PCBL Chemical (PCBL IN) – Analyst Meet Update – Ambitious FY30 targets – BUY
Published on 09 Sep 2025
PCBL held its investor day, where the management outlined its vision and strategic roadmap for FY30. The company has set an ambitious target of tripling EBITDA from Rs13.4bn in FY25 to Rs40bn by FY30, through portfolio diversification and capacity expansion. A key growth lever will be its foray into high-value products such as nano silicon, acetylene black, and superconductive CB grades. Of the Rs26.5bn incremental EBITDA, the conductive segment alone is expected to contribute Rs14bn, with margins guided at 40–50%. Another Rs5bn is expected from capacity additions in rubber and specialty CB, while Aquapharm is likely to deliver incremental EBITDA of Rs6bn. However, we remain cautious on this front as the business has struggled since its acquisition, and achieving the target will require a sharp jump in both volumes and EBITDA/kg. We maintain our ‘BUY’ rating on the stock valuing it at 22x FY27 EPS and assigning TP of Rs474.
