Buy PCBL; target of Rs 160: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on PCBL

PCBL Ltd (erstwhile Phillips Carbon Black) is the leading manufacturer of carbon black, which is used as a reinforcing material in tyres. • PCBL also derives ~6% of sales volume from speciality carbon black, which fetches high margins and finds application in paints, plastics among others • It has a healthy margin profile (15%+), a capital efficient business model (RoCE>15%) with limited leverage on b/s (~0.3x debt: equity as of FY21).

Outlook

We maintain our positive view and retain BUY rating on the stock. Keeping our estimates unchanged, we now value PCBL at stock split adjusted target price Rs 160 i.e. 12x P/E on FY23E-24E average EPS.

More Info

At 12:19 hrs PCBL was quoting at Rs 123.90, up Rs 4.25, or 3.55 percent.

It has touched an intraday high of Rs 124.55 and an intraday low of Rs 121.00.

It was trading with volumes of 97,596 shares, compared to its thirty day average of 96,519 shares, an increase of 1.12 percent.

In the previous trading session, the share closed up 6.31 percent or Rs 7.10 at Rs 119.63.

The share touched its 52-week high Rs 139.33 and 52-week low Rs 89.03 on 02 August, 2021 and 24 February, 2022, respectively.

Currently, it is trading 11.07 percent below its 52-week high and 39.17 percent above its 52-week low.

Market capitalisation stands at Rs 2,338.38 crore.

For all recommendations report, click here

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