PCBL Chemical (PCBL) Q2 26/27 earnings summary

Executive summary

• Q2 consolidated revenue was Rs 2,474.45 crore, EBITDA Rs 310 crore and PAT Rs 74.14 crore; revenue, EBITDA and PAT rose 14%, 12% and 20% YoY.

• H1 consolidated revenue was Rs 4,947.82 crore, EBITDA Rs 710 crore and PAT Rs 229.07 crore; revenue, EBITDA and PAT rose 16%, 18% and 47% YoY.

• Lower Rubber & Specialty Blacks volumes reflected cautious buying amid geopolitical trade disruption, while pricing discipline and cost optimization supported results.

• Priorities include profitable core Carbon Black growth, specialty portfolio expansion and development of advanced battery materials.

Financial highlights

• Q2 consolidated revenue was Rs 2,474.45 crore versus Rs 2,163.57 crore YoY; PAT was Rs 74.14 crore versus Rs 61.70 crore, and EPS was Rs 1.88 versus Rs 1.63.

• H1 consolidated PBT was Rs 304.78 crore versus Rs 198.43 crore YoY; EPS was Rs 5.82 versus Rs 4.12.

• Standalone Q2 revenue was Rs 1,694.65 crore versus Rs 1,478.01 crore; PAT was Rs 80.01 crore versus Rs 59.63 crore.

• Standalone H1 revenue was Rs 3,348.13 crore versus Rs 2,930.99 crore; PAT was Rs 187.25 crore versus Rs 152.72 crore.

Outlook and guidance

• FY27 EBITDA-per-ton guidance remains for double-digit growth over FY26; carbon black volume growth of ~7% is challenging, but financial guidance is unchanged.

• Aquapharm targets double-digit FY27 revenue growth, supported by H2 launches including PBTC, GLDA and green chelates, alongside pricing discipline.

• Management expects a strong H2 as buying patterns gradually improve; recovery timing remains market-dependent.

• Carbon Black capacity is targeted to reach 1 MN MTPA by FY28 from 900 KTPA; global demand is projected to grow at ~3% CAGR.

• Priorities include volume growth with margin improvement, specialty expansion and cost efficiency; Coal Tar and Yellow Phosphorus backward integration is planned.