PCBL (Phillips Carbon Black) shares have surged impressively over the past four years, witnessing a remarkable growth of 684% from ₹31.35 per share in March 2020 to ₹246 presently.
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Long-term investors have been rewarded with an impressive return of 4253%, with shares climbing from ₹5.65 apiece to their current level.
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The company, a leading carbon black manufacturer in India and globally, boasts a significant customer base spanning over 45 countries.
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JM Financial maintains a positive outlook on PCBL, with a 'buy' rating and a target price of ₹335 per share, citing recent correction and favorable industry conditions.
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An increase in the CBO-CBFS differential is seen as positive for Indian players like PCBL, with reduced utilisation of China’s blast furnace capacity and crackdown on coal tar distillation units influencing the market.
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Product spreads of various grades of carbon black have returned to historical averages, potentially leading to improved EBITDA per kilogram for PCBL in 4QFY24E.
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Imminent European sanctions against Russia could boost India's market share in the EU, with PCBL poised to benefit from its acquisition of Aquapharm.
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While PCBL may not immediately realize the full benefits of the Aquapharm acquisition in 4QFY24 due to one-off costs, strong outlook for Aquapharm’s products is expected to contribute to PCBL's growth in FY25.
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PCBL's yearly performance has been consistently positive, closing positively in 7 out of the last 10 years, with CY17 marking the highest yearly gain at 338%.
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With its strong global presence, positive industry outlook, and strategic acquisitions, PCBL appears well-positioned for continued growth and investor confidence.