Panasonic Carbon India Company Ltd.

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panasoniccarbon.inBSE: -NSE: PANCARBON

Market Cap₹ 208 Cr.

Current Price

High / Low₹ 253 / 221

Stock P/E10.8

Book Value₹ 400

Price to Book1.09

Dividend Yield2.77 %

ROCE16.8 %

ROE11.8 %

Face Value₹ 10

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ABOUT

AI Sector View

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Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

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PROS

Company is almost debt free
Company has a consistent dividend-paying track record
Company generates healthy free cash flow
Attractively priced for its growth - PEG of 0.6
Offers a healthy dividend yield of 2.8%

CONS

A large part of profit comes from other income (42.3% of PBT)
Recent results are weak - TTM profit is down 14.5% versus prior year
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.35x)
Company has delivered a poor profit growth of 2.4% over past five years
Company has delivered a poor sales growth of 2.3% over past five years
Operating margins have contracted to 33.2% from 36.5%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsElectrodes & Welding Equipment

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	GRAPHITE	824.20	75.60	16102.86	0.85	171.00	28.57	842.00	26.62	4.39	17.10
2.	ESABINDIA	5885.40	168.90	9059.41	1.27	56.14	37.13	421.12	19.63	69.97	18.80
3.	ADOR	1598.35	24.50	2781.58	1.44	27.60	798.73	309.46	22.88	22.31	11.54
4.	DIFFNKG	450.35	30.79	1685.49	0.33	16.68	35.97	110.11	36.49	16.27	16.90
5.	DENORA	794.50	34.58	421.77	0.50	6.39	96.62	35.27	-15.96	9.67	16.14
6.	PANCARBON	432.90	10.82	207.79	2.77	42.57	575.93	111.01	599.06	16.80	23.34

Detailed Comparison with:

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
	13	13	13	12	15	13	13	13	16	17	12	10	11
	9	10	9	9	9	9	9	9	10	11	8	7	9
Operating Profit	4	4	4	4	5	4	4	4	6	7	3	3	2
OPM %	30.21%	27.73%	31.57%	30.18%	35.75%	29.65%	29.21%	29.63%	34.63%	38.08%	29.76%	31.63%	22.03%
	3	3	3	3	3	3	3	3	3	3	3	3	3
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
Profit before Tax	6	6	6	6	8	7	7	7	8	10	6	6	6
Tax %	25.32%	25.29%	26.00%	26.54%	25.34%	25.89%	25.63%	25.27%	25.53%	38.97%	23.63%	26.33%	25.43%
Net Profit	5	5	5	5	6	5	5	5	6	6	4	5	4
	9.59	9.42	10.02	9.69	12.47	10.37	10.39	10.16	13.12	12.34	9.28	9.50	8.87

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
	49	44	45	45	49	50	50	51	54	55	50
	31	32	34	30	30	35	39	36	37	37	34
Operating Profit	18	12	11	15	19	15	11	15	17	18	16
OPM %	35.96%	27.93%	24.96%	34.20%	37.88%	29.55%	21.60%	29.90%	31.25%	33.18%	31.28%
	7	7	8	8	8	7	7	10	12	13	12
Interest	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	1	1	1	1	1	1	1	1	1	1
Profit before Tax	25	18	18	23	25	20	17	25	28	30	27
Tax %	34.40%	29.80%	29.79%	25.06%	25.59%	24.97%	26.69%	25.78%	25.53%	29.64%	30.04%
Net Profit	16	12	12	17	19	15	13	19	21	21	19
EPS	33.52	0.00	0.00	0.00	39.37	31.98	26.72	38.73	43.39	44.25	—
Dividend Payout %	29.84%	39.01%	39.03%	28.31%	30.48%	37.53%	44.90%	30.99%	27.65%	27.12%	—

COMPOUNDED SALES GROWTH

10 Years:: 1%
5 Years:: 2%
3 Years:: 3%

COMPOUNDED PROFIT GROWTH

10 Years:: 5%
5 Years:: 2%
3 Years:: 18%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: 89%

RETURN ON EQUITY

10 Years:: 13%
5 Years:: 12%
3 Years:: 12%
Last Year:: 12%

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	5	5	5	5	5	5	5	5	5	5
	85	91	98	109	123	132	139	152	167	183
Trade Payables	4	4	3	2	3	3	2	3	3	2
	3	3	3	3	3	3	3	3	3	4
Total Liabilities	97	103	109	119	134	143	149	162	178	194
	10	9	8	7	6	6	5	5	5	4
Capital Work in Progress	0	0	0	0	0	0	1	0	0	0
	2	3	2	2	2	3	3	2	3	4
	4	0	0	0	0	0	0	4	5	5
Cash & Bank	77	84	88	85	101	2	1	1	2	1
	3	6	10	24	24	132	140	151	163	180
Total Assets	97	103	109	119	134	143	149	162	178	194

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
	10	14	13	15	19	13	14	2	8	11
Cash from Investing	-3	-4	-2	-4	-7	-2	-5	3	-1	-6
Cash from Financing	-6	-6	-6	-6	-5	-6	-6	-6	-6	-6
	1	-1	0	-1	1	1	-1	-0	1	-1

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

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	63.27	63.27	63.27	63.27	63.27	63.27	63.27	63.27	63.27
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	36.73	36.73	36.73	36.73	36.73	36.73	36.73	36.73	36.73

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

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