Goa Carbon Limited (GOACARBON) AI Stock Analysis

• Market Cap: ₹3.24B
• Dividend Yield: 5.02%
• Average Volume (3M): 1.54K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.14
• 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: ₹342.00 ▼(-19.20% Downside)
• Action: Downgraded Date: 01/28/26
• Date: Action: Downgraded 01/28/26

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

Goa Carbon supplies calcined petroleum coke used as a key input for aluminium smelters and metallurgical industries. That structural end-market linkage underpins steady baseline demand over months, providing a durable revenue anchor tied to industrial production rather than transient retail trends.

Revenue growth trend

Reported revenue growth of ~13% indicates expanding top-line traction versus prior periods. Persistent sales growth can support scale economies and improve negotiating leverage on raw materials and energy, providing a pathway to margin recovery if cost controls and utilization are maintained over the medium term.

Positive operating (EBIT) result

A positive EBIT margin shows core operations still generate operating income before financing and tax items. This suggests the production and processing business is fundamentally viable and could return to net profitability if financial costs or non-operating losses are addressed, a durable operational strength.

Negative Factors

Negative operating & free cash flow

Persistent negative operating and free cash flow erodes liquidity and forces reliance on external financing or working-capital support. Over a 2-6 month horizon this constrains capital expenditures, maintenance of calcination capacity, and the ability to absorb raw material cost swings, raising operational risk.

High leverage

An elevated debt-to-equity ratio increases interest expense and refinancing risk, especially with negative cash generation. High leverage reduces financial flexibility, magnifies downside in weaker cycles, and can force deleveraging actions that impair investment in capacity or product quality over the medium term.

Declining profitability & net loss

Deteriorating margins and a negative net income weaken retained earnings and capital buffers, limiting the company's ability to self-fund growth or weather demand shocks. If persistent, losses can damage supplier and customer confidence and necessitate cost restructuring or asset sales in 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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 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 377.20, above the 50-day MA of 387.49, and below the 200-day MA of 439.79, indicating a bearish trend. The MACD of -6.12 indicates Positive momentum. The RSI at 35.74 is Neutral, neither overbought nor oversold. The STOCH value of 7.30 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	67 Neutral	₹1.09B	18.71	―	10.99%	-76.65%	-76.77%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
PEARLPOLY	44 Neutral	₹303.20M	-5.93	―	―	―	―
GOACARBON	43 Neutral	₹3.24B	-4.16	―	5.02%	-19.25%	-220.20%

Goa Carbon Limited Corporate Events

Goa Carbon wins NGT ruling in Goa plant pollution case, no financial impact seen

Goa Carbon Limited has received a favourable final order from the National Green Tribunal’s western zone bench in Pune in an alleged environmental pollution case concerning its Goa plant. The Tribunal dismissed the original application filed by local applicants, finding the evidence of serious health impacts to be general in nature and insufficient to link any ailments directly to the company’s operations.

The NGT placed weight on the valid Consent to Operate granted by the Goa State Pollution Control Board and a Joint Committee inspection report that recorded no non-compliance and noted that recommended measures had been implemented. As a result, the Tribunal found no grounds to order shifting or closure of the Goa plant, and the company has stated there will be no financial impact on its operations from this ruling.

The decision removes a key regulatory overhang related to environmental compliance for Goa Carbon’s Goa facility and provides reassurance to investors and other stakeholders about the continuity of operations. By confirming substantial compliance with environmental norms, the order supports the company’s operational stability and may bolster its standing within an industry that faces increasing scrutiny over pollution and regulatory adherence.

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.