### **Company Overview** PCBL Chemical Limited, formerly Phillips Carbon Black Limited, is a leading Indian specialty chemicals company and part of the diversified RP-Sanjiv Goenka Group. With a rich legacy since its founding in 1960, the company has transformed from India’s largest carbon black producer into a global multi-chemistry platform focused on high-performance materials across carbon black, phosphonates, nano-silicon, acetylene black, and green chelates. Operating five integrated manufacturing plants in India and subsidiaries in the USA and Saudi Arabia, PCBL serves customers in over **70 countries** with a diversified portfolio spanning tyres, performance chemicals, water treatment, oil & gas, and next-generation battery materials. As of November 2025, the company is accelerating its strategic transformation into a high-margin, innovation-driven performance materials enterprise. --- ### **Business Segments** PCBL operates across three core verticals: 1. **Rubber & Specialty Blacks** - World’s 6th largest carbon black producer (790,000 MTPA); largest in India; ranked 4th globally in specialty blacks. - Core volume driver (48% of revenue) serving tyre OEMs including **Bridgestone, Michelin, Goodyear, MRF, and CEAT**. - Key brands: *Orient Black* (reinforcement), *CarboNext™* (high-performance rubber), and *Royale Black* (specialty non-rubber applications). 2. **Specialty & Solutions (via Aquapharm)** - Acquired **Aquapharm Chemical Limited** in January 2024 for ₹3,800 crores—RP-Sanjiv Goenka Group’s largest acquisition—expanding into high-value specialty chemicals. - Aquapharm is among the **top 3 global producers of phosphonates** (India’s #1, #2 outside China), with a 142,000-tonne production capacity across four plants. - Portfolio: Phosphonates (AQUACID®), green chelates (GLDA, MGDA), biocides, specialty polymers, corrosion inhibitors. - Serves markets in **home care, industrial water treatment, oil & gas, FMCG, and pulp & paper**. - Generates ₹395 crore revenue in Q2 FY’26 (9% YoY growth), with EBITDA of ₹48 crore. 3. **Battery Chemicals (via Nanovace Technologies Ltd)** - First company globally to offer all three advanced technologies for next-gen battery conductive solutions: - **Superconductive Carbon Black** - **Nano-Silicon** (anode material) - **Acetylene Black** (high-purity conductive additive) - Joint venture with **Kindia Pty Ltd (Australia)** – PCBL holds 51%. - Aims to capture fast-growing Li-ion battery market (projected CAGR: **22–25% to 2030**). - Nano-silicon increases battery energy density 25–100%, extends lifespan 2–5x, and enables 4x faster charging. --- ### **Strategic Transformation & Expansion (FY2025–28)** #### **1. Capacity Expansion** - **Carbon Black:** Targeting **1 million metric tons per annum (MTPA)** by FY28. - Current capacity: 790,000 MTPA. - Expected to reach **880,000 MTPA by FY26** through brownfield expansions in Tamil Nadu and Mundra. - Greenfield project underway in **Naidupeta, Andhra Pradesh** (450,000 MTPA capacity potential). - **Specialty Blacks:** Aiming for **150,000 MTPA by 2030**, with new lines adding 50,000 MTPA by FY26. - **Acetylene Black:** Commissioning India’s **first backward-integrated facility** at Mundra (4,000 MTPA) by FY27. - **Superconductive Carbon Black:** Launching a **1,000-tonne production line at Palej** by FY26. - **Aquapharm:** Adding **38,000 MTPA** to specialty chemical capacity across India and USA. #### **2. Battery Ecosystem Development** - **Nanovace Technologies Ltd** (JV with Kindia): - Proprietary **single-stage electrochemical process** to produce battery-grade nano-silicon with **80% lower CO₂ emissions** vs. conventional methods. - Pilot plant at **Palej (Gujarat)** expected operational by end-FY25; commercial production by **FY27–28**. - Technology is **drop-in compatible** with existing battery lines, reducing integration costs. - Granted **U.S. process patent** for nanomaterial synthesis—strengthening IP leadership. - U.S. subsidiary **Nanovace Inc.** established (Delaware) to enter North American battery market. #### **3. Technology & Innovation Leadership** - **R&D Infrastructure:** - 4 R&D centers: Palej (India), Ghislenghien (Belgium), Pune (Aquapharm), and NSW (Australia). - Over **85 scientists**; annual R&D spend of ₹46.79 crore (up 20%+ from FY22). - **Key Innovations:** - **ECOZEN™ 6000**: Sustainable carbon black from **tyre pyrolysis oil (TPO)**; ISCC PLUS certified. - **Nano-silicon composites**: 10x theoretical capacity vs. graphite anodes. - **Hybrid carbon black-graфene grade** (patented) for enhanced fuel efficiency and durability. - 2+ patents filed annually; over 40 new products launched in last 3 years. --- ### **Market Positioning & Geography** #### **Global Footprint** - **Manufacturing:** 5 plants in India (Durgapur, Palej, Mundra, Kochi, Chennai via PCBL-TN Ltd); 2 international facilities (USA, Saudi Arabia). - **Distribution:** - **20 warehouses** (7 Americas, 8 Europe, 5 Asia) - **21 decanting stations** globally - 7 customer-facing offices in Europe, USA, and Asia - **Market Coverage:** - **India & Indian Subcontinent**: Core domestic market; **35% carbon black sales exported** (up from 30%). - **International Expansion Targets:** EU, ASEAN, China, MEA, and Americas. - **Aquapharm drives U.S. and EU growth**, especially in water treatment and green formulations. #### **Geopolitical and Supply Chain Trends** - Gaining traction in **U.S. market** due to tariff-driven sourcing shifts from China. - Benefits from **de-risking of Chinese supply chains** and reduced Russian exports. - U.S. tariffs on Indian polymers/biocides pose short-term headwinds, but offset by growth in phosphonates and chelates. --- ### **Sustainability & ESG Commitment** - **Zero Liquid Discharge (ZLD)** compliance across all plants. - **91 MW to 134 MW**: Green power generation via waste heat utilization—**world’s first carbon black firm to earn carbon credits under Kyoto Protocol**. - **Circular Economy Leadership**: - ECOZEN™ 6000 from 100% recovered feedstock (TPO, CBFS). - Exploring end-of-life tyre recycling with OEMs. - All plants ISO 9001, IATF 16949, and ISO 14001 certified; new Chennai plant IGBC-platinum rated. --- ### **Financials & Performance Highlights (as of Q2 FY26)** - **Aquapharm Revenue:** ₹395 crores (9% YoY growth) - **EBITDA:** ₹48 crores, driven by cost optimization and new product mix - **Carbon Black Target:** >1 million MTPA by FY28; strategic capex of ₹2,500–2,600 crores - **Revenue Mix (Est.):** - Tyres: **48%** - Performance Chemicals: **24%** - Water/Detergents/O&G: **17%** - Battery & Specialty: **11%** - **Aquapharm Post-Integration:** Strong recovery in FY26 expected after FY25 challenges from yellow phosphorus pricing.