Goa Carbon Q1 FY27 Results (NSE: GOACARBON)
Signal: Revenue declined
The read
A quarter of near-total production shutdown: all three plants were idle for 76-91 days, causing revenue to fall two-thirds sequentially and YoY, and pushing the company into an operating loss. The net loss narrowed YoY only because of higher other income and lower raw material cost; underlying operations remain deeply negative. The resumption of Paradeep plant on 16 June 2026 offers a sequential recovery catalyst, but the Q1 numbers confirm how acutely earnings are tied to plant utilisation.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹65.7 Cr | -67.0% | -67.3% |
| Net profit | ₹-6.58 Cr | 17.2% | |
| EPS | ₹-7.19 | ||
| EBIT margin | -1.6% |
P&L walk
Revenue collapsed 67% YoY and QoQ as all three plants were shut for most of the quarter (Goa 91 days, Bilaspur 91 days, Paradeep 76 days), driving a pre-tax loss of ₹-658 lakh, though the net loss narrowed 17% YoY from ₹-795 lakh; the swing from Q4FY26 profit of ₹449 lakh was entirely volume-driven as cost of materials consumed fell faster than revenue (-79% vs -67%) but inventory-charge of ₹933 lakh versus a ₹664 lakh charge in Q4 inflated the cost base.
Segments
The company operates a single segment — Sale of Calcined Petroleum Coke — and has no subsidiaries, associates, or joint ventures.
Key positives
- Net loss narrowed 17.2% YoY from ₹-795 lakh to ₹-658 lakh, helped by higher other income of ₹435 lakh (+153% YoY).
- Paradeep plant resumed operations on 16 June 2026, partially restoring production capacity for the remainder of Q1 and into Q2.
- Cost of materials consumed fell 79% YoY in line with the shutdown, indicating no inventory build-up of raw materials.
Key concerns
- Revenue collapsed 67% QoQ and YoY to ₹6,570 lakh due to 76-91 day plant shutdowns across all three units — this is a structural volume risk from planned maintenance or weak demand.
- EBITDA turned negative at -₹107 lakh (margin -1.6%), swinging from positive EBITDA in prior periods, as fixed costs (employee, finance, other expenses) continued.
- Finance costs rose 18% YoY to ₹583 lakh despite nil production, indicating high leverage (D/E 0.99 per fundamentals) and interest burden even during zero revenue periods.
- The company has been loss-making on a full-year basis (FY26 PAT -₹4,823 lakh) and carries a negative ROCE (-4.48%) and ROE (-24.97%).
Research and educational content only. Not investment advice.