Volume growth to revive, exports at the rescue! PCBL is a leading CB player with domestic market share at ~35%. It clocked CB sales volume of ~402 KT, flat YoY. As of FY18 end it had an effective capacity of ~441 KT. It operated at 90%+ utilisation levels and largely missed out on robust auto demand in H1FY19 due to lack of capacity. PCBL commissioned a brownfield expansion amount to ~56 KT in Q4FY19 and is well poised for volume led growth, going forward. With muted domestic auto demand prospects, PCBL is banking on exports to push volumes. We...