Goa Carbon Limited (GOACARBON)
₹407.45 -0.26% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Goa Carbon's revenue was ₹65.7 Cr (-67.0% year on year, -67.3% on the previous quarter), and net profit ₹-6.6 Cr (a smaller loss than a year earlier); the operating margin was -6.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹65.7 | -67.0% | -67.3% |
| Operating profit | ₹-4.4 | loss narrowed | to loss |
| Net profit | ₹-6.6 | loss narrowed | to loss |
| EPS (₹) | -7.19 | loss narrowed | to loss |
| Operating margin | -6.7% | — | — |
GOACARBON delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 61.71% of the GOACARBON shares traded on NSE were taken to delivery, against the stock's own 20-session average of 51.61%. That is close to its usual level. Turnover was only ₹68 lakh, so a handful of trades can move this figure. Volume was 0.2 times its average, well below normal.
Delivery in the last 5 sessions: 56.0% · 51.6% · 70.4% · 39.6% · 61.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Goa Carbon Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited, confirms that securities received for dematerialisation during the quarter ended September 30, 2026, were processed and listed appropriately. This is a mandatory and standard secretarial filing with no impact on the company's financial results or operations.
- Compliance certificate filed under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Applies to the quarter ended September 30, 2026
- Certificate issued by RTA MUFG Intime India Private Limited on October 3, 2026
- Formally submitted to BSE and NSE on October 7, 2026
Goa Carbon Limited has announced the resumption of operations at its Bilaspur manufacturing unit located in Chhattisgarh on October 3, 2026. The company confirmed that the kiln has been lit up and normal production will commence shortly following heat-up and raw material feeding. This unit had previously seen operations affected, referenced by prior communication dated June 23, 2025. With Goa Carbon reporting TTM revenues of Rs 393 Cr and an operating loss of Rs 31 Cr, returning capacity to operational status is critical to restoring utilization.
- Kiln lit up on October 3, 2026, marking restart of Bilaspur facility
- Production resuming after preliminary heat up and raw material feeding
- Follows earlier corporate communication dated June 23, 2025 regarding the unit
- Plant located at Sector B, Sirgitti Industrial Area, Bilaspur, Chhattisgarh
Goa Carbon Limited has informed the exchanges that its trading window for dealing in equity shares will remain closed starting from 21st September 2026. This closure is in compliance with the SEBI (Prohibition of Insider Trading) Regulations and occurs 10 days prior to the end of the quarter ending 30th September 2026. The window will reopen 48 hours after the declaration and publication of the financial results for the quarter.
- Trading window closes on 21st September 2026
- Closure takes effect 10 days prior to the end of the respective quarter
- Relevant quarter ends on 30th September 2026
- Window will reopen 48 hours after the financial results are made public
Goa Carbon Limited reported the voting results and Scrutinizer's Report for its 58th Annual General Meeting held on September 09, 2026. A total of 54,66,338 votes were polled out of 91,51,052 total shares, representing a 59.73% voter turnout dominated by the promoter group (54,64,989 shares). All three ordinary resolutions, including the adoption of FY26 financial statements, the re-appointment of Director Shrinivas Dempo, and cost auditor remuneration ratification, were approved with near 100% approval.
- Total voter turnout stood at 59.73% with 54,66,338 votes polled across 91,51,052 outstanding shares
- Adoption of FY26 audited financial statements approved with 100% votes in favour (54,66,337 votes)
- Re-appointment of Director Shrinivas Dempo passed with 99.9997% votes in favour (54,66,321 votes)
- Total of 46 public shareholders attended the AGM conducted via Video Conferencing
Goa Carbon Limited conducted its 58th Annual General Meeting (AGM) on September 9, 2026, via video conferencing. The meeting transacted three ordinary resolutions, including the adoption of audited financial statements for FY2026, the re-appointment of Director Shrinivas Dempo, and the ratification of cost auditor remuneration for FY2026-27. The company's statutory and secretarial audit reports contained no qualifications or adverse remarks. Final consolidated voting results are expected within two working days.
- 58th Annual General Meeting concluded on September 9, 2026 (meeting duration: 3:00 PM to 3:52 PM IST)
- Adopted audited financial statements and reports for the financial year ended March 31, 2026
- Ordinary resolution tabled for re-appointment of retiring director Mr. Shrinivas Dempo (DIN: 00043413)
- Cost auditor remuneration ratification tabled for M/s. Joshi Apte and Associates for FY2026-27
Goa Carbon Limited received a Rectification Order dated July 10, 2026, under Section 154 of the Income-tax Act for Assessment Year 2010-11. The order grants statutory interest under Section 244A, determining an additional refund of ₹1.20 crore (₹1,20,44,555) payable to the company. This follows an earlier refund of ₹76.15 lakh where statutory interest was initially disallowed, prompting the company to file a Writ Petition before the Bombay High Court. The company is evaluating whether the interest has been fully computed and deciding subsequent steps regarding the court petition.
- Additional tax refund of ₹1,20,44,555 determined payable for AY 2010-11 under Section 154.
- Earlier Order Giving Effect dated November 20, 2025 had granted ₹76,15,436 but omitted statutory interest.
- Section 244A statutory interest allowed during pendency of Writ Petition (L) No. 485 of 2026 before Bombay High Court.
- Company is reviewing if further/additional interest remains payable before closing High Court proceedings.
Goa Carbon Limited has announced its 58th Annual General Meeting (AGM) to be held virtually on September 9, 2026. The company has established September 2, 2026, as the cut-off date for determining shareholder eligibility for e-voting. This meeting follows a difficult financial year where the company recorded a TTM loss of Rs 31 Cr and negative operating margins of -7.0%. Investors will likely focus on management's plan to address the high debt-to-equity ratio of 0.99 and extreme client concentration, where 95% of revenue comes from just three customers.
- 58th Annual General Meeting scheduled for September 9, 2026, at 3:00 p.m. IST via video conferencing.
- Cut-off date for e-voting and AGM attendance eligibility is September 2, 2026.
- Company currently operates with a TTM revenue of Rs 393 Cr and a negative ROCE of -4.0%.
- Debt stands at Rs 167 Cr, nearly equal to the company's net worth of Rs 168 Cr (D/E of 0.99).
Goa Carbon Limited has appointed Mr. Nauty Dogra as the Head of its Paradeep Plant, effective July 21, 2026. Mr. Dogra, a Mechanical Engineer with an MBA in Operations, joins from BMWIL Industries where he served as GM of Operations & Project. This leadership change at a key facility comes as the company struggles with a TTM net loss of ₹31 Cr and a negative operating margin of -7.0%. Investors should note the company's high debt-to-equity ratio of 0.99 and its heavy reliance on three major aluminum clients for 95% of revenue.
- Appointment of Mr. Nauty Dogra as Head of Paradeep Plant effective July 21, 2026
- Mr. Dogra brings experience from BMWIL Industries and Bhushan Power & Steel Limited
- Company reported a TTM net loss of ₹31 Cr against a TTM revenue of ₹393 Cr
- Inventory turnover ratio slowed to 1.92 in FY25 from 3.07 in FY24
- Operating profit margin (OPM) stands at -7.0% as of the latest TTM data
Goa Carbon reported a weak Q1 FY27 with revenue from operations falling 67% YoY to ₹65.70 Cr, down from ₹199.25 Cr. The company posted a net loss of ₹6.58 Cr, a slight improvement from the ₹7.95 Cr loss in the same quarter last year, but a reversal from the ₹4.49 Cr profit in the preceding quarter. The performance was severely impacted by extensive plant shutdowns for maintenance and optimization, with two out of three plants closed for the entire 91-day period.
- Revenue from operations collapsed to ₹65.70 Cr from ₹199.25 Cr in Q1 FY26.
- Goa and Bilaspur plants were shut down for the entire 91 days of the quarter.
- Paradeep plant was shut down for 76 days during the quarter for maintenance.
- Net loss for the quarter stood at ₹6.58 Cr, resulting in a negative EPS of ₹7.19.
- The company has deposited ₹3.49 Cr under protest regarding the Goa Green Cess legal dispute.
Goa Carbon Limited has successfully resolved a long-standing tax dispute for Assessment Year 1994-95. Following a Writ Petition filed in 2026 to expedite a 2012 rectification application, the Income Tax Department issued an order on July 6, 2026, acknowledging a refund of ₹61,60,980. The dispute centered on the erroneous levy of interest under Section 234D. While the refund amount is minor compared to the company's TTM revenue of ₹393 Cr, it marks the closure of a 30-year-old legacy litigation.
- Refund of ₹61,60,980 (approx. ₹0.62 Cr) confirmed by the Income Tax Department.
- Dispute pertains to Assessment Year 1994-95, involving a rectification application pending since May 29, 2012.
- The Bombay High Court (Goa Bench) recorded the withdrawal of Writ Petition No. 446 of 2026 following the tax department's compliance.
- The rectification addresses the erroneous recovery of interest under Section 234D of the Income-tax Act, 1961.
Goa Carbon Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document, issued by its Registrar and Share Transfer Agent (RTA), MUFG Intime India Private Limited, confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, were processed and listed on the stock exchanges. This is a standard administrative filing with no impact on the company's financial health or operations.
- Compliance certificate issued for the quarter ended June 30, 2026
- RTA MUFG Intime India Private Limited confirmed processing of demat requests on July 1, 2026
- Company maintains a TTM revenue of ₹393 Cr despite a TTM loss of ₹31 Cr
- Promoter holding remains stable at 59.72% as of March 2026
Goa Carbon Limited has announced the closure of its trading window for all insiders and designated persons starting June 21, 2026. This move is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the financial results for the quarter ending June 30, 2026. The trading window will remain closed until 48 hours after the quarterly financial results are made public. This is a standard regulatory procedure to prevent insider trading during the finalization of financial statements.
- Trading window for equity shares to close effective June 21, 2026.
- Closure is 10 days prior to the end of the quarter ending June 30, 2026.
- Trading window will reopen 48 hours after the Q1 financial results are declared.
- Compliance with the Company's Code of Internal Procedures and SEBI Insider Trading Regulations.
Goa Carbon Limited has announced the resumption of operations at its Paradeep Unit in Odisha, which had been shut since March 22, 2026. The company informed that the kiln was lit on June 15, 2026, marking the end of a nearly three-month operational halt. Normal production is scheduled to commence on June 16, 2026, following the preliminary heat-up and raw material feeding process. This restart is expected to bring the company's production capacity back to optimal levels.
- Operations at the Paradeep Unit in Odisha resumed on June 15, 2026.
- The plant had been non-operational since the previous update on March 22, 2026.
- Normal production is expected to officially start on June 16, 2026.
- The restart follows the lighting of the kiln and preliminary heating procedures.
Goa Carbon Limited has successfully passed an ordinary resolution via postal ballot to approve and amend material related party transactions. The approval allows the company to borrow from its Directors and Promoters to meet additional working capital requirements. The resolution was passed with an overwhelming majority, with 99.81% of the valid votes cast in favour of the proposal. This move ensures the company has access to necessary liquidity from internal stakeholders to support its ongoing operations.
- Shareholders approved borrowing from Directors/Promoters for working capital with 99.81% of votes in favour.
- A total of 23,272 votes were cast in favour of the resolution, while only 45 votes were cast against.
- The voting process was conducted via remote e-voting from May 6, 2026, to June 5, 2026.
- The resolution was categorized as an Ordinary Resolution under the Companies Act and SEBI LODR regulations.
- The approval facilitates material related party transactions aimed at stabilizing the company's liquidity position.
Goa Carbon Limited has successfully passed an ordinary resolution via postal ballot to approve material related party transactions involving borrowings from Directors and Promoters. The funds are intended to meet the company's additional working capital requirements. Out of the total valid votes cast, 99.81% (23,272 votes) were in favor of the resolution, while only 0.19% (45 votes) were against. This approval provides the company with a flexible liquidity source from internal stakeholders to support its operational needs.
- Shareholders approved borrowing from Directors and Promoters for working capital via an ordinary resolution.
- The resolution received overwhelming support with 23,272 votes in favor (99.81%) and only 45 votes against.
- The voting process involved 30,948 total shareholders as of the cut-off date of April 24, 2026.
- The e-voting period concluded on June 5, 2026, with the Scrutinizer's Report confirming the requisite majority.
- The move ensures the company has access to necessary funds for operations through related party transactions.
Financial Performance
Revenue Growth by Segment
Calcined Petroleum Coke (CPC) revenue declined 59.2% in H1 FY25 to INR 247 Cr from INR 606 Cr YoY. For 9M FY25, revenue fell 57.2% to INR 376.28 Cr from INR 878.84 Cr.
Geographic Revenue Split
Not disclosed in percentage split; however, the company operates manufacturing facilities in Goa, Bilaspur (Chhattisgarh), and Paradeep (Odisha) to serve domestic aluminum smelters.
Profitability Margins
Net Profit Ratio turned negative at -6% in FY25 compared to 11% in FY24. PAT for H1 FY25 was a loss of INR 7.14 Cr (PAT margin -2.89%) vs a profit of INR 85.5 Cr in FY24.
EBITDA Margin
EBITDA margin dropped to -3.72% in 9M FY25 from 12.97% in 9M FY24, primarily due to the conversion of high-cost Raw Petroleum Coke (RPC) inventory amid falling realization prices.
Capital Expenditure
Not disclosed in absolute INR Cr for future periods; however, the company recently announced a temporary shutdown of the Goa unit for maintenance work in November 2025.
Credit Rating & Borrowing
CRISIL and Acuite maintain ratings reflecting adequate liquidity. Interest coverage ratio significantly declined to 0.15x in H1 FY25 from 5.87x in FY24 due to operational losses.
Operational Drivers
Raw Materials
Raw Petroleum Coke (RPC) and Green Petroleum Coke (GPC) are the primary raw materials, representing the majority of the cost of goods sold.
Import Sources
Sourced primarily from overseas markets including UAE, Oman, and Kuwait.
Key Suppliers
Not disclosed in available documents; procurement is managed through overseas banks via Buyer’s Credit and Letters of Credit.
Capacity Expansion
Current capacity not specified in MTPA, but the company is the 3rd largest quota holder for pet coke imports in India as per DGFT allocations.
Raw Material Costs
Raw material costs increased relative to revenue in FY25 as high-cost RPC inventory was processed while international CPC prices entered a downtrend.
Manufacturing Efficiency
Inventory turnover ratio slowed to 1.92 in FY25 from 3.07 in FY24, indicating reduced efficiency in moving stock.
Logistics & Distribution
Manufacturing facilities are strategically located in Goa, Bilaspur, and Paradeep near ports or customers to minimize transportation costs.
Strategic Growth
Growth Strategy
Growth is targeted through the launch of 'gcarb+', a high-performance carbon raiser for the steel and foundry sectors to diversify revenue beyond the cyclical aluminum industry.
Products & Services
Calcined Petroleum Coke (CPC) used primarily as anodes in aluminum smelting and carbon raisers in steel manufacturing.
Brand Portfolio
gcarb+
New Products/Services
Launched 'gcarb+', a premium low-sulphur product designed to meet rising sustainability standards in the carbon industry.
Market Expansion
Targeting the steel and foundry industries to reduce reliance on the aluminum sector.
Market Share & Ranking
Ranked as the 3rd largest player in India based on DGFT pet coke import quota allocations.
External Factors
Industry Trends
The industry is shifting toward 'green' production; 85% of global CPC is consumed by aluminum, with new PM2 and SO2 emission norms effective June 2025.
Competitive Landscape
Competition is governed by government-allocated import quotas and global pricing trends influenced by Chinese production levels.
Competitive Moat
Durable advantages include a 4-decade track record, strategic port-based locations, and established relationships with India's largest aluminum smelters.
Macro Economic Sensitivity
Highly sensitive to global aluminum demand (electronics, aviation, real estate) and international RPC/CPC price benchmarks set by China.
Consumer Behavior
Shift toward sustainable and low-emission industrial inputs is driving demand for premium products like gcarb+.
Geopolitical Risks
Trade barriers or supply disruptions in the Middle East (UAE, Oman, Kuwait) could impact raw material procurement.
Regulatory & Governance
Industry Regulations
Operations are strictly regulated by the Directorate General of Foreign Trade (DGFT) through specific import quotas for Green Petroleum Coke.
Environmental Compliance
Must comply with new PM2 and SO2 emission standards finalized by the Ministry of Environment, effective June 2025.
Taxation Policy Impact
Received an income tax refund of INR 0.76 Cr in December 2025 for Assessment Year 2010-11 following a High Court order.
Legal Contingencies
Resolved a long-standing tax dispute for AY 2009-10 and 2010-11 regarding closing stock adjustments, resulting in a refund.
Risk Analysis
Key Uncertainties
Volatility in international RPC prices and the risk of disproportionate DGFT quota allocations could impact margins by more than 10%.
Geographic Concentration Risk
100% of manufacturing facilities are located in India, though raw material sourcing is 100% dependent on imports.
Third Party Dependencies
Critical dependency on three customers (Vedanta, Hindalco, BALCO) for over 95% of total revenue.
Technology Obsolescence Risk
Risk of obsolescence if the company fails to transition to 'greener' calcination processes required by the aluminum industry's green shift.
Credit & Counterparty Risk
Debtors turnover ratio of 8.00 indicates stable receivable quality, though it declined from 9.80 in the previous year.
