Graphite
Graphite
Industrial ProductsKey Fundamentals
SmallcapElectrodes & RefractoriesIndustrial ProductsTapetide 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 2.62 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
AI Analysis — Bull vs Bear
Graphite India, a graphite electrode maker, has a market cap of about Rs 15,569 Cr. It trades at a P/E of 75.1 and 2.68 times book value, with ROE of 4% over 3 years and 3% last year. The balance sheet is almost debt free and TTM sales grew 21%, but TTM profit fell 39% and other income of Rs 322 Cr makes up a large share of reported earnings. The stock is up 44% over 1 year, while its 5-year CAGR is 6%.
- The company is almost debt free, so it has balance sheet flexibility and little interest burden through the cyclical graphite electrode market.
- TTM sales grew 21%, reversing a 3-year compounded sales decline of -4%. This may point to an early revenue recovery.
- Working capital days fell from 88.2 to 62.4, a drop of about 29%, which suggests tighter inventory and receivables management.
- The dividend payout ratio is 50.4% and the dividend yield is 0.87%, so shareholders get consistent cash returns even with profits under pressure.
- 10-year ROE of 14% compares with 4% over the last 3 years. The business has earned much higher returns in past upcycles, which leaves room for mean reversion if the cycle turns.
- 5-year compounded profit growth of 51% shows how strongly earnings can rise when electrode pricing and demand improve.
- 10-year stock CAGR of 27% and 1-year return of 44% show long-term value creation and recent strong momentum.
- A P/E of 75.1 is high for a cyclical business earning low returns. The valuation seems to price in an earnings recovery that has not happened yet.
- ROE was 3% last year and 4.12% over 3 years, which is likely below the cost of equity. That means weak returns on shareholder capital.
- TTM compounded profit fell 39% even as sales grew 21%. That gap points to margin compression from pricing pressure or input costs.
- Other income of Rs 322 Cr is a large part of earnings, so core operating profit is weaker than headline net profit suggests.
- 3-year compounded sales growth is -4% and 5-year sales growth is only 7.81%, which shows limited structural revenue growth.
- Price-to-book of 2.68 is hard to square with a 3-year ROE of 4%. The market is paying a premium for returns the company is not currently earning.
- 3-year compounded profit growth is -8% and 10-year profit CAGR is only 8%, so earnings have been volatile and cycle-dependent rather than compounding steadily.
- 5-year stock CAGR of just 6%, against a 44% one-year gain, suggests the recent rally may reflect sentiment more than a sustained improvement in fundamentals.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Stretched trailing valuation Sep 9
The stock trades at a trailing P/E of 67.67x. The forward P/E of 24.9x only holds if analysts' expected earnings recovery actually happens.
- Price hike not yet realised Sep 9
Q1 FY27 growth came mostly from higher volumes, not higher prices. The projected ~$1,500/tonne gain in Indian realisations has to show up in Q3-Q4 FY27 results.
- Little room for volume growth Sep 9
Capacity utilisation is already 97% (up from 82%) on 80,000 tpa capacity. Further volume-led operating leverage is limited, so earnings now depend on pricing.
- Input cost and China risks Sep 9
Key risks include volatile raw material costs, especially needle coke, Chinese capacity returning to global markets, and any slowdown in steel demand.
- GrafTech 30% hike sparks rally Sep 9
Shares rose as much as 18.4% to ₹870, near an eight-year high, on 16.06 lakh shares versus a 74,152 one-month average. GrafTech raised prices by at least 30% and cut 51kt of capacity, with a possible ~$1,500/tonne read-through for Indian realisations.
- Strong Q1 FY27 margin expansion Sep 9
Net profit rose 28.4% to ₹172 crore and revenue rose 26.6% to ₹842 crore. Reported EBITDA went from ₹43 crore to ₹144 crore, with operating margin up from 6.4% to 17.1%.
- Global prices projected to rise Sep 9
Average graphite electrode realisations are projected to reach $6,250/tonne by FY28, up from $4,100 now. GrafTech's capacity cut removes roughly 5-7% of global supply.
- Steel segment more than doubles Sep 9
Steel segment revenue grew from ₹51 crore to ₹111 crore. Segment profit rose from ₹5 crore to ₹43 crore, improving the overall product mix.
- ₹3,939 crore net cash Sep 9
The company holds a net cash position of ₹3,939 crore, giving it strategic flexibility and downside protection.
- Lower US duty than HEG Sep 9
Graphite India faces a 3.68% US countervailing duty, compared with 6.99% for HEG. That gives it an edge in US exports, and exports make up 65-70% of production.
- Outperforming a weak market Sep 9
The stock is up about 32% in 2026 while the Nifty 50 is down about 10%. Domestic steel production grew 9.7% YoY, while China's fell 2.9%.
- HEG Graphite listing in October Sep 9
HEG's graphite electrode demerger was completed on Sep 7, 2026, and HEG Graphite Ltd is due to list in October 2026. Graphite India will lose its status as the only listed pure-play, though more pure-plays may strengthen the sector's pricing discipline.
- Citadel investor meet Sep 22
Graphite India held a virtual investor meeting with Citadel on Sep 22, 2026, covering the Q1 FY27 earnings presentation.
- ESG score of 66 Sep 18
Niche99 gave Graphite India an ESG score of 66 and a 'Performer' rating, based on public domain data.
TL;DR: Graphite India has momentum. Q1 FY27 operating margin jumped to 17.1% on 97% utilisation, and GrafTech's 30% price hike and 51kt capacity cut lifted the stock up to 18.4% to ₹870, about 32% up in 2026. Note that the source reports conflict on Q1 EBITDA (₹144 crore vs ₹241 crore). Risks include a 67.67x trailing P/E, volume growth that is already maxed out, needle coke costs, Chinese supply, and new competition when HEG Graphite lists in October. The trend is improving, and the next test is whether higher realisations show up in Q3-Q4 FY27 results.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Graphite insights
62 extracted metrics + investor summaries across FY00–FY27.
Documents
Frequently Asked Questions about Graphite
What does Graphite India Ltd do?
Where is Graphite India Ltd (GRAPHITE) listed?
Which sector does Graphite India Ltd belong to?
What is the market capitalisation of Graphite India Ltd?
What is the PE ratio of Graphite India Ltd?
What is the 52-week high and low of Graphite India Ltd?
Does Graphite India Ltd pay dividends?
What is the Return on Equity (ROE) of Graphite India Ltd?
Company Information
Graphite India Ltd is mainly engaged in the business of manufacturing and selling of graphite & carbon and other products.[1]
For AI agents and developers
Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/GRAPHITE.md for Graphite India Ltd: company profile, latest price, key fundamentals, the Tapetide Score, growth rates, quarterly and annual financial statements, shareholding pattern, technical indicators, analyst ratings and exchange filings.
Append .md to any Tapetide URL for the
same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live,
structured queries instead of documents, use our MCP server.