PCBL Chemical Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript PCBL Chemical Ltd filed with BSE on 07 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
PCBL Chemical reported Q4 FY26 consolidated revenue of Rs 2,066 crore and EBITDA of Rs 248 crore, with carbon black sales volume up 8% YoY to 1,61,865 MT, while the West Asia conflict drove sharp increases in feedstock, freight and packing costs. Full year FY26 consolidated revenue was Rs 8,189 crore versus Rs 8,404 crore in FY25, and EBITDA fell to Rs 1,081 crore from Rs 1,384 crore, while net borrowings reduced by Rs 454 crore to Rs 4,536 crore. Management described disruptions to shipping routes via the Cape of Good Hope, a lag in cost pass-through to Q2 FY27, and progress on a 90,000 ton brownfield capacity expansion and a battery chemicals pilot plant at Palej.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Consolidated revenue from operations: INR2,066 crores (Q4 FY26)
p. 6
“Consolidated revenue from operations during the quarter was INR2,066 crores and consolidated EBITDA were INR248 crores.”
Nilesh Koul, page 6 of the filed PDF · View the filing
Consolidated EBITDA: INR248 crores (Q4 FY26)
p. 6
“Consolidated revenue from operations during the quarter was INR2,066 crores and consolidated EBITDA were INR248 crores.”
Nilesh Koul, page 6 of the filed PDF · View the filing
Carbon black sales volume: 1,61,865 MT (Q4 FY26)
p. 6
“our consolidated sales volume in carbon black business increased by 8% YoY to 1,61,865 MT.”
Nilesh Koul, page 6 of the filed PDF · View the filing
Domestic carbon black sales volume: 1,05,055 tons (Q4 FY26)
p. 6
“domestic sales volume grew by 21% YoY to 1,05,055 tons, while international sales volume decreased by 10% to 56,800 tons in Q4 FY26.”
Nilesh Koul, page 6 of the filed PDF · View the filing
International carbon black sales volume: 56,800 tons (Q4 FY26)
p. 6
“domestic sales volume grew by 21% YoY to 1,05,055 tons, while international sales volume decreased by 10% to 56,800 tons in Q4 FY26.”
Nilesh Koul, page 6 of the filed PDF · View the filing
Specialty sales volume: 19,386 tons (Q4 FY26)
p. 6
“specialty sales volumes grew by 26% YoY to 19,386 tons.”
Nilesh Koul, page 6 of the filed PDF · View the filing
Power generation: 196 MUs (Q4 FY26)
p. 6
“Power generation increased by 12% YoY from 175 MUs to 196 MUs with external sales volume of 116 MUs as against 100 MUs in Q4 25.”
Nilesh Koul, page 6 of the filed PDF · View the filing
Consolidated revenue from operations: INR8,189 crores (FY26)
p. 7
“consolidated revenues from operations stood at INR8,189 crores as against INR8,404 crores in FY25.”
Nilesh Koul, page 7 of the filed PDF · View the filing
Carbon black sales volume: 6,18,956 metric tons (FY26)
p. 7
“Sales volume for carbon black decreased 4% YoY to 6,18,956 metric tons in FY26 as against 5,96,262 metric tons in FY25.”
Nilesh Koul, page 7 of the filed PDF · View the filing
Consolidated EBITDA: INR1,081 crores (FY26)
p. 7
“The consolidated EBITDA for FY26 stood at INR1,081 crores as against INR1,384 crores in FY25.”
Nilesh Koul, page 7 of the filed PDF · View the filing
Aquapharm revenue: INR339 crores (Q4 FY26)
p. 7
“Aquapharm reported sales volumes of 21,998 MT, revenue of INR339 crores and an EBITDA of INR29 crores in Q4 FY26.”
Nilesh Koul, page 7 of the filed PDF · View the filing
Aquapharm EBITDA: INR29 crores (Q4 FY26)
p. 7
“Aquapharm reported sales volumes of 21,998 MT, revenue of INR339 crores and an EBITDA of INR29 crores in Q4 FY26.”
Nilesh Koul, page 7 of the filed PDF · View the filing
Aquapharm full year revenue: INR1,443 crores (FY26)
p. 7
“For the full year, revenue was INR1,443 crores and EBITDA INR162 crores.”
Nilesh Koul, page 7 of the filed PDF · View the filing
Net borrowings reduction: INR454 crores (FY26)
p. 6
“Net borrowings reduced by INR454 crores to INR4,536 crores during FY26, even while we funded INR750 crores of capex.”
Nilesh Koul, page 6 of the filed PDF · View the filing
Total installed carbon black capacity: 880,000 tons per annum
p. 6
“our total installed capacity is now 880,000 tons per annum.”
Nilesh Koul, page 6 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
EBITDA growth — double-digit · FY27
stated conditionally by Nilesh Koul
p. 6
“As the environment normalizes and volumes recover, we are confident of delivering double-digit EBITDA growth fueled by volume momentum, leaner cost structure and better pricing realization.”
Nilesh Koul, page 6 of the filed PDF · View the filing
Cost savings from initiatives — INR200-250 crores · next 4-6 quarters
stated firmly by Nilesh Koul
p. 5
“Cost initiatives across yield improvement, throughput enhancement and feedstock diversification are on track to unlock over INR200-250 crores of savings over the next 4-6 quarters.”
Nilesh Koul, page 5 of the filed PDF · View the filing
Carbon black volume growth — high single-digit · FY27
stated firmly by Nilesh Koul
p. 11
“I think in the carbon black business now with our additional capacity coming in, we expect to see a high single-digit volume growth.”
Nilesh Koul, page 11 of the filed PDF · View the filing
EBITDA growth (carbon black) — more than double-digit · FY27
stated firmly by Nilesh Koul
p. 11
“We should see more than double-digit growth in EBITDA as well for next year.”
Nilesh Koul, page 11 of the filed PDF · View the filing
Aquapharm EBITDA run rate — INR75 crores per quarter · next 2-3 quarters
stated as an aspiration by Pankaj Kedia
p. 15
“we believe that that goal remains intact for us to reach 75 crores run rate on a quarterly basis.”
Pankaj Kedia, page 15 of the filed PDF · View the filing
Aquapharm EBITDA — INR50-55 crores per quarter · FY27
stated conditionally by Pankaj Kedia
p. 13
“Yes, we believe we should be able to do that.”
Pankaj Kedia, page 13 of the filed PDF · View the filing
Aquapharm top line growth — 20-25% · FY27
stated firmly by Pankaj Kedia
p. 13
“Aquapharm should see a very strong growth in top line in FY27. I think in the region of 20-25% is something which we believe should be able to achieve.”
Pankaj Kedia, page 13 of the filed PDF · View the filing
EBITDA target — 40 billion · 2030
stated as an aspiration by Raj Gupta
p. 13
“So, from 2030 perspective, we are very confident,we remain on track and with all the initiatives that we are taking, we believe that we should be able to deliver those numbers.”
Raj Gupta, page 13 of the filed PDF · View the filing
Battery chemicals commercial volumes — FY28
stated as an aspiration by Nilesh Koul
p. 11
“I would expect that FY28 is when we will start seeing commercial volumes going up.”
Nilesh Koul, page 11 of the filed PDF · View the filing
Net leverage — FY27
stated firmly by Raj Gupta
p. 13
“Yes, we feel that we can generate more cash from operations and what we require to invest in growth. And therefore, there should be net-net reduction in overall leverage.”
Raj Gupta, page 13 of the filed PDF · View the filing
Incremental working capital requirement — INR100 crores
stated conditionally by Raj Gupta
p. 10
“Even if crude remains at $90 level, I think considering the volume growth, the revenue growth, we will require another INR100 crores worth of incremental working capital.”
Raj Gupta, page 10 of the filed PDF · View the filing
Full impact of cost pass-through — Q2 FY27
stated firmly by Nilesh Koul
p. 4
“the full impact of cost passthrough will reflect in our numbers by Q2 FY27, at which point our margins profile should normalize.”
Nilesh Koul, page 4 of the filed PDF · View the filing
Tyre volume — Q1 FY27
stated firmly by Nilesh Koul
p. 17
“Q1, you should see higher volume from us on tyres.”
Nilesh Koul, page 17 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said U.S. tariff reduction improved export competitiveness and there was a contribution increase along with an inventory valuation lag, though EBITDA per ton was largely unchanged.
Answered by Raj Gupta
Asked by Sanjesh Jain: What drove the jump in carbon black profitability this quarter, and is it tariff-related or inventory gains?
p. 9
“Sanjesh, if you're comparing it with last quarter, it was not a usual quarter. And our profitability dipped significantly.”
Raj Gupta, page 9 of the filed PDF · View the filing
Management said the goal is feedstock diversification for specific applications, with more capex details to follow next quarter.
Answered by Nilesh Koul
Asked by Sanjesh Jain: Why is the company reconsidering coal tar distillation as a feedstock source?
p. 9
“at the core of it is that we need to diversify our feedstock base.”
Nilesh Koul, page 9 of the filed PDF · View the filing
Management expects restocking to drive growth in oil and gas in the first two quarters of FY27 and profitability to improve as capacity utilization rises.
Answered by Pankaj Kedia
Asked by Sanjesh Jain: Does the Aquapharm outlook improve given rising phosphoric acid and crude prices?
p. 10
“we see substantial restocking impact coming in the first two quarters of FY27. So most probably you will see a decent growth in the oil and gas business in Aquapharm in FY27.”
Pankaj Kedia, page 10 of the filed PDF · View the filing
Management pointed to reduced pricing pressure in India from increased exports to the US, customer inventory build-up, and growth in value-added products.
Answered by Nilesh Koul
Asked by Aditya Khetan: What indicators suggest carbon black spreads have bottomed out?
p. 12
“the additional volume coming into the Indian market is now moving towards US as well. So, you see some improvement in volumes being exported out of India, which therefore reduces the pressure on pricing in India.”
Nilesh Koul, page 12 of the filed PDF · View the filing
Management said the customer requirement is large and current capacity of 4,000 tons is a constraint, with capacity expansion planned once product approvals are secured.
Answered by Pankaj Kedia
Asked by Sailesh Raja: What is the potential volume growth from P&G and Henkel allocations in the green chelates portfolio?
p. 15
“The requirement of these customers is pretty large. I mean, we will not be able to supply that requirement with what capacities we have.”
Pankaj Kedia, page 15 of the filed PDF · View the filing
Management attributed the decline to customer mix and timing of supply rather than market share loss.
Answered by Nilesh Koul
Asked by Shashank Kanodia: Why did tyre segment volume decline sequentially despite healthy domestic tyre demand growth?
p. 17
“This is just a customer mix that we had and it's just a timing effect in terms of when the material got supplied.”
Nilesh Koul, page 17 of the filed PDF · View the filing
Risks flagged
West Asia conflict disrupted supply chains and raised logistics, feedstock and packing costs
p. 3
“The West Asia situation has created new challenges in terms of massive increases in logistics cost, cost of feedstock and the availability of ships and access to markets.”
Nilesh Koul, page 3 of the filed PDF · View the filing
Rerouting of vessels via Cape of Good Hope increasing transit time and freight costs
p. 4
“Vessels are being rerouted via the Cape of Good Hope, adding at least 14 days to transit time and increasing logistics costs significantly.”
Nilesh Koul, page 4 of the filed PDF · View the filing
Crude price volatility affecting raw material costs with a lag before pass-through
p. 4
“Brent started at around $60 per barrel and ended March at around $100 per barrel. As we speak, it's hovering close to $120 per barrel.”
Nilesh Koul, page 4 of the filed PDF · View the filing
Commissioning of specialty black line delayed due to gas shortage
p. 6
“The superconductive specialty black line of 1,000 MTPA at Palej, Gujarat is mechanically ready for commissioning. However, commissioning has been delayed due to gas shortage.”
Nilesh Koul, page 6 of the filed PDF · View the filing
Aquapharm faced raw material price increases and LPG supply disruption during the conflict
p. 7
“Lead time and freight rates increased significantly, alongside a 25-30% rise in raw material prices.”
Nilesh Koul, page 7 of the filed PDF · View the filing
Oil and gas segment decline due to low oil rig counts and frack spreads in the US
p. 7
“the oil and gas segment declined by 19% YoY, impacted by low oil rig counts and frack spreads in the U.S.”
Nilesh Koul, page 7 of the filed PDF · View the filing
Water solutions business faced headwinds resulting in decline
p. 7
“Our water solutions business also faced headwinds, resulting in a 12% YoY decline.”
Nilesh Koul, page 7 of the filed PDF · View the filing
Lower capacity utilization in Aquapharm led to negative operating leverage
p. 10
“significantly lower capacity utilization in the last couple of quarters. That has led to some kind of a negative operating leverage playing to our numbers.”
Pankaj Kedia, page 10 of the filed PDF · View the filing
Increase in feedstock prices could pressure working capital and net debt
p. 10
“Considering there is a sharp increase in the feedstock prices, that will put significant pressure on working capital and hence on the net debt position”
Sanjesh Jain, page 10 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.