BSE: 539121
Palco Metals Limited
Operates in the non-ferrous metals and aluminium industry and earns revenue primarily through its wholly-owned subsidiary Palco Recycle Industries Limited, which contributes nearly all consolidated revenue and profits. Consolidated FY26 revenue was Rs 293.18 crore, up 19% from Rs 245.96 crore in FY25, with consolidated PAT of Rs 6.38 crore. On a standalone basis the parent is loss-making — FY26 net loss of Rs 39.31 lakh — and reports its operations under a single segment described in its Q3 FY26 filing as 'Spinning of Cotton Yarn'; it also recorded zero revenue from operations in Q4 FY26. The subsidiary contributed Rs 677.73 lakh to consolidated net profit and held total assets of Rs 9,984.02 lakh. A Scheme of Amalgamation to merge the subsidiary into the parent was approved by equity shareholders and unsecured creditors at NCLT-convened meetings on July 27, 2026, with the appointed date set at April 1, 2025 and no shares or cash being issued because the subsidiary is fully owned. Materials account for 94.1% of revenue, pointing to a raw-material-heavy cost structure, and the company is classified as a non-Large Corporate under SEBI norms with NIL outstanding borrowings as of March 31, 2025. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Subsidiary operations (Palco Recycle Industries), Standalone cotton yarn spinning. Small non-ferrous metals / aluminium group; loss-making standalone, subsidiary-driven; undergoing amalgamation
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 174 | 160 | 194 | 246 | 293 |
| EBITDA (ex other income) | 7 | 3 | 9 | 12 | 12 |
| margin % | 4.3 | 1.8 | 4.5 | 4.8 | 4.1 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 10.47 | 3.83 | 7.07 | 15.76 | 15.58 |
| ROE % · ROCE % | 18.5 · 23.9 | 6.2 · 9.6 | 10.4 · 20.6 | 54.3 · 38.5 | 34.5 · 37.0 |
| Debt / equity (x) | 0.91 | 1.12 | 1.31 | 3.09 | 1.52 |
| Cash from operations | (3) | — | (8) | 29 | 8 |
| Capex | (0) | — | (12) | (0) | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 60 | 53 | 62 | 71 | 55 | 75 | 82 | 81 |
| Profit before tax | 4 | 2 | 2 | 1 | 0 | 0 | 4 | 4 |
| Net profit | 3 | 2 | 1 | 1 | 0 | 0 | 3 | 3 |
| EPS (₹) | 7.06 | 3.87 | 3.17 | 2.54 | 0.66 | 0.84 | 6.87 | 7.62 |
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. % |
|---|---|---|---|---|---|---|---|---|
| HINDALCO INDUSTRIES LTD | 1,98,413 | 12.1 | 1.45 | 9.1 | 9.8 | 8.0 | — | 15.0 |
| NATIONAL ALUMINIUM CO LTD | 59,415 | 8.8 | 2.75 | 6.9 | 26.8 | 33.3 | 14.8 | 54.3 |
| ARFIN INDIA LIMITED | 1,468 | 79.8 | 8.62 | 33.9 | 9.1 | 12.0 | — | 4.9 |
| MMP INDUSTRIES LIMITED | 1,143 | 22.8 | 3.30 | 23.4 | 8.9 | 7.7 | 29.0 | 9.0 |
| MAAN ALUMINIUM LIMITED | 539 | 35.9 | 1.96 | — | 4.7 | 6.1 | — | 3.1 |
| Msafe Equipments Limited | 518 | 24.4 | — | — | — | 27.4 | — | — |
| PG FOILS LTD. | 212 | — | 0.64 | — | (2.5) | (2.1) | — | (2.9) |
| MANAK ALUMINIUM CO. LTD. | 184 | 20.9 | 1.29 | — | 5.3 | 4.6 | — | 9.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.8 | 15.9 | 6 of 14 | 62% |
| P/B | 4.5 | 1.9 | 11 of 12 | 9% |
| ROCE | 26.7 | 8.0 | 3 of 15 | 86% |
| ROE | 34.5 | 7.6 | 1 of 12 | 100% |
| Debt / Equity | 1.5 | 0.6 | 11 of 12 | 9% |
| EBITDA margin | 6.8 | 6.0 | 6 of 12 | 55% |
| Revenue growth | 13.6 | 9.8 | 5 of 13 | 67% |
| Profit growth | 198.5 | 55.9 | 3 of 12 | 82% |
| Market cap | 82 | 184 | 9 of 15 | 43% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Board meeting on 3 Nov to consider Q2 and H1 FY26 results | results | low | — | — |
| 6 Oct 2026 · Routine RTA compliance certificate for Q2 FY27 dematerialisation | compliance | minimal | — | — |
| 28 Sept 2026 · Palco Metals 65th AGM: Both resolutions passed with 99.9% majority | board shareholder meetings | low | — | — |
| 28 Sept 2026 · 65th AGM held on Sept 28, 2026 - 2 ordinary resolutions transacted | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Trading Window Closure from Oct 1 for Q2 Results | compliance | minimal | — | — |
| 5 Sept 2026 · Newspaper publication of notice for 65th AGM | compliance | minimal | — | — |
| 3 Sept 2026 · Palco Metals 65th AGM on Sep 28, 2026; financials and director re-appointment on agenda | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Palco Metals files 65th Annual Report; AGM on Sept 28, 2026 | board shareholder meetings | medium | — | — |
| 13 Aug 2026 · Q1 FY27 results: standalone loss Rs 13.16 lakh, consolidated profit Rs 26.27 lakh | compliance | minimal | — | — |
| 10 Aug 2026 · Palco Metals Q1 FY27: consolidated PAT halves, standalone loss widens | 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 |
| 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.