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Graphite India Results: Latest Quarterly Results & Analysis

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Graphite India Ltd. 10 Nov 2025 15:12 PM

Q2FY26 Quarterly Result Announced for Graphite India Ltd.

Electrodes & Refractories company Graphite India announced Q2FY26 results

  • Net Sales of Rs 729 crore, a growth of 13.4% YoY.
  • EBITDA of Rs 132 crore, a decline of 52.5% YoY.
  • Net Profit of Rs 76 crore, a decline of 60.8% YoY.
  • EPS of Rs 3.91 per share.
  • Gross Debt of Rs 267 crore.
  • Cash (Net of Gross Debt) of Rs 3,921 crore.

K K Bangur, Chairman, said: “In Q2FY26, Graphite India registered Net Sales of Rs 729 crore, up by 13.4% YoY primarily as a result of higher volumes at stable realizations. This Company recorded EBITDA of Rs 132 crore and Net Profit of Rs 76 crore. Graphite India’s capacity utilization increased to 99%, as compared to 84% in Q2FY25. From a balance sheet perspective, the capital structure remains robust and the Company maintains a Net Cash balance of Rs 3,921 crore at the end of September 2025.

Global crude steel production declined by 1.0% on a YoY basis to 437.1 million MT for the quarter ended September 2025. Lower production in China, which declined by 3.1% , was partially offset by India and the Middle East. Steel production in India continued to outperform, with a 14.9% increase supported by ongoing infrastructure investments and manufacturing activity. The Middle East reported a 20.8% increase in output, driven by higher project-related demand. Despite ongoing trade tensions and prevailing uncertainties, global steel demand is expected to show moderate growth in 2026. This outlook is supported by the resilience of the global economy, continued investments in infrastructure and a relatively low interest rate environment. Steel demand is expected to continue to be led by expansion in developing economies, such as India and the Middle East, despite a more subdued market environment in China.

Prices of graphite electrodes continued to face competitive headwinds while raw material costs, particularly petroleum needle coke, have not declined in tandem and consequently led to an impact on operating margins. Although the U.S. tariff increased further during the quarter, its impact on the Company’s performance has been mitigated to some extent by exports across multiple geographies.

Graphite India is encouraged by the long-term dynamics of the graphite electrode industry, particularly with the global move towards decarbonization and the resulting adoption of the electric arc furnace process. With strong operational capabilities and financial discipline, the Company is well positioned to meet rising demand from both Indian and international customers. Management continues to focus on cost competitiveness by optimizing operating costs and improving efficiencies.”

Result PDF

Industrial Goods company Graphite India announced Q1FY25 results:

Consolidated: 

  • Net Sales of Rs 728 crore, a decline of 2.5% YoY
  • EBITDA of Rs 307 crore
  • Net Profit of Rs 236 crore as compared to a loss of Rs 30 crore in Q1FY24
  • EPS of Rs 12.11 per share
  • Gross Debt of Rs 257 crore
  • Cash (Net of Gross Debt) of Rs 3,729 crore

Standalone:

  • Net Sales of Rs 672 crore, a decline of 6.7% YoY
  • EBITDA of Rs 265 crore
  • Net Profit of Rs 205 crore as compared to a loss of Rs 27 crore in Q1FY24
  • EPS of Rs 10.49 per share
  • Gross Debt of Rs 172 crore
  • Cash (Net of Gross Debt) of Rs 3,650 crore

K K Bangur, Chairman of the firm said: “In Q1 FY2025, Graphite India registered Consolidated Net Sales of Rs 728 crore, a marginal decline of 2.5% compared to Q1 FY2024. Net Sales was driven by higher volumes offset by lower realisations. The company delivered EBITDA of Rs 307 crore, which includes Other Income of Rs 194 crore, and Net Profit of Rs 236 crore. Capacity utilization increased to 87% as compared to 67% in Q1 FY2024. Graphite India continues to be well capitalised with a Net Cash balance of Rs 3,729 crore at the end of 30 June 2024.

During the quarter, global crude steel production excluding China increased by 1.8% on yYoY and a decline of 0.3% on q-o-q. Except for India and Middle East which increased production by 10.6% and 12.5% respectively, all other major countries either recorded marginally increased or declined steel production. The increase in India’s steel production was correlated to the government spending on the infrastructure and construction sectors. Both these sectors are expected to jointly account for 67% of India’s steel demand until 2030.

While the pricing for graphite electrodes continues to remain under pressure, the decline in the cost of imported needle coke is not commensurate, thereby impacting operating margins

In the coming years, the global steel industry is expected to place greater emphasis on new capacity expansion through the EAF route. This strategic shift aligns with not only global decarbonization efforts, but with the need for lower operating costs. Graphite India is well positioned to benefit from the structural industry changes with its globally benchmarked quality and cost efficient manufacturing platform. In addition to being responsive to its customer requirements and continuous improvements in operations, sustainability remains high on the agenda.”

Result PDF

Industrial Goods company Graphite India announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

Consolidated:

  • Net Sales of Rs 720 crore, a decline of 11.7% YoY
  • EBITDA of Rs 62 crore with margin of 7.5%
  • Net Profit of Rs 16 crore
  • EPS of Rs 0.80 per share

Standalone:

  • Net Sales of Rs 706 crore, a decline of 2.9% YoY
  • EBITDA of Rs 66 crore with margin of 9.3%
  • Net Profit of Rs 34 crore
  • EPS of Rs 1.73 per share

FY24 Financial Highlights:

Consolidated:

  • Net Sales of Rs 2,950 crore, a decline of 7.3% YoY
  • EBITDA of Rs 160 crore with margin of 5.4%
  • Net Profit of Rs 805 crore
  • EPS of Rs 41.36 per share
  • Gross Debt of Rs 177 crore
  • Cash (Net of Gross Debt) of Rs 3,307 crore
  • Dividend announced of Rs 11 per share for FY24
  • Dividend pay out ratio of 550% on the Face Value

Standalone:

  • Net Sales of Rs 2,894 crore, a decline of 0.7% YoY
  • EBITDA of Rs 207 crore with margin of 7.2%
  • Net Profit of Rs 872 crore
  • EPS of Rs 44.62 per share

K K Bangur, Chairman of Graphite India said, “For FY2024, Graphite India delivered Consolidated Net Sales of Rs 2,950 crore, EBITDA of Rs 160 crore and Net Profit of Rs 805 crore, which includes the sale of land in Bengaluru. Although sales volume increased during the year, lower realisations impacted Net Sales by 7.3% compared to the previous year. During Q4 FY24, standalone capacity utilisation increased to 93% as compared to 61% in Q4 FY23. Graphite India is well capitalised with a Net Cash balance of Rs 3,307 crore at the end of March 2024.

Steel demand in developed economies has shown modest near-term growth, with a projected increase of 1.3% in 2024 and a further 2.7% growth in 2025. In China, steel demand remains relatively low as a result of the slowdown in the real estate sector. However, this has been offset by growth from the infrastructure and manufacturing sectors, resulting in 2024 expected demand to be flat compared to the previous year. In sharp contrast, India's steel demand has a positive near-term outlook considering robust plans for infrastructure investments across the country, with an anticipated 8% annual growth rate. The pricing for graphite electrodes continues to remain under pressure while input costs need further correction.

Global decarbonisation of steel will support the EAF manufacturing process, resulting in a significant increase in demand of graphite electrodes in the medium to long term. The current uncertainties in the world economy with persistent inflation, higher interest rates and geopolitical tensions could delay the trend. In alignment with the company’s commitment to sustainability objectives, Graphite India has partly commissioned its first wind power facility for captive consumption, with full commissioning expected by Q1FY25. This initiative will lead to substantial energy cost savings and a reduction in carbon emissions. As Graphite India navigates through this challenging environment, management remains focused on overall operational efficiencies with a long term goal towards a stronger future.”

Result PDF

Industrial goods company Graphite India announced Q1FY24 results:

  • Consolidated Q1FY24:
    • Net sales of Rs 747 crore, a decline of 13.7% YoY and 8.3% QoQ
    • EBITDA of Rs (13) crore as compared to Rs 59 crore in Q1FY23
    • Net loss of Rs 30 crore as compared to Net Profit of Rs 24 crore in Q1FY23
    • EPS of Rs (1.56) per share
    • Gross debt of Rs 360 crore
    • Cash (net of gross debt) of Rs 2,115 crore
  • Standalone Q1FY24:
    • Net sales of Rs 720 crore, a decline of 9.8% YoY and 1.0% QoQ
    • EBITDA of Rs (14) crore as compared to Rs 97 crore in Q1FY23
    • Net loss of Rs 27 crore as compared to Net Profit of Rs 63 crore in Q1FY23
    • EPS of Rs (1.39) per share
    • Gross debt of Rs 280 crore
    • Cash (net of gross debt) of Rs 1,942 crore

K K Bangur, Chairman, Graphite India, said, "In Q1FY24 Graphite India registered Consolidated Net Sales of Rs 747 crore, a decline of 13.7% YoY and a decline of 8.3% on QoQ basis. Operating EBITDA was Rs (13) crore after the provision of inventory write-down of Rs 157 crore which resulted in a Net Loss of Rs 30 crore. The standalone capacity utilization during the quarter was 67% as compared to 80% in Q1FY23. This quarter’s financial results were impacted due to a decline in both realization and volume.

Globally, there has been a 1.7% decline in YoY steel production, mainly attributed to subdued demand for electrodes. This has led to reduced capacity utilization and pricing pressures across the industry. Despite this trend, India has displayed resilience, achieving a substantial 7.8% YoY growth in its steel output during Q1FY24. However, the increased availability of imported graphite electrodes has impacted domestic demand and pricing. Raw Material price correction was not aligned with the fall in electrode price impacting operating margins.

Higher government spending on infrastructure and increased traction of EAFs in the steel industry will drive medium to long-term growth in coming quarters. Stringent emission regulations enforced by the governments globally are compelling the steel industry to seek the more efficient EAF steelmaking technology, will positively impact the demand for graphite electrodes going forward.

From a balance sheet perspective, we maintain a strong consolidated Net Cash position of Rs 2,115 crore at the end of June 2023. We are pleased to announce that on August 07, 2023, Graphite India sold its land in Bengaluru for a cash consideration of Rs 986 crore, which was received in a single tranche. This will be reflected in our H1FY24 Net Cash position.

Overall, Graphite India's outlook on the electrode industry's future remains positive. We continue to adopt efficient operational practices and exercise prudent financial management."

 

 

Result PDF

Graphite India announced Q3FY23 results:

  • Consolidated Q3FY23 vs Q3FY22:
    • Net sales of Rs 701 crore, a decrease of 20% YoY and 15% QoQ
    • EBITDA of Rs 105 crore as compared to Rs 203 crore in Q3FY22
    • Net profit of Rs 53 crore as compared to Rs 132 crore in Q3FY22
    • EPS of Rs 2.66 per share
    • Balance sheet:
      • Gross debt of Rs 345 crore
      • Cash (net of gross debt) of Rs 2,031 crore
  • Standalone Q3FY23 vs Q3FY22:
    • Net sales of Rs 669 crore, a decrease of 20% YoY and 7% QoQ
    • EBITDA of Rs 134 crore as compared to Rs 218 crore in Q3FY22
    • Net profit of Rs 92 crore as compared to Rs 155 crore in Q3FY22
    • EPS of Rs 4.65 per share
    • Balance sheet:
      • Gross debt of Rs 221 crore
      • Cash (Net of gross debt) of Rs 1,864 crore

Chairman’s Message K K Bangur, said: “During the quarter, Graphite India reported consolidated Net Sales of Rs 701 crore, a decline of 20% y-o-y. EBITDA, before a one-time charge of Rs 8 crore, was Rs 105 crore and Net Profit was Rs 53 crore. On a standalone basis, the company delivered Net Sales of Rs 669 crore, EBITDA of Rs 134 crore and Net Profit of 92 crore From a manufacturing perspective, the consolidated capacity utilization during the quarter was 42% as compared to 56% in Q2 FY2023. The reduced production was caused by the closure of our German electrode plant and the downturn in the global economy. The company has a consolidated Net Cash position of Rs 2,031 crore at the end of Q3FY23.

Total world crude steel production was 1,878.5 Mt in 2022, a 4.2% decrease compared to 2021. In developed economies, the recovery of steel demand faced challenges due to sustained inflation and persistent supply-side constraints. The high energy prices in Europe made it challenging for steel manufacturers to maintain their production levels, as the increased costs put a strain on their margins. This resulted in a slowdown in the recovery of the steel industry.

Despite the global headwinds, India saw a positive outcome with a growth rate of 5.5% for the year. Steel remains a critical raw material in various sectors and will benefit from the Indian government's increase in capital expenditure to Rs 10 Lakh crore in the next fiscal year. This is expected to drive growth in steel and cement consumption, particularly in high-capex industries. The government's initiative to remove the export duty on steel products will also help domestic steel manufacturers boost their profits and provide them with the opportunity to tap into overseas markets as well. As a result, the demand for steel is projected to remain robust in the coming years.

Graphite India remains confident in the future prospects of the electrode industry. We continue to be focused on implementing best practices in operational efficiency and exercising financial prudence. The Company is well positioned for the future.”

Result PDF

Industrial goods company Graphite India announced Q2FY23 results:

  • Consolidated:
    • Net sales of Rs 825 crore, an increase of 19% YoY and (5)% QoQ
    • EBITDA excluding an exceptional item is Rs 213 crore in Q2FY23 as compared to Rs 188 crore in Q2FY22
    • Net Profit of Rs 92 crore in Q2FY23 as compared to Rs 128 crore in Q2FY22
    • EPS of Rs 4.72 per share
  • Standalone:
    • Net sales of Rs 719 crore, an increase of 10% YoY and (11)% QoQ
    • EBITDA of Rs 252 crore in Q2FY23 as compared to Rs 192 crore in Q2FY22
    • Net Profit of Rs 139 crore in Q2FY23 as compared to Rs 140 crore in Q2FY22
    • EPS of Rs 7.13 per share

Chairman’s Message: “During a challenging financial quarter, Graphite India reported consolidated Net Sales of Rs 825 Cr, a growth of 19% YoY. EBITDA, before a one time charge of Rs 45 Cr, was Rs 213 Cr and Net Profit was Rs 92 Cr (after the one time charge). From a manufacturing perspective, capacity utilization during the quarter was 56% as compared to 71% in Q1 FY2023. The year on year sales growth was primarily driven by improvement in realizations while volumes remained subdued. The company has a consolidated Net Cash position of Rs 2,112 Cr at the end of September 2022.

As reported earlier, the Russia - Ukraine conflict has led to high energy costs which have resulted in our German electrode operations becoming unviable. Hence it was decided to shut down the graphite electrode production as of now and restructure the speciality and coating operations.

Alongside these geopolitical headwinds, central banks across the world continue to address the challenge of rising inflation levels by increasing interest rates. This has impacted construction and infrastructure projects across the world, which in turn has lowered the steel production, directly impacting the demand for electrodes.

In the last nine months, India stands out as one of the few major economies delivering over 6.0% steel production growth. However, the levy of 15% duty on steel exports continues to impact the Indian steel industry.

In summary, Graphite India is well positioned to navigate through these volatile times, with management focused on long term customer relationships and the ongoing pursuit of operational efficiencies.”

Result PDF

Industrial Goods firm Graphite India announced Q1FY23 Result :

  • Q1 FY2023 Profit and Loss (Consolidated):
    • Net Sales of Rs. 866 Crores, an increase of 42% YoY and 3% QoQ
    • EBITDA excluding one time charge is Rs. 134 Crores as compared to Rs. 219 Crores in Q1 FY22
    • Net Profit of Rs. 24 Crores as compared to Rs. 150 Crores in Q1 FY22
    • EPS of Rs. 1.23 per share
  • Q1 FY2023 Profit and Loss (Standalone):
    • Net Sales of Rs. 798 Crores, an increase of 47% YoY and 4% QoQ
    • EBITDA excluding one time charge is Rs. 172 Crores as compared to Rs. 212 Crores in Q1 FY22
    • Net Profit of Rs. 63 Crores as compared to Rs. 157 Crores in Q1 FY21
    • EPS of Rs. 3.26 per share
  • Balance Sheet (Consolidated):
    • Gross Debt of Rs. 464 Crores
    • Cash (Net of Gross Debt) of Rs. 2,203 Crore
  • Balance Sheet (Standalone):
    • Gross Debt of Rs. 356 Crores
    • Cash (Net of Gross Debt) of Rs. 2,118 Crores

 

Result PDF

Industrial Goods company Graphite India declares Q4FY22 result:

  • Consolidated:
    • Net Sales of Rs. 3,026 Crores, up by 55% YoY  
    • EBITDA excluding CSR expense and one time income is Rs. 799 Crores as compared to Rs. 93 Crores in FY21
    • Net Profit of Rs. 505 Crores compared to loss of Rs. 32 Crores in FY21
    • EPS of Rs. 25.82 per shar
    • Net Sales of Rs. 844 Crores, up by 49% YoY  
    • EBITDA excluding CSR expense and one time income is Rs. 189 Crores as compared to Rs. 113 Crores in Q4FY21
    • Net Profit of Rs. 95 Crores, up by 48% YoY  
    • EPS of Rs. 4.82 per share
    • Gross Debt of Rs. 428 Crores
    • Cash (Net of Gross Debt) of Rs. 2,346 Crores
    • Dividend announced of Rs. 10 per share for FY2022
    • Dividend pay out ratio of 500% on the Face Value
  • Standalone:
    • Net Sales of Rs. 2,799 Crores, up by 52% YoY  
    • EBITDA excluding CSR expense and one time income is Rs. 833 Crores as compared to Rs. 304 Crores in FY21
    • Net Profit of Rs. 574 Crores compared to Rs. 199 Crores in FY21
    • EPS of Rs. 29.39 per share
    • Net Sales of Rs. 767 Crores, an increase of 36% YoY  
    • EBITDA excluding CSR expense and one time income is Rs. 211 Crores as compared to Rs. 160 Crores in Q4 FY21
    • Net Profit of Rs. 122 Crores compared to Rs. 114 Crores in Q4 FY21
    • EPS of Rs. 6.32 per share
    • Gross Debt of Rs. 343 Crores
    • Cash (Net of Gross Debt) of Rs. 2,139 Crores

 

Result PDF

Financial Highlights:

  • H1 FY2022 (Consolidated):
    • Net Sales of Rs. 1,302 Crores, an increase of 46% y-o-y 
    • EBITDA of Rs. 407 Crores as compared to Loss of Rs. 91 Crores in H1 FY21 
    • Net Profit of Rs. 278 Crores as compared to Loss of Rs. 119 Crores in H1 FY21 
    • EPS of Rs. 14.25 per share 
    • Gross Debt of Rs. 275 Crores 
    • Cash (Net of Gross Debt) of Rs. 2,631 Crores 
  • H1 FY2022 (Standalone):
    • Net Sales of Rs. 1,197 Crores, an increase of 45% y-o-y
    • EBITDA of Rs. 404 Crores as compared to Rs. 7 Crores in H1 FY21
    • Net Profit of Rs. 297 Crores as compared to Loss of Rs. 8 Crores in H1 FY21 
    • EPS of Rs. 15.22 per share 
    • Gross Debt of Rs. 258 Crores 
    • Cash (Net of Gross Debt) of Rs. 2,208 Crores
  • Q2 FY2022 (Consolidated):
    • Net Sales of Rs. 692 Crores, an increase of 43% y-o-y
    • EBITDA of Rs. 188 Crores as compared to Loss of Rs. 28 Crores in Q2 FY21 
    • Net Profit of Rs. 128 Crores as compared to Loss of Rs. 41 Crores in Q2 FY21 
    • EPS of Rs. 6.55 per share  
  • Q2 FY2022 (Standalone):
    • Net Sales of Rs. 654 Crores, an increase of 38% y-o-y
    • EBITDA of Rs. 192 Crores as compared to Rs. 12 Crores in Q2 FY21
    • Net Profit of Rs. 140 Crores as compared to Rs. 5 Crores in Q2 FY21 
    • EPS of Rs. 7.19 per share

K K Bangur, Chairman of Graphite India Ltd., Said, “In Q2 FY2022, Graphite India registered Net Sales of Rs. 692 Cr, up by 43% y-o-y and 13% on a q-o-q basis. The y-o-y sales growth was primarily driven by both higher volumes and realizations whereas the q-o-q sales growth was characterized by improved realizations along with a modest increase in volumes. However, with increase in the prices of graphite electrode, we saw a similar increase in prices of needle coke. During the quarter, the company delivered EBITDA of Rs. 188 Cr and Net Profit of Rs. 128 Cr. The capacity utilization increased to 81% as compared to 60% in Q2 FY21 and 75% in the previous quarter. Our German operations also registered an increase in the capacity utilization to meet the growing demand in the region and pricing continues to improve. From a balance sheet perspective, our capital structure remains robust and we continue to maintain strong Net Cash balance of Rs. 2,631 Cr at the end of September 2021.

During the quarter, the global crude steel production excluding China registered a strong increase of 15.3% on y-o-y and a decline of 2.7% on q-o-q basis. China steel production registered a significant decline of 14.2% y-o-y and 16.6.% on a qo-g basis which is in line with their strategy to keep the steel output at 2020 levels as a part of the country’s goal to reduce carbon emissions. With decline in steel production and exports from China, we may see a gradual increase in steel production from the EAF steel producing nations which shall drive both electrode demand and realizations.

The Indian economy showed resilience to deliver quicker recovery after the much severe second wave of the pandemic in Q1 FY22. Indian steel production continues to increase on both y-o-y and on sequential basis. The steel demand outlook for remaining part of the year looks encouraging with the pick-up in demand from infrastructure and construction sector. With improved demand scenario, we are seeing an uptick in electrode prices however, needle coke prices continues to rise in tandem. 

Graphite India is well positioned to meet the growing demand from the domestic industry and from the EAF steel producing nations in the light of China’s reducing exports. The ongoing shortage of containers and increasing logistics costs may put some pressure however, we remain confident to maintain high operational efficiency at our plants and deliver profitable growth in the coming quarters.”  

 

 

Result PDF

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