PCBL Ltd - Stock Valuation and Financial Performance

BSE: 506590 | NSE: PCBL | Carbon Black | Small Cap

PCBL Share Price

275.85 -3.60 -1.29%
as on 12-Apr'24 10:20

DeciZen - make an informed investing decision on PCBL

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

Semi Strong

PCBL stock performance -

mw4me loader
P/E Ratio (SA):
21.24
Market Cap:
10,548.2 Cr.
52-wk low:
113.7
52-wk high:
343.4

Is PCBL Ltd an attractive stock to invest in?

1. Is PCBL Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that PCBL Ltd is a average quality company.

2. Is PCBL Ltd undervalued or overvalued?

The key valuation ratios of PCBL Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

3. Is PCBL Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of PCBL Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of PCBL:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
PCBL Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 0.1%5.1%2.8%5%13.6%18.2%13.3%13.7%14.9%13.8%-
Value Creation
Index
-1.0-0.6-0.8-0.60.00.3-0.10.00.10.0-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 2,2772,4701,8941,9272,5583,5293,2442,6604,4465,8745,555
Sales YoY Gr.-8.5%-23.3%1.7%32.8%38%-8.1%-18%67.2%32.1%-
Adj EPS -1.60.60.11.8711.28.28.910.911.513.2
YoY Gr.-NA-85.5%2187.5%280.9%61.1%-26.8%8.8%22%5%-
BVPS (₹) 14.614.830.132.739.847.849.155.96974.786.6
Adj Net
Profit
-54.518.92.763240387283308412433497
Cash Flow from Ops. -150-6.5422347261290534385321722-
Debt/CF from Ops. -7.3-187.32.42.22.82.71.21.62.11-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 11.1%18.1%21.9%32.1%
Adj EPS NA10.5%11.7%5%
BVPS19.9%13.4%15%8.3%
Share Price 46.1% 26.5% 43.8% 137%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
-103.70.35.819.225.6171718.21616.3
Op. Profit
Mgn %
3.16.57.712.915.517.614.219.31412.315.9
Net Profit
Mgn %
-2.40.80.13.39.4118.711.69.37.48.9
Debt to
Equity
2.22.410.70.50.50.40.30.30.3-
Working Cap
Days
18915717415914614217322317214959
Cash Conv.
Cycle
426983393642525546364

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 21.89%

Net Profit is growing at healthy rate in last 3 years 11.71%

Return on Equity has declined versus last 3 years average to 16.30%

Sales growth is not so good in last 4 quarters at -1.95%

Latest Financials - PCBL Ltd.

Standalone Consolidated
TTM EPS (₹) 13.2 12.8
TTM Sales (₹ Cr.) 5,555 5,865
BVPS (₹.) 86.6 86.5
Reserves (₹ Cr.) 3,232 3,226
P/BV 3.23 3.23
PE 21.24 21.89
From the Market
52 Week Low / High (₹) 113.65 / 343.35
All Time Low / High (₹) 0.56 / 343.35
Market Cap (₹ Cr.) 10,548
Equity (₹ Cr.) 37.8
Face Value (₹) 1
Industry PE 20.1

Management X-Ray of PCBL:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales2,2772,4701,8941,9272,5583,5293,2442,6604,4465,874
Operating Expenses 2,2532,3181,7491,6872,1792,9082,7832,1533,8225,154
Manufacturing Costs9898112127164190155156187188
Material Costs1,8341,9431,3451,2371,6702,2972,1901,6093,1344,447
Employee Cost 6370738297111134132159190
Other Costs 258208221242248310304256343328
Operating Profit 25152145240379621460507624720
Operating Profit Margin (%) 1.1%6.2%7.6%12.5%14.8%17.6%14.2%19.1%14.0%12.3%
Other Income 22143838272129275855
Interest 80957251413746342953
Depreciation 54586261616692110121137
Exceptional Items 0000000000
Profit Before Tax -881448166304539351390532585
Tax -123196741506778105141
Profit After Tax -87131770230389283312427444
PAT Margin (%) -3.8%0.5%0.9%3.6%9.0%11.0%8.7%11.7%9.6%7.6%
Adjusted EPS (₹)-2.50.40.52.06.711.38.29.111.311.8
Dividend Payout Ratio (%)0%27%51%30%18%16%43%39%44%47%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 5035101,0381,1261,3721,6481,6921,9272,6052,820
Share Capital 34343434343434343838
Reserves 4684761,0041,0911,3381,6141,6571,8932,5672,782
Minority Interest0000000000
Debt1,0111,103910738687726545562595624
Long Term Debt400327204190164274215305220204
Short Term Debt611776705548523452330257375420
Trade Payables447147269414402508419592911950
Others Liabilities 2743194884526308531,0581,1151,2381,264
Total Liabilities 2,2342,0802,7052,7313,0913,7353,7134,1955,3495,657

Fixed Assets

Gross Block1,2721,2911,4781,5061,5751,7421,9732,1602,4702,638
Accumulated Depreciation41547162123180246338448567703
Net Fixed Assets8588201,4161,3831,3951,4961,6351,7121,9031,934
CWIP 6773737467175306267129285
Investments 72722493093373841772207831,005
Inventories429297244244310460326445604486
Trade Receivables5175214384665226535887091,1051,108
Cash Equivalents 91151241347611121910942
Others Assets282284234232327491570624716796
Total Assets 2,2342,0802,7052,7313,0913,7353,7134,1955,3495,657

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity -150-7422347261290534385321722
PBT -881448166304539351390532585
Adjustment 112155113107161105125124126159
Changes in Working Capital -176-175272108-136-226123-63-234144
Tax Paid 3-1-11-34-68-128-66-66-104-166
Cash Flow From Investing Activity -30-26-121-36-40-279-110-200-548-508
Capex -40-33-34-41-100-232-231-114-170-289
Net Investments 00-97157-52115-91-191318
Others 108943555-187-537
Cash Flow From Financing Activity 12234-262-337-110-70-389-180217-281
Net Proceeds from Shares 000000003900
Net Proceeds from Borrowing 219-25-116-107-15143-6879-41-36
Interest Paid -93-94-72-50-31-47-31-36-33-53
Dividend Paid -20-3-41-29-113-145-121-189-208
Others -2153-70-139-34-53-145-1028916
Net Cash Flow -58139-26111-59346-10-67
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)-15.872.52.186.4218.425.7316.9817.2618.8516.37
ROCE (%)-0.56.586.361117.3825.4116.717.5219.2818.77
Asset Turnover Ratio1.081.260.880.780.91.030.870.670.931.07
PAT to CFO Conversion(x)N/A-0.5424.824.961.130.751.891.230.751.63
Working Capital Days
Receivable Days75708377696170897469
Inventory Days67494742394044534334
Payable Days11656571018972771158876

PCBL Ltd Stock News

PCBL Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of PCBL on 12-Apr-2024 10:20 is ₹275.9.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 12-Apr-2024 10:20 the market cap of PCBL stood at ₹10,548.2.
The latest P/E ratio of PCBL as of 12-Apr-2024 10:20 is 21.24.
The latest P/B ratio of PCBL as of 12-Apr-2024 10:20 is 3.23.
The 52-week high of PCBL is ₹343.4 and the 52-week low is ₹113.7.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of PCBL is ₹5,555 ( Cr.) .

About PCBL Ltd

Phillips Carbon Black Limited (PCBL), a part of RP-Sanjiv Goenka Group, was set up by Mr. K. P. Goenka in 1960, with the core objective of substitution of the import of carbon black. The company started production at Durgapur with a production capacity of 14,000 MT per annum. As PCBL celebrated its diamond jubilee in 2020, it has been playing a pioneering role in the carbon black industry for many years.

Today, PCBL is the largest carbon black manufacturer in India and a strong global player with a significant customer base in various countries. Apart from four strategically located state-of-the-art plants at Durgapur (West Bengal), Palej (Gujarat), Mundra (Gujarat) and Kochi (Kerala), it has also set up R&D centres at Palej (Gujarat) and Belgium.

Business area of the company

The Company is primarily engaged in the business of manufacturing & sale of carbon black and sale of power

Products

  • Rubber Black
  • Specialty Black
  • Product Stewardship
  • Safety Data Sheet (SDS)
  • Power

Awards

AIRIA

  • Top Export Award 2016-2017- Raw Material Sector
  • Top Export Award 2015-2016- Raw Material Sector
  • Top Export Award 2014-2015- Raw Material Sector
  • Top Export Award 2013-2014- Raw Material Sector
  • Top Export Award 2011-2012- Raw Material Sector
  • Special Export Award 2010-2011- Raw Material Sector

CHEMEXCIL

  • Award of Excellence for 2012-2013- Large scale sector - Chemicals Panel
  • Second Award for 2011-2012- Large scale sector - Chemicals Panel
  • TRISHUL Award for 2010-2011- Large scale sector - Chemicals Panel

FIEO

  • Silver Award 2012-2013- Trading House - Non MSME Category

Kerala State Government

  • Award by Kerala state Government for PCBL Kochi in 2011- Best Environment Management Company
  • Award - First Position (Medium Category Industries) for PCBL Kochi in 2010- Outstanding Performance in Industrial Safety
  • Best Environmental Practices For Substantial and Sustained Efforts in Pollution Control for PCBL Kochi in 2004- Large Corporate Category
  • Greentech Foundation, Ministry of Corporate Affairs
  • Greentech HR Award for Technology Excellence in HR, and Silver Trophy for Best IR strategy for PCBL Palej in 2013 in Platinum Category
  • Greentech Environment Award for PCBL Palej in 2012 in Gold Category
  • Greentech Environment Award 2011 for PCBL Kochi in 2011

Others

  • Business Leader of the Year (Company of the Year) - 2020 - ET Now Awards
  • Business Leader of the Year (Kaushik Roy, MD - PCBL) - 2020- ET Bengal Corporate Awards
  • Great Manager Award, an initiative of People Business in Partnership with Times of India - 2018- Great Manager Award
  • Great Manager Award, an initiative of People Business in Partnership with Times of India - 2016- Great Manager Award
  • Bluedart Global Csr-Excellence & Leadership for Kochi in 2013
  • Golden Peacock Awards-EMS Award for PCBL Kochi in 2012
  • SAP Ace Award (Best Chemicals Sector Implementation) for PCBL in 2007

Milestone

  • 1960: Incorporated as a Public Limited Company in collaboration with Phillips Petroleum Company, USA.
  • 1962: Started production with the most widely accepted manufacturing process of carbon black with an installed capacity of 14,000 MTPA at Durgapur on June 5.
  • 1974: Durgapur capacity enhanced to 36,000 MTPA.
  • 1988: Entered into a technical collaboration with Columbian Chemicals Company USA.
  • 1988: Initiated a 4 MW per hour co-generation power plant at Durgapur.
  • 1995: Durgapur plant capacity enhanced to 78,000 MT.
  • 1996: Acquisition of Carbon Black unit of Gujarat Carbon Ltd at Palej, adding 25,000 MTPA.
  • 1998: Durgapur plant capacity increased to 1,10,000 MTPA.
  • 1998: Acquisition of Carbon and Chemicals India Ltd (CACIL), in Kochi and production capacity enhanced to 36,000 MTPA.
  • 1998: Capacity addition of 2.5 MW per hour power plant at Kochi.
  • 2003: Durgapur plant capacity further increased to 1,35,000 MTPA
  • 2004: ISO 14001:1996 (1st edition) certification of PCBL-Kochi.
  • 2004: Expansion of Palej plant capacity by 70,000 MTPA.
  • 2004: Kochi Hard Black Line modernized and capacity enhanced to 40,000 MTPA.
  • 2005: Expansion of power plant at Palej, Bharuch to 12 MW per hour.
  • 2006: Palej plant awarded Carbon Credit (CERs) in May, which is the first unit in the Carbon Black Industry to get the same.
  • 2009: Expansion of power plant at Durgapur to 30 MW per hour, replacing the old power plant of capacity 4 MW per hour.
  • 2009: Expansion of Green field plant capacity at Mundra to 90,000 MT.
  • 2010: Golden Jubilee Year for PCBL
  • 2010: Expansion of co-generation power plant at Mundra, Gujarat to 16 MW per hour.
  • 2010: ISO 9001:2008 (2nd edition) certification of PCBL-Mundra.
  • 2011: Expansion of co-generation power plant at Kochi, Kerala to 10 MW per hour.
  • 2011: New Soft Black Line of capacity 50,000 MTPA initiated at Mundra.
  • 2011: ISO 9001:2008 (2nd edition) certification of PCBL-Palej.
  • 2012: Expansion of co-generation power plant at Mundra, Gujarat to 6 MW per hour.
  • 2012: Capacity addition of 12,000 MTPA Carbon Black plant at Durgapur
  • 2013: New Soft Black Line of capacity 50,000 MTPA commissioned at Kochi.
  • 2013: ISO 14001:2004 (2nd edition) certification of PCBL-Mundra.
  • 2014: OSHAS 18001 certification.
  • 2014: OSHAS 18001:2007 (2nd edition) certification of PCBL-Kochi, PCBL-Mundra & PCBL-Palej.
  • 2015: ISO 14001:2015 (3rd edition) certification of PCBL-Durgapur.
  • 2016: ISO 9001:2015 (3rd edition) certification of PCBL-Durgapur.
  • 2017: ISO 9001:2015 (3rd edition) certification of PCBL-Kochi.
  • 2017: FY’17 witnessed the highest ever quarterly and annual PBT in PCBL’s history.
  • 2017: PCBL-Palej Laboratory accredited with ISO/IEC 17025:2005 (2nd edition).
  • 2018: FY'18 witnessed the highest ever annual EBITDA and PAT (profit after tax) in company's history.
  • 2018: ISO 9001:2015 (3rd edition) certification of PCBL-Mundra & PCBL-Palej.
  • 2018: ISO 14001:2015 (3rd edition) certification of PCBL-Mundra, PCBL-Kochi & PCBL-Palej.
  • 2018: Commissioned the state-of-the-art Sushila Goenka R&D Centre, at PCBL Palej Plant.
  • 2018: Developed customised ASTM carbon black grades for major tyre customers.
  • 2018: Obtained the 'Patent Grant Certificate' for two PCBL invention.
  • 2019: State-of-the-art Sushila Goenka Research and Development Centre at Palej, Gujarat, resulting in the introduction of new value-added products.
  • 2019: Received D- for climate change in the CDP Supplier Engagement Project in 2019.
  • 2019: Environment clearance obtained for carbon black expansion and 8 MW per hour Green Power plant at Palej. Commissioning is expected in FY 2020-21.
  • 2019: Water treatment plant of capacity 1850 KLD with state-of-the-art technology commissioned at Mundra.
  • 2019: Environment clearance obtained for carbon black expansion and 7 MW per hour Green Power plant at Kochi. Commissioning is expected in FY 2021-22.
  • 2019: Produced new customized grades.
  • 2020: Sushila Goenka Innovation Centre at Belgium has since become operational.
  • 2020: Corporate Governance Rating of CGR2+, reflecting best practices of corporate governance.
  • 2020: Transformation from OHSAS 18001:2007 to the corresponding International Standard ISO45001:2018 (1st Edition) for PCBL Mundra.
  • 2020: 'WASH' (Work Place Assessment For Safety & Hygiene) certification linked with COVID-19 for PCBL Kochi, Mundra, Durgapur and Palej units.
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