Prabhudas Lilladher Downgrades PCBL to 'HOLD' Amid Weak Demand, Cheaper Imports

• Prabhudas Lilladher has downgraded PCBL Chemical to a 'HOLD' rating with a target price of Rs 302.
• The downgrade is attributed to the impact of cheaper imports and a weak demand environment.
• PCBL reported a consolidated revenue of Rs 18.5bn in Q3FY26, down 15% QoQ and 8% YoY, with carbon black volumes declining.
• EBITDA/t fell to Rs 13,855 from Rs 19,868 in Q3FY25 due to lower operating leverage and sharp fall in realization.
• Realization is expected to remain under pressure in the near term, despite projected volume growth in FY26 and FY27.

Why It Matters: PCBL downgraded to 'HOLD' due to weak demand, cheaper imports, and pressure on realizations and margins.