GOACARBON - Goa Carbon

📊 NSE: GOACARBON 🏢 Petrochemicals 📅 Last Updated: 12/13/2025 22:26

💰 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

Expected Growth Rate

Not disclosed in available documents

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.