Goa Carbon Limited (GOACARBON) AI Stock Analysis

• Market Cap: ₹3.46B
• Dividend Yield: 5.02%
• Average Volume (3M): 1.54K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.83
• Revenue Growth: -19.25%
• EPS Growth: -220.20%
• Country: IN
• Employees: 182
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals - Specialty
• EPS (TTM): -23.39
• Shares Outstanding: 9,151,052
• 10 Day Avg. Volume: 1,365
• 30 Day Avg. Volume: 1,539
• PEG Ratio: 0.16
• Price to Book (P/B): 1.99
• Price to Sales (P/S): 0.85
• P/FCF Ratio: -7.59
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 46 Neutral
• Price Target: ₹425.00 ▲(0.41% Upside)

Goa Carbon Limited's overall stock score is primarily impacted by its financial performance challenges, including declining revenues and cash flow constraints. The technical analysis indicates a bearish trend, further weighing on the score. While the dividend yield is attractive, the negative P/E ratio reflects profitability issues, limiting the valuation appeal.

Positive Factors

Market Position

As a leading CPC supplier, Goa Carbon benefits from a strong market position in India, providing a competitive edge in the aluminum and steel industries.

Revenue Stream Stability

Steady demand for CPC ensures consistent revenue streams, supporting long-term financial stability and resilience against market fluctuations.

Strategic Positioning

Strategic supply chain positioning enables Goa Carbon to effectively meet market demands, enhancing its ability to capture growth opportunities.

Negative Factors

Revenue Decline

Declining revenues indicate potential market share loss or demand issues, which could impact long-term growth and profitability.

High Leverage

High leverage can strain financial flexibility and increase risk, particularly if earnings do not improve, affecting long-term stability.

Cash Flow Challenges

Challenges in cash generation can hinder operational efficiency and growth investments, impacting long-term business sustainability.

Goa Carbon Limited Business Overview & Revenue Model

Company Description

Goa Carbon Limited manufactures and sells calcined petroleum coke in India. It serves aluminum smelters, and graphite electrode and titanium dioxide manufacturers, as well as other users in the metallurgical and chemical industries. The company was incorporated in 1967 and is based in Panaji, India. Goa Carbon Limited operates as a subsidiary of V. S. Dempo Holdings Private Limited.

How the Company Makes Money

Goa Carbon Limited generates revenue primarily through the sale of calcined petroleum coke, which is sold to various industries, particularly aluminum smelters and steel manufacturers. The company benefits from a steady demand for CPC due to its essential role in the production of aluminum, a key material in numerous applications ranging from automotive to construction. Additionally, GOACARBON may engage in long-term contracts or partnerships with major clients, ensuring a consistent revenue stream. Factors contributing to its earnings include fluctuations in petroleum prices, production capacity, and operational efficiency, as well as the company's strategic positioning within the supply chain that allows it to capitalize on market demands.

Goa Carbon Limited Financial Statement Overview

Summary

Goa Carbon Limited faces significant financial challenges, including declining revenues, profitability issues, and cash flow constraints. The company's high leverage poses additional risks, particularly in a volatile market environment. Improving operational efficiency and cash management will be vital for enhancing financial health and ensuring long-term sustainability.

Income Statement

Goa Carbon Limited has experienced significant revenue volatility, with a decline in revenue and profitability in the most recent period. The gross profit margin decreased from the previous year, and the company reported a negative net income, indicating challenges in cost management and profitability. The EBIT margin remained positive, but the EBITDA margin turned negative, highlighting potential operational inefficiencies.

Balance Sheet

The company's debt-to-equity ratio is relatively high, indicating a significant reliance on debt financing, which could pose risks if earnings do not improve. However, the equity ratio suggests a moderate level of equity financing. Return on equity has been negative in the latest period, reflecting recent losses, but the company has maintained a reasonable level of assets relative to liabilities.

Cash Flow

Goa Carbon Limited's cash flow situation appears challenging, with negative free cash flow and operating cash flow in the TTM period. The operating cash flow to net income ratio is unfavorable, and the negative free cash flow to net income ratio suggests difficulties in generating cash from core operations. The company's ability to manage cash effectively will be crucial to stability and growth.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.80B	5.08B	10.57B	13.64B	7.66B	3.53B
Gross Profit	611.92M	184.25M	2.08B	2.31B	1.37B	645.37M
EBITDA	-255.97M	-187.89M	1.33B	1.57B	494.18M	25.73M
Net Income	-329.63M	-220.26M	855.02M	807.52M	377.79M	-48.12M
Balance Sheet
Total Assets	0.00	5.31B	6.13B	7.69B	4.27B	2.67B
Cash, Cash Equivalents and Short-Term Investments	1.07B	1.35B	1.88B	25.74M	113.03M	126.27M
Total Debt	0.00	2.81B	3.34B	4.22B	2.40B	309.45M
Total Liabilities	-2.18B	3.13B	3.66B	5.83B	3.12B	1.91B
Stockholders Equity	2.18B	2.18B	2.48B	1.86B	1.15B	761.89M
Cash Flow
Free Cash Flow	0.00	-571.57M	1.92B	-1.16B	-415.71M	-167.26M
Operating Cash Flow	0.00	-539.29M	1.96B	-1.16B	-399.00M	-150.66M
Investing Cash Flow	0.00	802.74M	994.71M	-197.14M	-1.40B	-94.67M
Financing Cash Flow	0.00	-795.33M	-1.38B	1.27B	1.91B	177.07M

Goa Carbon Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 423.25
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:GOACARBON, the sentiment is Negative. The current price of 423.25 is above the 20-day moving average (MA) of 405.38, above the 50-day MA of 410.55, and below the 200-day MA of 453.97, indicating a bearish trend. The MACD of -1.24 indicates Positive momentum. The RSI at 37.82 is Neutral, neither overbought nor oversold. The STOCH value of 19.53 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:GOACARBON.

Goa Carbon Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
OCCL	72 Outperform	₹1.24B	12.25	―	10.99%	-76.65%	-76.77%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
GOACARBON	46 Neutral	₹3.46B	-7.97	―	5.02%	-19.25%	-220.20%
PEARLPOLY	44 Neutral	₹366.50M	-6.32	―	―	―	―

Goa Carbon Limited Corporate Events

Goa Carbon Limited Re-Appoints Independent Director

Goa Carbon Limited has announced the re-appointment of Mr. Subodh Nadkarni as an Independent Director for a second term of five years, effective from January 7, 2026. This strategic decision, approved by the shareholders through a postal ballot, is expected to strengthen the company’s leadership and governance, potentially impacting its market positioning positively.

Goa Carbon Limited Receives Income Tax Refund

Goa Carbon Limited has announced the receipt of an income tax refund amounting to Rs. 0.76 crore, following an order from the Deputy Commissioner of Income Tax. This refund is a result of adjustments made to the company’s taxable profits for the assessment year 2010-11, as per a directive from the High Court of Bombay at Goa. The financial adjustment reflects positively on the company’s fiscal management and could enhance its financial position, potentially impacting its stakeholders favorably.

Goa Carbon Limited Initiates Postal Ballot for Special Resolutions

Goa Carbon Limited has announced a Postal Ballot Notice seeking approval from its members on special resolutions. The company has opted for an electronic voting system, facilitated by MUFG Intime India Private Limited, to streamline the voting process. This move reflects the company’s adaptation to digital solutions, potentially enhancing shareholder engagement and operational efficiency.

Goa Carbon Limited Faces Credit Rating Downgrade

Goa Carbon Limited announced a revision in its credit ratings by Acuité Ratings & Research Limited. The long-term rating was downgraded from ‘ACUITE A-‘ to ‘ACUITE BBB+’, and the short-term rating was adjusted from ‘ACUITE A2+’ to ‘ACUITE A2’, with a reaffirmed outlook as ‘Stable’. This revision reflects a change in the company’s financial assessment, potentially impacting its borrowing costs and investor perception.

Goa Carbon Limited Announces Board and Management Changes

Goa Carbon Limited has announced key changes in its Board of Directors and management team. The company approved its unaudited financial results for the quarter and half-year ending September 30, 2025, and reappointed Mr. Subodh Nadkarni as an Independent Director for a second term, subject to shareholder approval. Additionally, Mr. Nitin Gaikwad has been designated as the Goa Plant Head and Senior Management Personnel. These changes are expected to strengthen the company’s leadership and operational capabilities.