Goa Carbon Q2 FY27 Results (NSE: GOACARBON)
Signal: Loss narrowed
The read
The key inflection was EBITDA turning positive at ₹579.10 lakh and margin moving to 2.27% from -9.66% YoY, but the quality of the recovery is weak: gross profit benefited from a negative ₹5,130.22 lakh inventory-change line, plants in Goa and Bilaspur were shut for 92 days, operating cash flow was -₹18,478.43 lakh in H1FY27, and net debt rose to ₹29,116.20 lakh.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹255.01 Cr | +148.86% | +288.18% |
| EBIT | ₹5.04 Cr | N/M | |
| Net profit | ₹-1 Cr | +95.35% | |
| EPS | ₹-1.09 | +95.34% | |
| EBIT margin | 2.27% |
P&L walk
Standalone Q2FY27 revenue increased to ₹25,501.03 lakh from ₹10,247.02 lakh YoY as sales volumes/realisations recovered from the low base, while the negative ₹5,130.22 lakh inventory-change charge materially supported gross profit; EBITDA turned positive at ₹579.10 lakh, but finance cost rose 69.74% YoY to ₹1,025.53 lakh and PAT remained negative at ₹99.65 lakh.
Key positives
- Revenue reached ₹25,501.03 lakh, up 148.86% YoY and 288.18% QoQ, reversing the ₹6,569.75 lakh Q1FY27 base.
- EBITDA turned positive at ₹579.10 lakh versus a ₹989.52 lakh loss YoY, lifting EBITDA margin to 2.27% from -9.66%.
- PAT loss narrowed to ₹99.65 lakh from ₹2,140.79 lakh YoY, while EPS loss narrowed to ₹1.09 from ₹23.39.
Key concerns
- The 49.69% gross margin was supported by a negative ₹5,130.22 lakh finished-goods inventory-change expense, while raw-material cost reached 109.64% of revenue versus 43.48% YoY; the durability of the margin rebound is unproven.
- Operating cash flow was negative ₹18,478.43 lakh in H1FY27, with inventory absorbing ₹18,143.88 lakh, despite the reported PAT loss being only ₹758.01 lakh for the half-year.
- Finance costs rose 69.74% YoY to ₹1,025.53 lakh and net debt increased by ₹17,833.72 lakh to ₹29,116.20 lakh by September 30, 2026.
- Goa and Bilaspur plants remained shut for 92 days each during the quarter, leaving Paradeep as the only operating plant according to the filing.
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