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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹13781 Cr.
Stock P/E
30.1
P/B
2.4
Current Price
₹705.4
Book Value
₹ 299.9
Face Value
2
52W High
₹802.2
52W Low
₹ 506
Dividend Yield
0.99%

Graphite India Overview

Business

Graphite India Ltd. is a leading global manufacturer of graphite electrodes, which are critical consumables primarily used in Electric Arc Furnaces (EAF) for steelmaking and in other non-ferrous industries. The company also manufactures Graphite Reinforced Plastic (GRP) products, carbon and specialty products, and has a presence in power generation, primarily for captive consumption. Its core business model revolves around producing high-quality graphite electrodes and selling them to steel producers worldwide, thereby making money from the volume and value of these sales, supplemented by its diversified products.

Revenue Mix

Graphite Electrodes: This is the primary and largest revenue-generating segment, accounting for the majority of the company's sales and profitability. These electrodes are essential for melting scrap steel and other raw materials in EAFs.

GRP (Graphite Reinforced Plastic) / Carbon & Specialty Products: This segment includes products like GRP pipes, fittings, and equipment, which find applications in chemical processing, chlor-alkali, and other corrosive environments. It also encompasses various other carbon-based specialty products.

Power: The company operates captive power plants (thermal and hydroelectric) to meet its internal energy requirements, selling surplus power when available.

Industry

The global graphite electrode industry is characterized by high capital intensity, significant technological expertise requirements, and high barriers to entry, resulting in an oligopolistic structure dominated by a few large global players. Graphite India is one of the top 3-5 global manufacturers of graphite electrodes, holding a strong market position both domestically in India and internationally. It competes with other major global players like GrafTech International, Resonac Corporation (formerly Showa Denko), Tokai Carbon, and its domestic peer HEG Ltd. The industry's demand is directly linked to global steel production, particularly via the Electric Arc Furnace (EAF) route.

MOAT

Scale and Technology: Graphite India possesses significant manufacturing capacity and benefits from economies of scale. Its long-standing experience and continuous investment in R&D provide it with technological know-how to produce high-performance electrodes.

Raw Material Sourcing: Established long-term relationships with global suppliers for critical raw materials like needle coke, which is a key input and whose supply can be constrained.

High Entry Barriers: The substantial capital investment required, complex manufacturing processes, and specialized expertise make it difficult for new entrants to compete effectively.

Customer Relationships: Long-standing relationships with major steel producers globally ensure a steady client base.

Growth Drivers

Global Steel Production Growth (EAF Route): Increased adoption of Electric Arc Furnace (EAF) steelmaking due to its lower carbon footprint compared to traditional blast furnace methods.

Decarbonization Trends: The global push towards "green steel" and decarbonization initiatives favors EAFs, thereby driving demand for graphite electrodes.

Infrastructure Development: Robust infrastructure spending globally, especially in emerging economies, will drive overall steel demand, benefiting electrode consumption.

Product Diversification: Growth in its GRP and specialty carbon products segments can provide additional revenue streams and reduce reliance on the core electrode business.

Capacity Utilization: Optimizing existing capacity and potential future expansions to meet rising demand.

Risks

Cyclicality of Steel Industry: The demand for graphite electrodes is highly correlated with the highly cyclical global steel industry, making revenues and profitability vulnerable to downturns.

Raw Material Price Volatility: Prices of key raw materials, especially needle coke, are highly volatile and can significantly impact margins if not managed effectively.

Currency Fluctuations: As a major exporter and importer, the company is exposed to currency exchange rate risks.

Intense Competition: The oligopolistic nature of the industry means intense pricing pressure and competition from global peers.

Environmental Regulations: Increasingly stringent environmental norms could lead to higher operating costs or require significant capital expenditure for compliance.

Global Economic Slowdown: A slowdown in global economic growth would directly impact steel demand and, consequently, electrode demand.

Management & Ownership

Graphite India Ltd. is part of the Thapar Group, with the promoter group (K.K. Thapar family) holding a significant stake and providing strategic direction. The company generally has an experienced management team with long tenure in the industry, possessing deep sector-specific knowledge. The ownership structure includes the promoter group, along with substantial holdings by institutional investors (domestic and foreign) and public shareholders.

Outlook

Graphite India is strategically positioned to benefit from the long-term global shift towards greener steel production via EAFs, driven by decarbonization efforts. Its strong market position, established customer relationships, and technological capabilities provide a solid foundation. However, the company remains highly susceptible to the inherent cyclicality of the global steel industry and the volatility of raw material prices, particularly needle coke. While strong infrastructure spending and EAF adoption present growth opportunities, a prolonged global economic slowdown or intense pricing pressures could impact its performance. The company's diversified GRP and specialty products offer some mitigation against the core business's cyclicality, contributing to a more balanced revenue profile over time.

Graphite India Share Price

Live · BSE / NSE · Inception: 1974
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Graphite India Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 690 720 728 643 523 666 665 729 642 816
Other Income 63 72 194 168 19 57 150 89 108 39
Total Income 753 792 922 811 542 723 815 818 750 855
Total Expenditure 703 730 615 533 531 627 622 686 600 955
Operating Profit 50 62 307 278 11 96 193 132 150 -100
Interest 4 3 3 4 2 2 2 3 2 18
Depreciation 21 22 20 22 23 25 24 24 24 23
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 -27 16
Profit Before Tax 25 37 284 252 -14 69 167 105 97 -125
Provision for Tax 8 21 48 58 7 20 34 29 30 -20
Profit After Tax 17 16 236 194 -21 49 133 76 67 -105
Adjustments 1 0 1 1 1 1 1 1 1 1
Profit After Adjustments 18 16 237 195 -20 50 134 77 68 -104
Adjusted Earnings Per Share 0.9 0.8 12.2 10 -1 2.6 6.9 3.9 3.5 -5.3

Graphite India Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 1711 1532 1468 3266 7858 3094 1958 3027 3181 2950 2560 2852
Other Income 35 49 86 89 210 174 316 294 133 304 438 386
Total Income 1746 1582 1554 3355 8068 3268 2274 3320 3314 3254 2998 3238
Total Expenditure 1574 1398 1428 1822 2835 3173 2163 2552 2869 3094 2307 2863
Operating Profit 172 184 126 1533 5233 95 111 768 445 160 692 375
Interest 16 9 8 8 12 18 6 5 13 17 11 25
Depreciation 44 49 46 52 62 51 52 55 57 80 90 95
Exceptional Income / Expenses -6 0 0 0 -55 0 0 0 -53 954 0 -11
Profit Before Tax 107 125 72 1473 5101 19 43 693 322 1017 591 244
Provision for Tax 49 43 1 441 1705 -26 75 188 123 212 133 73
Profit After Tax 58 83 70 1032 3396 45 -32 505 199 805 458 171
Adjustments 0 0 0 0 0 0 0 0 0 3 4 4
Profit After Adjustments 58 83 70 1032 3396 45 -32 505 199 808 462 175
Adjusted Earnings Per Share 2.9 4.2 3.6 52.8 173.8 2.3 -1.6 25.8 10.2 41.4 23.6 9

Graphite India Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 1746 1788 1858 2732 5351 4554 4542 4947 4964 5611 5866
Minority's Interest 0 0 0 0 0 0 0 0 1 4 1
Borrowings 42 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 85 91 87 48 112 81 95 820 944 962 1015
Total Current Liabilities 722 2006 616 951 1439 943 891 3319 3143 1031 1150
Total Liabilities 2595 3884 2560 3731 6902 5578 5527 9086 9052 7608 8032
Fixed Assets 640 591 667 702 664 637 640 691 789 948 1094
Other Non-Current Assets 136 132 124 205 639 716 1178 1833 1966 1961 1995
Total Current Assets 1819 3161 1769 2824 5598 4224 3709 6563 6297 4699 4944
Total Assets 2595 3884 2560 3731 6902 5578 5527 9086 9052 7608 8032

Graphite India Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 30 28 17 11 41 400 364 0 68 23 37
Cash Flow from Operating Activities 171 268 260 760 2323 253 584 -488 -160 680 500
Cash Flow from Investing Activities 7 -90 -225 -554 -1271 526 -534 213 330 -239 -202
Cash Flow from Financing Activities -173 -192 -39 -179 -676 -839 -199 105 -213 -427 -226
Net Cash Inflow / Outflow 4 -14 -4 27 375 -59 -149 -170 -44 14 72
Closing Cash & Cash Equivalent 31 17 11 41 400 364 230 68 23 37 109

Graphite India Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 2.95 4.24 3.61 52.81 173.78 2.3 -1.64 25.82 10.2 41.36 23.65
CEPS(Rs) 5.18 6.76 5.98 55.46 176.97 4.93 1.01 28.64 13.11 45.31 28.03
DPS(Rs) 2 2 2 17 55 2 5 10 8.5 11 11
Book NAV/Share(Rs) 89.39 91.5 95.06 139.81 273.83 233.07 232.43 253.16 254.03 287.14 300.2
Core EBITDA Margin(%) 7.66 8.36 2.55 43.88 63.93 -2.56 -10.48 15.68 9.81 -4.88 9.9
EBIT Margin(%) 6.88 8.37 5.13 45 65.06 1.19 2.5 23.04 10.53 35.05 23.53
Pre Tax Margin(%) 5.99 7.79 4.62 44.76 64.92 0.62 2.19 22.88 10.12 34.46 23.09
PAT Margin (%) 3.23 5.14 4.53 31.36 43.21 1.45 -1.64 16.67 6.26 27.29 17.9
Cash Profit Margin (%) 5.67 8.2 7.52 32.92 44.01 3.12 1.01 18.49 8.05 30.01 21.39
ROA(%) 2.14 2.56 2.19 32.81 63.87 0.72 -0.58 6.9 2.19 9.66 5.86
ROE(%) 3.29 4.69 3.87 44.97 84.02 0.91 -0.71 10.63 4.02 15.22 7.98
ROCE(%) 5.66 6.42 3.79 57.85 117.34 0.69 1 13.75 6.23 18.5 10.19
Receivable days 92.53 102.78 107.56 70.14 39.05 74.36 69.19 53.04 62.31 66.06 70.58
Inventory Days 207.28 197.23 158.64 77 68.44 219.81 240.72 164.61 231.89 227.83 181.09
Payable days 87.85 88.4 105.5 145.5 130.09 71.59 64.74 107.03 101.21 43.16 67.22
PER(x) 28.26 16.85 31.12 13.75 2.57 55.24 0 19.48 25.7 14.59 20.22
Price/Book(x) 0.93 0.78 1.18 5.2 1.63 0.55 2.2 1.99 1.03 2.1 1.59
Dividend Yield(%) 2.4 2.8 1.78 2.34 12.31 1.57 0.98 1.99 3.24 1.82 2.3
EV/Net Sales(x) 1.15 1.09 1.64 4.41 1.11 0.79 5.1 3.34 1.72 4.03 3.65
EV/Core EBITDA(x) 11.42 9.11 19.04 9.4 1.66 25.63 90.05 13.16 12.26 74.24 13.49
Net Sales Growth(%) -14.86 -10.43 -4.21 122.51 140.6 -60.63 -36.72 54.6 5.1 -7.27 -13.21
EBIT Growth(%) -48.15 9.88 -40.93 1759.71 245.2 -99.28 32.26 1326.56 -51.94 208.5 -41.73
PAT Growth(%) -55.66 43.8 -14.92 1364.66 229.03 -98.68 -171.35 1672.66 -60.55 304.34 -43.07
EPS Growth(%) -55.66 43.79 -14.93 1364.67 229.03 -98.68 -171.35 1672.62 -60.49 305.37 -42.82
Debt/Equity(x) 0.21 0.17 0.14 0.1 0.07 0.09 0.05 0.09 0.09 0.03 0.03
Current Ratio(x) 2.52 1.58 2.87 2.97 3.89 4.48 4.16 1.98 2 4.56 4.3
Quick Ratio(x) 1.15 1.2 1.89 2.14 2.39 2.82 3.02 1.46 1.26 3.25 3.27
Interest Cover(x) 7.75 14.25 10.09 183.3 439.99 2.08 8.06 152.55 25.4 60.31 53.97
Total Debt/Mcap(x) 0.23 0.22 0.12 0.02 0.04 0.17 0.02 0.04 0.08 0.02 0.02

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -13% -5% -4% +4%
Operating Profit CAGR +333% -3% +49% +15%
PAT CAGR -43% -3% +59% +23%
Share Price CAGR +27% +23% -2% +25%
ROE Average +8% +9% +7% +16%
ROCE Average +10% +12% +10% +22%

Graphite India Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 65.34 %
FII 6.69 %
DII (MF + Insurance) 10.47 %
Public (retail) 34.66 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 65.3465.3465.3465.3465.3465.3465.3465.3465.3465.34
FII 4.284.564.44.595.055.4656.66.436.69
DII 10.6212.1611.39109.910.4810.059.559.9910.47
Public 34.6634.6634.6634.6634.6634.6634.6634.6634.6634.66
Others 0000000000
Total 100100100100100100100100100100

Graphite India Peer Comparison

Electrodes & Welding Equipment Edit Columns

Graphite India Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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Graphite India Pros & Cons

Pros

  • Company has delivered good profit growth of 59% CAGR over last 5 years
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 9% over the last 3 years.
  • Debtor days have increased from 43.16 to 67.22days.
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