After an impressive operational show in 9MFY19, we expect, PAT at PCBL to come in at Rs. 418 crore in FY19E (EPS of Rs. 24.2/share) and Rs. 478 crore in FY20E (EPS of Rs. 27.7/share). Therefore, at the current market cap of Rs. 2,880 crore the company is trading at inexpensive valuations of 6.9x FY19E P/E and 6.0x FY20E P/E. Furthermore, we are POSITIVE on the stock as its core return ratios have elevated to 20%+ levels, generates a CFO yield in excess of 10% and financial performance at most carbon black majors indicates good times are here to sustain longer. Therefore, we recommend investors to accumulate this stock around current level with a medium term view.