Q2 FY26 results: PAT about halves YoY as electrode prices weaken
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On the reaction day the stock moved 7.2 pts less than Nifty Smallcap 250 and 7.1 pts less than its Electrodes & Refractories peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Graphite India reported Q2 FY26 standalone revenue of Rs 710 cr, up 21% YoY from Rs 586 cr. But PAT fell about 49% YoY to Rs 92 cr. Half year standalone PAT dropped 39% to Rs 237 cr versus Rs 387 cr. Consolidated half year PAT was Rs 209 cr versus Rs 430 cr last year. Operating cash flow turned negative at Rs 12 cr (standalone) and Rs 19 cr (consolidated) for H1 FY26, compared with positive Rs 384 cr and Rs 355 cr a year ago. Inventory was written down by Rs 78 to 80 cr due to falling electrode prices. H1 EPS stood at Rs 12.13 standalone and Rs 10.78 consolidated.
Weaker electrode prices hurt margins and PAT despite revenue growth. Negative operating cash flow and Rs 80 cr inventory write-down are key concerns for shareholders.