<b>Mudar Patherya:</b> Reinventing to stay ahead

Two companies reinventing themselves are Phillips Carbon Black and Rain Industries. Both have been dismissed as cyclicals, both have/had a debt issue on their hands and both have/had a challenge convincing analysts that they can be sustainable plays.
 
Phillips Carbon Black has transformed its personality in the past few quarters. The company was dismissed as a commodity play; it has since produced research-driven grades customised around customer needs used in lighter, stronger and durable tyres.
 
The company was considered as a low-margin proxy; it has increased Ebitda (earnings before interest, tax, depreciation and amortisation) margin from 10.5 per