Panama Petrochem Limited (PANAMAPET)
₹488.10 -0.66% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Panama Petrochem's revenue was ₹1,735 Cr (+150.3% year on year, +110.8% on the previous quarter), and net profit ₹309 Cr (+624.8% year on year); the operating margin was 22.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,735 | +150.3% | +110.8% |
| Operating profit | ₹388 | +607.0% | +326.2% |
| Net profit | ₹309 | +624.8% | +335.1% |
| EPS (₹) | 51.06 | +625.3% | +334.6% |
| Operating margin | 22.4% | — | — |
PANAMAPET delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 49.45% of the PANAMAPET shares traded on NSE were taken to delivery, against the stock's own 20-session average of 44.14%. That is close to its usual level. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 44.3% · 42.8% · 46.0% · 52.9% · 49.5%
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
CARE Ratings has revised the outlook on Panama Petrochem's long-term bank facilities (Rs 64.00 crore) from 'Stable' to 'Positive' while reaffirming the rating at 'CARE A+'. Short-term facilities of Rs 585.00 crore were also reaffirmed at 'CARE A1+'. The positive revision reflects operationalisation of new capacities, strong liquidity, and a 150.30% surge in Q1FY27 revenue to Rs 1,735.15 crore driven by volume growth and base oil price hikes. Key rating sensitivities for a future upgrade include sustaining volume growth with gross cash accruals above Rs 250 crore and PBILDT margins above 10%.
- Outlook on Rs 64.00 cr long-term bank facilities revised from 'Stable' to 'Positive'; rating reaffirmed at CARE A+
- Short-term bank facilities of Rs 585.00 cr reaffirmed at CARE A1+
- Q1FY27 total operating income surged 150.30% YoY to Rs 1,735.15 cr, with sales volume rising ~73%
- Installed capacity expanded to 3.10 LMTPA from 2.55 LMTPA in FY23
- Consolidated tangible net worth improved to Rs 1,468.68 cr as of March 31, 2026
Panama Petrochem Limited submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate received from Registrar & Share Transfer Agent Bigshare Services Pvt. Ltd. confirms that securities received for dematerialization were processed within 15 days. Security certificates received were confirmed to depositories, cancelled/mutilated, and depositories were substituted as registered owners. This is a regular regulatory compliance report with no operational or financial impact.
- Regulation 74(5) certificate issued for the quarter ended September 30, 2026
- Issued by RTA Bigshare Services Pvt. Ltd. on October 8, 2026
- Certificates mutilated and cancelled with member registers updated within 15 days of receipt
Panama Petrochem Limited announced the voting results for its 44th Annual General Meeting held on August 24, 2026. Shareholders approved all 4 ordinary resolutions, including the adoption of FY26 financial statements, dividend declaration, re-appointment of Director Mr. Arif Rayani, and ratification of remuneration for Cost Auditors. Total votes polled were 3,58,25,950 shares, representing 59.22% of the company's 6,04,93,598 total equity shares, with over 99.9% voting in favor across all items.
- Total 3,58,25,950 votes polled out of 6,04,93,598 shares, representing 59.22% voting turnout
- Adoption of FY26 financial statements and dividend declaration approved with >99.99% votes in favor
- Re-appointment of Director Mr. Arif Rayani passed with 100% favorable votes (3,58,25,939 in favor)
- Ratification of Cost Auditors' remuneration for FY27 approved with 99.94% votes in favor (3,58,03,383 votes)
- Total registered shareholders stood at 30,711 as on the record date
Panama Petrochem Limited concluded its 44th Annual General Meeting on August 24, 2026, via video conferencing. Shareholders approved all 4 agenda items with the requisite majority, including the adoption of FY26 audited standalone and consolidated financial statements and the declaration of dividend on equity shares for FY26. Additionally, shareholders ratified the re-appointment of director Mr. Arif Rayani and the remuneration of Cost Auditors for FY27.
- 44th AGM concluded successfully on August 24, 2026
- All 4 ordinary resolutions approved by shareholders with requisite majority
- Adoption of FY26 audited financial statements and FY26 dividend declaration confirmed
- Re-appointment of Director Mr. Arif Rayani approved by rotation
Panama Petrochem delivered an exceptional Q1 FY27, with consolidated revenue surging 150.3% YoY to Rs 1,735.15 Cr. Net profit grew by a massive 624.8% YoY to Rs 308.91 Cr, remarkably exceeding the entire FY26 annual profit of Rs 212.62 Cr in just three months. The growth was robust across both standalone operations and its UAE subsidiary, which contributed Rs 487.29 Cr to the top line. EPS for the quarter stood at Rs 51.06, compared to Rs 7.04 in the year-ago period.
- Consolidated revenue from operations increased 150.3% YoY to Rs 1,735.15 Cr from Rs 693.22 Cr.
- Consolidated Net Profit jumped 624.8% YoY to Rs 308.91 Cr, surpassing the full-year FY26 PAT of Rs 212.62 Cr.
- UAE subsidiary (Panol Industries RMC FZE) contributed Rs 487.29 Cr to revenue and Rs 91.39 Cr to PAT.
- Standalone Profit Before Tax (PBT) margin stood at 23.3% for the quarter, a significant jump from previous periods.
- Quarterly EPS reached Rs 51.06, significantly higher than the TTM EPS of Rs 35.12.
Panama Petrochem Limited has issued a formal notice for its 44th Annual General Meeting (AGM) and provided details regarding remote e-voting for shareholders. This is a standard regulatory filing following the conclusion of FY26, where the company reported a TTM revenue of ₹3,064.22 Cr and a PAT of ₹213 Cr. The announcement includes newspaper advertisements published on July 29, 2026, in both English and Gujarati. Shareholders will have the opportunity to vote on routine and potentially special business items as outlined in the full AGM notice.
- Notice issued for the 44th Annual General Meeting (AGM) of the company
- Newspaper advertisements published on July 29, 2026, in English and regional (Gujarati) languages
- Company maintains a strong financial profile with TTM Revenue of ₹3,064.22 Cr and ROCE of 20.0%
- Promoter holding remains stable at 63.16% as of the latest March 2026 filing
- Debt levels remain low at ₹52 Cr against a net worth of ₹1,053 Cr (D/E of 0.05)
Panama Petrochem Limited has scheduled its 44th Annual General Meeting (AGM) for August 24, 2026, at 11:30 AM IST via video conferencing. The company has released its full Annual Report for the financial year ended March 31, 2026, providing a comprehensive look at its FY26 performance where TTM revenue reached Rs 3,064 Cr. This filing is a procedural requirement to ensure all shareholders, including those with unregistered emails, have access to the report and meeting details. Investors can now access the detailed financial statements and management discussion for the period where the company maintained a 20% ROCE.
- 44th Annual General Meeting scheduled for August 24, 2026, at 11:30 A.M. IST
- Annual Report released for the financial year ended March 31, 2026
- Latest quarterly revenue (Mar 2026) stood at Rs 823.0 Cr with a PAT of Rs 71.0 Cr
- Company maintains a low debt-to-equity ratio of 0.05 based on Rs 52 Cr debt
- Promoter holding remains steady at 63.16% as of March 2026
Panama Petrochem Limited has informed the exchanges regarding the publication of newspaper advertisements on July 24, 2026, concerning its upcoming Annual General Meeting (AGM). This is a standard procedural filing required under SEBI regulations to notify shareholders about the meeting and e-voting details. The company, with a market capitalization of Rs 3,003 Cr, is currently maintaining a strong ROCE of 20.0% and a very low debt-to-equity ratio of 0.05. No new material financial information or business updates were disclosed in this specific administrative filing.
- Notice published in English and Gujarati newspapers on July 24, 2026
- Company reported TTM Revenue of Rs 3,064 Cr and TTM PAT of Rs 213 Cr
- Promoter holding remains stable at 63.2% as per latest records
- Debt remains low at Rs 52 Cr against a net worth of Rs 1,053 Cr
Panama Petrochem has announced August 17, 2026, as the record date to determine shareholder eligibility for the dividend pertaining to the financial year ended March 31, 2026. The company's 44th Annual General Meeting (AGM) is scheduled for August 24, 2026, via video conferencing. This follows a strong fiscal year where the company reported a TTM PAT of ₹213 Cr and a significant quarterly profit of ₹71 Cr in March 2026. The specific dividend amount per share was not mentioned in this specific filing.
- Record date for dividend eligibility fixed for August 17, 2026
- 44th Annual General Meeting (AGM) scheduled for August 24, 2026
- Dividend pertains to the full financial year ended March 31, 2026
- Company reported TTM revenue of ₹3,064 Cr and TTM EPS of ₹35.12
- Promoter holding remains stable at 63.16% as of March 2026
Panama Petrochem Limited has issued a public notice regarding the mandatory transfer of shares to the Investor Education and Protection Fund (IEPF). This action affects shareholders who have not claimed or encashed their dividends for seven or more consecutive years, starting from the final dividend of FY 2018-19. The company has sent individual communications to the last known addresses of these shareholders. To prevent the transfer of shares to the IEPF Demat Account, shareholders must submit a claim for unpaid dividends by October 14, 2026.
- Notice issued for dividends unclaimed for 7 or more consecutive years starting from FY 2018-19
- Deadline for shareholders to claim unpaid dividends is October 14, 2026
- Newspaper advertisements published on July 16, 2026, in Lokmitra and other publications
- Shares will be transferred to the IEPF Demat Account pursuant to Section 124(6) of the Companies Act, 2013
- Individual notices sent to affected shareholders at their registered addresses
Panama Petrochem Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, for the period ended June 30, 2026. The document, issued by Bigshare Services Pvt. Ltd., confirms that physical share certificates received for dematerialization were processed and cancelled. The registrar confirmed that the names of depositories were substituted in the register of members as the registered owners. This is a standard administrative filing ensuring the integrity of the company's shareholding records.
- Compliance certificate issued for the quarter ended June 30, 2026
- Confirmation that security certificates were mutilated and cancelled after due verification
- Substitution of depository names in the register of members completed within 15 days of receipt
- Verification conducted by Registrar and Share Transfer Agent, Bigshare Services Pvt. Ltd.
Panama Petrochem has acquired four commercial units (701, 702, 703, and 802) in the 'WORQ by S. Raheja' project located in Khar (West), Mumbai. The total consideration for these premises is ₹41.59 Cr, which includes GST, registration, and other charges. This investment represents approximately 3.95% of the company's current net worth of ₹1,053 Cr and 1.36% of its TTM revenue. The acquisition is intended for corporate office purposes, signaling a consolidation or expansion of its administrative infrastructure.
- Total acquisition cost of ₹41,59,10,080 including all taxes and fees
- Purchase of 4 specific units (701, 702, 703, and 802) in Khar (West), Mumbai
- Investment represents ~3.95% of the company's ₹1,053 Cr net worth
- Acquisition is specifically for commercial/office use rather than industrial expansion
Panama Petrochem Limited has officially commenced commercial operations at its new manufacturing units located in Ambernath, Thane, as of July 06, 2026. This expansion is part of the company's strategy to scale its manufacturing footprint in India to support its 18.51% expected growth rate. While the specific capacity (MTPA) for these units was not disclosed in the filing, the move is significant given the company's TTM revenue of ₹3,064 Cr and its focus on high-demand specialty petroleum products. The commencement follows a prior intimation sent on July 02, 2026.
- Commercial operations commenced on July 06, 2026, at the Lodha Industrial and Logistic Park II (LILP II) in Thane.
- The expansion supports the company's target growth rate of 18.51% and its strategy to increase export penetration.
- Panama Petrochem currently operates four units in India and one in the UAE; this adds to that domestic capacity.
- The company maintains a strong balance sheet with a low Debt-to-Equity ratio of 0.05 to fund such expansions.
Panama Petrochem has received a statutory license from the Directorate of Industries Safety & Health to commence operations at its new factory in Ambernath, Maharashtra. This facility, located at Lodha Industrial and Logistic Park II, is authorized to manufacture petroleum specialty products. The license is valid for a long-term period until June 29, 2035, enabling the company to scale its production capacity. This expansion aligns with the company's strategy to meet growing global demand and its target growth rate of 18.51%.
- Received statutory license for factory operations at Lodha Industrial and Logistic Park II, Ambernath.
- License validity extends for approximately 9 years until June 29, 2035.
- The facility will manufacture petroleum specialty products, adding to the company's existing 80-variant portfolio.
- Supports the company's TTM revenue base of ₹3,064 Cr and its strategy to expand manufacturing capacity in India.
- Follows a period of strong financial performance with a 60.9% price return over the last 3 months.
Panama Petrochem Limited has responded to a surveillance inquiry from the National Stock Exchange regarding recent significant fluctuations in its stock price. The company officially stated that it has consistently disclosed all price-sensitive information and material events to the exchanges. Management clarified that the recent price and volume movements are purely driven by investor perceptions and market dynamics. No undisclosed material information exists that would impact the share price, according to the company's filing dated June 23, 2026.
- NSE issued a surveillance inquiry under Letter No. NSE/CM/Surveillance/17144 on June 22, 2026.
- Company responded on June 23, 2026, denying any withheld material information.
- Management attributes price and volume volatility to market forces and investor sentiment.
- Company reiterated its commitment to SEBI listing norms and disclosure requirements.
Financial Performance
Revenue Growth by Segment
Consolidated revenue from operations increased significantly by 18.51% YoY to INR 2,792.89 Cr in FY25. Standalone revenue grew by 2.95% to INR 1,775.72 Cr. Segment-specific percentage growth is not disclosed in available documents.
Geographic Revenue Split
Exports contribute 54% of total revenue, with a strong focus on the USA, UK, Europe, Australia, Africa, and Southeast Asia. The remaining 46% is derived from the domestic Indian market.
Profitability Margins
Consolidated Net Profit margin was approximately 6.7% in FY25 (INR 187.03 Cr on INR 2,792.89 Cr revenue). Operating margins in FY24 were 10.80%, down from 13.74% in FY23 due to a decline in sales realization.
EBITDA Margin
Standalone EBITDA for FY25 was INR 180.38 Cr, representing a 9.91% decrease compared to the previous year, primarily due to lower margins and increased freight costs.
Capital Expenditure
The company is actively expanding manufacturing facilities across its four Indian units and UAE subsidiary to meet growing global demand. No specific INR Cr value for planned capex is disclosed, but it is noted as not being majorly debt-funded.
Credit Rating & Borrowing
CARE Ratings reaffirmed CARE A+; Stable for long-term bank facilities (INR 64 Cr) and CARE A1+ for short-term facilities (INR 585 Cr). ICRA also reaffirmed [ICRA]A+ (Stable) and [ICRA]A1+.
Operational Drivers
Raw Materials
Base oil is the primary raw material, representing 85-90% of the total input costs.
Import Sources
Approximately 80% of raw materials are imported. The company operates a subsidiary, Panol Industries RMC FZE, in the UAE to cater to the GCC and MENA markets.
Capacity Expansion
The company operates four manufacturing units in India and one in the UAE. Expansion is ongoing to cater to growing global demand, though specific MTPA figures are not disclosed.
Raw Material Costs
Raw material costs are highly sensitive to crude oil prices. The company mitigates this by passing on cost increases to customers through monthly or quarterly price adjustments.
Manufacturing Efficiency
The company uses advanced technology for quality production. Specific capacity utilization percentages are not disclosed.
Logistics & Distribution
Freight costs were a significant driver of the increase in other expenses during FY25, impacting standalone net profit by 11.17%.
Strategic Growth
Expected Growth Rate
18.51%
Growth Strategy
Growth is driven by expanding manufacturing capacity in India and the UAE, increasing export penetration in high-demand regions like the USA and Europe, and investing in R&D to develop innovative specialty products for diverse industries.
Products & Services
The company manufactures 80 variants of petroleum specialty products, including white oil, liquid paraffin, transformer oils, rubber process oils, ink oils, and industrial lubricants.
Brand Portfolio
Panol (associated with the UAE subsidiary Panol Industries RMC FZE).
New Products/Services
The company invests in R&D for new product development, but specific expected revenue contribution percentages for new launches are not disclosed.
Market Expansion
Targeting increased exports to the USA, UK, Europe, Australia, Africa, and Southeast Asia to capitalize on the global outsourcing boom.
Market Share & Ranking
Panama Petrochem holds a significant position in India's petrochemical sector with a market capitalization of approximately INR 2,250 Cr.
External Factors
Industry Trends
The Indian petrochemical sector is booming due to rising demand from automotive (advanced lubricants), polymers, and specialty chemical segments.
Competitive Landscape
Intense competition exists from both established and unorganized players due to low entry barriers in the base oil processing industry.
Competitive Moat
Durable advantages include 40 years of promoter experience, a diverse portfolio of 80 product variants, and long-term relationships with a strong customer base, which provide high switching costs and stability.
Macro Economic Sensitivity
Sensitive to global GDP growth (3.3% in 2024) and India's industrialization and infrastructure development trends.
Consumer Behavior
Increasing demand for specialty products in the cosmetics, pharmaceutical, and textile industries is driving volume growth.
Geopolitical Risks
Geopolitical tensions and disruptions in trade routes were primary drivers for the 4.16% decline in consolidated net profit in FY25.
Regulatory & Governance
Industry Regulations
Subject to stringent environmental laws, safety management system audits, and highly regulated industry standards for petrochemical production.
Environmental Compliance
The company is in compliance with current applicable environmental rules and regulations across federal, provincial, and municipal levels.
Risk Analysis
Key Uncertainties
Volatility in base oil prices (crude derivatives) and foreign exchange fluctuations are the primary business risks.
Geographic Concentration Risk
54% of revenue is concentrated in export markets, making the company sensitive to international trade policies and global economic conditions.
Third Party Dependencies
High dependency on imported raw materials (80% of total), which exposes the company to global supply chain disruptions.
Technology Obsolescence Risk
The company mitigates technology risks by using advanced technology for quality production and investing in R&D.
Credit & Counterparty Risk
Receivables and inventory levels contribute to a moderately high working capital cycle, but the company maintains a strong liquidity position with healthy cash generation.
