NSE: GRAPHITE · BSE: 509488
GRAPHITE INDIA LTD
Makes graphite electrodes and related carbon products used primarily by steelmakers running electric arc furnaces. In FY26, the Graphite and Carbon segment generated Rs 2,594 crore (90.9% of segment revenue) with EBIT of Rs 164 crore, while a smaller Steel segment added Rs 257 crore (9.0%) and an Others segment contributed Rs 4 crore (0.1%) and ran at a loss of Rs 24 crore at the EBIT level. The business operates 7 plants in India and 2 international plants, and exports form a significant share of revenue across 27 countries. Materials are the largest cost line at 40.4% of revenue, followed by other operating expenses at 36.3% and employee costs at 9.4%. The company is closing its Graphite Specialities and Coating divisions in Germany, which contributed about 4% of FY26 turnover, and faces a preliminary US countervailing duty of 3.68% on large-diameter graphite electrodes exported to the US. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Graphite and Carbon (91%), Steel (9%), Others (0%). Cyclical, asset-heavy graphite electrode and carbon manufacturing
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,026 | 3,181 | 2,950 | 2,560 | 2,852 |
| EBITDA (ex other income) | 475 | 259 | 811 | 254 | 190 |
| margin % | 15.7 | 8.1 | 27.5 | 9.9 | 6.7 |
| Owners' profit | 0 | 0 | 809 | 462 | 175 |
| EPS, as reported (₹) | 25.82 | 10.19 | 41.41 | 23.65 | 8.97 |
| ROE % · ROCE % | 10.2 · 14.1 | 4.0 · 6.6 | 14.4 · 18.0 | 7.8 · 9.9 | 2.9 · 4.5 |
| Debt / equity (x) | 0.09 | 0.09 | 0.03 | 0.03 | 0.06 |
| Cash from operations | (489) | (161) | 682 | 500 | 82 |
| Capex | (92) | (170) | (260) | (168) | (251) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 643 | 523 | 666 | 665 | 1,394 | 642 | 816 | 842 |
| Profit before tax | 252 | (14) | 69 | 167 | 272 | 97 | (125) | 214 |
| Net profit | 194 | (21) | 49 | 133 | 209 | 67 | (105) | 171 |
| EPS (₹) | 10.00 | (1.03) | 2.57 | 6.87 | 10.78 | 3.50 | (5.31) | 8.82 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Graphite and Carbon | 3,189 | 90.6 |
| Steel | 308 | 8.7 |
| Others | 24 | 0.7 |
| Total, before eliminations | 3,521 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| GRAPHITE INDIA LTD ◆ | 14,304 | 41.2 | 2.44 | 40.3 | 2.9 | 4.0 | 7.8 | 28.6 |
| RAGHAV PRODUCTIVITY ENH L | 8,101 | 129.1 | 33.13 | 104.7 | 22.4 | 27.4 | 31.8 | 30.8 |
| VESUVIUS INDIA LTD | 7,765 | 30.3 | 4.44 | — | 6.5 | 8.6 | — | 18.0 |
| RHI MAGNESITA INDIA LTD | 7,310 | — | 2.05 | — | (10.8) | (8.2) | 24.0 | 14.5 |
| HEG ADVANCED MATERIAL LTD | 4,404 | 12.3 | 0.93 | 9.6 | 7.2 | 5.9 | 15.4 | 28.5 |
| IFGL REFRACTORIES LIMITED | 1,226 | 29.9 | 1.04 | 9.7 | 3.0 | 3.6 | 13.1 | 7.8 |
| FOSECO CRUCIBLE INDIA LIMITED | 1,086 | 58.0 | 7.75 | — | 13.4 | 18.8 | — | (1.0) |
| ORIENT CERATECH LIMITED | 471 | 18.1 | 1.56 | 9.8 | 7.2 | 8.4 | — | 17.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 41.2 | 30.3 | 7 of 9 | 25% |
| P/B | 2.4 | 2.3 | 6 of 10 | 44% |
| ROCE | 4.0 | 8.6 | 9 of 11 | 20% |
| ROE | 2.9 | 7.1 | 9 of 10 | 11% |
| Debt / Equity | 0.1 | 0.0 | 6 of 10 | 44% |
| EBITDA margin | 28.6 | 18.0 | 3 of 11 | 80% |
| Revenue growth | 26.6 | 5.6 | 3 of 11 | 80% |
| Profit growth | 28.6 | 57.8 | 7 of 11 | 40% |
| Market cap | 14304 | 1226 | 1 of 11 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to review September 2026 financial results | compliance | minimal | — | — |
| 23 Oct 2026 · GIL raises stake in Godi India to 52.68% through rights issue | corporate actions | high | — | — |
| 16 Oct 2026 · ESG score revised down to 62 from 64 by NSE Sustainability | business updates | medium | — | — |
| 6 Oct 2026 · Reg 74(5) compliance certificate for Q2 FY27 submitted to depositories | compliance | minimal | — | — |
| 1 Oct 2026 · Newspaper notice on special window for re-lodging physical share transfers | compliance | minimal | — | — |
| 29 Sept 2026 · US preliminary antidumping duty ruling on Graphite India exports | regulatory legal | high | — | — |
| 28 Sept 2026 · Trading Window Closure from October 1 for Q2 Results | compliance | minimal | — | — |
| 22 Sept 2026 · Graphite India ESG score improved to 65.1 from 61.3 by SES ESG Research | business updates | medium | — | — |
| 22 Sept 2026 · Senior management to virtually meet Citadel with single investor | investor communications | low | — | — |
| 18 Sept 2026 · Graphite India gets ESG score of 66 (Performer) from Niche99 | business updates | medium | — | — |
How to read this document
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|---|---|---|
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.