AI-generated · cited to primary sources · not investment advice
PCBL Chemical (506590) Oct 2025 Filing Analysis
Does management do what it says?
Aquapharm successfully commissioned the PBTC plant and completed the de-bottlenecking of the acetyl chloride line during the quarter. (2 met, 1 missed, 2 in progress across 5 tracked commitments)
“We look forward to end this financial year with the Rs. 75 crores of EBITDA overall, the global business for nine-months’ basis. So, that is an exit we are looking at today.”
Current EBITDA per ton for Q3 FY26 was Rs. 13,800, and 9-month FY26 was Rs. 15,300. Management maintains the long-term target of Rs. 24,000-25,000 but current levels remain well below the interim Rs. 20,000 recovery target. (1 in progress across 1 tracked commitment)
“So, our EBITDA which used to be around say Rs. 20,000, has come down to about Rs. 16,000. So, that is a margin of Rs. 4,000,we are fairly confident of recovering once the market stabilizes.”
Trial runs for the 1,000 MTPA super-conductive specialty black grades have commenced as of February 2026, indicating a delay from the original November 2025 commercial production target. (1 revised, 1 in progress across 2 tracked commitments)
“Specialty Blacks 20,000 MTPA new line in advance stage- commissioning likely to be prepone to Mar 26.”
Trial runs for the 1,000 MTPA super-conductive grades in Palej, Gujarat have commenced as of Q3 FY26 (Feb 2026 report), indicating a slight delay from the November 2025 commercial production target. (1 revised across 1 tracked commitment)
“Specialty black line dedicated for Super-conductive grades of 1,000 MTPA in Palej, Gujarat is expected to start commercial production from November’25”
Management has commissioned 60,000 MTPA of the expansion, while the remaining 30,000 MTPA (the 'hard line') is currently under trial run and expected to be commissioned soon. (2 revised across 2 tracked commitments)
“Brownfield expansion of 90 KTPA Rubber line in TN under commissioning stage- likely to be operational in Q3FY26.”
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