PCBL Chemical (PCBL IN) – Q3FY26 Result Update – Muted realization drags EBITDA/t – Downgrade to ‘HOLD’
Published on 03 Feb 2026
Looking ahead, we expect carbon black volumes to grow by 2% in FY26 and 11% in FY27, supported by new capacity additions; however, EBITDA/t is likely to remain subdued at ~Rs15,545 in FY26 and ~Rs17,100 in FY27, reflecting sustained pricing pressure. Aquapharm margins are also expected to remain under pressure, although the management has guided 20% volume growth in FY27. The stock is currently trading at 16x FY28E EPS. Downgrade to ’HOLD’.
