Phillips Carbon Black (PCBL) is the largest manufacturer of carbon black domestically. It is a proxy to play on the robust demand outlook of domestic tyres and consequent automobile demand PCBL has successfully turned around its operations with operational efficiencies and economies of scale resulting in 480 bps improvement in EBITDA margins to 13.5% in FY17 vs. 8.7% in FY16 The exit rate of EBITDA/tonne was at | 8597/tonne in Q4FY17 vs. the annual rate of | 6731/tonne in FY17, thereby indicating robust...