Goa Carbon Limited has secured a significant legal victory with the National Green Tribunal (NGT) dismissing an environmental pollution case against its Goa manufacturing plant. The company received the final order dated 27/02/2026 from the NGT's western zone bench in Pune, marking the conclusion of Original Application No. 80 of 2024 (WZ).

Tribunal's Key Findings

The National Green Tribunal ruled decisively in favor of Goa Carbon after conducting a comprehensive review of the allegations. The Tribunal's analysis revealed several critical factors that led to the dismissal of the case.

Regulatory Compliance and Environmental Standards

The Tribunal specifically noted that Goa Carbon maintains a valid Consent to Operate issued by the Goa State Pollution Control Board. This regulatory approval demonstrated that the competent authority was satisfied with the company's environmental compliance standards. The Joint Committee Inspection conducted as part of the proceedings found no instances of non-compliance, and all recommendations made by the inspection committee have been duly implemented by the company.

Case Background and Resolution

The environmental pollution case was filed by applicants who alleged that villagers were suffering from serious ailments due to pollution caused by the company's industrial activities. However, the Tribunal found that the medical reports presented were general in nature and insufficient to establish any specific health impacts directly attributable to Goa Carbon's operations.

Financial and Operational Impact

The company has confirmed that the favorable tribunal order results in no financial impact on its operations. With the dismissal of the case, Goa Carbon can continue its manufacturing operations at the Goa plant without any restrictions or closure directives that were sought by the applicants.

The Tribunal's decision reinforces the company's environmental compliance record and validates its operational practices. The ruling noted that no grounds existed for directing the shifting or closure of the company's Goa plant, given the subsisting valid regulatory approvals and substantial compliance demonstrated through official inspections.

Goa carbon Limited announced its unaudited financial results for the quarter ended December 31, 2025, revealing a significant widening of losses despite strong revenue performance. The calcined petroleum coke manufacturer reported a net loss of ₹23.37 crores for Q3 FY26, substantially higher than the ₹8.34 crores loss recorded in the corresponding quarter of the previous fiscal year.

Financial Performance Overview

The company's quarterly performance showed mixed results, with revenue growth offset by operational challenges and increased costs.

Operational Challenges Impact Results

The company's operations were significantly affected by scheduled maintenance activities during the quarter. Both major manufacturing facilities underwent extended shutdowns to optimize operations, with the Goa plant remaining closed for 49 days and the Bilaspur plant for 92 days during Q3 FY26.

Despite these operational disruptions, the company achieved substantial revenue growth of 49.5%, with total income reaching ₹199.98 crores compared to ₹131.92 crores in the previous year quarter. Sale of products increased to ₹193.44 crores from ₹129.42 crores, demonstrating strong market demand for the company's calcined petroleum coke products.

Cost Structure and Expenses

The company faced significant cost pressures during the quarter, with total expenses rising to ₹220.90 crores from ₹142.31 crores in Q3 FY25. Key expense components included:

• Cost of materials consumed: ₹203.60 crores (vs ₹135.66 crores in Q3 FY25)
• Finance costs: ₹6.84 crores (vs ₹3.65 crores in Q3 FY25)
• Employee benefits expense: ₹6.08 crores (vs ₹5.50 crores in Q3 FY25)
• Other expenses: ₹15.76 crores (vs ₹19.12 crores in Q3 FY25)

Nine-Month Performance

For the nine-month period ending December 31, 2025, Goa Carbon's financial performance showed continued challenges:

Regulatory and Tax Developments

The company resolved several pending income tax matters during the quarter, receiving refunds of ₹7.58 crores along with interest of ₹4.64 crores. However, it also created a provision of ₹2.47 crores against receivable balances for assessment year 1994-95. Additionally, the company continues to deal with Goa Green Cess matters, having deposited ₹3.49 crores under protest as directed by the Supreme Court.

Labour Code Impact

The implementation of new Labour Codes resulted in an incremental impact of ₹0.38 crores during the quarter, primarily due to changes in wage definitions. The company continues to monitor developments in Central and State Rules related to these codes.

Goa Carbon operates exclusively in the manufacture and sale of calcined petroleum coke, with no subsidiary, associate, or joint venture companies as of December 31, 2025.