Graphite India Ltd(GRAPHITE)

NSE: GRAPHITEBSE: 509488

₹ 736.55+6.83%refreshed 26 Oct, 03:59 pm ISTMarket cap: ₹ 14,390 crWebsite: www.graphiteindia.comUpdated: 27 Oct 2026

About

Graphite India Ltd is one of the leading producers of graphite electrodes globally by capacity, with over six decades of technical expertise; its Graphite and Carbon segment accounts for about 89% of total revenue. The company also operates a High-Speed Steel division (Powmex Steels), an Impervious Graphite Equipment division, a Coke plant, and hydel and renewable power assets. In FY26, consolidated net sales were Rs. 2,852 Cr. The company is diversifying into Synthetic Graphite Anode Materials (SGAM) for lithium-ion batteries and into aerospace and defence materials.^[1][2][3]

Business segments

Graphite and Carbon segment: revenue Rs. 2,507.50 Cr in FY26 (about 89% of total revenue), generating segment results of Rs. 213.48 Cr; primary source of revenue and profit.^[1]
Steel segment (Powmex Steels Division): revenue Rs. 257.23 Cr in FY26, segment results Rs. 41.92 Cr; single largest manufacturer of High-Speed Steel (HSS) in India.^[1]
Others segment (GRP Pipes and Power): revenue Rs. 47.32 Cr in FY26, up from Rs. 26.97 Cr in FY25; segment results Rs. 22.71 Cr, up from Rs. 7.73 Cr.^[1]

Products and services

Manufactures a full range of graphite electrodes with focus on large diameter and ultra-high power (UHP) electrodes preferred by major steel manufacturers.^[1]
IGE Division designs and manufactures Impervious Graphite Heat and Mass Transfer Equipment and Turnkey systems for corrosive applications in Chloro-Alkali, agrochemicals, fertilizers, steel pickling, drug intermediates and other sectors.^[1]
Coke plant at Barauni, Bihar manufactures Calcined Petroleum Coke (CPC), Carbon Paste and Electrically Calcined Anthracite Paste.^[1]
Company has recently planned diversification into Synthetic Graphite Anode Material (SGAM), used in lithium-ion battery cells and critical to the EV ecosystem.^[1]

Manufacturing operations

Manufacturing plants located at Durgapur (West Bengal); Satpur, Ambad and Gonde (Nashik, Maharashtra); Coke plant at Barauni (Bihar); IGE plant at Titilagarh (Bolangir, Odisha); hydel power project at Chunchanakatte (Mysore, Karnataka).^[1]
Operates an 18.9 MW wind power plant at Nandurbar and an 8.8 MWp solar power plant at Bhoom, Maharashtra; around 80% of total energy consumption of the graphite electrode plant at Nashik is met through renewable energy.^[1]
Installed capacity of 18 MW of hydel power generation at Chunchanakatte (CCKT) near Mysuru; an additional 5 MW was installed during FY 2025-26.^[1]
Wholly owned overseas subsidiary Graphite International B.V. (GIBV) in the Netherlands holds four step-down subsidiaries in Germany and one in the USA (General Graphene Corporation); GIBV has invested USD 22.60 Mn in GGC, constituting 60.25% of its capital as of 31st March, 2026.^[1]
Total permanent employees: 1,672 as on 31st March, 2026.^[1]

Key operating numbers

Standalone capacity utilisation reached 97% in Q1 FY27, up from 82% in Q1 FY26; had peaked at 104% in Q4 FY26.^[4]
Production of Calcined Petroleum Coke was 46,362 MT in FY26, down from 50,788 MT in the previous year.^[1]
Production of Impervious Graphite Equipment (IGE) and spares was 2,097 MT in FY26, up from 1,495 MT in the previous year.^[1]
Consolidated net sales grew 26.6% YoY to Rs. 842 Cr in Q1 FY27, driven by higher sales volume; consolidated EBITDA margin was 28.6% vs 29.0% in Q1 FY26.^[4]
Steel segment consolidated revenue rose from Rs. 51 Cr in Q1 FY26 to Rs. 111 Cr in Q1 FY27; segment PBT swung from Rs. 5 Cr to Rs. 43 Cr.^[4]
Inventory NRV write-down (consolidated) stood at Rs. 24 Cr in Q1 FY27, down sharply from Rs. 77 Cr at June 2025.^[4]

Customers and distribution

One customer individually accounted for more than 10% of revenues from external customers, amounting to Rs. 354.17 Cr in FY26, indicating concentrated customer exposure in the Graphite and Carbon segment.^[1]
Export revenues grew to Rs. 1,138.92 Cr in FY26, up from Rs. 791.38 Cr in FY25.^[1]
Powmex Steels Division has almost 100% penetration in all major domestic OEMs, directly or indirectly, and has expanded its export basket to new countries including South Korea and Argentina.^[1]
US tariff increases in FY26 were partially mitigated through exports across multiple geographies.^[5]

Expansion and capex

Phase 1 electrode capacity expansion of 13,000 TPA is expected to be commissioned in FY2027.^[4][6]
Board approved a phased investment of Rs. 4,330 Cr in Synthetic Graphite Anode Materials (SGAM) for lithium-ion batteries, to be funded through debt and internal accruals.^[3]
Total capex in FY26 was Rs. 249.87 Cr vs Rs. 166.47 Cr in FY25; Graphite and Carbon segment alone spent Rs. 197.72 Cr.^[1]
Advance of Rs. 54.30 Cr paid to Bharat Fritz Werner Ltd. against purchase of capital goods in FY26.^[1]
Consolidated net cash stood at Rs. 3,939 Cr at end of June 2026, providing capacity for further organic and inorganic growth.^[4]

Aerospace, defence and advanced materials R&D

CC Brake Discs with MARK-IV SOP for LCA MK-1 aircraft have been completed and are undergoing aircraft trials; development of CC Brake Discs for the SARAS aircraft is in progress in collaboration with Aeronautical Systems Laboratory and DRDO.^[1]
Company has acquired technology from DRDO for manufacturing Carbon-Silicon Carbide (CSiC) components for defence applications.^[1]
Working with Vikram Sarabhai Space Centre (ISRO) for development of aerospace application components.^[1]
In the validation stage for ultrafine Isostatic Graphite with 10-micron particle size; other developed Isostatic grades have demonstrated suitability for space and defence applications.^[1]
Making advancements in developing products for aerospace and defence applications in line with Aatmanirbhar Bharat; also focused on manufacturing other advanced materials for a wide range of applications.^[4]

Recent developments

Management decided to close the Specialities and Coating divisions of the German subsidiary due to the ongoing impact of the Russia-Ukraine conflict and reduced competitiveness; decision announced Q1 FY27.^[4]
EU Carbon Border Adjustment Mechanism (CBAM) entered its implementation phase in January 2026, expected to accelerate the global shift from Blast Furnace to EAF steelmaking and structurally benefit graphite electrode demand.^[6]
India crude steel production grew 7.5% YoY to 87.0 MT in H1 2026, the highest growth among major steel-producing markets globally.^[4]

Market Cap

₹14,390 Cr

High / Low

₹874 / 517

Stock P/E

63.1

Price / Book

2.3

Book Value

₹300

EPS

₹9.0

No. of Shares

19.54 Cr

ROCE

4.6%

ROE

3.0%

OPM

9.3%

Debt / Equity

0.06

Sales

₹2,852 Cr

Net Profit

₹171 Cr

Promoter holding

65.3%

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Graphite India Ltd(GRAPHITE)

About

Business segments

Products and services

Manufacturing operations

Key operating numbers

Customers and distribution

Expansion and capex

Aerospace, defence and advanced materials R&D

Recent developments

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