Panama Petrochem Limited (PANAMAPET) share price
₹501.30 on NSE as of 2026-10-08. -6.65% on the day. market cap ₹3,033 Cr. P/E 6.3. 52-week range ₹232.10 to ₹545.50. Oil, Gas & Consumable Fuels.
What the company does
Incorporated in 1982, Panama Petrochem Ltd. is a manufacturer and exporter of over 80 variants of speciality petrochemicals. The company’s key products include liquid paraffin oils (white oils), petroleum jelly, and transformer oil. The company has four manufacturing units within the country, one each at Ankleshwar (Gujarat), Dahej (Gujarat), Taloja (Maharashtra) and Daman. PPL’s products are used across six to seven broad industries, such as printing ink, cosmetics, pharmaceuticals, rubber, resin, engineering and chemicals. The company also has a manufacturing presence in West Asia through its wholly-owned subsidiary, Panol Industries RMC, FZE, at Ras Al Khaimah, the UAE.
Filed by ICRA, page 5.
Panama Petrochem Q1 FY27: Revenue Up 150% to ₹1,735 Cr, PAT of ₹309 Cr in One Quarter, and a Subsidiary That Out-Earned Its Own History
At a glance
Panama Petrochem refines crude oil derivatives into specialty oils, waxes, greases and chemicals. Consolidated revenue for the three months to June 2026 was ₹1,735.15 crore. The same quarter a year earlier brought ₹693.22 crore. The quarter to March 2026 brought ₹822.77 crore. Operating profit was ₹387.88 crore. Net profit was ₹308.91 crore, with earnings per share of ₹51.06.
For scale, the full year to March 2026 produced revenue of ₹3,064.26 crore. Profit for those twelve months was ₹212.50 crore. One quarter has now delivered more profit than the four before it combined. That arithmetic makes the nine-year profit table read like a warm-up act.
The margin moved too. Operating profit margin for the quarter was 22%. Across the past decade that margin has sat between 4% and 14%.
The subsidiary carried a large share of the period. Panol Industries RMC FZE, the wholly-owned UAE unit, reported quarterly revenue of ₹487.29 crore. Its profit after tax was ₹91.39 crore, per the auditor's review report. That leaves the standalone Indian entity with revenue of ₹1,247.86 crore. Standalone profit after tax was ₹217.52 crore.
Elsewhere in the filing, a new factory at Ambernath, Thane began commercial production on 6 July 2026. Its licence had arrived four days earlier, on 2 July. ICRA, a credit-rating agency, reaffirmed its [ICRA]A+ (Stable) and [ICRA]A1+ ratings on 15 May 2026. The cash flow statement for the year to March 2026 shows cash from operations of negative ₹69.38 crore.
Introduction
Panama Petrochem was incorporated in 1982 by Amirali E Rayani. It has spent forty-four years turning crude oil derivatives into more than 80 specialty products. That is a long stretch spent converting one liquid into eighty slightly different liquids.
Sales moved from ₹833.5 crore in the year to March 2017 to ₹3,064.26 crore in the year to March 2026. Screener puts compounded sales growth at 15% over ten years. Profit over the same stretch compounded at 24%, again per Screener. The line between those two endpoints is not a straight one. In the year to March 2020, sales fell to ₹1,002.75 crore. Net profit that year was ₹28.78 crore. In the year to March 2022, profit reached ₹230.34 crore.
The business has an offshore leg. Panol Industries RMC FZE at Ras Al Khaimah is the company's only subsidiary. Per the About section, the plant sits at the port. Dedicated pipelines bring raw material in and send finished product straight to bulk vessels. It is the logistics equivalent of a house built on top of the grocery shop. In May 2024 the company signed a 25-year lease in the UAE for petrochemical manufacturing.
Recent filings have been about capacity. The company acquired roughly 4.5 acres, about 18,000 square metres, in Thane, Maharashtra to expand manufacturing. It planned 15,000 tonnes a year of fresh capacity at the UAE subsidiary in the year to March 2025. A further 15,000 tonnes a year was planned at Taloja. Capital spending of about ₹75 crore was planned over the three years to March 2027. That spending was to be funded entirely from internal accruals, meaning cash the business generates itself.
The Thane factory licence arrived on 2 July 2026 and runs until 29 June 2035. Commercial operations began on 6 July 2026 at LILP II, Ambernath, Thane.
On the board, Mr Arif Rayani was appointed Chairman in August 2025. Mr Amirali Rayani stepped down from that post and continues as Executive Director. The results for the three months to June 2026 carry Arif A. Rayani's signature as Chairman.
Business model
The company buys base oil. It refines, blends and processes that oil into products most households touch daily without thinking about petrochemicals.
The catalogue runs to white oils, automotive lubricants, petroleum jellies and transformer oils. It also covers inks, resins, rubber chemicals and textile chemicals. Pharmaceutical and cosmetic-grade oils and specialty greases sit alongside them. There are more than eighty variants in all. The list is granular enough that liquid paraffin oil, antistatic coning oil and cable filling compound are three separate entries rather than one headed slippery stuff.
The revenue split is lopsided in a way that makes reporting easy. Panoil accounted for 99% of revenue in the year to March 2025. Wax, covering paraffin wax, slack wax and micro wax, made up roughly 1%. A whole manufacturing category sits here as a rounding error with its own product manager.
Exports were about 56% of revenue in the year to March 2025, against 54% the year before. Domestic sales were about 44%. Products go to more than 55 countries across the USA, Africa, Europe and Asia. Finished goods were about 94% of sales in the year to March 2025, against 99% the year before. Traded goods, which are bought in and resold rather than made, rose to 6% from 1%.
Manufacturing runs from four units, all in western India. They are Ankleshwar and Dahej in Gujarat, Daman, and Taloja in Maharashtra. Installed capacity across them was 2,95,000 litres or tonnes a year as of March 2025. ICRA, a credit-rating agency, notes the Taloja facility is close to the port and handles most exports. Add the UAE plant, and the physical footprint is a list of places a ship can reach.
The customer list explains the eighty products. Per the filings, Hubergroup India buys inks and Dabur buys for cosmetics. ATC Tyre buys rubber oils, and Reliance Industries is also named. ICRA additionally names Marico. A face cream, a newspaper and a set of tyres may share one supplier. The top ten customers contributed about 45% of total operating income in the year to March 2025. The same figure was 39% the year before.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Panama Petrochem Limited.
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