Pondy Oxides & Chemicals (POCL)
The copper cathode project is the single biggest
trigger to watch. POCL is investing about Rs 200
crore, funded entirely through internal cash
without fresh borrowing, to build a 36,000 tonne
per year copper cathode facility in Tamil Nadu.
About Rs 25 crore has already been spent, with
major equipment ordered and construction
underway.
Phase one of 18,000 tonnes is on
track for trial production by December 2026, and
phase two is targeted for FY28.
This matters because cathode is a much higher value product
than the raw scrap the company handles today.
Management expects blended margins on
cathode to be in the range of Rs 60,000 to
65,000 per tonne once running, compared with
around Rs 48,000 per tonne for the current
copper business, a meaningful step up in profitability per tonne.