Panama Petrochem Ltd
NSE: PANAMAPET · Lubricants · sector
₹465.60NSE close 2026-10-26
Key numbers
Market cap₹2,817 cr
Price₹465.60
52w high / low₹600 / ₹229
P/E5.9xSector median 10.6x
P/B1.9xSector median 2.1x
Book value₹242.8
Dividend yield0.64%Sector median 0.64%
ROE35.2%Sector median 23.5%
ROCE39.2%Sector median 28.5%
OPM14.8%Sector median 11.2%
Debt / equity0.05xSector median 0.05x
EV/EBITDA4.6xSector median 7.9x
Interest cover42.0x
Current ratio3.69x
Sales growth 3y+10.9%Sector median +6.3%
Profit growth 3y-3.0%Sector median +1.7%
PEG–
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 8 companies in Lubricants (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹82 cr vs borrowings ₹78 cr (FY26): cash is higher (net cash).
- Operating profit covered interest 42.0x in the last 12 months.
- No promoter shares are pledged.
- Promoter holding rose by 0.64 percentage points in a year, to 63.16% (2026-09-30).
- Operating cash flow was below net profit in 5 of the last 5 years (FY26, FY25, FY24, FY23, FY22).
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 3% of net profit in the last 12 months.
- Dividend paid in 5 of the last 5 financial years.
- Price ₹465.60 on 2026-10-26: -22.3% from the 52-week high, +103.3% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹498.40 · low ₹253.15
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 699 | 728 | 695 | 693 | 773 | 775 | 823 | 1,735 |
| EBITDA | 58 | 63 | 59 | 55 | 69 | 61 | 91 | 388 |
| OPM % | 8.4% | 8.7% | 8.6% | 7.9% | 8.9% | 7.8% | 11.1% | 22.4% |
| Other income | 3 | 4 | 4 | 4 | 3 | 3 | 3 | 4 |
| Net profit | 44 | 48 | 44 | 43 | 53 | 46 | 71 | 309 |
| EPS (₹) | 7.29 | 8.02 | 7.32 | 7.04 | 8.76 | 7.57 | 11.75 | 51.06 |
| Revenue YoY | +10.6% | +6.5% | +18.3% | +150.3% | ||||
| Profit YoY | +20.2% | -5.5% | +60.6% | +624.8% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 2,132 | 2,249 | 2,357 | 2,793 | 3,064 | 4,106 |
| EBITDA | 296 | 309 | 254 | 247 | 276 | 609 |
| Net profit | 230 | 233 | 195 | 187 | 212 | 479 |
| EPS (₹) | 38.08 | 38.51 | 32.26 | 30.92 | 35.13 | 79.14 |
| Revenue growth | +5.5% | +4.8% | +18.5% | +9.7% | +45.9% | |
| Profit growth | +1.1% | -16.2% | -4.2% | +13.6% | +166.8% | |
| Dividend / share (₹) | 4.00 | 9.00 | 8.00 | 6.00 | 3.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +10.9% | +16.2% | +45.9% |
| Net profit | -3.0% | +9.4% | +166.8% |
| EPS | -3.0% | +9.4% | – |
| Share price | – | +8.5% (2y) | +65.9% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 952 | 1,103 | 1,255 | 1,469 |
| Borrowings | – | 0 | 25 | 2 | 78 |
| Cash & equivalents | – | 222 | 133 | 182 | 82 |
| Total assets | – | 1,235 | 1,409 | 1,524 | 1,919 |
| Fixed assets | – | 208 | 242 | 233 | 236 |
| Capital work in progress | – | 13 | 1 | 19 | 48 |
| Investments | – | 4 | 2 | 19 | 49 |
| Receivables | – | 349 | 406 | 503 | 574 |
| Inventory | – | 324 | 492 | 409 | 669 |
| Payables | – | 261 | 245 | 211 | 294 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 170 | 210 | -28 | 162 | -69 |
| Cash from investing | -111 | -79 | 67 | -12 | -72 |
| Cash from financing | -67 | -96 | -40 | -78 | 45 |
| Capex | 30 | 35 | 49 | 27 | 54 |
| Free cash flow | 140 | 174 | -77 | 135 | -124 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 24.5% | 17.7% | 14.9% | 14.5% |
| ROCE % | – | 32.2% | 22.9% | 19.6% | 17.7% |
| Debtor days | – | 57 | 63 | 66 | 68 |
| Inventory days | – | 67 | 91 | 64 | 96 |
| Payable days | – | 54 | 45 | 33 | 42 |
| Cash conversion cycle (days) | – | 70 | 109 | 97 | 122 |
| Working capital days | – | 113 | 128 | 123 | 130 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 63.16% |
| FIIs | 11.13% |
| DIIs | 0.01% |
| Public (non-institutions) | 25.71% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 61.94% | 61.94% | 62.22% | 62.52% | 63.16% | 63.16% | 63.16% | 63.16% |
| Promoter group | % |
|---|---|
| Amin Amirali Rayani | 8.04% |
| Ittefaq ICE and Cold Storage Company Private Limited | 7.60% |
| Arif Amirali Rayani | 6.07% |
| Shelina Arif Rayani | 5.27% |
| Panama Builders Developers PVT Ltd | 4.66% |
| Begumbanu Akberali Rayani | 4.14% |
| Samir Akbarali Rayani | 3.32% |
| Chemnie Amin Rayani | 3.07% |
| Iqbal Vazirali Rayani | 3.03% |
| Akbarali Essabhi Rayani | 2.64% |
| Salim Essabhai Rayani | 2.52% |
| Sapna Samir Rayani | 2.52% |
| Vazirali Essabhai Rayani | 2.06% |
| Hussein Vazirali Rayani | 1.98% |
| Malika Vazirali Rayani | 1.67% |
| Public holders above 1% | % |
|---|---|
| Connecor Investment Enterprise Ltd | 3.72% |
| Allstars Investments Limited | 3.19% |
| Lgof Global Opportunities Limited | 2.87% |
| Legends Global Opportunities (Singapore) PTE. Ltd. | 1.89% |
| Abridge Investments Ltd | 1.53% |
| Ramesh Damani | 1.22% |
| Anil Kumar Goel | 1.07% |
29,208 shareholders. Pledged: 0.00% of promoter shares.
Peers in Lubricants
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| CASTROLIND | ₹18,870 cr | 17.8x | 9.9x | 57.0% | 75.8% | 24.0% | – | – |
| GULFOILLUB | ₹5,201 cr | 13.8x | 3.4x | 25.0% | 27.3% | 12.1% | +10.6% | 4.64% |
| SOTL | ₹4,723 cr | 11.4x | 2.6x | 23.8% | 31.8% | 10.7% | +6.3% | 0.58% |
| GANDHAR | ₹2,939 cr | 9.8x | 2.2x | 23.3% | 29.8% | 9.3% | – | 0.41% |
| PANAMAPET | ₹2,817 cr | 5.9x | 1.9x | 35.2% | 39.2% | 14.8% | +10.9% | 0.64% |
| VEEDOL | ₹2,166 cr | 9.8x | 2.1x | 22.6% | 23.9% | 11.7% | +5.4% | 4.67% |
| GULFPETRO | ₹333 cr | 8.2x | 0.9x | 11.9% | 15.1% | 7.6% | -6.7% | – |
| GVL | ₹43 cr | 57.2x | 0.5x | 1.6% | 1.8% | 8.9% | – | – |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-08-17 | Dividend | Dividend - Rs 3 Per Share |
| 2025-09-02 | Dividend | Dividend - Rs 3 Per Share |
| 2024-11-22 | Dividend | Interim Dividend - Rs 2 Per Share |
| 2024-08-22 | Dividend | Annual General Meeting/Dividend - Rs 4 Per Share |
| 2023-11-17 | Dividend | Interim Dividend - Rs 3 Per Share |
| 2023-08-22 | Dividend | Annual General Meeting/Dividend - Rs 5 Per Sh |
| 2022-11-23 | Dividend | Interim Dividend - Rs 3 Per Share |
| 2022-08-26 | Dividend | Annual General Meeting/Dividend - Rs 6 Per Share |
| 2021-11-25 | Dividend | Interim Dividend - Rs 2 Per Share |
| 2021-08-27 | Dividend | Annual General Meeting/Dividend - Rs 2 Per Share |
| 2020-08-31 | Dividend | Annual General Meeting/Dividend - Rs 1.20 Per Share |
| 2019-09-06 | Dividend | Annual General Meeting/Dividend - Rs 1.20 Per Share |
| 2018-08-14 | Dividend | Annual General Meeting/Dividend- Rs 1.20 Per Share |
| 2017-10-03 | Bonus | Bonus 1:2 |
| 2017-08-24 | Dividend | Annual General Meeting/Dividend - Rs 1/- Per Share |
| 2016-09-20 | Dividend | Annual General Meeting/Dividend - Re 0.50 Per Share |
| 2015-09-08 | Dividend | Annual General Meeting/ Dividend - Rs 2/- Per Share |
| 2014-09-19 | Split | Face Value Split From Rs.10/- To Rs.2/- |
| 2014-08-12 | Dividend | Annual General Meeting / Dividend - Rs 6/- Per Share |
| 2013-09-19 | Dividend | Annual General Meeting / Final Dividend - Rs 4/- Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing: Coke & Refined Petroleum Products
| Sector | Energy |
| Industry | Lubricants |
| Sub-industry | Lubricants |
| Symbol | PANAMAPET |
| BSE code | 524820 |
| ISIN | INE305C01029 |
| Face value | ₹2.0 |
| Incorporated | 1982-03-09 |
| Website | www.panamapetro.com |
| Plants (India / abroad) | 5 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.