Panama Petrochem Limited has filed its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 with BSE Limited and the National Stock Exchange of India Limited, pursuant to Regulation 34(2)(f) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The report, signed by Company Secretary and Compliance Officer Gayatri Sharma on July 28, 2026, is prepared on a standalone basis and covers the financial year April 1, 2025 to March 31, 2026. Panama Petrochem Limited, incorporated in 1982 and registered at Plot no. 3303, GIDC Estate, Ankleshwar, Gujarat – 393002, reported a paid-up capital of ₹ 12.10 crores, a turnover of ₹ 1775.72 Cr., and a net worth of ₹ 932.62 Cr. for the reporting period.
Business Overview and Market Presence
Panama Petrochem Limited's primary business activity is the manufacture of refined petroleum products under the 'Panoil' brand, which accounted for 99.19% of the company's total turnover in FY 2025-26. The company operates 5 plants and 3 offices nationally, with no international plants or offices. Its products serve a broad business-to-business customer base across industries including cosmetics, pharmaceuticals, rubber tires and other rubber products, electrical transformers, lubricant blenders, and offset printing ink.
| Parameter: |
Details |
| Primary Activity: |
Manufacturing – Coke & Refined Petroleum Products |
| % of Turnover: |
99.19% |
| National Plants: |
5 |
| National Offices: |
3 |
| States Served: |
22 |
| Union Territories Served: |
3 |
| Countries Served: |
88 |
| Export Contribution: |
35.69% of total turnover |
The company holds one subsidiary, Panol Industries RMC FZE, in which it holds a 100% stake. The subsidiary does not participate in the Business Responsibility initiatives of the listed entity.
Workforce Composition and Employee Well-Being
As at the end of FY 2025-26, Panama Petrochem Limited employed 134 permanent employees and 153 workers. The workforce gender distribution and turnover trends over the past three financial years are presented below.
| Category: |
Total |
Male |
Male % |
Female |
Female % |
| Permanent Employees: |
134 |
108 |
80.60% |
26 |
19.40% |
| Permanent Workers: |
57 |
56 |
98.25% |
1 |
1.75% |
| Other Than Permanent Workers: |
96 |
92 |
95.83% |
4 |
4.17% |
The Board of Directors comprised 8 members, of whom 1 (12.50%) was female. Among Key Management Personnel (6 members as on March 31, 2026, including Board members), 1 (16.67%) was female.
Turnover rates for permanent employees and workers over the past three financial years:
| Year: |
Permanent Employees – Male |
Permanent Employees – Female |
Permanent Employees – Total |
Permanent Workers – Male |
Permanent Workers – Total |
| FY 2025-26: |
15.63% |
23.53% |
17.28% |
9.68% |
9.68% |
| FY 2024-25: |
11.43% |
14.29% |
12.86% |
2.38% |
2.38% |
| FY 2023-24: |
34.88% |
33.33% |
16.10% |
21.43% |
60.00% |
All 134 permanent employees and all workers were paid above the statutory minimum wage in FY 2025-26. The return-to-work and retention rates for employees and workers who took parental leave were 100% for both male and female categories. Spending on employee and worker well-being as a percentage of total revenues was 0.01% in FY 2025-26, compared to 0.06% in FY 2024-25.
Environmental Performance
Panama Petrochem Limited has anchored its ESG strategy around three core sustainability pillars: carbon footprint, water footprint, and waste footprint. Against its FY 2024-25 baseline, the company achieved an approximately 25% reduction in Scope 1 emissions in FY 2025-26.
Greenhouse Gas Emissions (Scope 1 and Scope 2):
| Parameter: |
FY 2025-26 |
FY 2024-25 |
| Total Scope 1 Emissions (tCO2e): |
389.08 |
524.29 |
| Total Scope 2 Emissions (tCO2e): |
703.65 |
588.74 |
| Scope 1 & 2 Intensity per Rupee of Turnover: |
0.003587 |
0.006268 |
| Scope 1 & 2 Intensity (Physical Output, tCO2e/MT): |
0.00561584 |
0.00583833 |
Energy Consumption:
| Parameter: |
FY 2025-26 |
FY 2024-25 |
| Total Energy from Renewable Sources: |
79,90,19,136 KJ |
47,67,09,840 KJ |
| Total Energy from Non-Renewable Sources: |
8,65,84,98,213 KJ |
9,22,06,05,613.61 KJ |
| Total Energy Consumed: |
9,45,75,17,349 KJ |
9,69,73,15,453.61 KJ |
| Energy Intensity per Rupee of Turnover: |
48,207.8 KJ / L INR |
54,610.67 KJ / L INR |
| Energy Intensity (Physical Output): |
48604.78 KJ/MT |
50866.48 KJ / MT |
Total water withdrawal was 7,306 KL in FY 2025-26, compared to 4,894 KL in FY 2024-25, sourced from groundwater (280 KL) and third-party sources (7,026 KL). The company has implemented a Zero Liquid Discharge mechanism. Air emissions including NOx, SOx, and particulate matter all declined year-on-year, with NOx at 24.65 mg/m3 (FY 2024-25: 32.00 mg/m3), SOx at 17.35 mg/m3 (FY 2024-25: 19.50 mg/m3), and particulate matter at 45.83 mg/m3 (FY 2024-25: 104.50 mg/m3). Total waste generated was 11.92 MT in FY 2025-26, compared to 81.07 MT in FY 2024-25, with 11.13 MT recycled. All environmental assessments were independently evaluated by M/s. Ramanlal G. Shah & Co.
Governance, Ethics, and Compliance
The highest authority responsible for implementation and oversight of the Business Responsibility policy is Samir Rayani, Managing Director & CEO (DIN: 00002674). The Board's Risk Management Committee and CSR Committee are mandated to guide and approve decisions on sustainability and CSR matters. An independent evaluation of the working of the company's policies was carried out by M/s. Ramanlal G. Shah & Co.
Key governance metrics for FY 2025-26 are summarised below:
| Parameter: |
FY 2025-26 |
FY 2024-25 |
| Number of Days of Accounts Payables: |
61 |
46 |
| Purchases from Trading Houses (% of Total Purchases): |
10.61% |
1.52% |
| Number of Trading Houses: |
98 |
49 |
| Purchases from Top 10 Trading Houses (% of Trading House Purchases): |
74.24% |
74.41% |
| Sales to Dealers/Distributors (% of Total Sales): |
5.21% |
1.50% |
| Number of Dealers/Distributors: |
443 |
121 |
| Sales to Top 10 Dealers (% of Dealer Sales): |
50.20% |
58.27% |
No monetary or non-monetary penalties were levied on the company, its directors, or KMPs by any regulatory or law enforcement agency during FY 2025-26. No complaints related to corruption, conflict of interest, sexual harassment, child labour, forced labour, or discrimination were filed or pending in either FY 2025-26 or FY 2024-25. The company reported 5 consumer complaints under the 'Other' category in FY 2025-26, all of which remained pending resolution at the end of the year; no such complaints were reported in FY 2024-25.
Sustainable Sourcing and Community Engagement
Panama Petrochem Limited reported that 100% of its purchases were sourced in a sustainable manner, supported by a structured supplier engagement mechanism aligned with its ESG expectations. Inputs sourced directly from MSMEs and small producers accounted for 5.44% of total inputs by value in FY 2025-26 (FY 2024-25: 1.16%), while inputs sourced directly from within India stood at 24.11% (FY 2024-25: 20.89%). In terms of wage distribution by location, 81.41% of total wages were paid to employees and workers in semi-urban locations and 18.59% in metropolitan locations in FY 2025-26. The company is affiliated with 13 trade and industry chambers and associations, spanning national and international bodies. Human rights training coverage reached 57.46% of permanent employees and 49.02% of total workers in FY 2025-26, up from 44.53% and 35.77% respectively in FY 2024-25.
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