Himadri Speciality Chemical vs PCBL Chemical: Who Is Dominating India’s Carbon Black Race?

SYNOPSIS:
Himadri and PCBL, two major players in India’s carbon black and speciality chemicals industry, differ in product portfolios, expansion strategies and financial performance as they scale capacity, diversify into battery materials and tap rising global demand.

Carbon black, a fine black powder produced through the partial combustion of carbon-based compounds, serves as a crucial material across diverse industries due to its unique properties such as reinforcement, conductivity, colouring and rheology control. Its applications span tyres, rubber goods, plastics, coatings, printing inks, batteries, electronics and synthetic fibres.

As per reports, the global demand for carbon black is projected to reach 17.11 million tonnes by 2030, growing at a CAGR of 2.9 percent, supported largely by rising consumption in plastics and speciality applications. The Indian carbon black industry is expected to expand at a CAGR of 3.17 percent between 2025 and 2032, strengthening the country’s potential to become a major global manufacturing hub.

Himadri Speciality Chemical Limited is one of the leading global players in high-quality speciality carbon black, offering a diverse portfolio of ASTM grades and advanced speciality products. Meanwhile, PCBL Chemical Limited, established as Phillips Carbon Black Limited, is another major player, known for its broad, performance-driven carbon black portfolio

This article examines differences in detail, analysing how each company is capitalising on industry growth, expanding its portfolio, and reinforcing its competitive position within the rapidly evolving carbon black and specialty chemicals sector.

Price Movement

With a market cap of Rs. 23,448 crores, shares of Himadri Speciality Chemical Limited moved up by nearly 5 percent on BSE to Rs. 482.85 on Friday. The stock has delivered negative returns of around 17 percent in one year, but has gained by over 4 percent in the last one month.

Meanwhile, shares of PCBL Chemical Limited fell nearly 1.3 percent to Rs. 311.25 on BSE, with a market cap of Rs. 11,860 crores. The stock has delivered negative returns of around 33 percent in one year, and has fallen by over 11 percent in the last one month.

Company Overview & Product Portfolio

Established in 1990, Himadri Speciality Chemical Limited is one of the leading players in speciality carbon blacks, speciality oils, naphthalene and sulphonated naphthalene formaldehyde (SNF). It is primarily engaged in the business of manufacturing carbon materials and chemicals.

Himadri’s diverse portfolio includes critical materials such as anode and cathode components for lithium-ion batteries, speciality carbon black used in tyres, coatings, fibres, wires, cables, hoses, etc. and refined naphthalene. It also provides speciality materials such as coal tar pitch, speciality oils and clean power solutions, all designed to meet the diverse needs of modern industries.

PCBL Chemical Limited, a global multi-chemistry platform and a part of the RP-Sanjiv Goenka Group, was established in 1960 as Phillips Carbon Black Limited in collaboration with Phillips Petroleum Co., USA, and Duncan Brothers & Co. Limited, Calcutta. It is primarily engaged in the business of manufacturing & selling carbon black, specialty & solutions, battery chemicals and the sale of power. 

Its carbon black range includes tyre and tyre-speciality products used in two-wheeler tyres, off-road tyres, high-mileage tyres, and fuel-efficient or high-durability applications. The performance segment caters to conveyor belts, tubing, rubber sheets, transmission belts, and sealants, while its specialty black segment serves industries such as wires and cables, engineering plastics, paints, inks, adhesives, and moulded plastics.

Through its Aquapharm speciality and solutions business, the company supplies products for home-care applications – including fabric care, dishwashing, surface cleaning, and personal cleansing – as well as for the oil and gas industry, supporting oil production, drilling, fracking and simulation needs. It also provides advanced water-treatment solutions used in desalination, industrial water treatment, boiler water treatment, and cooling-water systems.

In battery chemicals, PCBL is developing advanced materials such as conductive carbons for battery systems, conductive polymers, and plastics; acetylene black for lithium-ion batteries, semiconductor packaging, EV charging and high-voltage cables; and nano-silicon for energy storage, mobile batteries, and portable power applications.

The company is the 6th largest carbon black producer worldwide and the 4th largest globally in speciality black, operating five plants with a combined capacity of 790 KTPA, including 112 KTPA of speciality black, and offering over 110 grades catering to tyre, performance, and specialty applications. PCBL aims to scale its carbon black capacity to 1 million MTPA by FY28.

In the speciality and solutions segment, PCBL is India’s largest and among the top 3 global producers of phosphonates. With a total capacity of 142 KTPA, 4 manufacturing plants, and a product portfolio of 275+ grades serving home care, oil & gas, and water solutions, the company is expanding further into sustainable and greener chemistries.

Management Outlook

For FY26, Himadri’s growth will be driven by the core business, the commissioning of the speciality carbon black expansion by Q3 FY26, the operational commencement of Birla Tyres in Q1 FY26 with a phased ramp-up, and the launch of the branded retail product Durofresh (naphthalene balls).

In FY27, momentum will accelerate with a full year of operations from the speciality carbon black expansion, further ramp-up of Birla Tyres in the OHT (off-highway tyres) and CV (commercial vehicle) segments, and the commissioning of forward integration projects for anthraquinone and carbazole by Q2 FY27. Additionally, the Phase 1 commercial plant for lithium iron phosphate (LFP) cathode active material will commence operations in Q3 FY27, alongside a scale-up in Durofresh production.

By FY28, the company expects a full year’s contribution from speciality carbon black, anthraquinone, and carbazole operations, along with an expanded Birla Tyres portfolio covering OHT, CV, and PCR (passenger car radial) segments. The commercial LFP plant will run for a full year, and Durofresh will reach steady-state operations.

Himadri has outlined four key expansion initiatives across its tyre, battery, carbon black, and specialty chemical segments. For Birla Tyres, the company is pursuing a turnaround strategy aimed at regaining market share, supported by a capex of Rs. 306 crore, with operations commenced in Q1 FY26 through an acquisition-led approach. In the LFP segment, Himadri is positioning itself as a pioneer in India by setting up a greenfield facility with a capex of Rs. 1,125 crore, scheduled to start operations in Q3 FY27.

The company is also strengthening its speciality carbon black portfolio, expanding its existing 70,000 MTPA capacity through forward integration. It is investing Rs. 220 crore in a brownfield expansion that is expected to be operational by Q3 FY26. Once completed, the total speciality carbon black capacity will increase to 1,30,000 MTPA, making it the world’s largest speciality carbon black facility at a single site. Additionally, Himadri is strengthening its specialty chemicals business through vertical integration, backed by a Rs. 120 crore brownfield project targeted to commence in Q2 FY27.

On the other hand, PCBL aims to increase its overall capacity by 50 percent over the next five years across all product segments. Industry conditions are also turning supportive, with the recent GST rate cut in India expected to boost auto-sector demand and drive a shift toward higher-quality, premium products – benefiting PCBL’s performance and speciality offerings.

As part of its portfolio diversification strategy, PCBL plans to strengthen its specialty chemical business by focusing on high-margin, advanced products. This includes developing new specialty black grades, such as super-conductive variants and expanding into battery chemicals. On the operational front, the company is prioritising process optimisation, cost management, and efficiency improvements to enhance competitiveness.

Financial Performance

In Q2 FY26, Himadri experienced a marginal decline in the revenue from operations of Rs. 1,071 crores, a decrease of around 4 percent QoQ and 6 percent YoY. Meanwhile, its net profit stood at Rs. 176 crores, representing a marginal decline of around 2 percent QoQ but a growth of more than 29 percent YoY. Between FY22 and FY25, Himadri revenue grew at a 3-year CAGR of nearly 18 percent, while net profit surged at a CAGR of over 142 percent.

In Q2 FY26, Himadri derived the bulk of its revenue from the Carbon Materials & Chemicals segment, contributing Rs. 1,067.2 crore (98 percent), while the Power segment added Rs. 23 crore (2 percent), resulting in a total segment revenue of Rs. 1,090 crore.

On the other hand, PCBL reported a revenue from operations of Rs. 2,164 crores, a marginal growth of around 2 percent QoQ and 0.04 percent YoY. Meanwhile, its net profit stood at Rs. 62 crores, representing a fall of around 34 percent QoQ and 50 percent YoY.

The company’s revenue grew at a 3-year CAGR of ~24 percent, while net profit surged at a CAGR of just around 1 percent, between the period of FY22 and FY25.

In Q2 FY26, PCBL generated Rs. 1,601.53 crore (73 percent) from its core Carbon Black business, followed by Rs. 395 crore (18 percent) from Chemicals and Rs. 106.87 crore (5 percent) from the Power segment. The Battery Chemicals division recorded no revenue contribution during the quarter.

Conclusion

Himadri and PCBL are both strategically positioned to benefit from the rising global demand for carbon black and speciality chemicals, yet their trajectories are shaped by distinct strengths. 

Himadri is aggressively scaling capacity, expanding into battery materials, and executing high-value speciality projects, giving it stronger forward visibility and faster profit growth. PCBL, meanwhile, offers deeper diversification across speciality chemicals, water solutions and emerging battery chemistries, supported by scale, multi-chemistry capabilities and operational efficiency initiatives.

Financial performance highlights the contrast – Himadri is currently delivering superior profitability momentum, while PCBL remains the larger, more diversified player with broader global applications. Ultimately, both companies are building competitive advantages for the next phase of industry growth, and leadership in India’s carbon black space will depend on execution, global demand trends, and the success of each company’s expansion into advanced speciality and battery materials.

Written by Shivani Singh

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