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Swing Capital

Panama Petrochem Ltd

NSE: PANAMAPET BSE: 524820

Panama Petrochem Ltd. was incorporated in 1982 by Amirali E Rayani and is engaged in the conversion and manufacturing of crude oil derivatives to 80+ specialty products across segments.[1]

₹301
52W: ₹229 — ₹411
PE 14.5 · Book ₹162 · +86% vs book
Market Cap₹1,822 Cr
Stock P/E14.5Price to Earnings
ROCE19%Return on Capital
ROE13%Return on Equity
Div. Yield1.7%Face Value ₹2

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has been maintaining a healthy dividend payout of 24.9%

Weaknesses

  • −Promoter holding has decreased over last 3 years: -6.71%

Shareholding Pattern

Promoters63.16%
FIIs11.28%
DIIs0.67%
Public24.88%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters61.94%61.94%61.94%61.94%62.22%▲0.362.51%▲0.363.16%▲0.663.16%
FIIs14.88%14.71%▼0.215.77%▲1.112.44%▼3.312.07%▼0.412.02%▼0.111.29%▼0.711.28%▼0.0
DIIs0.26%0.06%▼0.20.05%▼0.00.29%▲0.20.35%▲0.10.47%▲0.10.67%▲0.20.67%
Public22.92%23.28%▲0.422.24%▼1.025.32%▲3.125.36%▲0.024.99%▼0.424.86%▼0.124.88%▲0.0

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales455371499414445461456424504484
Expenses407328447367407419414385457439
Operating Profit48445346384242394745
OPM %10%12%11%11%9%9%9%9%9%9%
Net Profit33313732253029293334
EPS ₹5.465.066.15.264.135.044.844.765.535.63

AI Insights

Revenue Trend

TTM revenue at ₹1,868Cr, up 5.2% YoY. OPM at 9%.

Debt Position

Borrowings at ₹1Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Capex Cycle

CWIP at ₹24Cr (10% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0.67% (+0.67pp change). FIIs: 11.28% (+7.83pp change). Promoters hold 63.16%.

Margin & Efficiency

ROCE improving from 10% (Mar 2014) to 19% (Mar 2025). Working capital days: 119.

Valuation

PE 14.5x with 19% ROCE. Price is 86% above book value of ₹162. Dividend yield: 1.7%.

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