Goa Carbon Limited (GOACARBON) AI Stock Analysis

• Market Cap: ₹3.36B
• Dividend Yield: 5.02%
• Average Volume (3M): 1.54K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.03
• Revenue Growth: -19.25%
• EPS Growth: -220.20%
• Country: IN
• Employees: 182
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals - Specialty
• EPS (TTM): -25.54
• 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: 43 Neutral
• Price Target: ₹372.00 ▼(-12.11% Downside)

The score is held down primarily by weak financial performance—profitability deterioration, negative net income, and negative operating/free cash flow—along with elevated leverage risk. Technicals add pressure with a clear downtrend below key moving averages and a negative MACD, while valuation is only slightly supportive due to the high dividend yield despite loss-making earnings (negative P/E).

Positive Factors

Stable end-market demand

CPC is a critical, non-discretionary input for aluminium smelters and many metallurgical customers. This structural end-market linkage supports steady baseline demand over months, anchoring long-term revenue potential so long as primary metals production remains robust.

Recent revenue expansion

A double-digit revenue increase indicates the company can expand volumes or realizations and better utilize fixed-cost calcination assets. Sustained top-line growth over several quarters would improve operating leverage and provide runway to restore margins and cash generation.

Positive operating profitability (EBIT)

Maintaining a positive EBIT while other metrics are weak implies core manufacturing and pricing can cover operating costs. This structural operating viability makes recovery feasible if non-operating pressures (finance costs, one-offs) and cash management are addressed.

Negative Factors

High leverage

Elevated reliance on debt increases interest and refinancing risk and reduces financial flexibility. Over a multi-month horizon, high leverage constrains capex, limits ability to absorb demand shocks, and raises default or covenant pressure if earnings don't sustainably recover.

Weak cash generation

Persistent negative operating and free cash flow signals the business is not self-funding its working capital and maintenance needs. Structurally weak cash generation forces dependence on external financing, increasing vulnerability to credit tightening and limiting reinvestment.

Profitability deterioration

Reported net losses and a negative EBITDA margin reflect structural cost or pricing pressures that erode equity and reinvestment capacity. Without durable margin restoration, losses will continue to strain balance sheet and credit metrics over the medium term.

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

Weak financial health driven by declining revenue/profitability, negative net income, and stressed cash generation. Cash flow is particularly concerning with negative operating and free cash flow, while leverage remains relatively high and recent ROE is negative.

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: Neutral

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 385.41, above the 50-day MA of 394.92, and below the 200-day MA of 447.43, indicating a bearish trend. The MACD of -7.64 indicates Positive momentum. The RSI at 44.83 is Neutral, neither overbought nor oversold. The STOCH value of 46.52 is Neutral, 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	₹1.11B	11.82	―	10.99%	-76.65%	-76.77%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
PEARLPOLY	44 Neutral	₹332.99M	-5.68	―	―	―	―
GOACARBON	43 Neutral	₹3.36B	-5.79	―	5.02%	-19.25%	-220.20%

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.