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PCBL Chemical has received approval under the Electronics Components Manufacturing Scheme

ICICIdirect Research 19 Aug 2026 DISCLAIMER

News: PCBL Chemical has received approval under the Electronics Components Manufacturing Scheme (ECMS) for its proposed Acetylene Black project involving ~₹329 crore investment. Acetylene Black is a high-purity conductive material used in lithium-ion batteries and other advanced applications. The company expects the project to strengthen domestic supply chains and reduce import dependence.

View: We view the development positively, although the immediate financial impact is likely to remain limited. PCBL has been working on a 4,000 MTPA Acetylene Black facility, with commissioning targeted in FY27 (conservatively however, we have built in ₹ 200 crore as sales and ₹ 40 crore as EBITDA from this segment in FY28E). The ECMS approval therefore provides further policy validation and potentially improves the economics/risk profile of an already identified growth opportunity. We see Acetylene Black as part of PCBL’s broader transition from being predominantly a carbon-black player towards higher-value specialty and battery materials.

Impact: Positive

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