ICICI Securities Ltd | Retail Equity Research Phillips Carbon Black (PCBL) is the largest manufacturer of carbon black domestically. The company is a proxy to play on the robust demand outlook of the domestic tyre industry PCBL has successfully turned around its operations with operational efficiencies and economies of scale resulting in ~400 bps improvement in EBITDA margins to 13.0% in FY17E vs. 8.7% in FY16 PCBL is currently operating at ~95% utilisation levels. However, it is...