Global Economic Overview
The global economy is navigating a phase of steady, albeit moderated, growth, marked by opportunities for innovation, resilience, and structural transformation. While the macroeconomic environment continues to reflect challenges such as policy uncertainty, geopolitical tensions, inflationary pressures, and climate-related disruptions, these are increasingly being met with stabilising counterforces.
Global GDP is now projected to grow by 2.3% in 2025, a downward revision from earlier estimates, making it the weakest pace since 2008 outside of global recessions.
Growth is expected to firm slightly to 2.4% in 2026 as global trade and investment begin adjusting to higher tariffs and moderating uncertainty. This
revised forecast reflects the adverse impact of intensified trade tensions, heightened financial volatility, and softening investor confidence across advanced economies.
Inflationary pressures persist, with global inflation projected to average 2.9% in both 2025 and 2026, led by advanced economies where tariff-induced price pressures remain elevated.
Since early 2025, rising protectionist measures, particularly among major economies, have significantly altered the trade landscape. The global goods and services trade growth is projected to slow sharply to 1.8% in 2025, down
from 3.4% in 2024, before recovering modestly to 2.4% in 2026 and 2.7% in 2027. These developments have amplified concerns about supply chain
disruptions, cost escalations, and declining cross-border investment flows, casting a shadow over near-term recovery.
Elevated public and private debt levels, coupled with persistently high borrowing costs, continue to test financial resilience.
Geopolitical conflicts in Eastern Europe and the Middle East remain sources of volatility for global energy markets and trade flows. At the same time, economic momentum in China is expected to decelerate to 4.5% in 2025 and 4.0% in 2026, reflecting fading fiscal stimulus and persistent structural challenges, particularly in the real estate and external trade sectors.
Emerging markets and developing economies (EMDEs), which contribute nearly 60% of
global growth, are projected to grow at 3.8% in 2025 and 3.9% in 2026, slower than previous estimates due to weak investment, elevated uncertainty, and financial tightening. The gap in income convergence with advanced economies has widened, reinforcing the need for
productivity upgrades, policy support, and structural transformation.
Looking ahead, despite heightened risks, the global economy retains pathways for recovery. Stabilising commodity prices, potential recalibration of trade policies, and sustained
digital and infrastructure investments offer pockets of resilience. Policy interventions that emphasise long-term competitiveness, inclusive growth, and innovation-led expansion will be critical in navigating the uncertainties ahead.
(Amount in Rs.)
Global Economy GDP Growth Rate (%) |
||||
Region |
2024E | 2025F | 2026F | 2027F |
World |
2.8 | 2.3 | 2.4 | 2.6 |
Advanced Economies |
1.7 | 1.2 | 1.4 | 1.5 |
United States |
2.8 | 1.4 | 1.6 | 1.9 |
Euro Area |
0.9 | 0.7 | 0.8 | 1.0 |
Japan |
0.2 | 0.7 | 0.8 | 0.8 |
Emerging Economies |
4.2 | 3.8 | 3.8 | 3.9 |
China |
5.0 | 4.5 | 4.0 | 4.0 |
Russian Federation |
4.3 | 1.4 | 1.2 | 1.2 |
Brazil |
3.4 | 2.4 | 2.2 | 2.3 |
Mexico |
1.5 | 0.2 | 1.1 | 1.8 |
Indian Economic Overview
Indias economic strength remains prominent, solidifying its position as one of the worlds fastest-growing major economies. Despite ongoing global uncertainties, the countrys robust domestic demand, thriving services sector, and strategic policy reforms have driven its continued progress, making it a significant player on the global stage.
Indias GDP for FY 2024-25 is estimated to grow by 6.5%. This moderation in growth against previous year was driven by sluggishness in manufacturing and services, persistent inflation throughout 2024, and prevailing global economic headwinds.
Additionally, factors like rising input costs, weaker consumer demand, and election-related spending constraints have also contributed to the slowdown.
Notwithstanding recent challenges, Indias economic growth remains firmly on course, tracking its decadal average and outpacing the performance of most major economies. A key contributor to this sustained momentum is private consumption, underpinned by rising disposable incomes, expanding middle-class aspirations, and improving rural demand. Additionally, the governments continued focus on infrastructurethrough extensive capital outlays in roads, highways, and renewable energy, has stimulated private investment, job creation, and overall economic activity.
The manufacturing sector witnessed sustained growth, backed by the Production- Linked Incentive (PLI) scheme, which fuelled large-scale industrial output and enhanced Indias export competitiveness. At the same time, the services sector maintained its strong upward trajectory, with key segments like IT, financial services, and tourism recording robust growth, driven by rising digital adoption and increasing global demand.
Amid global challenges, inflation remained well within the Reserve Bank of Indias (RBI) target range. The Monetary Policy Committee (MPC), through strategic policy measures, ensured inflation expectations were well-anchored while supporting overall growth. To further stimulate economic activity, the RBI implemented a 50 basis point (bps) reduction in interest rates on June 06, 2025 aimed at improving credit availability, encouraging investments, and strengthening domestic demand without compromising its inflation mandate.
Indian Economy GDP Growth Rate (%)
During the first eight months of
FY 2024-25, India attracted US$
55.6 Billion in Foreign Direct Investment (FDI), reaffirming its status as a leading investment destination. This momentum was largely driven by the governments continued focus on initiatives like Make in India and Atmanirbhar Bharat, aimed at promoting indigenous capabilities and facilitating technology-driven partnerships.
With the onset of FY 2025-26, Indias economy is forecast to grow by 6.7%, signalling sustained expansion in the face of international economic headwinds. This outlook is supported by favourable demographic trends, strong consumer spending, and ongoing structural reforms. A continued push towards digital adoption, clean energy initiatives, and a robust manufacturing base is expected to enhance Indias global economic influence.
Company Overview
Corporate Snapshot
PCBL Chemical Limited (hereinafter referred to as PCBL, the Company, or We), a flagship enterprise of the RP- Sanjiv Goenka Group, was established in 1960 under the visionary leadership of Mr. K. P. Goenka. Starting operations at its Durgapur plant with an initial production capacity of 14,000 MTPA, the Company has over six decades transformed into a frontrunner in performance materials and specialty chemicals. With five state-of-the- art manufacturing units, including a facility in Chennai, Tamil Nadu, operated through its wholly owned subsidiary, PCBL (TN) Limited, the Company now commands a total installed capacity of 7,90,000 MTPA and generates 122 MW of co- generation power. Today, PCBL is recognised as Indias largest carbon black manufacturer and the seventh-largest globally, serving over 200+ customers across 50+ countries with a diverse portfolio of more than 110+ grades.
PCBL has established advanced R&D centres in Palej (Gujarat) and Ghislenghien (Belgium) to accelerate innovation and new product development. Its digitisation programme is reshaping operational workflows, improving efficiency, and
enhancing competitiveness. The Company is also a sustainability pioneer, becoming the first carbon black company worldwide to earn carbon credits under the Kyoto Protocol of the United Nations Framework Convention on Climate Change (UNFCCC). This achievement reflects its early and sustained commitment to reducing greenhouse gas emissions.
To build a sustainable and future-ready business, PCBL has embarked on a multi- dimensional transformation that broadens its capabilities beyond traditional carbon black. This shift is reflected in the rebranding to PCBL Chemical Limited, signifying its emergence as a multi-chemistry enterprise. A pivotal step in this journey was the acquisition of Aquapharm Chemicals Private Limited, Indias leading phosphonate producer and one of the top three globally. The acquisition has significantly expanded PCBLs presence in the global specialty chemicals space, particularly in water treatment and oil & gas segments, and has enabled it to serve critical sectors such as FMCG, industrial cleaning, and energy.
To further strengthen its position in battery materials and energy
storage, PCBL entered a joint venture with Kindia Pty Limited, an Australian technology company specialising in nano- silicon. This alliance led to the formation of Nanovace Technologies, which will commence pilot-scale production at Palej. The focus is on next-generation nano-silicon- based anode materials designed to enhance the energy density and performance of lithium-ion batteries, aligning PCBL with the fast-evolving EV ecosystem.
In parallel, the Company is establishing a 4,000 MTPA acetylene black plant, aiming to become a key supplier of this high-purity, conductive material used in lithium-ion batteries, supercapacitors, and high- voltage cables. With current global supply largely concentrated in limited geographies, PCBLs backward- integrated, domestic production capability presents a significant competitive edge.
Guided by its long-term vision of innovation-led growth, portfolio diversification, and sustainability, PCBL continues to evolve into a global specialty and performance chemical company. With its heritage of technical excellence, global scale, and future-ready mindset, PCBL is strategically positioned to lead the next era of value creation.
Manufacturing Units and Capacity
PCBLs integrated manufacturing footprint reflects a long-term vision to scale sustainably and serve global demand with agility. The Company operates five strategically located production facilities across India: Durgapur in the East, Palej and Mundra in the West, and Kochi and Chennai in the South, with the Chennai plant run through its wholly owned subsidiary, PCBL (TN) Limited. Through Aquapharm Chemical, the Company has also expanded into specialty manufacturing at Pirangut and Mahad in Maharashtra, complemented by international production facilities in the United States and Saudi Arabia.
This well-distributed network strengthens PCBLs access to key customer hubs and global ports, supporting efficient logistics, reduced lead times, and enhanced responsiveness.
Across its portfolio, PCBL supplies to a marquee customer base, ranging from leading tyre manufacturers in the Rubber Black category to global leaders in water treatment, advanced
cleaning, plastics, and coatings in the Performance and Specialty Chemicals segments. Its customer relationships span the United States, Europe, the Middle East, Southeast Asia, and other global markets.
As of FY 2024-25, the Companys total installed capacity in carbon black stands at 7,90,000 MTPA, comprising 6,78,000 MTPA of Rubber Black and 1,12,000 MTPA of Specialty Black. A key milestone during the year was the commissioning of a 20,000 MTPA specialty carbon black line at Mundra, reinforcing PCBLs focus on value-added growth and enabling deeper participation in high- performance applications.
Every expansion, including brownfield expansion in Tamil Nadu and the greenfield development in Andhra Pradesh, is part of a calibrated roadmap to cross the 1 Million MTPA mark by FY 2027-28. These investments are scaling not just volume but also strategic capacity in future- oriented chemistries, reinforcing PCBLs ambition to lead as a global, innovation-led, multi- chemistry enterprise.
To support its long-term growth aspirations, PCBL is actively undertaking several expansion projects across various product categories:
Brownfield Expansion,
Tamil Nadu
A two-phase brownfield expansion is underway at the Chennai facility. The first phase of 30,000 MTPA capacity addition is scheduled for commissioning in the next few weeks, while the second phase of 60,000 MTPA along with 12 MW of co- generation power capacityis expected to be completed by the end of FY 2025-26. Together, these will elevate the Companys total carbon black capacity to 8,80,000 MTPA.
Greenfield Project,
Andhra Pradesh
Acquired a land of 116 acres in Naidupeta MPSEZ, Andhra Pradesh, for its sixth manufacturing facility through its WOS, PCBL (TN) Limited.
This greenfield site marks a strategic step in strengthening the Companys long-term growth platform and expanding its presence in Southern India.
Palej Specialty
Line Expansion
A 1,000 MTPA line dedicated to superconductive specialty carbon black grades is being established at Palej. This high- margin application targets sectors such as battery chemicals and semiconductors, and is expected to be operational by the end of FY 2025-26.
Acetylene Black Project
A 4,000 MTPA acetylene black facility is planned at Mundra by FY 2026-27. This high-purity conductive material caters to battery electrodes, high-voltage cables, and semiconductor applications. With global supply concentrated 90% in China, this project positions PCBL as a critical domestic supplier.
Nanovace Pilot Facility
Through its joint venture Nanovace Technologies, PCBL is developing a battery-grade nano-silicon pilot plant in Palej,
Gujarat. Commissioning is targeted by the end of 2025, with commercial scale-up expected by mid-FY 2027-28. The technology enables the production of high- performance anode materials through an energy-efficient electrochemical process.
Aquapharm Capacity Expansion
At Aquapharm Chemical, a 38,000 MTPA capacity expansion is nearing commissioning. This includes a recent addition of 9,200 MTPA of polymer capacity at its Mahad facility, which commenced commercial production rencently. With this addition, Aquapharms total installed polymer capacity now stands at 21,800 TPA. These expansions reinforce Aquapharms leadership in phosphonates, polymers, and green chelates, and are expected to accelerate volume growth across international markets in FY 2025-26.
INTEGRATED REPORT 2024-25
These strategic projects collectively reinforce PCBLs ambition to reach 1 Million MTPA capacity by FY 2027-28, while significantly advancing its portfolio diversification, backward integration, and positioning in the specialty and battery chemicals space.
PCBL CHEMICAL LIMITED
With a global footprint spanning over 50 countries across six continents, PCBL operates as a truly multinational enterprise, built around customer centricity, innovation, and agile delivery.
The Company runs five manufacturing units across India, ensuring consistent production quality and reliable supply across product categories. A strategically distributed network of 20 warehousesseven in the Americas, eight in Europe, and five in Asia. Supporting timely product availability and
responsive service to our customers. Seven decanting stations across Europe, Asia and North America further enable streamlined bulk handling and accelerated last-mile delivery.
PCBLs deep local presence is reinforced by more than 7 customer-facing offices across Europe, USA, and Asia. This proximity not only enhances responsiveness and service levels but also strengthens the Companys ability to capture market insights and co-develop tailored solutions with clients.
Innovation remains at the core of PCBLs global operations. The Companys advanced R&D centres in India and Belgium are focussed on next-generation materials and application development, supporting customer requirements across diverse industries and geographies.
Together, these capabilities position PCBL as a partner of choice for global clients, offering the scale of a global enterprise with the responsiveness of a local player.
Product Portfolio
Core Portfolio
PCBL offers a comprehensive portfolio across tyre, specialty, and performance chemicals, designed to enhance customer outcomes through innovation, consistency, and sustainability.
The Companys advanced carbon black grades are engineered to improve the durability, tensile strength, and wear resistance of tyres and industrial rubber goods. These solutions enable global tyre manufacturers and automotive OEMs to deliver longer-lasting, high- performance products, particularly suited for demanding applications and evolving mobility needs.
Beyond rubber, PCBL has built a strong presence in non-rubber applications, especially plastics, which constitute the largest global segment in the specialty carbon black market. The
Company addresses over 90% of the plastics industrys requirements through solutions tailored for engineering plastics, fibres, and FDA-compliant
food-grade applications. These high-performance grades are used across semiconductors, cable insulation, and industrial moulding, helping customers achieve enhanced material strength, conductivity, and regulatory compliance.
Sustainability and innovation are central to PCBLs product evolution. The launch of ECOZEN 6000, a specialty grade derived from recycled feedstock, demonstrates the Companys commitment to circularity without compromising on performance. Additionally, PCBLs patented Hybrid Carbon Black, infused with graphene, significantly improves fuel efficiency, tyre durability, and load-bearing capacity. This innovation directly supports customers in achieving better operational performance and lower carbon impact.
PCBL continues to scale its presence in high-growth verticals such as inks, paints, coatings, and advanced conductive solutions. This includes the development of electrostatic discharge (ESD) materials, conductive polymers, and battery-compatible carbon blacks, aligned the rising demand in e-mobility and energy storage sectors.
By aligning its product innovation with real-world customer goals, including efficiency, durability, compliance, and sustainability, PCBL is
future-proofing its portfolio and reinforcing its position as a trusted, value-added partner across industries.
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