NSE: GOACARBON · BSE: 509567
GOA CARBON LIMITED
Calcines raw petroleum coke into calcined petroleum coke (CPC) at three plants in Goa, Paradeep (Odisha), and Bilaspur. The product is sold as a single business segment, supplying industrial buyers that use CPC as a carbon additive. FY26 revenue from operations grew 37% to Rs 69,642 lakhs from Rs 50,847 lakhs, with sales of products (net) at Rs 59,809 lakhs against Rs 50,801 lakhs in FY25. The company nonetheless reported a net loss of Rs 4,823 lakhs in FY26 against Rs 2,203 lakhs in FY25, weighed by raw material costs of Rs 64,161 lakhs and finance costs of Rs 2,339 lakhs versus Rs 1,805 lakhs. Materials account for 92.1% of revenue. All three plants underwent extended scheduled maintenance shutdowns in FY26 — Goa 82 days, Bilaspur 90 days, Paradeep 10 days — and into Q1 FY27, when the Goa and Bilaspur plants were down for 91 days and Paradeep for 76 days, pushing that quarter's revenue to Rs 65.7 cr from Rs 199.3 cr a year earlier. Q4 FY26 returned to profitability with a standalone profit of Rs 449 lakhs once production resumed. Borrowings were reduced to Rs 18,740 lakhs from Rs 28,136 lakhs, and the promoter V.S. Dempo Holdings pledged 55.39% of equity to back a Rs 50 crore working capital facility from 360ONE Prime. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Calcined Petroleum Coke. Cyclical, single-product commodity producer running three calcination plants
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 766 | 1,364 | 1,057 | 508 | 696 |
| EBITDA (ex other income) | 57 | 144 | 128 | (19) | (28) |
| margin % | 7.4 | 10.6 | 12.1 | (3.7) | (4.0) |
| Owners' profit | 38 | 81 | 86 | (22) | (48) |
| EPS, as reported (₹) | 41.28 | 88.24 | 93.43 | (24.07) | (52.71) |
| ROE % · ROCE % | 33.0 · 45.3 | 43.4 · 78.6 | 34.5 · 54.4 | (10.1) · (4.8) | (28.6) · (11.1) |
| Debt / equity (x) | 2.09 | 2.27 | 1.35 | 1.29 | 0.99 |
| Cash from operations | (40) | (362) | 196 | (54) | 78 |
| Capex | (2) | (1) | (1) | (3) | (6) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 119 | 129 | 132 | 199 | 102 | 194 | 201 | 66 |
| Profit before tax | (14) | (10) | (8) | (12) | (14) | (21) | 5 | (7) |
| Net profit | (10) | (8) | (7) | (8) | (21) | (23) | 4 | (7) |
| EPS (₹) | (11.07) | (9.12) | (7.15) | (8.69) | (23.39) | (25.54) | 4.91 | (7.19) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LLOYDS METALS N ENERGY L | 99,915 | 20.1 | 7.00 | 18.7 | 26.8 | 17.7 | 132.2 | 39.6 |
| NMDC LTD. | 59,345 | 8.0 | 1.74 | 6.0 | 21.9 | 28.0 | 15.8 | 41.4 |
| GUJARAT MINERAL DEV CORP | 13,873 | 14.5 | 1.96 | 10.1 | 13.5 | 15.5 | 14.7 | 29.5 |
| GRAVITA INDIA LIMITED | 9,889 | 24.9 | 4.02 | 20.6 | 15.4 | 17.2 | 24.8 | 10.7 |
| MOIL LIMITED | 4,475 | 70.5 | 1.65 | 10.0 | 0.3 | 0.4 | — | 35.6 |
| ASHAPURA MINECHEM LTD | 4,090 | 10.1 | 2.49 | 7.8 | 25.3 | 15.0 | 35.5 | 11.7 |
| ORISSA MIN DEV CO LTD | 1,926 | — | — | — | (0.7) | 0.5 | — | 52.8 |
| 20 MICRONS LTD | 559 | 8.3 | 1.15 | 4.9 | 13.7 | 16.9 | 14.6 | 13.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 2.2 | 1.7 | 9 of 13 | 33% |
| ROCE | (25.0) | 8.4 | 13 of 14 | 8% |
| ROE | (28.6) | 13.5 | 12 of 13 | 8% |
| Debt / Equity | 1.0 | 0.3 | 12 of 13 | 8% |
| EBITDA margin | (0.1) | 13.8 | 12 of 13 | 8% |
| Revenue growth | (67.0) | 19.2 | 13 of 13 | 0% |
| Profit growth | 17.2 | 9.8 | 6 of 14 | 62% |
| Market cap | 372 | 1243 | 10 of 14 | 31% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Board meeting to consider September quarter results | results | low | — | — |
| 21 Oct 2026 · Tax correction order grants Goa Carbon another Rs 22.22 lakh refund | regulatory legal | high | — | — |
| 14 Oct 2026 · Newspaper notice on SEBI special window for physical shares demat | compliance | minimal | — | — |
| 7 Oct 2026 · Routine RTA compliance certificate for Q2 FY27 demat confirmation | compliance | minimal | — | — |
| 3 Oct 2026 · Goa Carbon resumes operations at Bilaspur Unit | capex operations | high | — | — |
| 18 Sept 2026 · Goa Carbon closes trading window ahead of September quarter results | compliance | minimal | — | — |
| 10 Sept 2026 · Goa Carbon: AGM voting results - all 3 resolutions passed | board shareholder meetings | low | — | — |
| 9 Sept 2026 · Goa Carbon 58th AGM held on Sept 9, 2026 - 3 resolutions tabled | board shareholder meetings | low | — | — |
| 9 Sept 2026 · Goa Carbon 58th AGM held; 3 ordinary resolutions transacted | board shareholder meetings | medium | — | — |
| 27 Aug 2026 · Goa Carbon wins additional about Rs 1.20 crore tax refund for AY 2010-11 | regulatory legal | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.