PCBL · Chemicals
PCBL Chemical Ltd. reported revenue of ₹2,114 cr for April to June 2025, −1.4% on the year and +1.3% on the quarter. Over the last four quarters revenue comes to ₹8,374 cr, +16.0% on the four before.
Operating profit (EBITDA) was ₹319 cr, a margin of 15.1%, −161 bps on the year and +81 bps on the quarter. Over the last 8 quarters the margin has ranged from 14.3% to 16.8%, averaging 15.9%. Operating costs grew +0.5%, faster than revenue at −1.4%, so operating profit grew less than sales.
Net profit was ₹94.0 cr, −20.3% on the year and −6.0% on the quarter, with earnings per share of ₹2.49. Profit before other income, one-offs and tax fell 25.5%, so 5 points of the headline growth came from outside the core business. The tax rate was 22% against an average of 26% over the previous 8 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹410 cr, −18.0% on the four before.
Speciality chemicals are read on volumes and pricing, with Chinese supply a recurring swing factor; inventory destocking can hit a quarter without a change in demand. The quarterly statements do not carry volumes against prices, capacity utilisation and new molecules; those come with the filing read.
On earnings per share of ₹10.88 over the last four quarters, the stock at ₹309.40 trades at 28.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Operating margin slipped on the year.
EBITDA margin 15.1%, −161 bps on the year (+81 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,487 cr | ₹1,657 cr | ₹1,929 cr | ₹2,144 cr | ₹2,163 cr | ₹2,010 cr | ₹2,087 cr | ₹2,114 cr | ₹2,164 cr | ₹1,846 cr | ₹2,066 cr | ₹2,473 cr |
| YoY | — | — | — | +59% | +45% | +21% | +8% | −1% | +0% | −8% | −1% | +17% |
| EBITDA margin | 16.0% | 16.8% | 16.1% | 16.7% | 16.8% | 15.8% | 14.3% | 15.1% | 12.3% | 11.6% | 11.8% | 16.0% |
| Other income, % of PBT | 2% | 3% | 15% | 7% | 4% | 9% | 16% | 5% | 15% | −50% | 0% | 2% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 28% | 26% | 26% | 28% | 25% | 25% | 21% | 22% | 21% | 80% | 23% | 24% |
| Net profit | ₹123 cr | ₹148 cr | ₹111 cr | ₹118 cr | ₹123 cr | ₹93.0 cr | ₹100 cr | ₹94.0 cr | ₹62.0 cr | ₹2.0 cr | ₹40.0 cr | ₹155 cr |
| YoY | — | — | — | +8% | 0% | −37% | −10% | −20% | −50% | −98% | −60% | +65% |
| Core profit YoY | — | — | — | +2% | −7% | −42% | −16% | −25% | −58% | −87% | −51% | +75% |
| EPS | ₹3.25 | ₹3.92 | ₹2.95 | ₹3.13 | ₹3.27 | ₹2.47 | ₹2.65 | ₹2.49 | ₹1.63 | ₹0.05 | ₹1.02 | ₹3.94 |
| Flags | · | · | · | 1 | 1 | 1 | ✓ | ✓ | 1 | 1 | 1 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
PCBL Chemical Ltd. reported revenue of ₹2,114 cr (−1.4% on the year) and net profit of ₹94.0 cr (−20.3% on the year) for April to June 2025.
Profit before other income, exceptional items and tax moved −25.5% on the year, against −20.3% for reported profit.
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