PANAMAPET

Panama Petrochem Limited

Specialty petroleum products manufacturer of lubricants and process oils

Energy›Oil, Gas & Consumable Fuels›Petroleum Products›Lubricants

panamapetro.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹488.10
Market cap
2,953 Cr
Stock P/E
6.2
P/B
2.01
Dividend yield
0.6%
ROE (FY26)
14.5%
ROCE (FY26)
17.7%
Operating margin (FY26)
8.5%
Debt / equity (FY26)
0.05
OCF / EBITDA (FY26)
-25.2%
OCF / EBITDA (3Y)
8.3%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Panama Petrochem makes specialty petroleum products and sells them as a single-segment business, with a wholly owned overseas subsidiary, Panol Industries RMC FZE, included in its consolidated results.

Company snapshot

4thBy market cap

Ranked among 7 companies in Lubricants.

What we see

Positives
  • ✓Debt-to-equity of 0.05x — the company is largely funded by its own money, not borrowed funds.
Concerns
  • ✗Only 8% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales574 Cr512 Cr741 Cr671 Cr699 Cr728 Cr695 Cr693 Cr773 Cr775 Cr823 Cr1,735 Cr
Operating expenses (approx.)513 Cr456 Cr663 Cr605 Cr641 Cr665 Cr636 Cr638 Cr705 Cr714 Cr731 Cr1,347 Cr
EBITDA61 Cr56 Cr78 Cr66 Cr58 Cr63 Cr59 Cr55 Cr69 Cr61 Cr91 Cr388 Cr
OPM %10.7%11.0%10.5%9.8%8.4%8.7%8.6%7.9%8.9%7.8%11.1%22.4%
Other income4 Cr2 Cr3 Cr2 Cr3 Cr4 Cr4 Cr4 Cr3 Cr3 Cr3 Cr4 Cr
Interest4 Cr4 Cr5 Cr4 Cr6 Cr4 Cr5 Cr3 Cr3 Cr2 Cr3 Cr6 Cr
Depreciation2 Cr2 Cr3 Cr3 Cr3 Cr4 Cr3 Cr3 Cr3 Cr3 Cr4 Cr4 Cr
Profit before tax58 Cr52 Cr74 Cr61 Cr53 Cr59 Cr55 Cr53 Cr65 Cr58 Cr88 Cr383 Cr
Tax %19.6%20.2%17.3%18.3%16.1%17.8%20.1%18.9%18.1%20.6%18.8%19.3%
Net profit47 Cr41 Cr61 Cr50 Cr44 Cr49 Cr44 Cr43 Cr53 Cr46 Cr71 Cr309 Cr
EPS (₹)₹7.75₹6.84₹10.08₹8.29₹7.29₹8.02₹7.32₹7.04₹8.76₹7.57₹11.75₹51.06

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales899 Cr1,346 Cr1,269 Cr1,003 Cr1,447 Cr2,132 Cr2,249 Cr2,357 Cr2,793 Cr3,064 CrSign in free for the trailing twelve months
Operating expenses (approx.)824 Cr1,238 Cr1,169 Cr949 Cr1,256 Cr1,836 Cr1,940 Cr2,103 Cr2,546 Cr2,789 CrSign in free for the trailing twelve months
EBITDA75 Cr108 Cr100 Cr54 Cr191 Cr296 Cr309 Cr254 Cr247 Cr276 CrSign in free for the trailing twelve months
OPM %8.3%8.0%7.9%5.3%13.2%13.9%13.7%10.8%8.8%9.0%Sign in free for the trailing twelve months
Other income4 Cr2 Cr3 Cr3 Cr5 Cr6 Cr7 Cr14 Cr12 Cr13 CrSign in free for the trailing twelve months
Interest9 Cr14 Cr25 Cr17 Cr9 Cr7 Cr12 Cr18 Cr18 Cr12 CrSign in free for the trailing twelve months
Depreciation5 Cr5 Cr6 Cr7 Cr8 Cr8 Cr9 Cr10 Cr12 Cr14 CrSign in free for the trailing twelve months
Profit before tax66 Cr90 Cr72 Cr32 Cr180 Cr286 Cr295 Cr241 Cr228 Cr263 CrSign in free for the trailing twelve months
Tax %33.3%32.4%27.5%10.5%24.6%19.5%20.9%18.9%18.1%19.1%Sign in free for the trailing twelve months
Net profit44 Cr61 Cr52 Cr29 Cr135 Cr230 Cr233 Cr195 Cr187 Cr213 CrSign in free for the trailing twelve months
EPS (₹)₹7.24₹10.08₹8.58₹4.76₹22.37₹38.08₹38.51₹32.26₹30.92₹35.13Sign in free for the trailing twelve months
Dividend payout %————5.3%10.5%23.3%24.7%19.3%8.6%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital8 Cr12 Cr12 Cr12 Cr12 Cr12 Cr12 Cr12 Cr12 Cr12 Cr
Reserves305 Cr359 Cr402 Cr421 Cr549 Cr756 Cr940 Cr1,091 Cr1,243 Cr1,457 Cr
Borrowings33 Cr45 Cr160 Cr50 Cr65 Cr30 Cr—25 Cr2 Cr78 Cr
Other liabilities323 Cr559 Cr346 Cr274 Cr366 Cr455 Cr283 Cr281 Cr266 Cr372 Cr
Total liabilities669 Cr976 Cr919 Cr757 Cr993 Cr1,253 Cr1,235 Cr1,409 Cr1,524 Cr1,919 Cr
Fixed assets (net)125 Cr128 Cr146 Cr162 Cr175 Cr190 Cr208 Cr242 Cr233 Cr236 Cr
CWIP4 Cr14 Cr11 Cr17 Cr22 Cr5 Cr13 Cr1 Cr19 Cr48 Cr
Investments1 Cr0.11 Cr10 Cr10 Cr10 Cr21 Cr20 Cr24 Cr46 Cr85 Cr
Loans & advances——1 Cr0.46 Cr0.58 Cr0.81 Cr0.92 Cr0.84 Cr11 Cr16 Cr
Inventories302 Cr445 Cr384 Cr254 Cr365 Cr491 Cr324 Cr492 Cr409 Cr669 Cr
Trade receivables183 Cr280 Cr314 Cr251 Cr323 Cr317 Cr349 Cr406 Cr503 Cr574 Cr
Cash & bank13 Cr27 Cr7 Cr30 Cr70 Cr62 Cr97 Cr95 Cr167 Cr71 Cr
Other assets40 Cr81 Cr46 Cr32 Cr26 Cr166 Cr223 Cr150 Cr135 Cr221 Cr
Total assets669 Cr976 Cr919 Cr757 Cr993 Cr1,253 Cr1,235 Cr1,409 Cr1,524 Cr1,919 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity59 Cr34 Cr-78 Cr179 Cr55 Cr170 Cr210 Cr-28 Cr162 Cr-69 Cr
Cash from investing-21 Cr-14 Cr-22 Cr-21 Cr-14 Cr-111 Cr-79 Cr67 Cr-12 Cr-72 Cr
Cash from financing-36 Cr-6 Cr81 Cr-136 Cr-0.70 Cr-67 Cr-96 Cr-40 Cr-78 Cr45 Cr
Net cash flow2 Cr13 Cr-19 Cr22 Cr40 Cr-9 Cr35 Cr-2 Cr72 Cr-96 Cr
Free cash flow (OCF − Capex)40 Cr15 Cr-102 Cr159 Cr30 Cr140 Cr174 Cr-77 Cr135 Cr-124 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %21.5%24.9%16.9%10.3%30.1%36.8%32.2%22.9%19.6%17.7%
ROE %14.0%16.4%12.5%6.6%24.1%30.0%24.5%17.7%14.9%14.5%
Debtor days74769091815456636668
Inventory days182173146115124111689268103
Days payable1862081201161119755463545
Cash conversion cycle71421169094687010998126
OCF / EBITDA %78.1%31.5%-78.4%333.4%28.9%57.4%67.8%-11.0%65.7%-25.2%
OCF / EBITDA % (3 years)——5.0%51.4%45.2%74.7%54.6%40.9%42.4%8.3%
Debt / equity0.100.120.390.110.120.04—0.020.00200.05
Current ratio1.491.371.501.801.862.133.563.815.183.69
Net debt / EBITDA0.26—1.530.36-0.03-0.11-0.31-0.27-0.670.02