PCBL Chemical Q3FY26 Results: Revenue Falls to ₹1,846 Crore, Board Approves Results
PCBL Chemical Limited reported Q3FY26 consolidated revenue of ₹1,846 crore and EBITDA of ₹231 crore, showing decline from previous year. The company successfully commissioned brownfield expansion of 60 KTPA, improved working capital cycle by 12 days, and completed conversion of warrants worth ₹448 crore during the quarter.

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PCBL Chemical Limited announced its Q3FY26 quarterly results for the quarter ended December 31, 2025, with the Board of Directors approving the unaudited standalone and consolidated financial results at their meeting held on February 3, 2026. The company reported consolidated revenue from operations of ₹1,846 crore and EBITDA of ₹231 crore for the quarter.
Board Meeting and Regulatory Compliance
The Board meeting commenced at 11:30 AM and concluded at 1:30 PM on February 3, 2026. Pursuant to Regulations 30, 33, 51, 52 and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board considered and approved the unaudited standalone and consolidated financial results along with limited review reports issued by statutory auditors.
| Parameter: | Details |
|---|---|
| Meeting Date: | February 3, 2026 |
| Meeting Duration: | 11:30 AM to 1:30 PM |
| Regulatory Compliance: | SEBI LODR Regulations 30, 33, 51, 52 |
| Auditor Review: | Limited Review by S.R. Batliboi & Co. LLP |
Financial Performance Overview
The company's quarterly performance showed mixed results compared to the previous year. While maintaining operational efficiency, PCBL Chemical faced headwinds in certain segments during the challenging market environment.
| Metric: | Q3FY26 | Q3FY25 | Change |
|---|---|---|---|
| Revenue from Operations: | ₹1,846 Cr | ₹2,010 Cr | -8.16% |
| EBITDA: | ₹231 Cr | ₹329 Cr | -29.79% |
| EBITDA Margin: | 12.52% | 16.37% | -385 bps |
| PBT: | ₹10 Cr | ₹124 Cr | -91.97% |
| PAT: | ₹2 Cr | ₹93 Cr | -97.83% |
Operational Highlights and Capacity Expansion
Despite the challenging environment, PCBL Chemical achieved several operational milestones during the quarter. The company successfully commissioned a brownfield expansion of 60 KTPA rubber line in Tamil Nadu, bringing the total capacity to 850 KT. The company is running at high capacity utilization and domestic carbon black sales volumes grew by 6% year-on-year, driven by higher domestic consumption and rising exports of tyres.
| Parameter: | Details |
|---|---|
| Total Capacity: | 850 KT |
| Domestic CB Sales Growth: | 6% YoY |
| Specialty Black Volume (Q3FY26): | 16,700 MT |
| Specialty Black Growth: | 17% YoY |
Working Capital and Cash Flow Management
The company demonstrated strong financial discipline with significant improvements in working capital management. The working capital cycle improved by 12 days in 9M FY26, releasing approximately ₹400 crore of cash. Overall cash generation remained healthy, with a reduction in net debt of approximately ₹400 crore since March 2025.
Segment Performance Analysis
Carbon black sales volume decreased by 1.55% year-on-year in Q3FY26, totaling 1,41,271 MT compared to 1,43,500 MT in Q3FY25. However, the specialty segment showed resilience with sales volume increasing by 17% year-on-year during the quarter.
| Segment: | Q3FY25 (MT) | Q3FY26 (MT) | Change |
|---|---|---|---|
| Tyres: | 87,750 | 81,219 | -7.44% |
| Performance: | 41,470 | 43,352 | +4.54% |
| Specialty: | 14,280 | 16,700 | +16.95% |
| Total CB Sales: | 1,43,500 | 1,41,271 | -1.55% |
Strategic Developments and Corporate Actions
The company made significant progress in its strategic initiatives. Trial runs commenced for super-conductive grades of 1,000 MTPA in Palej, Gujarat, and pre-commissioning activity for specialty black 20,000 MTPA new line has started. Nanovace's pilot plant project of 80 tons will be operational by the end of March 2026. The conversion of 1.60 crore warrants into equity shares totaling ₹448 crore was completed during the quarter, strengthening the capital base.
Source: PCBL Chemical Limited Board Meeting Outcome dated February 3, 2026
Historical Stock Returns for PCBL Chemical
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -4.64% | -3.45% | +13.68% | -21.42% | -21.14% | +198.18% |


































