PCBL Chemical (PCBL IN) – Q2FY27 Result Update – EBITDA/tn guidance reiterated; Industry tailwinds intact – BUY
Published on 03 Nov 2026
PCBL Chemical reported Q2FY27 revenue of INR24.7bn, up 14% YoY and flat QoQ. Carbon Black volumes stood at 134,180tn, with exports declining 18% QoQ as the company curtailed low-margin sales amid elevated freight and raw material costs. EBITDA/tn stood at INR19,800, including a US tariff refund of INR2,300/tn, implying an underlying EBITDA/tn of ~INR17,500. Management reiterated its guidance of double-digit growth in EBITDA/tn over FY26 levels, although volume growth is expected to remain subdued. Aquapharm reported revenue of INR4.3bn and EBITDA of INR420mn, supported by 15% YoY growth in application-specific solutions. Management expects double-digit revenue growth in FY27. We value the stock at 25x Sep'28E EPS and maintain our BUY rating with a target price of INR360.
