PCBL Chemical (PCBL) Q1 25/26 earnings summary

Executive summary

• Delivered steady Q1 FY26 performance with consolidated revenue of INR 2,114 crore and EBITDA of INR 325 crore, amid global uncertainties and stable operational execution.

• Volume growth achieved across Carbon Black (154,093 MT, up 2.6% QoQ), Specialty Black (16,065 MT, up 4.5% QoQ), and Aquapharm (26,523 MT, up 8.7% YoY).

• Benefited from global shifts in tyre and carbon black manufacturing towards India, supported by cost advantages and supply chain resilience.

• Strategic focus on specialty chemicals, battery materials, and energy storage, with new facilities, patents, and technology transfers strengthening future growth.

• Board approved unaudited financial results, with no material misstatements and compliance with SEBI Listing Regulations.

Financial highlights

• Consolidated revenue from operations for Q1 FY26 was INR 2,114 crore; EBITDA at INR 325 crore (15% margin); PAT at INR 94 crore.

• Carbon Black sales volume rose 2.6% sequentially to 154,093 MT, with capacity utilization over 97%.

• Aquapharm sales volume grew 8.7% YoY to 26,523 MT; revenue at INR 382 crore, EBITDA at INR 50 crore.

• Power generation hit a record 215 million units, up 11% YoY, with external sales up 14%.

• Diluted EPS for Q1 FY26 stood at INR 2.5; consolidated net profit margin at 4.47%.

Outlook and guidance

• Anticipates continuous growth in international sales, driven by new geographies, supply chain investments, and specialty product launches.

• Brownfield expansion in Tamil Nadu (30,000 MTPA) in trial runs; second phase and green power to be commissioned by year-end.

• Total Carbon Black capacity to reach 900,000 MTPA and Green Power 134 MW in FY26; Specialty Black capacity to increase to 132,000 MTPA in 3-4 quarters.

• Guidance for Aquapharm EBITDA at INR 300 crore for FY26, with improvement expected from Q2 onwards.

• Targeting over 1 million tons total capacity by FY28, with specialty black share to ramp up.