[Dilip Davda] The company is engaged in manufacturing and marketing of CPC in the carbon industry. Its financial performance has many surprises for the reported periods, which are presumed as accounting tactics. Hefty net profit for 9M-FY24 raises eyebrows. Based on annualized FY24 earnings, the issue appears lucratively priced, but based on FY23 earnings, it is exorbitantly priced. What is more, it is a pure secondary offer and no fund is going to the company. There appears to be some window dressing to fetch fancy valuations for the IPO. Only well-informed investors may park moderate fund for medium term. Read detail review...

Petro Carbon and Chemicals IPO Peer Comparison

Petro Carbon and Chemicals Limited peer comparison with similar listed entities. (As on March 31, 2023)

Company Name	EPS (Basic)	NAV (per share) (Rs)	P/E (x)	RoNW (%)	P/BV Ratio
Petro Carbon and Chemicals Limited	2.59	14.43		17.92	11.85
Goa Carbon Ltd.	88.24	130.82	8.76	58.00	5.47
India Carbon Limited	90.28	1,637.97	13.85	6.14	0.76

Notes:

All the financial information for listed industry peers mentioned above is sourced from the Annual Reports of the aforesaid companies for the year ended March 31, 2023 and stock exchange data dated March 15, 2023 to compute the corresponding financial ratios. The current market price and related figures are as on March 15 2023.
The P/E figures for the peers are based on closing market prices of equity shares on BSE on March 15, 2024 divided by the Basic EPS as at March 31, 2023.
Basic and Diluted EPS refers to the Basic and Diluted EPS sourced from the Annual Reports for FY 22- 23 of the listed peer companies.
Return on Net Worth (%) for listed industry peers has been computed based on the Net Profit After Tax for the year ended March 31, 2023 divided by Total Equity as on March 31, 2023.
NAV per share for listed peers is computed as the Total Equity as on March 31, 2023 divided by the outstanding number of equity shares as on March 31, 2023.

Petro Carbon IPO Review by Members

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