Phillips Carbon Black (PCBL) is the manufacturer of carbon black, which is primarily used as a reinforcement material in tyres and other industrial rubber goods. PCBL is the largest manufacturer of carbon black in India with a market share at 31%. With the robust auto sector outlook, a steep correction in crude price (raw material a crude derivative) and operational efficiencies, PCBL is on a strong footing with robust prospects, going forward. With a turnaround in sight, we expect the PAT to quadruple from current levels by FY18E.