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POCL Enterprises Ltd

POEL

NSE

₹124.36-3.66%19 Oct 2026

Reports

Chemicals Inorganic

POCL Enterprises Ltd

POEL

NSE

₹124.36

-3.66%

19 Oct 2026

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Chemicals Inorganic

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

POCL Enterprises is a metals recycler that turns scrap into pure lead, zinc and specialty chemicals - it started as a trading house in 1988 and built factories only when customers demanded more than it could source. That pattern of moving from buying-and-selling into making, then into higher-margin downstream products, repeats across its history and explains why a company rooted in lead now makes PVC stabilisers and is buying recycling plants outright.

Business segments

Four engines built on the same recycling backbone - a lead-metal cash cow that feeds two downstream chemical businesses, an emerging zinc platform, and a copper-scrap trial that extends the model into a new metal.

1. Lead metal and alloys: the furnace that funds everything else

POEL recycles scrap lead into refined metal and alloys that carry the company's own brand on the London Metal Exchange - a quality credential that opens export markets and locks in battery-maker customers.

Branded on global exchanges - its pure lead (99.97% purity) has been awarded Brand Listing from the London Metal Exchange (LME) and is empanelled on India's Multi Commodity Exchange for lead futures delivery under the brand name POEL.
Scrap-fed, not mine-fed - the company imports roughly 70% of its raw material from scrapyards in the UK, the US and Southeast Asia, then smelts and refines it, which keeps the cost structure dominated by raw-material spend (85-90% of costs) but insulates it from mining-capital intensity.
Hedged against metal swings - because both purchase and sale prices move with LME quotes, POEL uses back-to-back hedging and locks in raw-material prices on a monthly average basis, so margins come from the processing spread rather than commodity bets.
Batteries are the demand anchor - at least 80% of refined lead goes into lead-acid batteries for vehicles, inverters and solar storage, and the customer list includes Exide, GS Battery and HBL Power Systems.

2. Metallic oxides: the chemistry layer on top of the metal

POEL takes its own lead and zinc and converts them into oxide powders that tyre and battery makers cannot manufacture without - a captive-consumption loop that lifts margins above plain metal sales.

Lead oxides feed batteries and PVC - Grey Oxide goes into battery plates, Red Lead into protective coatings and specialty glass, and Litharge (lead monoxide) is the key raw material for the company's own PVC stabiliser business, creating internal demand for its metal output.
Zinc oxide rides on rubber - made by the indirect process for high brightness and uniform particle size, zinc oxide is used as a vulcanising agent in tyre manufacturing, and the rubber industry accounts for more than 41% of global consumption.
Tyre majors on the customer list - MRF, JK Tyre, Yokohama and TVS Eurogrip buy oxides from POEL, and the company is expanding zinc oxide capacity by 2,400 MTPA at Puducherry to target emerging export markets.
Capacity is running hot - the company is considering expansion and modernisation of its lead oxide lines because utilisation is at optimum levels, signalling that the downstream pull from its own stabiliser unit and external battery customers is pressing against existing plant limits.

3. PVC stabilisers and plastic additives: the margin engine

POEL makes the heat-stabiliser compounds that stop PVC pipes and cables from degrading during processing - a specialised chemical business where backward integration into raw materials gives it a cost edge over competitors.

Lead-based and lead-free side by side - the portfolio spans traditional lead stabilisers (still over 70% of the Indian PVC processing market) and calcium-zinc non-toxic alternatives, with the lead-free unit at Puducherry operating at 2,400 MTPA after R&D and customer approvals were completed.
Raw-material advantage - POEL backward-integrates to manufacture key inputs for its calcium-zinc stabilisers in-house, a capability it calls a distinct advantage over competition that must buy those intermediates.
Demand follows construction and water - stabiliser sales are driven by housing, the government's Har Ghar Jal piped-water programme, smart-city builds and the window-profile market, so the order book is tied to India's infrastructure cycle.
The highest-margin segment - the plastic-additives business contributed a 6.90% profit share on its turnover in FY 2024-25, making it the most profitable slice of the group even though it is the smallest by revenue.

4. Zinc metal: the emerging second metal

POEL has begun selling zinc metal commercially after years of using its recycled zinc only as captive feed for zinc oxide - a move that opens the galvanising and die-casting markets.

From captive to commercial - the company previously recycled zinc scrap solely for internal consumption in oxide production; it completed successful trials and commercialised zinc metal sales with an initial annual target of 1,200 MT, then delivered roughly 1,815 MT in FY 2025-26.
Galvanising is the big prize - about 70% of global zinc production goes into galvanising steel against corrosion, so every infrastructure and construction cycle creates demand for the metal POEL is now selling.
Competition includes the unorganised sector - the company acknowledges it faces rivals in zinc metal, including unorganised players, which means pricing discipline and LME branding (already achieved in lead) will matter for differentiation.

5. Copper scrap processing: the option on a third metal

POEL is running trial operations to recover copper scrap from lead-copper cables - a small, early-stage initiative that applies its recycling know-how to a metal it does not yet manufacture.

Processing, not smelting - the company is clear that it is not engaged in copper manufacturing; it is processing cables to separate and recover multiple grades of copper scrap, extending its non-ferrous recycling expertise without building a furnace.
A natural adjacency - the move is described as a diversification within non-ferrous materials, suggesting the company is testing whether its scrap-sourcing network and processing skills can generate value in copper the way they already do in lead and zinc.

Group structure and partners

POEL is a promoter-led, publicly listed company with no parent, and it is rapidly expanding its recycling footprint by acquiring other lead-recycling plants - first an associate in Gujarat, then a subsidiary in Tamil Nadu - and merging them into the listed entity.

Bansal-family promoter group - the board includes three brothers (Dr. Padam Bansal, Sunil Kumar Bansal and Devakar Bansal) and four members of the next generation, with the promoter group holding 45.10% of equity as of March 2020; the managing directors and whole-time directors divide responsibilities across finance, production, marketing and strategy.
Merger already approved in principle - a scheme of amalgamation to merge PlanetFirst into POEL, with an appointed date of April 1, 2026, has received a "no adverse observation" letter from BSE; the merger requires no cash and will be settled through share issuance, after which PlanetFirst will be dissolved.
Trichy Metals: the Tamil Nadu subsidiary - in July 2026 POEL agreed to acquire 51% of Trichy Metals and Alloys, which operates refining capacity of roughly 26,000 MTPA and smelting capacity of roughly 21,500 MTPA in Trichy, with audited turnover of Rs. 163.74 crores in FY 2025-26; the board noted the acquisition also opens potential diversification into copper and aluminium.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹386Cr

Close Price

₹125.39

Industry

Chemicals Inorganic

Price To Earnings

10.36

Price To Sales

0.25

Revenue

₹1,525Cr

Rev Gr TTM

Revenue Growth TTM

—

PAT Gr TTM

PAT Growth TTM

—

Consolidated

Standalone

Numbers

Percentage

Quarter	Jun 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	364	372	372	363	364	332	466
Growth YoY Revenue Growth YoY%			2.4			-10.8	25.1
Expenses ExpensesCr	351	354	352	344	348	315	454
Operating Profit Operating ProfitCr	13	18	21	18	16	17	12
OPM OPM%	3.5	5.0	5.5	5.0	4.5	5.2	2.5
Other Income Other IncomeCr	0	1	0	1	2	1	1
Interest Expense Interest ExpenseCr	4	4	4	5	5	4	4
Depreciation DepreciationCr	0	2	1	1	1	1	1
PBT PBTCr	8	13	16	13	12	13	8
Tax TaxCr	2	3	4	3	3	3	2
PAT PATCr	6	11	12	10	9	10	6
Growth YoY PAT Growth YoY%			85.3			-7.8	-51.0
NPM NPM%	1.7	2.8	3.1	2.7	2.3	2.9	1.2
EPS EPS₹	0.5	3.8	4.0	2.8	3.0	4.3	2.0

Quarter	Jun 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	364	372	372	363	364	332	466
Growth YoY Revenue Growth YoY%			2.4			-10.8	25.1
Expenses ExpensesCr	351	354	352	344	348	315	454
Operating Profit Operating ProfitCr	13	18	21	18	16	17	12
OPM OPM%	3.5	5.0	5.5	5.0	4.5	5.2	2.5
Other Income Other IncomeCr	0	1	0	1	2	1	1
Interest Expense Interest ExpenseCr	4	4	4	5	5	4	4
Depreciation DepreciationCr	0	2	1	1	1	1	1
PBT PBTCr	8	13	16	13	12	13	8
Tax TaxCr	2	3	4	3	3	3	2
PAT PATCr	6	11	12	10	9	10	6
Growth YoY PAT Growth YoY%			85.3			-7.8	-51.0
NPM NPM%	1.7	2.8	3.1	2.7	2.3	2.9	1.2
EPS EPS₹	0.5	3.8	4.0	2.8	3.0	4.3	2.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,450	1,432	1,525
Growth Revenue Growth%		-1.3
Expenses ExpensesCr	1,387	1,359	1,462
Operating Profit Operating ProfitCr	63	72	63
OPM OPM%	4.3	5.0	4.2
Other Income Other IncomeCr	1	4	5
Interest Expense Interest ExpenseCr	19	17	17
Depreciation DepreciationCr	3	6	6
PBT PBTCr	42	54	46
Tax TaxCr	11	14	12
PAT PATCr	31	40	34
Growth PAT Growth%		27.0
NPM NPM%	2.1	2.8	2.2
EPS EPS₹	11.2	13.8	12.1

Financial Year	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,450	1,432	1,525
Growth Revenue Growth%		-1.3
Expenses ExpensesCr	1,387	1,359	1,462
Operating Profit Operating ProfitCr	63	72	63
OPM OPM%	4.3	5.0	4.2
Other Income Other IncomeCr	1	4	5
Interest Expense Interest ExpenseCr	19	17	17
Depreciation DepreciationCr	3	6	6
PBT PBTCr	42	54	46
Tax TaxCr	11	14	12
PAT PATCr	31	40	34
Growth PAT Growth%		27.0
NPM NPM%	2.1	2.8	2.2
EPS EPS₹	11.2	13.8	12.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	6	6
Reserves ReservesCr	92	188
Current Liabilities Current LiabilitiesCr	116	156
Non Current Liabilities Non Current LiabilitiesCr	12	14
Total Liabilities Total LiabilitiesCr	226	365
Current Assets Current AssetsCr	177	292
Non Current Assets Non Current AssetsCr	48	72
Total Assets Total AssetsCr	226	365

Financial Year	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	6	6
Reserves ReservesCr	92	188
Current Liabilities Current LiabilitiesCr	116	156
Non Current Liabilities Non Current LiabilitiesCr	12	14
Total Liabilities Total LiabilitiesCr	226	365
Current Assets Current AssetsCr	177	292
Non Current Assets Non Current AssetsCr	48	72
Total Assets Total AssetsCr	226	365

Consolidated

Standalone

Financial Year	Mar 2026
Operating Cash Flow Operating Cash FlowCr	26
Investing Cash Flow Investing Cash FlowCr	-76
Financing Cash Flow Financing Cash FlowCr	66
Net Cash Flow Net Cash FlowCr	16
Free Cash Flow Free Cash FlowCr	26
CFO To PAT CFO To PAT%	66.2
CFO To EBITDA CFO To EBITDA%	36.3

Financial Year	Mar 2026
Operating Cash Flow Operating Cash FlowCr	26
Investing Cash Flow Investing Cash FlowCr	-76
Financing Cash Flow Financing Cash FlowCr	66
Net Cash Flow Net Cash FlowCr	16
Free Cash Flow Free Cash FlowCr	26
CFO To PAT CFO To PAT%	66.2
CFO To EBITDA CFO To EBITDA%	36.3

Consolidated

Standalone

Financial Year	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	608	450	386
Price To Earnings Price To Earnings	19.5	10.8	10.4
Price To Sales Price To Sales	0.4	0.3	0.3
Price To Book Price To Book	6.2	2.3	2.0
EV To EBITDA EV To EBITDA	11.3	7.8	7.8
Profitability Ratios Profitability Ratios
GPM GPM%		8.1	8.1
OPM OPM%	4.3	5.0	4.2
NPM NPM%	2.1	2.8	2.2
ROCE ROCE%	29.5	21.4	21.4
ROE ROE%	31.9	20.4	20.4
ROA ROA%	13.8	10.9	10.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	608	450	386
Price To Earnings Price To Earnings	19.5	10.8	10.4
Price To Sales Price To Sales	0.4	0.3	0.3
Price To Book Price To Book	6.2	2.3	2.0
EV To EBITDA EV To EBITDA	11.3	7.8	7.8
Profitability Ratios Profitability Ratios
GPM GPM%		8.1	8.1
OPM OPM%	4.3	5.0	4.2
NPM NPM%	2.1	2.8	2.2
ROCE ROCE%	29.5	21.4	21.4
ROE ROE%	31.9	20.4	20.4
ROA ROA%	13.8	10.9	10.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	SRHHYPOLTD	GANESHBE	AGASTYAEN	POEL	SHANTIINOR	NPL	COCHINM
Market CapitalizationMkt CapCr	875	641	386	386	356	327	223
Close PriceClose₹	510.05	89.00	64.00	125.39	206.50	568.80	284.25
IndustryIndustry	Chemicals Inorganic	Chemicals Inorganic	Chemicals Inorganic	Chemicals Inorganic	Chemicals Inorganic	Chemicals Inorganic	Chemicals Inorganic
Price To EarningsPE	19.70	8.81		10.36		18.10	10.30
Price To SalesPS	1.25	1.48	2.19	0.25	5.00	1.02	0.65
RevenueRevenueCr	698	433	176	1,525	71	319	344
Revenue Growth TTMRev Gr TTM%	7.4%	13.3%				14.2%	13.2%
PAT Growth TTMPAT Gr TTM%	0.6%	82.9%				380.4%	3.6%

	SRHHYPOLTD	GANESHBE	AGASTYAEN	POEL	SHANTIINOR	NPL	COCHINM
Market CapitalizationMkt CapCr	875	641	386	386	356	327	223
Close PriceClose₹	510.05	89.00	64.00	125.39	206.50	568.80	284.25
IndustryIndustry	Chemicals Inorganic	Chemicals Inorganic	Chemicals Inorganic	Chemicals Inorganic	Chemicals Inorganic	Chemicals Inorganic	Chemicals Inorganic
Price To EarningsPE	19.70	8.81		10.36		18.10	10.30
Price To SalesPS	1.25	1.48	2.19	0.25	5.00	1.02	0.65
RevenueRevenueCr	698	433	176	1,525	71	319	344
Revenue Growth TTMRev Gr TTM%	7.4%	13.3%				14.2%	13.2%
PAT Growth TTMPAT Gr TTM%	0.6%	82.9%				380.4%	3.6%