BSE: 544510
NILACHAL CARBO METALICKS LIMIT
Manufactures low phosphorous, low ash metallurgical coke and coke fines at its Baramana unit in Jajpur district, Odisha, where it has operated since 2003. The company sells coke to domestic steelmakers, with Rashtriya Ispat Nigam Limited (RINL/Visakhapatnam Steel Plant) named as a key buyer under a revised purchase order for 10,000 MT valued at Rs. 35.11 crore. Revenue is essentially a single-product line today, with the board approving a new Foundry Plant for cast iron components inside the existing premises to add a second product stream. Existing coke capacity is 60,000 TPA, and the Odisha State Pollution Control Board has cleared an expansion to 1,08,000 TPA via two new Coke Oven Batteries of 24,000 TPA each. Materials (mainly coal/coke feedstock) are by far the largest cost at 56.6% of revenue, with employee cost at 1.0% and other operating expenses at 7.1%. The company completed an IPO in September 2025 raising Rs. 22.10 crore, listed on the BSE SME platform, and has benefited from a December 2025 anti-dumping duty on Low Ash Metallurgical Coke imports from Australia, China, Colombia, Indonesia, Japan and Russia. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Low ash metallurgical coke and coke fines, Cast iron components (foundry). Small, asset-heavy single-product coke manufacturer expanding capacity and adding a foundry line
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 200 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 4.23 |
| ROE % · ROCE % | — · 13.9 |
| Debt / equity (x) | — |
| Cash from operations | (32) |
| Capex | (1) |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q2 FY26 | Q4 FY26 |
|---|---|---|
| Revenue | 105 | 96 |
| Profit before tax | 10 | 4 |
| Net profit | — | — |
| EPS (₹) | 3.07 | 1.15 |
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. % |
|---|---|---|---|---|---|---|---|---|
| INDIAN METALS & FERRO | 5,897 | 11.3 | 2.16 | 10.4 | 15.6 | 17.7 | 8.9 | 30.6 |
| MAITHAN ALLOYS LTD | 2,309 | 8.0 | 0.56 | 3.7 | 10.6 | 13.9 | 6.0 | 94.2 |
| NILACHAL CARBO METALICKS LIMIT ◆ | 234 | 22.3 | — | — | — | 11.2 | — | — |
| NAGPUR POWER & INDUSTRIES LTD. | 185 | 48.3 | 1.97 | 48.9 | (2.3) | (2.0) | 22.9 | 5.3 |
| SHYAM CENTURY FERROUS LTD | 99 | 7.1 | 0.63 | 38.3 | 3.7 | 3.0 | — | 8.9 |
| INDSIL HYDRO POWER AND MANGANE | 93 | 10.5 | 0.47 | 4.9 | 7.6 | 7.2 | 19.9 | 15.3 |
| Chrome Silicon Limited | 62 | — | 4.10 | — | (64.8) | (10.8) | — | — |
| FACOR ALLOYS LTD. | 60 | — | 0.69 | — | (17.2) | (23.0) | (60.0) | (977.9) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 22.3 | 10.9 | 5 of 6 | 20% |
| ROCE | 11.2 | 5.1 | 3 of 8 | 71% |
| Market cap | 234 | 142 | 3 of 8 | 71% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Quarterly certificate under SEBI Regulation 74(5) submitted for Q2 FY26 | compliance | minimal | — | — |
| 1 Oct 2026 · All 11 resolutions passed at 23rd AGM; borrowing of up to Rs 75 Cr approved | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 23rd AGM held with 11 resolutions; voting results awaited in 2 days | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading Window closure intimation | compliance | minimal | — | — |
| 18 Sept 2026 · Company responds to BSE query on share price movement, cites anti-dumping duty boost | regulatory legal | medium | — | — |
| 9 Sept 2026 · 23rd AGM notice published in newspapers with e-voting details | compliance | minimal | — | — |
| 7 Sept 2026 · AGM Notice: Nilachal Carbo Metalicks 23rd AGM on 29 Sept 2026 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Book closure September 23 to 29 for 23rd AGM | compliance | minimal | — | — |
| 7 Sept 2026 · Notice of 23rd AGM on Sep 29, 2026 with 11 resolutions | board shareholder meetings | low | — | — |
| 7 Sept 2026 · FY26 Annual Report submitted; 23rd AGM on Sep 29, 2026 | results | 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 |
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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.