PCBL Chemical (PCBL) Q4 24/25 earnings summary

Executive summary

• Achieved record operational performance in FY25 with highest-ever EBITDA, carbon black, specialty black, and power sales volumes, and consolidated revenue surpassing $1 billion.

• Aquapharm's first full year post-integration was challenging but contributed over INR 1,420 crore in revenue and INR 194 crore in EBITDA, with 70%+ capacity utilization.

• The company changed its name from 'PCBL Limited' to 'PCBL Chemical Limited' during the year.

• Expansion projects in carbon black and specialty chemicals are on track, with new capacity additions planned in India and the USA.

• Audited standalone and consolidated financial results for FY25 were approved, with unmodified audit opinions from statutory auditors.

Financial highlights

• FY25 consolidated revenue rose 30.9% YoY to INR 8,404 crore; EBITDA increased 28.8% YoY to INR 1,384 crore; PAT at INR 435 crore, down from INR 491 crore in FY24.

• Q4 FY25 consolidated carbon black sales volume rose 5.3% YoY to 150,152 tons; capacity utilization exceeded 95%.

• Power generation hit a record 738 million units, up 10% YoY; external sales volume was 436 million units.

• Diluted EPS for FY25 was Rs. 11.5, compared to Rs. 13.0 in FY24.

• Interim dividend of ₹207.60 crore (₹5.50 per share) declared and paid in Q4 FY25.

Outlook and guidance

• Expecting strong improvement in Aquapharm's operational and financial performance in FY26, targeting 40-50% EBITDA growth.

• Carbon black volume guidance for FY26 is 650,000-660,000 tons, a 9-10% increase over FY25.

• Plans to cross 1 million MTPA carbon black capacity by FY28, with phased expansions in Tamil Nadu and Andhra Pradesh.

• Specialty black and new product launches (e.g., superconductive grades, acetylene black) to drive margin expansion over the next 3-5 years.

• Battery chemicals market entry via JV Nanovace Technologies, with a pilot plant in Gujarat commissioning in 2025.