Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

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<li>
<a href="https://www.smartkarma.com/entities/phillips-carbon-black-ltd" target="_blank" data-smartkarma-citation="entities:5777:1" rel="noopener">Phillips Carbon Black (PHCB IN)</a> PCBL is the largest producer of Carbon Black in the country and seventh largest player in the world. </li>
<li>Transitioning to specialty carbon black, acquiring companies non-carbon linked companies and entering into JV for sunrise sectors EV battery chemical companies. </li>
<li>Guiding for 2400Cr Capex for 1Mn capacity of Carbon black capacity, 600Cr capex for Aquafarm chemicals and 500Cr for battery chemicals in the upcoming years for growth. </li>
</ul>



Phillips Carbon Black (PHCB IN) PCBL is the largest producer of Carbon Black in the country and seventh largest player in the world. 
Transitioning to specialty carbon black, acquiring companies non-carbon linked companies and entering into JV for sunrise sectors EV battery chemical companies. 
Guiding for 2400Cr Capex for 1Mn capacity of Carbon black capacity, 600Cr capex for Aquafarm chemicals and 500Cr for battery chemicals in the upcoming years for growth. 


2025 High Conviction Idea: PCBL Limited: Transitioning to Specialty Chemical

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>PCBL Ltd (name changed from Phillips Carbon Black) is the leading manufacturer of carbon black, which is used as a reinforcing material in tyres.</li><li>PCBL also derives ~8% of sales volume from speciality carbon black, which fetches high margins and finds application in paints, plastics among others</li><li>Target Price and Valuation: Introducing FY24E, we roll over our valuations and now value PCBL at unchanged target price Rs 320 i.e. 12x P/E on FY23E-24E avg. EPS</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

PCBL Ltd (name changed from Phillips Carbon Black) is the leading manufacturer of carbon black, which is used as a reinforcing material in tyres.PCBL also derives ~8% of sales volume from speciality carbon black, which fetches high margins and finds application in paints, plastics among othersTarget Price and Valuation: Introducing FY24E, we roll over our valuations and now value PCBL at unchanged target price Rs 320 i.e. 12x P/E on FY23E-24E avg. EPSContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Phillips Carbon Black: Growth Capex Progressing Well, PCBL in Value Zone

<p>We initiate coverage on PCBL with a BUY rating and target price of Rs300, valuing the stock at 12x FY24E PE. PCBL has recalibrated after challenging times till FY14. It is strengthening its business model; re-innovated with an emphasis on R&amp;D, and is seeing structural tailwind from reduced China concern.</p>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We initiate coverage on PCBL with a BUY rating and target price of Rs300, valuing the stock at 12x FY24E PE. PCBL has recalibrated after challenging times till FY14. It is strengthening its business model; re-innovated with an emphasis on R&amp;D, and is seeing structural tailwind from reduced China concern.
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Recalibrated + re-innovated + structural tailwinds

<p>We initiate coverage on PCBL with a BUY rating and target price of Rs300, valuing the stock at 12x FY24E PE. PCBL has recalibrated after challenging times till FY14. It is strengthening its business model; re-innovated with an emphasis on R&amp;D, and is seeing structural tailwind from reduced China concern.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We initiate coverage on PCBL with a BUY rating and target price of Rs300, valuing the stock at 12x FY24E PE. PCBL has recalibrated after challenging times till FY14. It is strengthening its business model; re-innovated with an emphasis on R&amp;D, and is seeing structural tailwind from reduced China concern.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<p>Net sales for Q2FY22 were at Rs 1067.6 crore with carbon black sales volume at ~116 KT, up 7% QoQ and consequent EBITDA/tonne at ~Rs 16,150 Consequent PAT in Q2FY22 was at Rs 121.5 crore, up 16.5% QoQ...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Net sales for Q2FY22 were at Rs 1067.6 crore with carbon black sales volume at ~116 KT, up 7% QoQ and consequent EBITDA/tonne at ~Rs 16,150 Consequent PAT in Q2FY22 was at Rs 121.5 crore, up 16.5% QoQ...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Phillips Carbon Black: Robust Quarter, High Double Digit Growth Lies Ahead

India

PCBL Limited of India manufactures carbon black and its by-products. The Company offers carbon black which is an essential ingredient used in the manufacturing of rubber, synthetic rubber, motor vehicle tires, and products in the printing and paint industries. PCBL serves customers worldwide.

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PCBL Limited (PCBL IN)

2025 High Conviction Idea: PCBL Limited: Transitioning to Specialty Chemical

Phillips Carbon Black is focusing on specialty carbon black, acquisitions, and joint ventures to expand into new sectors like EV battery...

Nimish Maheshwari

Phillips Carbon Black: Growth Capex Progressing Well, PCBL in Value Zone

PCBL Ltd (name changed from Phillips Carbon Black) is the leading manufacturer of carbon black, which is used as a reinforcing material in tyres.

ICICI Securities Limited

Recalibrated + re-innovated + structural tailwinds

We initiate coverage on PCBL with a BUY rating and target price of Rs300, valuing the stock at 12x FY24E PE. PCBL has recalibrated after...

ICICI Securities Limited

Recalibrated + re-innovated + structural tailwinds

We initiate coverage on PCBL with a BUY rating and target price of Rs300, valuing the stock at 12x FY24E PE. PCBL has recalibrated after...

ICICI Securities Limited

Phillips Carbon Black: Robust Quarter, High Double Digit Growth Lies Ahead

Net sales for Q2FY22 were at Rs 1067.6 crore with carbon black sales volume at ~116 KT, up 7% QoQ and consequent EBITDA/tonne at ~Rs 16,150...

ICICI Securities Limited

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52-week Range

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2025 High Conviction Idea: PCBL Limited: Transitioning to Specialty Chemical

​Phillips Carbon Black is focusing on specialty carbon black, acquisitions, and joint ventures to expand into new sectors like EV battery...

Nimish Maheshwari

Phillips Carbon Black: Growth Capex Progressing Well, PCBL in Value Zone

PCBL Ltd (name changed from Phillips Carbon Black) is the leading manufacturer of carbon black, which is used as a reinforcing material in tyres.

ICICI Securities Limited

Recalibrated + re-innovated + structural tailwinds

We initiate coverage on PCBL with a BUY rating and target price of Rs300, valuing the stock at 12x FY24E PE. PCBL has recalibrated after...

ICICI Securities Limited

Recalibrated + re-innovated + structural tailwinds

We initiate coverage on PCBL with a BUY rating and target price of Rs300, valuing the stock at 12x FY24E PE. PCBL has recalibrated after...

ICICI Securities Limited

Phillips Carbon Black: Robust Quarter, High Double Digit Growth Lies Ahead

Net sales for Q2FY22 were at Rs 1067.6 crore with carbon black sales volume at ~116 KT, up 7% QoQ and consequent EBITDA/tonne at ~Rs 16,150...

ICICI Securities Limited

Phillips Carbon Black is focusing on specialty carbon black, acquisitions, and joint ventures to expand into new sectors like EV battery...