PCBL Chemical (PCBL) Q4 25/26 earnings summary

Executive summary

• Q4 FY 2026 was marked by persistent industry headwinds, including global benchmark spread softness, surplus domestic capacity, geopolitical uncertainty, and inventory adjustments by international customers.

• Achieved record carbon black sales volume of 618,956 MT in FY26, up 4% YoY, with domestic volumes rising 9% YoY due to strong local demand and higher tyre exports.

• Audited standalone and consolidated financial results for the quarter and year ended March 31, 2026 were approved, with unmodified audit opinions from statutory auditors.

• Major brownfield expansion in Tamil Nadu commenced commercial production, and land was allotted for a new plant in Andhra Pradesh.

• Strategic inventory buildup by global tire majors and capacity expansion position the company to benefit from restocking demand.

Financial highlights

• FY26 consolidated revenue was INR 8,190 crore (down 3% YoY); consolidated EBITDA was INR 1,081 crore; Q4 revenue was INR 2,066 crore and EBITDA INR 248 crore.

• FY26 PAT was INR 198 crore, down from INR 435 crore in FY25; diluted EPS fell to INR 5.15 from INR 11.5.

• Aquapharm FY26 revenue was INR 1,443 crore, EBITDA INR 162 crore; Q4 sales volume was 21,998 MT, revenue INR 339 crore, EBITDA INR 29 crore.

• Power generation reached an all-time high of 839 MU in FY26, with external sales of 511 MU.

• Exceptional items included a INR 25.04 crore statutory impact from new Labour Codes (consolidated).

Outlook and guidance

• Double-digit EBITDA growth and high-single-digit volume growth expected in FY27, driven by volume momentum, leaner cost structure, and better pricing realization.

• Aquapharm top-line expected to grow 20%-25% in FY27, with quarterly EBITDA run-rate targeted at INR 75 crore.

• Commercial battery business volumes expected to ramp up by FY28 after pilot plant qualifications.

• Long-term EBITDA guidance of INR 40 billion by 2030 remains on track.

• The company continues to monitor regulatory changes, especially regarding labour codes, and will evaluate further impacts on employee benefits.