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Graphite India Ltd.
NSE: GRAPHITEIndustrialsElectrical Equipment & Parts
- Last close
- ₹725.85
- Day change
- −₹21.60 (−2.89%)vs
- Market cap
- ₹13,462 crIndian rupees
- Research updated
- 2 reports
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About Graphite India
Graphite India Ltd. is a public industrial company based in Kolkata, India, focused on graphite and carbon-based engineering materials. The company primarily manufactures graphite electrodes used in electric arc furnaces for steel production, along with a broad range of carbon and graphite specialty products such as machined components, molds, tubes, and impervious graphite equipment for corrosion-resistant process applications. Graphite India Ltd. also produces calcined petroleum coke, carbon pastes, and electrically calcined anthracite, serving downstream metallurgical and chemical industries. Beyond graphite, it operates in high-speed and alloy steels for cutting tools, and manufactures glass reinforced plastic pipes and tanks used in industrial fluid handling and infrastructure projects. The business is organized mainly around a Graphite and Carbon segment and an Others segment, supplying customers in steel, chemicals, fertilizers, polymers, pharmaceuticals, metalworking, effluent treatment, and irrigation across India and international markets. Founded in 1974 and headquartered in Kolkata, Graphite India Ltd. today occupies a significant position in India’s graphite and carbon products market with multiple manufacturing plants across the country.
- Sector
- Industrials
- Industry
- Electrical Equipment & Parts
- Listing
- NSE: GRAPHITE
- Next results
- Employees
- 1,678
- Headquarters
- Kolkata, India
- ISIN
- INE371A01025
- Website
- graphiteindia.com
Public research · Report of
Business model & financial foundation
Graphite India (NSE: GRAPHITE), Graphite electrodes and carbon products (Electrodes & Refractories): revenue of ₹2,852 crore in FY26 (+11.4% on FY25), an EBITDA margin of 7.1%, net profit of ₹175.3 crore and net cash of ₹3,767 crore.
- Revenue, FY26 (₹ crore)
- 2,852
- consolidated
- Revenue growth, FY26
- +11.4%
- on FY25
- Net profit, FY26 (₹ crore)
- 175.3
- to owners
- Return on equity, FY26
- 3.0%
- on average equity
- Net debt, FY26 (₹ crore)
- -3,767
- Debt less cash and investments (negative for net cash)
- Market capitalisation (₹ crore)
- 15,049
- at the close of 23 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | Graphite India Limited |
| Exchange and ticker | NSE: GRAPHITE; BSE: 509488 |
| ISIN | INE371A01025 |
| CIN | L10101WB1974PLC094602 |
| Sector | Industrials |
| Industry | Graphite electrodes and carbon products (Electrodes & Refractories) |
| Headquarters | Kolkata, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S. R. Batliboi & Co. LLP |
| Market capitalisation | ₹15,049 crore (23 Oct 2026) |
| Shares outstanding | 19.54 crore shares (FY26) |
| Price | ₹707.4 (close, 23 Oct 2026) |
| 52-week range | ₹516.2 - ₹874.3 (to 23 Oct 2026) |
| Website | https://www.graphiteindia.com |
Corporate structure and shareholding
Parent: Emerald Company Private Limited (61.33%, Bangur group).
| Entity | Holding | Business |
|---|---|---|
| Carbon Finance Limited | 100% | NBFC investing in securities (part of group treasury) |
| Graphite International B.V. | 100% | Netherlands holding company for German operations and General Graphene; trademarks |
| Bavaria Electrodes GmbH | 100% | German electrode plant, in liquidation since 1 Oct 2022 |
| Bavaria Carbon Holdings GmbH | 100% | German holding entity |
| Bavaria Carbon Specialities GmbH | 100% | German specialty graphite; closure decided 8 Jul 2026 |
| Graphite Cova GmbH | 100% | German coatings/specialty graphite; closure decided 8 Jul 2026 |
| General Graphene Corporation (USA) | 60.25% | Graphene sheet technology, development stage |
| Godi India Private Limited | 52.68% | Supercapacitor and advanced-battery-material R&D; pre-commercial, controlled after October 2026 rights subscription |
Godi India Pvt Ltd (45.76%, battery materials R&D) is held at FVTPL, not consolidated. 9.79% stake in GrafTech International held as a current investment (cost Rs230.38cr).
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 65.34% | 65.34% | 65.34% | 65.34% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 6.43% | 6.70% | 6.04% | 8.11% |
| Domestic institutions | 10.02% | 10.49% | 10.23% | 9.66% |
| of which mutual funds | 7.88% | 8.61% | 8.80% | |
| Retail | 13.87% | 13.25% | 13.91% | |
| Other | 4.33% | 4.23% | 4.47% | 16.88% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | revenue, FY26 (₹ crore) | Share | result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Graphite and Carbon | 2,594 | 90.9% | 164.0 | 90.1% |
| Steel (Powmex HSS and alloy steel) | 257.0 | 9.0% | 42.0 | 23.1% |
| Others (incl. NBFC subsidiary treasury MTM, power) | 4.00 | 0.1% | -24.0 | -13.2% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| HEG Ltd (electrode business, demerged; listing pending at 17 Oct 2026) (HEG) | Only other Indian listed UHP electrode maker (100kt Mandideep), same cost base and export markets |
| GrafTech International | Largest Western electrode producer (NYSE: EAF); sets global price signals; Graphite India owns 9.79% |
| Tokai Carbon | Japanese electrode and carbon black producer (TSE: 5301); announced Oct-2026 price hike |
| Resonac Holdings | Former Showa Denko, largest electrode capacity globally (TSE: 4004); conglomerate |
| Rain Industries (RAIN) | Indian carbon (CPC/CTP) producer, adjacent petroleum coke value chain |
| Carborundum Universal (CARBORUNIV) | Indian industrial ceramics/abrasives; adjacent advanced materials comparable |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 3,181 | 2,950 | 2,560 | 2,852 | |
| Cost of revenue (vendor classification) * | 1,422 | 1,647 | 2,192 | 1,361 | 1,608 |
| Other operating costs (vendor classification) * | 759.3 | 844.5 | 561.3 | 586.8 | 689.5 |
| EBITDA (vendor classification) * | 546.2 | 420.4 | -46.0 | 295.3 | 385.5 |
| EBIT * | 696.9 | 334.1 | 1,033 | 601.9 | 268.8 |
| Finance costs | 4.34 | 13.2 | 17.1 | 11.2 | 25.1 |
| Profit before tax | 692.6 | 321.9 | 1,017 | 591.2 | 244.1 |
| Tax expense | 188.1 | 122.8 | 211.8 | 133.0 | 73.1 |
| Profit for the period | 504.5 | 199.1 | 804.8 | 458.2 | 171.1 |
| Diluted EPS (INR) | 25.82 | 10.19 | 41.36 | 23.65 | 8.97 |
| Materials consumed + traded goods + inventory change | 1,354 | 1,958 | 1,151 | 1,349 | |
| Employee benefits expense | 315.2 | 280.8 | 293.2 | 267.2 | |
| Other expenses incl. power & fuel and stores | 1,200 | 854.7 | 862.4 | 1,034 | |
| Operating EBITDA (excl. other income) | 312.2 | -144.1 | 253.4 | 201.1 | |
| Other income (treasury) | 133.0 | 304.4 | 438.4 | 173.9 | |
| Depreciation and amortisation | 57.0 | 80.4 | 89.5 | 95.1 | |
| Exceptional items (signed) | -53.0 | 953.9 | 0.00 | -10.6 | |
| Non-controlling interests' share of profit (signed) | -0.30 | -3.27 | -3.93 | -4.25 | |
| Profit attributable to owners | 199.4 | 808.1 | 462.1 | 175.3 | |
| Basic EPS (₹) | 41.41 | 23.65 | 8.97 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 4,947 | 4,965 | 5,612 | 5,866 | 5,859 |
| Borrowings (non-current and current) | 435.6 | 432.0 | 177.0 | 172.0 | 367.0 |
| Cash and cash equivalents | 68.5 | 23.1 | 37.0 | 109.0 | 22.0 |
| Trade receivables | 540.1 | 545.9 | 521.8 | 468.2 | 667.2 |
| Inventories | 1,713 | 2,328 | 1,354 | 1,186 | 1,188 |
| Trade payables | 448.2 | 302.6 | 160.6 | 263.4 | 296.6 |
| PPE net carrying value | 880.0 | 1,024 | 1,073 | ||
| Capital work in progress | 142.0 | 126.3 | 146.0 | 65.0 | 61.0 |
| Total assets | 6,299 | 6,511 | 6,796 | 7,231 | 7,580 |
| Debt less cash and investments (negative for net cash) | -4,005 | -3,767 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 680.3 | 500.2 | 82.5 | ||
| Free cash flow (vendor definition) * | -579.9 | -330.2 | 420.6 | 332.9 | -169.8 |
| Dividends paid (an outflow is negative) | -97.7 | -195.4 | -166.0 | -215.0 | -215.0 |
| PPE purchases including CWIP (outflow negative) | -259.7 | -167.4 | -252.3 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 19.54 | 19.54 | 19.54 | 19.54 | 19.54 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 643.0 | 523.0 | 666.0 | 665.0 | 729.0 | 642.0 | 815.7 | 842.0 |
| Cost of revenue (vendor classification) * | 295.0 | 295.0 | 397.9 | 375.0 | 423.0 | 340.0 | 470.0 | 429.0 |
| Other operating costs (vendor classification) * | 163.0 | 163.0 | -52.7 | 183.0 | 190.0 | 194.0 | 421.0 | 199.0 |
| EBITDA (vendor classification) * | 278.0 | 11.0 | -300.7 | 193.0 | 132.0 | 150.0 | -100.0 | 241.0 |
| EBIT * | 256.0 | -12.0 | 70.9 | 169.0 | 108.0 | 99.0 | -107.0 | 218.0 |
| Finance costs | 4.00 | 2.00 | 2.00 | 2.00 | 3.00 | 2.00 | 18.1 | 4.00 |
| Profit before tax | 252.0 | -14.0 | 69.0 | 167.0 | 105.0 | 97.0 | -124.9 | 214.0 |
| Tax expense | 58.0 | 7.00 | 20.0 | 34.0 | 29.0 | 30.0 | -19.9 | 43.0 |
| Profit for the period | 194.0 | -21.0 | 49.0 | 133.0 | 76.0 | 67.0 | -104.9 | 171.0 |
| Diluted EPS (INR) | 10.00 | -1.03 | 2.57 | 6.87 | 3.91 | 3.50 | -5.31 | 8.82 |
| Materials consumed + traded goods + inventory change | 237.0 | 244.0 | 347.0 | 316.0 | 365.0 | 273.0 | 395.1 | 356.0 |
| Employee benefits expense | 75.0 | 73.0 | 72.0 | 64.0 | 73.0 | 66.0 | 64.2 | 70.0 |
| Other expenses incl. power & fuel and stores | 221.0 | 214.0 | 208.0 | 242.0 | 248.0 | 261.0 | 283.4 | 272.0 |
| Operating EBITDA (excl. other income) | 110.0 | -8.00 | 39.0 | 43.0 | 43.0 | 42.0 | 73.1 | 144.0 |
| Other income (treasury) | 168.0 | 19.0 | 57.0 | 150.0 | 89.0 | 108.0 | -173.1 | 97.0 |
| Depreciation and amortisation | 22.0 | 23.0 | 25.0 | 24.0 | 24.0 | 24.0 | 23.1 | 23.0 |
| Exceptional items (signed) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -27.0 | 16.4 | 0.00 |
| Non-controlling interests' share of profit (signed) | -1.00 | -1.00 | -0.93 | -1.00 | -1.00 | -1.00 | -1.25 | -1.00 |
| Profit attributable to owners | 195.0 | -20.0 | 50.1 | 134.0 | 77.0 | 68.0 | -103.7 | 172.0 |
| Basic EPS (₹) | 10.00 | -1.03 | 2.57 | 6.87 | 3.50 | -5.31 | 8.82 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | -7.3% | -13.2% | 11.4% | ||
| EBITDA margin | 9.8% | -4.9% | 9.9% | 7.1% | |
| Net margin | 6.3% | 27.4% | 18.1% | 6.1% | |
| Return on equity | 4.0% | 15.3% | 8.1% | 3.0% | |
| Return on capital employed | 13.7% | 6.2% | 18.5% | 10.2% | 4.4% |
| Return on assets | 3.1% | 12.1% | 6.6% | 2.4% | |
| Net debt (₹ crore) | -4,005 | -3,767 | |||
| Net debt / EBITDA | -15.8x | -18.7x | |||
| Interest cover | 160.6x | 25.3x | 60.3x | 53.9x | 10.7x |
| Asset turnover | 0.50x | 0.44x | 0.37x | 0.39x | |
| Receivable days | 63 | 65 | 67 | 85 | |
| Inventory days (on revenue) | 267 | 168 | 169 | 152 | |
| Payable days (on revenue) | 35 | 20 | 38 | 38 | |
| Cash conversion | 0.84x | 1.08x | 0.47x | ||
| Capex intensity | 8.8% | 6.5% | 8.8% | ||
| Free cash flow (₹ crore) | 420.6 | 332.9 | -169.8 | ||
| Dividend payout | 98.0% | 20.5% | 46.5% | 122.6% | |
| EPS, diluted (₹) | 25.82 | 10.19 | 41.36 | 23.65 | 8.97 |
| Book value per share (₹) | 253.2 | 254.1 | 287.2 | 300.2 | 299.9 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA (excl. other income)) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Debt less cash and investments (negative for net cash).
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA (excl. other income)).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 23 Oct 2026); market data at the close of 23 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Graphite India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Graphite India
- Research reportLatest
- Research report
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 23 Oct 2026; page updated 2 Nov 2026.
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