GOACARBON
Goa Carbon financials
- Market cap
- ₹378 Cr
- Sector
- Metals & Mining
What Goa Carbon does
Goa Carbon Limited manufactures and markets Calcined Petroleum Coke (CPC), a processed carbon product supplied as an essential raw material to aluminium smelters, graphite electrode and titanium dioxide manufacturers, and various metallurgical and chemical industries in India and overseas. It operates a primary calcination unit in Salcete, Goa, with additional manufacturing plants at Bilaspur (Chhattisgarh) and Paradeep (Odisha). The company also makes 'gcarb+', a low-sulphur carbon raiser and recarburiser sold to steel manufacturers and foundries.
Segments
- Calcined Petroleum Coke (CPC)
- gcarb+ Carbon Solutions
- Manufacturing plants
- 3 (Goa/Salcete, Bilaspur - Chhattisgarh, Paradeep - Odisha)
- Total calcination capacity
- 3,08,000 MT p.a.
- States of operation
- 3 (Goa, Chhattisgarh, Odisha)
- Quality certification
- ISO 9001:2015 (Bureau Veritas, UKAS accredited)
- Industries served
- 8 (Titanium Dioxide, Foundry, Steel, Metallurgical & Chemical, Electrode Manufacturers, Glass, Carbon Paste, Cathodic Protection & Brake Linings/Friction)
- Site green cover
- >40% cumulative green cover across 47 acres
Quarterly results
Q1 FY27: revenue down 67.0%, net profit up 17.2% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 119 | 129 | 132 | 199 | 102 −14% | 194 +50% | 201 +52% | 66 −67% |
| EBITDA | -12 | -8 | -5 | -8 | -10 +19% | -20 −133% | 9 +297% | -4 +44% |
| Net profit | -10 | -8 | -7 | -8 | -21 −111% | -23 −180% | 4 +169% | -7 +17% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −9.7% 1Y
1Y: ₹457.6 on 10 Sept 2025 → ₹413.4. High ₹474.7 (18 Sept 2025), low ₹275.4 (30 Mar 2026).
Financials, as filed
Revenue fell 20.1% a year over 3 years, FY23 to FY26. Operating margin narrowed to -4.0%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹1.4k Cr | ₹1.1k Cr | ₹508 Cr | ₹696 Cr |
| Operating profit | ₹145 Cr | ₹128 Cr | ₹-19 Cr | ₹-28 Cr |
| Operating margin | 10.6% | 12.1% | -3.7% | -4.0% |
| Interest | ₹46 Cr | ₹24 Cr | ₹18 Cr | ₹23 Cr |
| Depreciation | ₹3 Cr | ₹2 Cr | ₹3 Cr | ₹3 Cr |
| Net profit | ₹81 Cr | ₹86 Cr | ₹-22 Cr | ₹-48 Cr |
| Net margin | 5.9% | 8.1% | -4.3% | -6.9% |
| Cash from operations | ₹-116 Cr | ₹196 Cr | ₹-54 Cr | ₹78 Cr |
| Free cash flow | ₹-115 Cr | ₹192 Cr | ₹-57 Cr | ₹71 Cr |
| ROCE | 32.0% | 23.0% | -2.0% | -5.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹9 Cr | ₹9 Cr | ₹9 Cr | ₹9 Cr | ₹9 Cr | ₹9 Cr |
| Reserves | ₹67 Cr | ₹105 Cr | ₹177 Cr | ₹238 Cr | ₹179 Cr | ₹159 Cr |
| Borrowings | ₹31 Cr | ₹240 Cr | ₹422 Cr | ₹334 Cr | ₹391 Cr | ₹167 Cr |
| Other liabilities | ₹160 Cr | ₹73 Cr | ₹161 Cr | ₹32 Cr | ₹31 Cr | ₹34 Cr |
| Total liabilities | ₹267 Cr | ₹427 Cr | ₹769 Cr | ₹613 Cr | ₹610 Cr | ₹370 Cr |
| Fixed assets | ₹24 Cr | ₹23 Cr | ₹22 Cr | ₹27 Cr | ₹28 Cr | ₹27 Cr |
| Capital work in progress | ₹3 Cr | ₹4 Cr | ₹3 Cr | ₹0 Cr | ₹4 Cr | ₹4 Cr |
| Investments | ₹4 Cr | ₹5 Cr | ₹7 Cr | ₹35 Cr | ₹10 Cr | ₹30 Cr |
| Other assets | ₹235 Cr | ₹395 Cr | ₹737 Cr | ₹550 Cr | ₹568 Cr | ₹309 Cr |
| Total assets | ₹267 Cr | ₹427 Cr | ₹769 Cr | ₹613 Cr | ₹610 Cr | ₹370 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
The ownership split has held steady since Jun 2025. The shareholder count shrank 8% to 29,776.
- Promoters
- 59.7%
- DIIs
- 0.0%
- Public
- 40.3%
Since Jun 2025
- FIIs −0.01 pp
- Public +0.01 pp
- Promoters 0.00 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 59.7%, DIIs 0.0%, Public 40.3%.Dec '23: Promoters 59.7%, DIIs 0.0%, Public 40.3%.Mar '24: Promoters 59.7%, FIIs 0.1%, DIIs 0.0%, Public 40.1%.Jun '24: Promoters 59.7%, FIIs 0.1%, DIIs 0.0%, Public 40.2%.Sep '24: Promoters 59.7%, FIIs 0.1%, DIIs 0.0%, Public 40.2%.Dec '24: Promoters 59.7%, DIIs 0.0%, Public 40.3%.Mar '25: Promoters 59.7%, FIIs 0.0%, DIIs 0.0%, Public 40.2%.Jun '25: Promoters 59.7%, FIIs 0.0%, DIIs 0.0%, Public 40.3%.Sep '25: Promoters 59.7%, DIIs 0.0%, Public 40.3%.Dec '25: Promoters 59.7%, FIIs 0.0%, DIIs 0.0%, Public 40.2%.Mar '26: Promoters 59.7%, FIIs 0.0%, DIIs 0.0%, Public 40.2%.Jun '26: Promoters 59.7%, DIIs 0.0%, Public 40.3%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Goa Carbon above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| V.S. Dempo Holdings Private Limited | 55.39% | unchanged |
| Shrinivas Vasudeva Dempo | 4.33% | unchanged |
| Investor Education And Protection Fund Authority Ministry Of Corporate Affairs | 1.95% | unchanged |
| Vanity Case India Private Limited | 0.00% | unchanged |
| Dempo Industries Private Limited | 0.00% | unchanged |
| Marmagoa Shipping & Stevedoring Company Pvt. Ltd. | 0.00% | unchanged |
| Ashwini Gupta | 0.00% | unchanged |
| Rekha Timblo | 0.00% | unchanged |
| Challengers Table Tennis Club Llp | 0.00% | unchanged |
| Giva Monarch Llp | 0.00% | unchanged |
| West Coast Hotels Private Limited | 0.00% | unchanged |
| Dempo Shipbuilding & Engineering Pvt. Ltd. | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse Goa Carbon
Guides on how to read this kind of business and the numbers that matter.