PCBL Chemical, the RP-Sanjiv Goenka Group carbon black maker ranked 6th globally, reports its Q2 FY 2026-2027 results into a quarter of sharply rising crude prices and a management-flagged volume pause. The print will speak to how much of Q1's ~Rs. 70 Cr inventory gains reverse as guided (Rs. 40-50 Cr), and whether the FY27 carbon black EBITDA/ton guidance of Rs. 16,500-17,000 is reaffirmed.
| Results date | November 02, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 2,473.37 Cr (+17.00% YoY) |
| Previous quarter PAT | Rs. 154.93 Cr (+64.64% YoY) |
| Previous quarter EBITDA margin | 16.17% |
| Market cap | Rs. 11,539.17 Cr |
| CMP | Rs. 292.05 |
The board meets on November 02, 2026, to approve unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026. The trading window is shut till 48 hours after declaration.
The Q2 FY27 earnings call is scheduled for Monday, November 2, 2026, at 17:00 hrs IST, organized by ICICI Securities. Speakers include Nilesh Koul (MD), Rohit Narang (CEO, Aquapharm Chemical), Raj Gupta (CFO) and Pankaj Kedia (ED - IR), with no unpublished price-sensitive information to be shared.
The quarter's central test is whether Q2 normalizes toward the FY27 carbon black EBITDA/ton guidance of Rs. 16,500-17,000 after Q1 printed Rs. 22,900/ton on ~Rs. 70 Cr of inventory gains, of which management guided Rs. 40-50 Cr would reverse in Q2. Management pre-flagged a "temporary effect on volumes in Q2" from cautious customer procurement, framing it as timing rather than demand, and stayed constructive on H2 FY27 with a significant pickup expected in Q3-Q4. The feedstock backdrop turned adverse through the quarter — the Indian crude basket averaged $82.04/bbl in July, $90.19 in August and $102.11 in September — while power is an offsetting tailwind, with IEX day-ahead prices averaging Rs. 5.7/unit in Q2 (+46% YoY) versus the Rs. 5.39/unit realization that drove Q1's Rs. 30 Cr power EBIT jump. On strategy, the Rs. 329 Cr Acetylene Black Project cleared ECMS approval on August 18, 2026, and the coal tar distillation capex approval was expected "this quarter" as of the Q1 call, both of which the call should update. The Chairman flagged at the September 22 AGM that the geopolitical situation is "not conducive for raw material supplies", with management warning of logistics-cost volatility and port disruptions over the next few quarters.
FY27 EBITDA/ton guidance and inventory-gain reversal: Q1's flattered print faces its first normalization test.
Q2 volume caution and H2 pickup thesis
Aquapharm performance and Rs. 75 Cr run-rate review
Coal tar distillation capex and Acetylene Black execution
US tariff refund, capex and balance sheet
Management has guided carbon black EBITDA/ton of Rs. 16,500-17,000 for FY27, a 14-15% improvement over FY26's Rs. 14,939/ton. Q1 FY27 printed Rs. 22,900/ton, flattered by ~Rs. 70 Cr of inventory gains, of which Rs. 40-50 Cr may reverse in Q2.
Q1 FY27 EBITDA of Rs. 400 Cr (+23% YoY) included ~Rs. 70 Cr of inventory gains realized on crude volatility, plus a power realization spike from Rs. 3.66 to Rs. 5.39 per unit. Management cautioned the low-cost inventory benefit is unlikely to be repeated in subsequent quarters.
At the Q1 FY27 call, management said the coal tar distillation capex approval was expected "this quarter" (i.e., by Q2 FY27), with sharper dates and targets promised over the next 1 month and a firm plan in the next couple of months. Raw-material lock-in confidence was stated.
The Rs. 75 Cr exit run-rate was reaffirmed through FY26 calls, but at the Q1 FY27 call management disclosed it is still under review by the new CEO. Q1 FY27 Aquapharm EBITDA was Rs. 47 Cr against an open-ended guide of Rs. 50-55 Cr per quarter.
Management guided 7-10% carbon black volume growth for FY27 but pre-flagged a "temporary effect on volumes in Q2" from cautious customer procurement, framing it as timing rather than demand. Q1 FY27 volume was 153,513 MT with domestic volumes up 15% YoY.