PCBL Chemical (PCBL) Q4 24/25 earnings summary

Executive summary

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

• Consolidated revenue from operations grew 31% YoY to INR 8,404 crore; EBITDA rose 29% YoY to INR 1,384 crore.

• Aquapharm's first full year post-integration was challenging but contributed INR 1,431 crore revenue and INR 194 crore EBITDA; strong improvement expected in FY26.

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

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

Financial highlights

• FY25 consolidated revenue: INR 8,404 crore (+31% YoY); EBITDA: INR 1,384 crore (+29% YoY); PAT: INR 434.67 crore.

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

• FY25 carbon black sales volume: 596,262 MT (+12% YoY); specialty black: 62,450 MT (+9% YoY).

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

• Interim dividend of INR 207.60 crore (INR 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; brownfield expansion in TN to add 90,000 MTPA carbon black and 12 MW green power by FY26.

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

• Battery chemicals JV (Nanovace) pilot plant commissioning in 2025; focus on nano-silicon for Li-ion batteries.