Wednesday, 24 January 2024

PCBL Ltd. (PCBL)

Target Price:- ₹ 470
Stop loss:- ₹ 280
CMP:- ₹ 319 Industry:- Chemicals/Carbon Black
Market Cap:- ₹ 12,025 cr. High Low:- ₹ 334 / 108
Book Value :- ₹ 82.6 Debt:- ₹ 1,171 cr.
Promoters Holding :- 51.4% Pledged % :- 0.00%

Quarterly Results (cr.)

Category Dec. 2023 Sep. 2023 Jun. 2023 Mar. 2023 Dec. 2022

Revenue 1,657 1,487 1,348 1,374 1,363

PAT 148 123 109 102 97

EPS (in ₹) 3.92 3.25 2.89 2.71 2.57

Annual Results (cr.)

Category Mar. 2023 Mar. 2022 Mar. 2021 Mar. 2020 Mar. 2019

Revenue 5,774 4,446 2,660 3,244 3,529

PAT 442 426 314 288 383

EPS 11.70 11.29 9.10 8.31 11.13

Balance Sheet (cr.)

Category Mar. 2023 Mar. 2022 Mar. 2021 Mar. 2020 Mar. 2019

Reserves 2,792 2,576 1,901 1,665 1,615

Borrowings 1,029 786 724 617 793

Other Liabilities 1,573 1,385 1,067 995 944

Total Liabilities 5,433 4,785 3,726 3,311 3,387

Fixed Assets 1,968 1,934 1,742 1,640 1,500

CWIP 1,130 175 267 306 175

Other Assets 2,101 2,087 1,521 1,210 1,350

Total Assets 5,433 4,785 3,726 3,311 3,387

Share Holding Patterns (%)

Category Dec. 2023 Sep. 2023 Jun. 2023 Mar. 2023 Dec. 2022

Promoters 51.41 51.41 51.41 51.41 51.41

FIIs 7.12 7.07 6.56 6.34 8.58

DIIs 6.25 7.78 9.05 8.15 7.16

Public 33.98 32.51 31.74 32.85 31.62

Visit: www.bullishindia.com
 Wednesday, 24 January 2024

PCBL Ltd. (PCBL)

Target Price:- ₹ 470
Stop loss:- ₹ 280
• About the Company:
PCBL Limited is an Indian-based carbon black company. The Company operates in the materials and speciality
chemicals industry, with an annual production capacity of roughly 6,03,000 metric tonnes and a green power
generation rate of 98 megawatts per hour.

Key Points:-
• Business Overview:
The company, part of the RP-Sanjiv Goenka Group, produces carbon black and generates power for captive
consumption and sale of surplus to outsiders.

• Product Portfolio:
a. Tyres and Performance Chemicals: Orient Black N110, Orient Black N115, Orient Black N121, Orient Black
N134, CarboNext 10, CarboNext 20, CarboNext 40, etc.
b. Specialty Chemicals: TDS Bleumina, TDS Royale Black PP803, TDS Royale Black PC501, TDS Royale Black
NuTone 324, TDS Royale Black NuTone 37.
c. Power: PCBL is the world's first carbon black company to acquire UNFCCC carbon credits for its captive power
plant in Baroda. The power generating technique recovers and uses the thermal energy of waste gas generated
during carbon black production. This waste gas is subsequently converted into steam, which is ultimately used
to generate electricity. The extra electricity available after meeting the internal power requirement is exported to
the State Electricity Board.

• Product Application:
a. Rubber Goods: Conveyor belts, Construction, Extrusions and profiles, Damping elements, Hoses and ducting,
Power transmission belts (V belts), Rubber mats and shoe soles, Rubber pads and cap, etc.
b. Tyres: Passenger vehicle, Truck and bus, Off-the-road, Agricultural, Forestry, Two-wheeler, Three-wheeler,
Cycle, Re-treading materials, etc.
c. Specialty chemicals: Food contact plastic, Synthetic fibre and textile fabric, Wire and cable, Film and sheet
application, Geo-textile/geo-membrane, Pressure pipe, Drip irrigation pipe system, ESD and Conductive,
Plastics moulded parts, Engineering plastics, Inks, Paints, Coatings, Adhesives, Sealants, Batteries.

• Manufacturing Capacity:
The company operates four plants in Durgapur (West Bengal), Palej and Mundra (Gujarat), and Kochi (Kerala),
with a total capacity of 6,03,000 MTPA and 91 MW green electricity generation capacity.

• International Presence: 45+ countries in USA, Africa, Middle East, Europe, Asia Pacific.

• Brands: Orient Black, CarboNext, Royale Black, Bleumina, NuTone, etc.

• Clientele: MRF, CEAT, JK Tyre & Industries, Apollo Tyres, Bridgestone, Goodyear, Michelin, Yokohama, TVS
Group, Continental, Toyo, Nexen, Kumho, Contitech, Giti Tyres, Trelleborg, Camso and Petlas.

• New Subsidiary: On April 15, 2023, the firm established a wholly owned subsidiary company called PCBL
EUROPE SRL in Belgium for the research and development, manufacture, marketing, and trade of speciality
chemicals and other chemical products.

• Capacity Expansion:
Company is working on 2 expansion projects: The company worked on two expansion projects: a greenfield
project in Chennai through its fully owned subsidiary, PCBL (TN) Limited, and a brownfield facility in Mundra,
Gujarat, with an anticipated capacity of 40,000 MTPA, which was commissioned in FY23.

Visit: www.bullishindia.com