Graphite India Limited (GRAPHITE)
₹770.25 +0.40% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Graphite India's revenue was ₹842 Cr (+26.6% year on year, +3.2% on the previous quarter), and net profit ₹171 Cr (+28.6% year on year); the operating margin was 17.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹842 | +26.6% | +3.2% |
| Operating profit | ₹144 | +234.9% | from loss |
| Net profit | ₹171 | +28.6% | from loss |
| EPS (₹) | 8.82 | +28.4% | from loss |
| Operating margin | 17.1% | — | — |
GRAPHITE delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 43.75% of the GRAPHITE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 33.75%. Delivery was unusually high while the price barely moved (+0.40%). Volume was 0.1 times its average, well below normal.
Delivery in the last 5 sessions: 39.0% · 37.0% · 38.8% · 46.8% · 43.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Graphite India Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, issued by Registrar MUFG Intime India Pvt. Ltd. on October 3, 2026, confirms that securities received for dematerialization were duly processed, verified, and cancelled. This is a recurring administrative filing confirming standard registry compliance.
- Compliance submitted under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Covers the quarter ended September 30, 2026
- Confirmation certificate issued by MUFG Intime India Pvt. Ltd. dated October 3, 2026
The U.S. Department of Commerce has issued a preliminary affirmative determination in its antidumping duty investigation into large diameter graphite electrodes from India. Graphite India faces a preliminary dumping margin of 12.22%, resulting in a cash deposit rate of 9.88% after adjusting for subsidy offsets. The company stated that the monetary financial impact is unascertainable at this juncture as the effective date is yet to be notified. This preliminary duty could impact realization and competitiveness of export volumes to the US market.
- Preliminary dumping margin announced at 12.22% by U.S. Department of Commerce
- Cash deposit rate determined at 9.88% post adjustment for subsidy offset
- Pertains to export of large diameter graphite electrodes to the US
- Receipt of communication on September 28, 2026; effective date yet to be notified
- Direct financial impact is un-ascertainable at this juncture
Graphite India Limited has informed the exchanges that Niche Ninety Nine Capability and Certifications (Niche99) has assigned the company an ESG score of 66, categorizing it as a 'Performer'. The rating was conducted independently using publicly available information, and Graphite India did not engage the agency. This intimation complies with SEBI LODR Regulation 30 following BSE notification received on September 17, 2026. The announcement is informational with zero direct impact on operational earnings or balance sheet metrics.
- Assigned an ESG score of 66 ('Performer') by Niche99
- Intimation received from BSE by the company on September 17, 2026
- Company clarified that it did not engage Niche99; report was prepared independently from public data
- Filing made pursuant to SEBI circular dated January 30, 2026
Graphite India Limited has informed exchanges that its senior management is scheduled to meet representatives from Dymon Asia on Thursday, September 10, 2026. The meeting will be a single-investor engagement. The company stated that the presentation used will be its existing Q1 2026-27 Earnings Presentation, which is already available on its website. This is a routine institutional interaction with no new material financial disclosures announced.
- Senior management meeting scheduled with Dymon Asia on September 10, 2026
- Engagement format is a single investor interaction
- Presentation to be used is the pre-existing Q1 2026-27 Earnings Presentation available online
Graphite India Limited has informed the exchanges that its senior management is scheduled to meet representatives of Dymon Asia in a single-investor meeting on Thursday, September 10, 2026. The company stated that discussions will refer to its publicly available Q1 2026-27 earnings presentation. No unpublished price-sensitive information is expected to be shared, and this represents routine institutional investor interaction.
- Meeting scheduled with Dymon Asia (single investor) on September 10, 2026
- Intimation submitted on September 9, 2026, pursuant to SEBI Regulation 30
- Presentation to be used is the existing Q1 2026-27 Earnings Presentation available on the company website
Graphite India Limited has announced a scheduled interaction between its senior management and representatives of Dymon Asia. The 1-on-1 meeting is set for Thursday, September 10, 2026. The discussion will refer to the existing Q1 2026-27 earnings presentation already publicly available on the company website. This is a routine institutional engagement without new material financial disclosures.
- Senior management meeting scheduled with Dymon Asia on Thursday, 10th September, 2026
- Format specified as a single investor meeting
- Discussions to be based on the publicly available Q1 2026-27 Earnings Presentation
Graphite India Limited has informed the exchanges that its senior management is scheduled to meet representatives of Dymon Asia on Thursday, September 10, 2026. The interaction is a single-investor meeting. The company stated that discussions will be based on its publicly available Q1 2026-27 earnings presentation, with no unpublished price-sensitive information being shared.
- Senior management meeting scheduled with Dymon Asia on September 10, 2026
- Format specified as a single investor meeting
- Presentation to be used is the existing Q1 2026-27 Earnings Presentation
Graphite India Limited has announced an institutional investor meeting scheduled for September 10, 2026, with Dymon Asia. The meeting involves a single investor interaction where senior management will discuss the existing Q1 FY2026-27 earnings presentation. No unpublished price-sensitive information is slated to be shared, and the presentation remains available publicly. With Graphite India operating at a market capitalization of Rs 16,417 Cr and TTM revenue of Rs 3,029 Cr, this is a routine procedural update.
- Senior Management scheduled to meet Dymon Asia on Thursday, 10th September, 2026
- Meeting arranged with a single institutional investor
- Discussion to be based on the pre-existing Q1 2026-27 Earnings Presentation
- Intimation submitted under Regulation 30 of SEBI LODR Regulations, 2015
Graphite India Limited informed the stock exchanges that its senior management is scheduled to hold a virtual meeting with Kabouter Capital on Wednesday, August 26, 2026. The meeting will be conducted on a 1-on-1 basis with a single investor. The company confirmed that discussions will rely on the publicly available Q1 FY2026-27 earnings presentation without sharing unpublished price-sensitive information.
- Virtual 1-on-1 meeting scheduled with Kabouter Capital on August 26, 2026
- Discussions to be based on the already published Q1 2026-27 Earnings Presentation
- Intimation filed under Regulation 30 of SEBI LODR Regulations, 2015
Graphite India Limited has informed exchanges that CRISIL ESG Ratings & Analytics Ltd assigned it an ESG rating of 'Crisil ESG 60' and a Core ESG rating of 'Crisil Core ESG 66'. The rating intimation was received by the company on August 13, 2026. The company noted it did not formally engage CRISIL for the evaluation, and the assessment was independently conducted using publicly available data. This filing is a statutory compliance disclosure under SEBI listing regulations with no operational or financial impact.
- CRISIL ESG Ratings assigned an overall rating of 'Crisil ESG 60' to the company.
- A Core ESG rating of 'Crisil Core ESG 66' was also assigned.
- The evaluation was prepared independently using public domain data without company engagement.
- Intimation was received on August 13, 2026, and filed under SEBI Regulation 30.
Graphite India has scheduled a meeting with institutional investors at the Emkay Confluence 2026 on August 14, 2026. The management will discuss the Q4 FY2025-26 results, a period where the company reported a net loss of ₹105 crore despite revenue of ₹816 crore. With a TTM operating margin of -0.4%, the focus remains on margin recovery and the utilization of its ₹3,921 crore cash reserve. The company continues to navigate cyclical electrode pricing and its diversification into advanced battery chemistry.
- Senior management participation in Emkay Confluence scheduled for August 14, 2026.
- Discussion will center on Q4 FY2025-26 earnings, which saw a ₹105 crore net loss.
- Company maintains a strong liquidity position with ₹3,921 crore in cash for inorganic growth.
- Total electrode capacity remains at ~80,000 MTPA, with the 18,000 MTPA German plant currently shut.
- TTM revenue stands at ₹2,852 crore with a low debt-to-equity ratio of 0.05.
Shareholders of Graphite India have approved a major enabling resolution to raise up to ₹5,000 crore through Non-Convertible Debentures (NCDs) or Bonds on a private placement basis. This potential fundraise is highly significant, representing approximately 37% of the company's current market capitalization and 89% of its net worth. All other resolutions, including the FY26 dividend and director re-appointments, were passed with requisite majorities. The scale of the NCD approval suggests the company is preparing for substantial inorganic growth or capital expenditure in its new focus areas like battery technology.
- Approved enabling resolution to raise up to ₹5,000 crore via NCDs/Bonds on a private placement basis.
- NCD issuance resolution received 99.99% votes in favor from participating shareholders.
- Special resolution for commission to Non-Executive Directors passed with 94.13% favor.
- Total of 15.59 crore shares (representing ~79.8% of total equity) were voted during the AGM process.
- Re-appointment of Mr. K K Bangur as Director approved with 99.36% votes in favor.
Graphite India Limited held its 51st Annual General Meeting on August 4, 2026, where shareholders approved a major enabling resolution to raise up to Rs 5,000 crore through debentures or bonds. This potential fundraise is highly significant, representing approximately 89% of the company's current net worth of Rs 5,634 crore and 1.75x its TTM revenue. While the company already holds a substantial cash balance of Rs 3,921 crore, this approval provides massive 'dry powder' for potential large-scale inorganic growth or capacity expansion in advanced battery technologies. Other routine items, including the FY26 dividend declaration and director re-appointments, were also concluded.
- Shareholders approved a special resolution for the issuance of debentures/bonds up to Rs 5,000 crore
- The approved fundraise limit is ~175% of the company's TTM revenue of Rs 2,852 crore
- The potential debt raise is nearly 20x the current debt level of Rs 254 crore
- Dividend for the financial year ended March 31, 2026, was formally declared during the meeting
- Re-appointment of Mr. K K Bangur and Mrs. Sudha Krishnan (Independent Director) were approved
Graphite India reported a strong Q1 FY2027 with consolidated net sales growing 26.6% YoY to ₹842 Cr, primarily driven by higher sales volumes. Net profit rose 28.6% YoY to ₹171 Cr, marking a significant recovery from the ₹105 Cr loss reported in the preceding March 2026 quarter. Operational efficiency improved sharply with capacity utilization reaching 97% compared to 82% in Q1 FY2026. The company maintains a massive net cash position of ₹3,939 Cr, which constitutes approximately 31% of its current market capitalization.
- Consolidated Net Sales increased 26.6% YoY to ₹842 Cr, driven by volume growth
- Capacity utilization reached 97% in Q1 FY2027, up from 82% in the same period last year
- Net Profit grew 28.6% YoY to ₹171 Cr, despite a 35.3% decline in other income
- Net Cash and Cash Equivalent balance remains robust at ₹3,939 Cr as of June 2026
- India's crude steel production grew 7.5% YoY to 87 million MT in 6M 2026, outperforming global trends
Graphite India reported a standalone net profit of Rs 157 Cr for Q1 FY27, a significant recovery from the Rs 69 Cr loss in the preceding quarter (Q4 FY26). Standalone revenue from operations grew 19% YoY to Rs 765 Cr compared to Rs 643 Cr in Q1 FY26. Profitability was bolstered by a reduction in inventory write-downs to Rs 22 Cr, down from Rs 75 Cr in the year-ago period. Other income contributed Rs 107 Cr to the bottom line, reflecting the company's substantial cash and investment position.
- Standalone Revenue from operations increased 19% YoY to Rs 765 Cr.
- Standalone Net Profit reached Rs 157 Cr, reversing a sequential loss of Rs 69 Cr.
- Inventory write-down reduced significantly to Rs 22 Cr from Rs 75 Cr in June 2025.
- Graphite and Carbon segment revenue stood at Rs 651 Cr, representing 85% of total standalone revenue.
- Consolidated subsidiaries contributed an additional Rs 12.96 Cr to the total net profit for the quarter.
Financial Performance
Revenue Growth by Segment
Consolidated revenue for Q2 FY2026 was INR 729 Cr, up 13.4% YoY. Segment growth: Graphite and Carbon grew 19.3% YoY to INR 661 Cr; Steel grew 10.3% YoY to INR 64 Cr; Others declined 84.4% YoY to INR 5 Cr.
Geographic Revenue Split
Aggregate export revenue for FY2024-25 was INR 791 Cr, representing 32.7% of total revenue (INR 2,420 Cr), down from INR 989 Cr in the previous year.
Profitability Margins
Q2 FY2026 Net Profit was INR 76 Cr. H1 FY2024 PAT/OI was 50.1%, significantly higher than FY2023's 7.9% due to investment income. FY2024-25 PBT was INR 569 Cr, up from INR 125 Cr YoY, driven by INR 409 Cr in investment income.
EBITDA Margin
Q2 FY2026 EBITDA was INR 132 Cr. FY2023 OPBDIT/OI margin was 9.9%, down from 14.9% in FY2022 due to lower demand and higher production costs.
Capital Expenditure
Not disclosed in available documents, but the company maintains a robust net cash balance of INR 3,921 Cr as of September 2025 for potential organic or inorganic expansion.
Credit Rating & Borrowing
Ratings reaffirmed at [ICRA]AA+(Stable)/[ICRA]A1+ in January 2025. Borrowing costs are minimal as the company is net cash positive with a finance cost of only INR 3 Cr in Q2 FY2026.
Operational Drivers
Raw Materials
Needle Coke (CNC), Raw Petroleum Coke, Calcined Petroleum Coke, and Coal Tar Pitch. Needle coke is the principal raw material and a crude oil derivative.
Import Sources
Not specifically disclosed, but the company has balanced exposure to exports and imports, facing foreign currency volatility.
Capacity Expansion
Current total capacity is ~80,000 MTPA. The 18,000 MTPA German plant has been shut since FY2023. No specific planned expansion timeline disclosed.
Raw Material Costs
Raw material costs are highly sensitive to crude oil prices. Needle coke supply disruptions are a material risk. FY2024-25 performance was dismal due to lower realizations despite lower costs.
Manufacturing Efficiency
Capacity utilization increased to 99% in Q2 FY2026, compared to 84% in Q2 FY2025. Production of electrodes was 85,225 MT in FY2024-25, up 5.7% YoY.
Logistics & Distribution
Geopolitical conflicts in the Middle East and the Russia-Ukraine war have disrupted established trade routes, impacting distribution costs.
Strategic Growth
Growth Strategy
Focus on vertical integration, penetration of new markets, and inorganic growth. Diversifying into advanced chemistry battery technologies (Godi India) and graphene sheets (General Graphene) to capture decarbonization trends.
Products & Services
Ultra-High Power (UHP) Graphite Electrodes, Calcined Petroleum Coke, Carbon Paste, Impervious Graphite Equipment (IGE), GRP Pipes, High-speed steel, Alloy steel, and Carbon-Carbon Brake Discs (CCBD).
Brand Portfolio
Graphite India Limited (GIL).
New Products/Services
Graphene-based heat transfer additives (partnership with Kivoro) and EV/energy storage battery cells (via Godi India).
Market Expansion
Targeting global move towards decarbonization and adoption of Electric Arc Furnace (EAF) steelmaking, which requires more graphite electrodes.
Market Share & Ranking
One of the leading producers of graphite electrodes globally by capacity.
Strategic Alliances
60.25% stake in General Graphene Corporation (USA), 45.76% stake in Godi India, and exclusive partnership with Kivoro for graphene additives in India.
External Factors
Industry Trends
Global shift toward decarbonization is driving adoption of Electric Arc Furnace (EAF) steelmaking, which is the primary demand driver for graphite electrodes.
Competitive Landscape
Intense price competition from global competitors in both domestic and international markets.
Competitive Moat
60 years of technical expertise, focus on high-margin UHP electrodes, and a low-cost production base in India provide a durable competitive advantage.
Macro Economic Sensitivity
Highly sensitive to global steel production (declined 1.0% YoY in Q2 FY2026) and India's GDP growth (projected at 6.5% for FY2024-25).
Consumer Behavior
Steel manufacturers are shifting toward EAF processes to meet decarbonization goals, increasing long-term demand for electrodes.
Geopolitical Risks
Russia-Ukraine conflict and Middle East instability disrupt trade routes and influence global commodity prices; US tariffs impact export competitiveness.
Regulatory & Governance
Industry Regulations
Subject to US tariffs, protectionist trade policies, and evolving regulatory frameworks for raw material pricing and supply chains.
Taxation Policy Impact
Not specifically disclosed for the consolidated entity; Carbon Finance subsidiary had a tax provision of INR 10.57 Cr on PBT of INR 60.74 Cr (~17.4%).
Legal Contingencies
No significant and/or material orders passed by regulators, courts, or tribunals impacting the going concern status or future operations.
Risk Analysis
Key Uncertainties
Global manufacturing activity uncertainty presents ongoing risks to electrode demand and profitability; needle coke availability is a critical risk.
Geographic Concentration Risk
Exports account for 32.7% of revenue (INR 791 Cr), providing geographic diversification that mitigates regional downturns.
Third Party Dependencies
High dependency on suppliers of needle coke, petroleum coke, and coal tar pitch.
Technology Obsolescence Risk
Mitigated by strategic investments in graphene technology (General Graphene) and EV battery chemistry (Godi India).
Credit & Counterparty Risk
Financial distress of major steel producers could adversely affect receivables and financial stability.
