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ICICI Direct Report
PCBL Ltd., erstwhile Phillips Carbon Black is the leading manufacturer of carbon black, which is used as a reinforcement material in tyres.
PCBL also derives ~8% of sales volume from speciality carbon black, which fetches high margins and finds application in paints, plastics among others.
It has a healthy margin profile (15%+), a capital efficient business model (RoCE>15%) with limited leverage on b/s (~0.3x debt: equity as of FY22).
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