GOACARBON - Goa Carbon
📢 Recent Corporate Announcements
Goa Carbon Limited has been served an assessment order and a demand notice of Rs. 3,19,66,260 from the Faceless Assessment Unit of the Income Tax Department for the Assessment Year 2024-25. The company also received a penalty notice under section 274 of the Income-tax Act. Management believes there are computation errors and that they have a strong case on merits to challenge the disallowances. The company is currently evaluating legal remedies, including filing for rectification or an appeal before appellate authorities.
- Income Tax demand notice received for an amount of Rs. 3,19,66,260.
- Order issued under Section 143(3) read with Section 144B for Assessment Year 2024-25.
- Penalty notice under section 274 read with section 270A also served to the company.
- Company intends to challenge the order via rectification application or appeal.
- Management states no immediate adverse impact on business operations or financials is expected.
Goa Carbon Limited has announced the resignation of Mr. A. Venugopala Naidu, General Manager (Operations), effective May 20, 2026. Mr. Naidu held a critical role as the Unit Head for both the Paradeep and Bilaspur units. The resignation, accepted on March 5, 2026, is attributed to his pursuit of better career prospects. The company is currently managing the transition of his responsibilities to ensure operational continuity at these key facilities.
- Mr. A. Venugopala Naidu resigned from his position as General Manager (Operations) on March 5, 2026.
- He served as the Unit Head for the company's Paradeep and Bilaspur operational units.
- His last working day is scheduled for May 20, 2026, providing a transition period of over two months.
- The resignation is for personal career growth and does not indicate any internal operational issues.
The National Green Tribunal (NGT) has ruled in favor of Goa Carbon Limited, dismissing a pollution-related case (Original Application No. 80 of 2024) against its Goa plant. The tribunal found no evidence linking the plant's operations to local health issues and noted that the company holds a valid Consent to Operate from the Goa State Pollution Control Board. A Joint Committee Inspection confirmed substantial compliance with environmental norms, and the company has already implemented all recommended measures. This ruling removes the significant operational risk of potential plant closure or relocation that had been pending since May 2024.
- NGT dismissed Original Application No. 80 of 2024 (WZ) regarding alleged environmental pollution at the Goa plant.
- Tribunal confirmed no link between company activities and health ailments reported by local applicants.
- Joint Committee Inspection recorded zero instances of non-compliance during their assessment.
- Company has already complied with all recommendations made by the Joint Inspection Committee.
- Management confirmed there is no financial impact or liability resulting from this final order.
Goa Carbon Limited has announced the resignation of Mr. Sushanta Kumar Biswal, Associate General Manager - Supply Chain Management, effective March 15, 2026. The resignation was submitted on January 19, 2026, and formally accepted by the company on February 4, 2026. The departure is attributed to personal and health-related reasons rather than professional conflict. As a Senior Management Personnel, his exit is being managed with a transition period to ensure operational continuity.
- Mr. Sushanta Kumar Biswal resigned as Associate General Manager - Supply Chain Management.
- The resignation was accepted on February 4, 2026, with a relief date of March 15, 2026.
- The exit is cited as being due to personal and health-related reasons.
- A transition period of approximately 40 days has been established to minimize operational disruption.
Goa Carbon reported a significant sequential increase in revenue to ₹193.6 crore for the quarter ended December 31, 2025, up from ₹102.5 crore in the previous quarter. However, the company's net loss widened to ₹23.4 crore compared to a loss of ₹21.4 crore in Q2 FY26 and ₹8.3 crore in Q3 FY25. High raw material costs of ₹203.6 crore exceeded total revenue, leading to operational losses. Performance was also impacted by significant plant shutdowns at Goa (49 days) and Bilaspur (92 days) for maintenance and optimization.
- Revenue from operations grew 89% QoQ to ₹19,358 lacs, but net loss widened to ₹2,336 lacs.
- Cost of materials consumed at ₹20,360 lacs was higher than the total revenue from operations.
- Operations were severely hampered by shutdowns at the Goa plant (49 days) and Bilaspur plant (92 days).
- Year-to-date (9M) net loss stands at ₹5,272 lacs compared to ₹1,548 lacs in the previous year period.
- Other income included a one-time interest on tax refunds amounting to ₹464 lacs.
Goa Carbon Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Registrar MUFG Intime India Private Limited, confirms that share certificates received for dematerialization during the quarter ended December 31, 2025, were processed within prescribed timelines. The company verified that the securities are listed on the stock exchanges and that the necessary cancellations and updates to the register of members were completed. This is a standard administrative filing required by all listed entities in India.
- Compliance certificate submitted for the quarter ended December 31, 2025.
- Confirmation provided by Registrar and Share Transfer Agent, MUFG Intime India Private Limited (formerly Link Intime).
- Zero requests for rematerialization were received during the three-month period.
- Verification that dematerialized securities are listed on both BSE and NSE.
- Filing dated January 8, 2026, following the registrar's confirmation on January 5, 2026.
Acuité Ratings & Research has reaffirmed Goa Carbon's long-term credit rating at 'ACUITE BBB+' and short-term rating at 'ACUITE A2' with a stable outlook. The rating covers an enhanced total quantum of Rs. 500.00 crore in bank facilities, reflecting the company's ability to secure additional credit lines. This includes newly assigned ratings for Rs. 75 crore in facilities from Indian Bank and IDFC First Bank. The stable outlook indicates that the rating agency expects the company to maintain its financial profile in the medium term.
- Long-term rating reaffirmed and assigned at 'ACUITE BBB+' with a Stable outlook
- Short-term rating reaffirmed at 'ACUITE A2' for non-fund based limits
- Total bank facilities rated increased to a total quantum of Rs. 500.00 crore
- New long-term facilities of Rs. 75 crore assigned from Indian Bank and IDFC First Bank
- Largest single facility is a Rs. 185 crore Letter of Credit from Bank of India
Goa Carbon Limited has informed the exchanges that its trading window for dealing in equity shares will be closed starting December 22, 2025. This measure is taken in compliance with SEBI Prohibition of Insider Trading Regulations for the quarter ending December 31, 2025. The window will remain closed until 48 hours after the financial results for the quarter are officially declared. This is a standard regulatory procedure to prevent insider trading ahead of financial disclosures.
- Trading window for equity shares to close on December 22, 2025
- Closure is in relation to the financial results for the quarter ending December 31, 2025
- Window will reopen 48 hours after the public announcement of the Q3 results
- Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015
Goa Carbon Limited has received shareholder approval via postal ballot for the re-appointment of Mr. Subodh Nadkarni as an Independent Director. This second term will span five consecutive years, starting from January 7, 2026, and ending on January 6, 2031. The re-appointment ensures continuity in the company's independent board oversight and corporate governance structure. The voting results confirming the appointment were officially announced on December 16, 2025.
- Mr. Subodh Nadkarni re-appointed as Independent Director for a second term of 5 years.
- The new term is effective from January 7, 2026, through January 6, 2031.
- Shareholder approval was obtained through a Postal Ballot process.
- The announcement follows the initial board recommendation made on October 29, 2025.
Goa Carbon Limited shareholders have approved an increase in the company's borrowing limit to ₹750 Crores through a postal ballot. The resolution, along with the authorization to charge assets for securing debt, passed with a near-unanimous 99.98% majority. Additionally, the re-appointment of Mr. Subodh Nadkarni as an Independent Director for a second five-year term was confirmed. This move provides the company with significant financial flexibility for future operations or expansions.
- Shareholders approved an increase in borrowing powers up to ₹750 Crores under Section 180(1)(c).
- Board authorized to create or modify charges on company assets to secure future borrowings.
- Re-appointment of Mr. Subodh Nadkarni as Independent Director for a 5-year term starting January 2026.
- All special resolutions passed with approximately 99.98% of votes cast in favor.
- Total votes polled represented 59.80% of the company's total outstanding shares.
Goa Carbon Limited has received shareholder approval via postal ballot to significantly increase its borrowing powers to a limit of ₹750 Crores. The company also secured authorization to create or modify charges on its movable and immovable assets to secure these future borrowings. Additionally, Mr. Subodh Nadkarni was re-appointed as an Independent Director for a second five-year term starting January 7, 2026. All resolutions were passed as Special Resolutions with an overwhelming majority of over 99.98% of the votes cast.
- Shareholders approved increasing the company's borrowing limit to ₹750 Crores under Section 180(1)(c).
- Board authorized to create charges on company assets, including undertakings, to secure borrowings.
- Re-appointment of Mr. Subodh Nadkarni as Independent Director for a 5-year term was confirmed.
- All three special resolutions passed with approximately 99.98% of votes in favor.
- A total of 5,472,078 votes were polled during the e-voting process which concluded on December 15, 2025.
Goa Carbon Limited has received an Income Tax refund of ₹0.76 crore. The refund pertains to the Assessment Year 2010-11, and is a consequence of an order from the High Court of Bombay at Goa for AY 2009-10. The High Court order increased the closing stock for AY 2009-10, which led to an adjustment in the opening stock for AY 2010-11, thereby reducing taxable profits for that assessment year.
- Income Tax refund of ₹0.76 crore received
- Refund relates to Assessment Year 2010-11
- Order DIN ITBA/GEA/M/250/2025-26/1082940316(1) dated 20th November 2025
- High Court order at Goa for AY 2009-10 resulted in increased closing stock
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.