Synopsis: Nilachal Carbo Metalicks Ltd (NCML) witnessed a landmark day on May 9, 2026, as its Board approved a significant ₹35.11 crore supply order from Rashtriya Ispat Nigam Limited (RINL). Alongside this major commercial win, the company announced the strategic appointments of a new Chief Financial Officer and an Additional Director to bolster its leadership.
In a series of major regulatory filings submitted to the NSE and BSE, Nilachal Carbo Metalicks Ltd announced the successful acquisition of a substantial purchase order from Rashtriya Ispat Nigam Limited (RINL). The order, valued at ₹35,11,04,800, involves the supply of metallurgical coke. An amendment to the original contract saw the quantity enhanced from 8,000 MT to 10,000 MT, effectively increasing the scale of the engagement. The delivery schedule is set to be completed in phases throughout May 2026
The Board of Directors, in their meeting held on May 9, 2026, also approved significant changes to the senior management team. Mr. Asmi Amitav Pattanaik has been appointed as the Chief Financial Officer (CFO) and Key Managerial Personnel. With 18 years of experience in finance and accounting, Pattanaik is expected to oversee the company’s overall financial strategy and regulatory compliance. Additionally, Mr. Ramesh Narayan Rao Deshpande was appointed as an Additional Director. Deshpande brings over three decades of industry experience, specifically within the coke industry, to the board.
Financial performance remains on an upward trajectory. For the half-year ending September 2025, the company reported revenue of ₹105 crore, marking a 6.06% increase from ₹99 crore in September 2024. Net profit for the same period rose to ₹8 crore, representing a robust 33.33% increase compared to the ₹6 crore reported in the previous year. The operating profit margin (OPM) also saw a healthy uptick, rising from 12% to 13% year-on-year.
From a strategic perspective, the company continues to strengthen its position within the metallurgical supply chain. Expansion initiatives at its Odisha manufacturing facility are aimed at increasing production capacity toward approximately 150,000 MTPA. Current utilization levels are already estimated to be around 95%, highlighting strong demand for its products.
Additionally, long-standing technical collaborations and supply relationships with ferrochrome producers and iron ore pellet manufacturers provide the company with a stable customer base and recurring demand for its specialized low-phosphorus metallurgical coke.
Following the announcement, Nilachal Carbo Metalicks (NCML) shares traded at ₹87.50 on the BSE SME platform, reflecting a slight intraday dip of 1.80%. The stock has traded within a 52-week range of ₹64.60 to ₹129.80.
Despite the minor daily fluctuation, the company maintains a market capitalization of approximately ₹218.11 crore. Investors are closely watching the impact of the new ₹35 crore order on the upcoming quarterly revenue, which analysts believe could provide a significant catalyst for price recovery toward its yearly highs.
Beyond its operational developments, the company has also been strengthening its financial and strategic positioning. Over the past year, management has focused on maintaining a stable balance sheet and improving operational efficiency through disciplined financial management. The company currently maintains a moderate leverage profile, with borrowings remaining relatively stable and a debt-to-equity ratio of around 0.30, indicating controlled financial risk.
Company Overview
Incorporated in 2003, Nilachal Carbo Metalicks Limited is a prominent manufacturer of Low Phos Low Ash Metallurgical Coke and Coke Fines. Based in Odisha, the company specializes in Ferro Alloy Grade Coke and has established long-term relationships with leading ferrochrome and iron ore pellet producers. Under the leadership of Managing Director Bibhu Datta Panda, the company continues to expand its footprint in the metallurgical sector through strategic domestic supply contracts.
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