Goa Carbon Limited reported a net loss of ₹658.36 lakh for the quarter ended June 30, 2026, as operational disruptions impacted revenue. The company recorded income from operations of ₹6,569.75 lakh for Q1FY27, a sharp decrease from ₹19,925.01 lakh in the corresponding quarter of the previous year. The unaudited financial results were reviewed and approved by the Board of Directors during its meeting on July 15, 2026.

Operational Performance and Expenses

The decline in financial performance was attributed to scheduled maintenance activities across the company's manufacturing facilities. The Goa and Bilaspur plants remained under shutdown for 91 days each, while the Paradeep plant was shut for 76 days during the quarter. Consequently, total income stood at ₹7,004.84 lakh, down from ₹20,096.85 lakh in Q1FY26.

Total expenses for the quarter amounted to ₹7,663.20 lakh. Key cost components included the cost of materials consumed at ₹4,656.65 lakh and employee benefits expenses at ₹543.21 lakh. Finance costs were recorded at ₹582.90 lakh, while depreciation and amortisation expenses stood at ₹70.03 lakh.

Financial Results and Segment Reporting

The company reported a loss before tax of ₹658.36 lakh. There was no tax expense recorded for the current quarter. Basic and diluted earnings per equity share for the quarter were reported at a loss of ₹7.19. The company operates a single reportable segment, the sale of Calcined Petroleum Coke, in accordance with Ind AS 108.

Regulatory and Legal Disclosures

The statutory auditors, B S R & Co. LLP, issued an unmodified limited review report on the results. The company also disclosed ongoing legal proceedings regarding the Goa Green Cess. Following a Supreme Court directive, Goa Carbon has deposited ₹349 lakh under protest, representing 50% of the total demand raised for the period from FY 2014-15 to FY 2024-25. The company continues to file monthly returns and deposit 50% of self-assessed cess under protest.

Goa Carbon Limited has secured a refund of Rs 61,60,980 following an order by the Hon'ble Bombay High Court, Goa Bench, dated 13.07.2026. The order pertains to Writ Petition No. 446 of 2026, which the company withdrew after the Deputy Commissioner of Income Tax, Circle-1(1), Panaji, passed a Rectification Order dated 06.07.2026. This development resolves the company's long-standing application for rectification under Section 154 of the Income-tax Act, 1961, and ensures the return of funds erroneously levied as interest.

The company had originally filed a rectification application on 29.05.2012 before the Assistant Commissioner of Income Tax. The application sought to correct an Order Giving Effect dated 18.07.2011, arguing that it failed to implement binding directions from the Income Tax Appellate Tribunal order dated 18.03.2011. Additionally, the company contested the levy of interest under Section 234D of the Income-tax Act, 1961, which it stated was not applicable to its case. Despite follow-up representations in 2019 and 2025, the application remained undisposed of, prompting the company to approach the Bombay High Court.

During the hearing on 13.07.2026, the senior standing counsel for the Revenue placed the Rectification Order on record. This order disposed of the company's application and confirmed the refund amount. The Rectification Order was uploaded to the company's Income Tax Portal on 14.07.2026 at 8:15 PM, while the High Court's order was published on its website on 15.07.2026.

Goa Carbon is currently complying with the necessary formalities to obtain the refund amount. The disclosure was made to the exchanges under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Details of the Order