemical Q2 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 25/26 earnings summary17 Oct, 2025

Executive summary

  • Carbon Black sales volume grew year-over-year and quarter-over-quarter, with capacity utilization exceeding 99% despite margin pressure from global pricing and US tariffs.

  • Working capital cycle improved by 12 days in H1 FY2026, releasing INR 240 crore cash and reducing gross debt by over INR 300 crore since March 2025.

  • Aquapharm Chemical reported Q2 FY26 revenue of Rs. 395 crore and EBITDA of Rs. 48 crore, with sales volume at 25,194 MT.

  • Sustainability milestones achieved: I-REC registration and EcoVadis gold medal, placing the company among the top 5% globally.

  • Board approved unaudited financial results for Q2 and H1 FY26 and declared an interim dividend of Rs. 6.00 per share.

Financial highlights

  • Q2 FY26 consolidated revenue: INR 2,164 crore; EBITDA: INR 278 crore; PBT: INR 78 crore; PAT: INR 62 crore.

  • H1 FY26 revenue: INR 4,278 crore (vs INR 4,307 crore YoY); EBITDA: INR 603 crore (vs INR 738 crore YoY); PAT: INR 155.80 crore.

  • Carbon Black sales volume: 161,728 MT in Q2 (5% QoQ, 9% YoY growth); Specialty Black: 17,505 MT (9% QoQ, 2% YoY growth).

  • Power generation up 7% YoY in Q2 and 9% in H1; external power sales up 10% YoY in Q2.

  • Net cash from operating activities in H1 FY26: Rs. 839 crore; closing cash and cash equivalents: Rs. 217 crore.

Outlook and guidance

  • Profitability expected to recover as market conditions stabilize and operational initiatives take effect.

  • Targeting 50% capacity addition over the next 5 years across all product segments.

  • Domestic tire demand projected to grow 6–8% in FY2026, led by replacement demand.

  • Expanding specialty chemical portfolio into high-margin products, including super-conductive grades and battery chemicals.

  • Interim dividend of Rs. 6.00 per share declared for FY26.

PCBL's export strategy post-US tariff?
New products' EBITDA contribution for Aquapharm?
PCBL's domestic volume strategy to protect margins?
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