Electrodes & Refractories industry

15 companies · ₹48,708 cr · 7 with AI deep dives · Q2FY27 report

Electrodes at cycle-high utilisation; needle coke inflation and Chinese steel exports set up a Q3 margin test

At peak marginsmargin is at its 8-quarter high of 16.1% with revenue still growing

Revenue YoY: +12.0%
EBITDA margin: 16.1%; +400bps YoY
Price, 1 year: +9.2%; 62% of names up
P/E vs own 5y: +21.5%; 41.9x now

Exhibit 1The quarter in numbers

constant panel of 7 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	3,721 cr	3,442 cr	+8.1%	3,322 cr	+12.0%	3,721 cr	0.0%
EBITDA margin	16.1%	-1.3%	+1740bps	12.1%	+400bps	16.1%	0bps

Revenue

Jun 26: 3,721 cr
Mar 26: 3,442 cr
QoQ: +8.1%
Jun 25: 3,322 cr
YoY: +12.0%
Peak: 3,721 cr
vs peak: 0.0%

EBITDA margin

Jun 26: 16.1%
Mar 26: -1.3%
QoQ: +1740bps
Jun 25: 12.1%

Sept 26: 1 of 8 reported so far, so it is not in the trend above.

Breadth: 100% of 7 companies grew revenue year on year (was 86% a quarter earlier) and 71% expanded margin (was 43%).

Exhibit 2What it costs

29.65x - 84.24x across the panel today

The median name trades at 41.9x, +21.5% against this industry's own 5-year median of 34.5x, and -16.6% against its own peak of 50.2x.

Exhibit 3Structure

₹48,708 cr

Graphite India Ltd is 27.6% of this industry by market cap. The top 5 are 87.6% and the top 10 are 98.9%.

mid 1small 6micro 88 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 41.86x, 5y ROCE above its median of 15.66%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (15 of 15)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Graphite India Ltd	₹14,560 cr	67.6x	41.0x	4.6%	7.0%	+26.6%	Unlock
Raghav Productivity Enhancers Ltd	₹8,075 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-09-30

tailwindNear-full capacity utilisation across electrode and ramming mass names3 managements

Three companies reported capacity utilisation at or above 90%, signalling genuine demand pull rather than mix-driven revenue growth. GRAPHITE reached 97% standalone (up from 82% a…

GRAPHITE (Q1FY27): “Capacity utilization increased to 97%, as compared to 82% in Q1 FY2026.”

headwind5 managements headwind2 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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