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Graphite

GRAPHITE NSE

Key Fundamentals

SmallcapElectrodes & RefractoriesIndustrial Products
Market Cap
₹15,845 Cr
Volatility
High Risk
P/E Ratio
75.76
EBITDA
₹375 Cr
Return on Equity
2.92%
Debt to Equity
0.06
Book Value
₹299.89
EPS
₹15.55
52W High
₹874.35
52W Low
₹516.2

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

3
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 50.4%
  • Company's working capital requirements have reduced from 88.2 days to 62.4 days

Weaknesses

4
  • Stock is trading at 2.75 times its book value
  • The company has delivered a poor sales growth of 7.81% over past five years.
  • Company has a low return on equity of 4.12% over last 3 years.
  • Earnings include an other income of Rs.322 Cr.

Growth Rate

Revenue Growth
0.9% higher than 3Y
Net Income Growth
-62.66% lower than 3Y
Cash Flow Change
-83.5% higher than 3Y
ROE
-62.61% lower than 3Y
ROCE
-55.05% higher than 3Y
EBITDA Margin (Avg.)
-46.29% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 4d ago
AI opinion · based on fundamentals
Risk high

Graphite India Ltd trades at a market cap of ₹16,718 Cr with a PE of 68.6x, reflecting a sharp disconnect between valuation and recent earnings which declined 39% TTM. The company is virtually debt-free and maintains a 50.4% dividend payout, but ROE has compressed to just 3% in the last year against a 10-year average of 14%. TTM sales grew 21%, signaling a potential cyclical recovery, though profitability has not yet followed.

Bull Case 7
  • Company is almost debt-free, providing significant financial flexibility and resilience through commodity cycles with negligible interest costs
  • TTM revenue growth of 21% suggests a potential cyclical upturn in graphite electrode demand after a 3-year sales CAGR of -4%
  • Healthy dividend payout ratio of 50.4% with a current yield of 0.95%, indicating consistent cash return to shareholders even during lean years
  • Working capital efficiency has improved meaningfully from 88.2 days to 62.4 days, freeing up cash and improving capital allocation
  • 10-year compounded profit growth of 8% and 10-year ROE of 14% demonstrate the company's ability to generate strong returns at the top of the graphite electrode cycle
  • Stock CAGR of 41% over the past 1 year reflects market anticipation of an earnings recovery cycle, supported by the TTM sales rebound
  • 5-year compounded profit CAGR of 51% — while skewed by a low base — shows the magnitude of earnings leverage the business model carries during upcycles
Bear Case 8
  • PE of 68.6x is extremely elevated for an industrial commodities business, pricing in a recovery that has not yet materialized in profits (TTM profit down 39%)
  • ROE has collapsed to 3% in the last year versus 14% over 10 years, indicating the business is currently generating very poor returns on shareholder equity
  • Earnings quality is questionable — other income of ₹322 Cr forms a significant portion of reported profits, masking weak operating performance
  • 5-year sales CAGR of only 7.8% reflects structural challenges in growing the topline through graphite electrode commodity cycles
  • 3-year compounded profit CAGR of -8% and 3-year sales CAGR of -4% indicate a prolonged earnings downcycle that the TTM uptick has not yet reversed
  • 3-year ROE of just 4% suggests the recent downturn is not a one-off but a multi-year phase of depressed profitability
  • Graphite electrode demand is highly cyclical and tied to steel EAF production — any slowdown in global steel demand or Chinese export surges could stall the recovery
  • 10-year stock CAGR of 26% versus 10-year profit CAGR of 8% implies significant multiple expansion that may not be sustainable if earnings do not catch up

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 4
  • Stretched valuation at 67.7x P/E Sep 9

    Graphite India trades at a trailing P/E of 67.67x, though forward P/E drops to 24.9x based on analyst estimates, implying significant earnings recovery is already priced in.

  • Raw material cost volatility risk Sep 9

    Needle coke, energy, and logistics costs have been rising over the past three years, squeezing margins industry-wide and prompting GrafTech's pricing reset.

  • Chinese capacity return threat Sep 9

    Potential return of Chinese graphite electrode capacity to global markets remains a key risk, alongside economic slowdowns that could dampen steel demand.

  • US countervailing duty on exports Sep 9

    Graphite India faces a 3.68% US countervailing duty on exports, though this is lower than competitor HEG's 6.99% duty.

Positives 6
  • Stock surges 18.4% on price hike Sep 9

    Shares surged 18.4% to ₹870, near an eight-year high, after GrafTech announced a minimum 30% graphite electrode price increase and 51,000-tonne capacity reduction. Trading volumes hit 16.06 lakh shares vs. the 74,152 daily average.

  • Strong Q1 FY27 operational turnaround Sep 9

    Net profit rose 28.4% YoY to ₹172 crore, revenue grew 26.6% to ₹842 crore, and EBITDA surged from ₹43 crore to ₹144 crore with operating margins expanding from 6.4% to 17.1%. Capacity utilization reached 97%.

  • Global electrode pricing recovery ahead Sep 9

    GrafTech's 30% price hike and 51kt capacity cut could translate into ~$1,500/tonne increase in Indian realizations, with average realization projected to reach $6,250/tonne by FY28 from $4,100 currently.

  • 32% YTD gain outperforms Nifty Sep 9

    Graphite India has gained ~32% in 2026, sharply outperforming the Nifty 50 which is down ~10% over the same period, with market cap reaching ₹16,700 crore.

  • Steel segment revenue doubles Sep 9

    Steel segment revenue more than doubled from ₹51 crore to ₹111 crore in Q1 FY27, with segment profits surging from ₹5 crore to ₹43 crore, aided by 9.7% YoY domestic steel production growth.

  • Strong net cash position Sep 9

    Graphite India maintains a net cash position of ₹3,939 crore, providing strategic flexibility and significant downside protection.

Neutral 2
  • Investor meet with Kabouter Capital Aug 26

    Graphite India hosted a virtual investor meeting with Kabouter Capital on August 26, 2026, covering the Q1 FY27 earnings presentation.

  • HEG demerger creates pure-play peer Sep 9

    HEG's graphite electrode business completed its demerger on September 7, 2026, with HEG Graphite Ltd set to list in October 2026, creating a second listed pure-play competitor in India.

TL;DR: Graphite India is riding a powerful cyclical inflection driven by GrafTech's 30% global price hike and 51kt capacity reduction, which catalyzed an 18.4% single-day surge and 32% YTD gain. Operationally, the company delivered a strong Q1 FY27 with 97% utilization, 17.1% EBITDA margins, and a doubling of steel segment revenue, backed by ₹3,939 crore net cash. Key risks include a stretched trailing P/E of 67.7x, raw material cost volatility, and potential Chinese capacity return. The trend is clearly improving — watch Q3-Q4 FY27 realizations and the post-HEG-demerger competitive dynamics to confirm whether the pricing recovery is sustainable.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
747
793
690
720
728
643
523
666
665
729
642
816
842
Expenses
838
823
703
730
615
533
531
627
622
686
600
955
698
Operating Profit
-91
-30
-13
-10
113
110
-8
39
43
43
42
-139
144
OPM %
-12%
-3.8%
-1.9%
-1.4%
16%
17%
-1.5%
6%
6%
6%
7%
-17%
17%
Other Income
78
1,045
63
72
194
168
19
57
150
89
81
55
97
Interest
6
4
4
3
3
4
2
2
2
3
2
18
4
Depreciation
18
19
21
22
20
22
23
25
24
24
24
23
23
PBT
-37
992
25
37
284
252
-14
69
167
105
97
-125
214
Tax %
-19%
19%
32%
57%
17%
23%
50%
29%
20%
28%
31%
-16%
20%
Net Profit
-30
802
17
16
236
194
-21
49
133
76
67
-105
171
EPS in Rs
-1.54
41.15
0.92
0.82
12.13
9.98
-1.02
2.56
6.86
3.94
3.48
-5.32
8.8
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,711
1,532
1,468
3,266
7,858
3,094
1,958
3,027
3,181
2,950
2,560
2,852
3,029
Expenses
1,574
1,398
1,428
1,821
2,838
3,180
2,173
2,568
2,869
3,093
2,307
2,650
2,939
Operating Profit
137
135
40
1,445
5,020
-86
-215
458
312
-143
253
202
90
OPM %
8%
9%
2.7%
44%
64%
-2.8%
-11%
15%
10%
-4.9%
10%
7%
3%
Other Income
29
49
86
88
155
174
316
294
80
1,258
438
162
322
Interest
16
9
8
8
12
18
6
5
13
17
11
25
27
Depreciation
44
49
46
52
62
51
52
55
57
80
90
95
94
PBT
107
125
72
1,473
5,101
19
43
693
322
1,017
591
244
291
Tax %
46%
34%
2%
30%
33%
-134%
175%
27%
38%
21%
22%
30%
—
Net Profit
58
83
70
1,032
3,396
45
-32
505
199
805
458
171
209
EPS in Rs
2.95
4.24
3.61
52.82
174
2.3
-1.64
25.83
10.2
41.36
23.65
8.97
10.9
Div. Payout %
68%
47%
55%
32%
32%
87%
-305%
39%
83%
27%
47%
78%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
39
39
39
39
39
39
39
39
39
39
39
39
Reserves
1,707
1,749
1,818
2,693
5,312
4,515
4,503
4,908
4,925
5,572
5,827
5,820
Borrowings
367
302
259
272
360
416
225
436
432
177
173
368
Other Liabilities
482
417
444
727
1,191
608
760
915
1,112
1,002
1,188
1,350
Total Liabilities
2,595
2,507
2,560
3,731
6,902
5,578
5,527
6,297
6,508
6,790
7,227
7,577
Fixed Assets
640
591
667
702
664
637
640
691
789
948
1,094
1,153
CWIP
10
65
32
8
17
35
80
142
127
145
65
61
Investments
369
475
631
1,208
2,590
2,067
2,804
2,494
2,322
3,569
4,024
4,063
Other Assets
1,576
1,375
1,230
1,813
3,631
2,839
2,003
2,971
3,270
2,128
2,044
2,300
Total Assets
2,595
2,507
2,560
3,731
6,902
5,578
5,527
6,297
6,508
6,790
7,227
7,577
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
171
268
260
760
2,323
253
584
-488
-160
680
500
83
Investing
4
-88
-226
-552
-1,287
549
-519
222
328
-239
-202
-123
Financing
-173
-192
-39
-179
-676
-839
-199
105
-213
-427
-226
-46
Net Cash Flow
1
-11
-5
29
360
-37
-134
-162
-45
14
72
-86
Free Cash Flow
145
213
174
702
2,286
208
510
-576
-328
1,396
343
-169
CFO/OP
163
238
765
83
75
-455
-296
-45
-153
-587
234
18
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
92
113
110
92
40
48
63
65
63
65
67
85
Inventory Days
479
423
376
372
531
267
312
541
628
252
376
321
Days Payable
101
97
135
195
159
33
71
141
82
30
84
80
Cash Conversion Cycle
470
439
350
269
412
282
305
464
609
287
359
327
Working Capital Days
170
168
133
88
82
167
127
175
192
118
84
62
ROCE %
5%
6%
4%
58%
119%
1%
1%
14%
7%
1%
10%
5%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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62 extracted metrics + investor summaries across FY00–FY27.

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Shareholding Pattern

Others3.49%Govt.0.01%Promot.65.34%FIIs6.03%DIIs10.24%Public14.89%As ofJun 2026

Documents

1
Concall - May 2026 May 2026
2
Concall - May 2026 May 2026
3
Concall - Feb 2026 Feb 2026
4
Concall - Nov 2025 Nov 2025
5
Concall - Aug 2025 Aug 2025

Frequently Asked Questions about Graphite

What does Graphite India Ltd do?
Graphite India Ltd is mainly engaged in the business of manufacturing and selling of graphite & carbon and other products.[1]
Where is Graphite India Ltd (GRAPHITE) listed?
Graphite India Ltd trades as GRAPHITE on the NSE and under code 509488 on the BSE.
Which sector does Graphite India Ltd belong to?
Graphite India Ltd is classified under the Industrial Products sector, in the Electrodes & Refractories industry.
What is the market capitalisation of Graphite India Ltd?
Graphite India Ltd has a market capitalisation of ₹15,845 Cr, which places it in the Mid Cap band.
What is the PE ratio of Graphite India Ltd?
Graphite India Ltd trades at a PE ratio of 75.76, on earnings per share of ₹15.55, against a book value of ₹299.89 per share.
What is the 52-week high and low of Graphite India Ltd?
Over the last 52 weeks Graphite India Ltd has traded between ₹516.2 and ₹874.35.
Does Graphite India Ltd pay dividends?
Graphite India Ltd has a dividend yield of 0.85%.
What is the Return on Equity (ROE) of Graphite India Ltd?
Graphite India Ltd reported a return on equity of 2.92%. Its debt-to-equity ratio is 0.06.

Company Information

Graphite India Ltd is mainly engaged in the business of manufacturing and selling of graphite & carbon and other products.[1]

Website graphiteindia.com
CEO Mr. Ashutosh Dixit
Employees 1,678
Listed 2003-02-07
Face Value ₹ 2
Issued Size 19,53,75,594

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