Nilachal Carbo MetalicksShare price, financial results, shareholding and management
- Market cap
- ₹254 cr
- Stock P/E
- 24.1peers 22.7
- Book value
- ₹43.7
- Price to book
- 2.33
- EV / operating profit
- -
- Market cap to sales
- 1.27
- ROCE · FY26
- 14.5%
- ROE · FY26
- 11.3%
- ROE, 3-year average
- 19.9%
- Operating margin · FY26
- 10.7%peers 5.9%
- Sales growth, 3 years
- -9.0%
- Profit growth, 3 years
- -11.1%
- Debt to equity
- 0.36peers 0.27
- Borrowings
- ₹39 cr
- Interest cover
- 5.2×
- Cash from business / op. profit
- -149%
- Debtor days
- 74
- Pledged
- 0.00%
- Promoter holding
- 73.52%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 445
- 52-week high / low
- ₹149 / ₹71
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Nilachal Carbo Metalicks share price chart
Close on 6 Nov 2026 · 0.00% on the day · Vol 4,800
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -13.0%
- 3 months
- +19.2%
- 6 months
- +14.5%
- 1 year
- -4.6%
- Traded a day, 20 days
- ₹0.10 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | -1% | -25% |
| 3 years, a year | -9% | -11% |
About Nilachal Carbo Metalicks: business, products and customers
Nilachal Carbo Metalicks bakes imported coking coal into low ash coke that ferro-chrome and other ferro-alloy makers in Odisha use in their furnaces. It also sells the fine coke left over to pellet and steel plants, and its shares trade on BSE SME.
Nilachal Carbo Metalicks was set up in 2003 and makes low ash metallurgical coke, sized and low in phosphorus for ferro-alloy furnaces, at its own plant at Baramana in Jajpur district, Odisha. It also runs a leased coke plant at Visakhapatnam and has a contract manufacturing tie-up with Om Avi Carbon Resources, which the annual report lists as a concern under common control. The coke goes mostly to ferro-chrome makers in Odisha, and the coke fines to iron ore pellet and steel plants nearby.
The business model shapes the numbers. Coking coal, imported through traders, is most of the cost, so revenue follows coal and coke prices more than volumes, and the margin is the spread between them; the CARE note says a fall in coal prices has to be passed on at once while a rise reaches customers only with a lag. There are no long-term contracts, and in FY26 a large part of revenue came from trading goods rather than from coke the company made, which keeps total revenue steady while the plant makes less. Coal advances to suppliers, stock and customer credit absorb cash, so operating cash flow has been negative in the last two years.
Read more about the business
In the offer document the company names Stratmont Industries as its only listed peer. The annual report says import competition shapes domestic coke prices, and that the anti-dumping duty imposed on low ash coke from China, Indonesia, Colombia, Japan and Russia from January 2026 may help domestic makers.
What is new: the company listed in September 2025, is seeking approvals for two more coke oven batteries at the Odisha site, and says it is evaluating a special alloy casting division aimed at aerospace and defence parts.
From the offer document (prospectus, August 2025), the annual report for FY26 and the CARE Ratings note of November 2025.
Read the deeper study ↓In its favour
- The promoters own a large part of the company: 73.52%.
To watch
- Approvals and building of the new coke oven batteries at Baramana (Annual report FY26, p.4; offer document, p.84).
- Recovery of the ₹20.0 cr owed by Om Avi Carbon Resources and the guarantees given for it (Annual report FY26, p.128 and p.129).
- Effect of the anti-dumping duty on imported low ash coke from January 2026 on sales of coke the company makes (Annual report FY26, p.90 and p.96).
- Whether the special alloy casting division moves beyond evaluation (Annual report FY26, p.4).
- Customers take longer to pay than before: 74 days in FY26, against 7 in FY23.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Nilachal Carbo Metalicks revenue and profit growth
Half-yearly results · Profit and lossSales have fallen. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months.
Nilachal Carbo Metalicks half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|
| Sales | 99 | 104.78 | 95.62 |
| Expenses | 88 | 91.44 | 87.49 |
| Operating profit | 11 | 13.34 | 8.12 |
| OPM | 12.0% | 12.7% | 8.5% |
| Interest | 2 | 1.83 | 1.65 |
| Depreciation | 2 | 1.66 | 2 |
| Profit before tax | 8 | 10.30 | 4.36 |
| Net profit | 6 | 7.66 | 2.87 |
Nilachal Carbo Metalicks profit and loss
Full years to March, FY23 to FY26 · ₹ crore, consolidated where reported
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Sales | 266 | 265 | 202 | 200.40 |
| Expenses | 246 | 242 | 176 | 178.93 |
| Operating profit | 20 | 23 | 26 | 21.47 |
| OPM | 8.0% | 9.0% | 13.0% | 10.7% |
| Other income | 2 | 2 | 1 | 0.33 |
| Interest | 4 | 5 | 4 | 3.48 |
| Depreciation | 4 | 4 | 4 | 3.66 |
| Exceptional and other items | 1 | · | · | · |
| Profit before tax | 15 | 16 | 19 | 14.66 |
| Tax rate | 0.0% | 0.0% | 26.3% | 28.1% |
| Net profit | 15 | 16 | 14 | 10.54 |
| EPS ₹ | 6.64 | 7.09 | 6.28 | 4.23 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Nilachal Carbo Metalicks profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Operating margin | 8.0% | 9.0% | 13.0% | 10.7% |
| Tax rate | 0.0% | 0.0% | 26.3% | 28.1% |
| ROCE | · | 26.8% | 24.0% | 14.5% |
| ROE | · | 28.6% | 19.7% | 11.3% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
Nilachal Carbo Metalicks debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Nilachal Carbo Metalicks balance sheet
At each 31 March · ₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Equity capital | 22 | 22 | 22 | 25 |
| Reserves | 26 | 42 | 56 | 84 |
| Net worth | 48 | 64 | 78 | 109 |
| Borrowings | 19 | 26 | 24 | 39 |
| Other liabilities | 26 | 24 | 21 | 20 |
| Total liabilities | 93 | 114 | 123 | 168 |
| Fixed assets | 26 | 30 | 35 | 31 |
| Capital work in progress | 4 | 10 | 1 | 1 |
| Investments | 0 | 0 | 0 | 0 |
| Other assets | 63 | 74 | 87 | 136 |
Nilachal Carbo Metalicks cash flow
₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Cash from operations | -16 | 0 | 3 | -32 |
| Cash from investing | -4 | -9 | 1 | 0 |
| Cash from financing | 5 | 2 | -7 | 37 |
| Net cash flow | -15 | -7 | -3 | 5 |
Working capital
Days
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Debtor days | 7 | 30 | 52 | 74 |
| Inventory days | 47 | 47 | 77 | 88 |
| Days payable | 35 | 34 | 23 | 24 |
| Cash conversion cycle | 20 | 43 | 106 | 138 |
| Working capital days | 16 | 35 | 81 | 165 |
Nilachal Carbo Metalicks peers and competitors
Listed SME companies in the same industryBy sales, Nilachal Carbo Metalicks is number 4 of the 6 listed SME companies in ferrous metals.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Chaman Metallics | 287 | - | 541 | -4.2 | 7.4% | 4.62 |
| QVC Exports | 26 | 7.7 | 440 | 3.3 | 1.2% | 1.06 |
| Jainam Ferro Alloys (I) | 237 | 36.3 | 206 | 6.5 | 4.2% | 0.15 |
| Nilachal Carbo Metalicks | 254 | 24.1 | 200 | 10.5 | 10.7% | 0.36 |
| Owais Metal And Mineral Processing | 117 | 70.7 | 123 | 1.7 | 5.9% | 0.26 |
| Shri Hare-Krishna Sponge Iron | 57 | 9.1 | 66.6 | 6.2 | 9.8% | 0.27 |
| Median of the 5 others | 117 | 22.7 | 206 | 3.3 | 5.9% | 0.27 |
Nilachal Carbo Metalicks shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has come down.
Nilachal Carbo Metalicks shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Sep 25 | Mar 26 | |
|---|---|---|
| Promoters | 73.52% | 73.52% |
| Foreign investors (FIIs) | 0.02% | - |
| Number of shareholders | 774 | 445 |
Nilachal Carbo Metalicks study: the business from its own documents
Read from 5 of the company's own documentsNilachal Carbo Metalicks key facts from the filings
Each figure with the document it comes from
- Capacity
- 1,02,000 tonnes
- Coke capacity a year: 60,000 owned in Odisha, 18,000 leased at Visakhapatnam and 24,000 through contract manufacturing with Om Avi Carbon Resources.Offer document, p.112
- Plant use
- 48.87%
- Capacity used in FY25, down from 64.57% in FY23; the company has not given a figure for FY26.Offer document, p.115
- Top ten customers
- 98.83%
- Share of FY25 revenue; the largest customer gave 28.33%, and 44.00% in FY24. Names are not disclosed.Offer document, p.121
- Traded goods
- ₹58.9 cr
- Revenue in FY26 from goods traded rather than made; sales of coke the company made fell to ₹131.5 cr from ₹191.0 cr.Annual report FY26, p.124
- Coking coal
- About 87%
- Share of cost of sales in FY24 taken by coking coal, imported through local traders.CARE Ratings note, November 2025, p.1
Show 5 more facts
- Om Avi Carbon dues
- ₹20.0 cr
- Owed at March 2026 by Om Avi Carbon Resources, a concern under common control; the company also guarantees ₹5.2 cr of its bank facilities.Annual report FY26, p.128 and p.129
- Advances to suppliers
- ₹36.0 cr
- Paid ahead to suppliers at March 2026, up from ₹13.2 cr a year earlier.Annual report FY26, p.124
- Borrowings
- ₹38.6 cr
- Interest-bearing debt at March 2026, up from ₹23.6 cr, with long-term loans rising to ₹20.4 cr.Annual report FY26, p.94
- New battery
- 34,400 tonnes
- Extra owned capacity a year planned at Baramana with ₹13.5 cr of issue money; the annual report now speaks of two batteries, subject to approvals.Offer document, p.84 and p.112; annual report FY26, p.4
- Credit rating
- CARE BB+
- Downgraded from BBB- in November 2025 and marked issuer not cooperating, as the company did not meet the agency.CARE Ratings note, November 2025, p.1
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company gives no guidance on sales or profit and has no order book. The offer document set out one new coke oven battery of 34,400 tonnes a year at Baramana, with ₹4.7 cr of issue money planned for FY26 and ₹8.7 cr for FY27, and ₹3.0 cr to modernise the existing plant. In the FY26 annual report the Managing Director says the company is seeking approvals for two more batteries that would take coke capacity to 0.15 million tonnes a year, subject to approvals and financing, and that a special alloy casting division of up to 50,000 tonnes a year is being evaluated. The company reports no deviation in the use of issue money.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
The company earns the spread between imported coking coal and the special low ash coke it sells to a few ferro-alloy makers close to its plant.
Its weak spots are a handful of customers, half-used plants, money tied up in advances and receivables, and a large balance owed by a related concern.
WatchCan it set its own prices?No: coke prices follow coal, and price falls must be passed on at once while rises reach customers later.
AverageHow strong is it against rivals?A special low phosphorus grade and a site near the port and the customers help, but imported coke competes on price.
WatchWho are its customers?Ferro-chrome and other ferro-alloy makers, but almost all revenue comes from ten of them.
WatchDoes it need a lot of money?Yes: advances to coal suppliers, stock and customer credit took more cash than the business earned in FY26.
WatchCan it keep finding new work?Its own plants were half used and sales of coke it made fell in FY26, with trading filling the gap.
AverageDo good and bad years swing a lot?Profit has stayed positive, but revenue and margins move with coal prices and the steel cycle.
Who runs Nilachal Carbo Metalicks?
Promoters, directors and officers; tap a name for the background
BDBibhu Datta PandaPromoter and Managing Director · holds 28.36%
Bachelor of Commerce from Sri Sathya Sai Institute of Higher Learning, with more than three decades in coking coal and coke trading and manufacturing; a director since the company was formed in 2003 and Managing Director since 2011.
Offer document, p.153 and p.166KFKajal Fashionwear Agency Private LimitedPromoter and holding company · holds 45.16%
Corporate promoter incorporated in 2008; it sold shares in the offer for sale at listing. Bibhu Datta Panda and Geeta Rani Panda are its directors.
Offer document, p.84, p.166 and p.167; annual report FY26, p.120 and p.128GRGeeta Rani PandaPromoter and Non-Executive Director
More than 13 years handling human resources and administration at the company; an executive director from 2011, re-designated non-executive in August 2024.
Offer document, p.153 and p.166RPRishiraj PandaWhole-Time Director
B.Tech in mechanical engineering from Vellore Institute of Technology, with more than 4 years in the company's business operations; chief executive officer from 2022 to 2024 and whole-time director since July 2024.
Offer document, p.153 and p.164JRJyotiranjan RathIndependent Director
Economics graduate with an executive post-graduate diploma in management from IIM Indore and more than 35 years in commercial banking.
Offer document, p.153 and p.154ASAmitesh SinhaIndependent Director
Metallurgical engineering graduate from Bihar Institute of Technology with more than 23 years in steel making projects, operations and continuous casting.
Offer document, p.154RNRamesh Narayan Rao DeshpandeIndependent Director
Appointed an additional independent director on 9 May 2026, replacing Lala Tarun Prakash Narayan on the board.
Annual report FY26, p.6 and p.48AAAsmi Amitav PattanaikChief Financial Officer
Appointed on 9 May 2026 after Sunil Kumar Mishra resigned in February 2026.
Annual report FY26, p.48 and p.49PSParamjot Singh VirdiCompany Secretary and Compliance Officer
Appointed from 14 November 2025 after Haraprasad Rout resigned.
Annual report FY26, p.48Nilachal Carbo Metalicks latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 31 March 2026: promoters unchanged at 73.52%.
Nilachal Carbo Metalicks announcements
5 on record, latest first; each opens the filing on the exchange
- Company UpdateDisclosure under Reg 74(5) of SEBI (DP) Regulations 2018PDF ↗
- AGM/EGMDisclosure of Voting results and Scrutinizers report of the 23rd AGM of the Company pursuant to Regulation 30 & 44 of the SEBI (LODR) Regulations, 2015PDF ↗
- AGM/EGMProceedings of the 23rd Annual General Meeting (AGM) of the CompanyPDF ↗
- Insider Trading / SASTTrading Window closure intimationPDF ↗
- Company UpdateReply to querry raised on 04.09.2026 regarding clarification on the recent significant movement in the priec of the equity sharesPDF ↗
Nilachal Carbo Metalicks annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Nilachal Carbo Metalicks share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Nilachal Carbo Metalicks' data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,49,27,000 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY23 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Nilachal Carbo Metalicks
What does Nilachal Carbo Metalicks do?
Nilachal Carbo Metalicks bakes imported coking coal into low ash coke that ferro-chrome and other ferro-alloy makers in Odisha use in their furnaces. It also sells the fine coke left over to pellet and steel plants, and its shares trade on BSE SME.
What is the share price of Nilachal Carbo Metalicks?
₹102 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Nilachal Carbo Metalicks?
₹254 cr at the close on 6 Nov 2026, on 2,49,27,000 shares.
What is the P/E of Nilachal Carbo Metalicks?
24.1 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Nilachal Carbo Metalicks' revenue and profit?
Revenue ₹200 cr and profit after tax ₹11 cr in FY26.
Who are the promoters of Nilachal Carbo Metalicks?
Bibhu Datta Panda, Kajal Fashionwear Agency Private Limited, Geeta Rani Panda; promoters held 73.52% at 31 March 2026.
What is Nilachal Carbo Metalicks' website?
nilachalcoke.com
More SME companies like Nilachal Carbo Metalicks
Other listed SME companies in ferrous metals, the closest in size first, each read from its own documents.
- Chaman MetallicsCMNL · NSE Emerge · Ferrous Metals · listed 2023Market cap ₹275 cr
- Jainam Ferro Alloys (I)JAINAM · NSE Emerge · Ferrous Metals · listed 2021Market cap ₹203 cr
- Owais Metal And Mineral ProcessingOWAIS · NSE Emerge · Ferrous Metals · listed 2024Market cap ₹126 cr
- Shri Hare-Krishna Sponge IronSHKSIL · NSE Emerge · Ferrous Metals · listed 2025Market cap ₹56 cr
- QVC ExportsQVCEL · NSE Emerge · Ferrous Metals · listed 2024Market cap ₹25 cr
Built from 2 annual reports, 2 credit rating notes, 1 offer document, 5 exchange announcements, 2 shareholding patterns and 4 years of reported results. Every figure carries its source; where the documents are silent, the page says so.