Panama Petrochem Ltd.
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ABOUT
AI Sector View
AI GENERATEDOil Gas & Consumable Fuels
Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 21.7%
- Latest quarter profit grew 624.8% YoY, showing strong momentum
- Company has consistently been profitable over the last 5 years
- Company has delivered good sales growth of 16.2% CAGR over last 5 years
CONS
- Operating cash flow has been negative in recent years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.11x)
- Total debt has risen sharply - up 3028.5% year on year
- Operating margins have contracted to 9.0% from 14.0%
- Company has delivered a poor profit growth of 9.4% over past five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| CASTROLIND | 189.40 | 17.63 | 18733.98 | 4.62 | 347.70 | 42.50 | 1871.47 | 25.03 | 61.82 | 26.41 |
| GULFOILLUB | 1080.45 | 14.28 | 5354.23 | 4.72 | 120.84 | 26.96 | 1327.21 | 30.57 | 26.41 | 12.49 |
| SOTL | 689.80 | 11.43 | 4729.30 | 0.72 | 288.06 | 414.80 | 1479.76 | 50.65 | 15.18 | 24.59 |
| PANAMAPET | 497.50 | 6.29 | 3009.56 | 0.60 | 308.91 | 624.80 | 1735.15 | 150.30 | 19.58 | 22.35 |
| GANDHAR | 265.80 | 8.63 | 2601.64 | 0.28 | 205.89 | 689.15 | 1731.93 | 91.81 | 14.99 | 16.24 |
| VEEDOL | 1443.25 | 11.44 | 2514.72 | 4.02 | 77.92 | 56.88 | 608.57 | 18.49 | 24.70 | 17.48 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 530 | 574 | 512 | 741 | 671 | 699 | 728 | 695 | 693 | 773 | 775 | 823 | 1,735 | |
| 471 | 513 | 456 | 663 | 605 | 641 | 665 | 636 | 638 | 705 | 714 | 731 | 1,356 | |
| Operating Profit | 58 | 61 | 56 | 78 | 66 | 58 | 63 | 59 | 55 | 69 | 61 | 91 | 379 |
| OPM % | 11.05% | 10.65% | 10.98% | 10.55% | 9.81% | 8.35% | 8.65% | 8.55% | 7.91% | 8.88% | 7.82% | 11.11% | 21.83% |
| 5 | 4 | 2 | 3 | 2 | 3 | 4 | 4 | 4 | 3 | 3 | 3 | 4 | |
| Interest | 4 | 4 | 4 | 5 | 4 | 6 | 4 | 5 | 3 | 3 | 2 | 3 | 6 |
| Depreciation | 2 | 2 | 2 | 3 | 3 | 3 | 4 | 3 | 3 | 3 | 3 | 4 | 4 |
| Profit before Tax | 57 | 58 | 52 | 74 | 61 | 53 | 59 | 55 | 53 | 65 | 58 | 88 | 383 |
| Tax % | 19.28% | 19.60% | 20.19% | 17.30% | 18.33% | 16.10% | 17.75% | 20.13% | 18.94% | 18.15% | 20.55% | 18.82% | 19.26% |
| Net Profit | 0 | 0 | 0 | 0 | 50 | 44 | 48 | 44 | 43 | 53 | 46 | 71 | 309 |
| 7.59 | 7.75 | 6.84 | 10.08 | 8.29 | 7.29 | 8.02 | 7.32 | 7.04 | 8.76 | 7.57 | 11.75 | 51.06 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 834 | 1,326 | 1,269 | 1,003 | 1,447 | 2,132 | 2,249 | 2,357 | 2,793 | 3,064 | 4,106 | |
| 759 | 1,219 | 1,169 | 950 | 1,257 | 1,836 | 1,940 | 2,103 | 2,546 | 2,789 | 3,507 | |
| Operating Profit | 75 | 108 | 100 | 53 | 190 | 296 | 309 | 254 | 247 | 276 | 599 |
| OPM % | 9.00% | 8.12% | 7.87% | 5.31% | 13.11% | 13.88% | 13.73% | 10.78% | 8.83% | 8.99% | 14.60% |
| 4 | 2 | 3 | 4 | 6 | 6 | 7 | 14 | 12 | 13 | 13 | |
| Interest | 9 | 14 | 25 | 17 | 9 | 7 | 12 | 18 | 18 | 12 | 14 |
| Depreciation | 5 | 5 | 6 | 7 | 8 | 8 | 9 | 10 | 12 | 14 | 14 |
| Profit before Tax | 66 | 90 | 72 | 32 | 180 | 286 | 295 | 241 | 228 | 263 | 593 |
| Tax % | 33.29% | 32.37% | 27.48% | 10.47% | 24.60% | 19.53% | 20.91% | 18.95% | 18.11% | 19.06% | 19.20% |
| Net Profit | 44 | 61 | 52 | 29 | 135 | 230 | 233 | 195 | 187 | 212 | 479 |
| EPS | 7.24 | 10.08 | 8.58 | 4.76 | 22.37 | 38.08 | 38.51 | 32.26 | 30.91 | 35.12 | — |
| Dividend Payout % | 9.21% | 11.91% | 13.99% | 25.23% | 8.94% | 21.01% | 20.78% | 21.70% | 16.17% | 8.54% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 15%
- 5 Years:
- 16%
- 3 Years:
- 11%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 24%
- 5 Years:
- 9%
- 3 Years:
- -3%
STOCK PRICE CAGR
- 10 Years:
- 27%
- 5 Years:
- 13%
- 3 Years:
- 13%
- 1 Year:
- 63%
RETURN ON EQUITY
- 10 Years:
- 19%
- 5 Years:
- 22%
- 3 Years:
- 17%
- Last Year:
- 16%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 8 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 |
| 305 | 359 | 402 | 421 | 549 | 756 | 940 | 1,091 | 1,243 | 1,457 | |
| 33 | 45 | 160 | 50 | 65 | 30 | 0 | 26 | 32 | 110 | |
| Trade Payables | 308 | 533 | 315 | 257 | 328 | 428 | 261 | 245 | 211 | 294 |
| 47 | 89 | 98 | 89 | 132 | 160 | 209 | 211 | 94 | 160 | |
| Total Liabilities | 701 | 1,038 | 987 | 829 | 1,087 | 1,386 | 1,422 | 1,584 | 1,592 | 2,034 |
| 125 | 128 | 146 | 162 | 175 | 214 | 232 | 265 | 284 | 285 | |
| Capital Work in Progress | 4 | 14 | 11 | 17 | 22 | 5 | 13 | 1 | 19 | 48 |
| 1 | 0 | 0 | 0 | 0 | 5 | 4 | 2 | 19 | 49 | |
| 302 | 445 | 384 | 254 | 365 | 491 | 324 | 492 | 409 | 669 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 406 | 503 | 574 | |
| Cash & Bank | 23 | 34 | 16 | 41 | 75 | 139 | 222 | 133 | 182 | 82 |
| 245 | 416 | 430 | 355 | 449 | 532 | 627 | 285 | 175 | 327 | |
| Total Assets | 701 | 1,038 | 987 | 829 | 1,087 | 1,386 | 1,422 | 1,584 | 1,592 | 2,034 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 78 | 64 | -58 | 185 | 95 | 229 | 271 | -28 | 162 | -69 | |
| Cash from Investing | -21 | -14 | -22 | -21 | -14 | -111 | -79 | 67 | -12 | -72 |
| Cash from Financing | -36 | -6 | 81 | -136 | -1 | -67 | -96 | -40 | -78 | 45 |
| 2 | 13 | -19 | 21 | 40 | -8 | 35 | -2 | 72 | -96 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-25 - Panama Petrochem Limited has informed the Exchange regarding voting results of Annual General Meeting held on August 24, 2026
2026-08-24 - Please find attached proceedings of the AGM along with the Scrutinizer's Report
2026-08-12 - Panama Petrochem Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-29 - Panama Petrochem Limited has informed the Exchange about General Updates
2026-07-28 - Panama Petrochem Limited has informed the Exchange about General Updates
2026-07-24 - Panama Petrochem Limited has informed the Exchange about General Updates
2026-07-16 - Panama Petrochem Limited has informed the Exchange that Record date for the purpose of Dividend is 17-Aug-2026.
2026-07-16 - Panama Petrochem Limited has informed the Exchange about General Updates
2026-07-10 - Panama Petrochem Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
News
Recent coverage and analyst commentary for PANAMAPET
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