Specialty grade CB is a margin accretive product and difficult to crack amid global dominance by a few players. PCBL, through its years of R&D; and capability building process, has made a mark in this field and clocked ~20,000 tonne (~5% of total CB sales volume) from this division in FY19. Going forward, with incremental capacities in place, the company is well poised to outperform its base business growth with speciality grade CB sales volume growing at a CAGR of 26% in FY19-22E to 40,000 tonne in FY22E (~9% of total volume). This will augment its EBITDA margins to 15.6% in...