Graphite India Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Graphite and Carbon: 89.1% • Steel: 9.1% • Others: 1.8%
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company is almost debt free
- Company has been maintaining a healthy dividend payout of 51.7%
- Company comfortably covers its interest (17.5x coverage)
- Working capital cycle has improved - days down from 560 to 437
- Company has a consistent dividend-paying track record
- Company generates healthy free cash flow
CONS
- A large part of profit comes from other income (48.6% of PBT)
- Recent results are weak - TTM profit is down 31.2% versus prior year
- Receivables are growing faster than sales - a possible quality concern
- Total debt has risen sharply - up 198.8% year on year
- Valuation is stretched - P/E of 59.8 is well above its own 5-year median (20.7)
- Operating margins have contracted to 10.4% from 18.2%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| GRAPHITE | 845.05 | 77.51 | 16510.21 | 0.83 | 171.00 | 28.57 | 842.00 | 26.62 | 4.39 | 17.10 |
| ESABINDIA | 5935.75 | 170.35 | 9136.91 | 1.26 | 56.14 | 37.13 | 421.12 | 19.63 | 69.97 | 18.80 |
| ADOR | 1629.85 | 24.98 | 2836.40 | 1.41 | 27.60 | 798.73 | 309.46 | 22.88 | 22.31 | 11.54 |
| DIFFNKG | 440.80 | 30.14 | 1649.75 | 0.34 | 16.68 | 35.97 | 110.11 | 36.49 | 16.27 | 16.90 |
| DENORA | 803.55 | 34.98 | 426.58 | 0.50 | 6.39 | 96.62 | 35.27 | -15.96 | 9.67 | 16.14 |
| PANCARBON | 437.10 | 10.93 | 209.81 | 2.75 | 42.57 | 575.93 | 111.01 | 599.06 | 16.80 | 23.34 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 720 | 786 | 682 | 706 | 672 | 586 | 517 | 645 | 643 | 710 | 643 | 816 | 765 | |
| 806 | 801 | 658 | 713 | 597 | 497 | 500 | 595 | 589 | 657 | 568 | 916 | 674 | |
| Operating Profit | -86 | -15 | 24 | -7 | 75 | 89 | 17 | 50 | 54 | 53 | 75 | -100 | 91 |
| OPM % | -11.94% | -1.91% | 3.52% | -0.99% | 11.16% | 15.19% | 3.29% | 7.75% | 8.40% | 7.46% | 11.66% | -12.25% | 11.90% |
| 72 | 1,041 | 59 | 73 | 190 | 166 | 15 | 54 | 146 | 91 | 80 | 51 | 107 | |
| Interest | 4 | 4 | 2 | 2 | 1 | 3 | 1 | 1 | 1 | 1 | 2 | 17 | 3 |
| Depreciation | 16 | 17 | 19 | 18 | 18 | 20 | 21 | 22 | 21 | 22 | 22 | 21 | 21 |
| Profit before Tax | -34 | 1,005 | 62 | 46 | 246 | 232 | 10 | 81 | 178 | 121 | 131 | -87 | 198 |
| Tax % | 20.59% | 18.91% | 19.35% | 26.09% | 16.67% | 21.55% | 70.00% | 23.46% | 18.54% | 23.97% | 23.66% | 16.09% | 20.71% |
| Net Profit | -27 | 815 | 50 | 34 | 205 | 182 | 3 | 62 | 145 | 92 | 100 | -73 | 157 |
| -1.39 | 41.74 | 2.54 | 1.73 | 10.49 | 9.28 | 0.20 | 3.18 | 7.43 | 4.70 | 5.13 | -3.71 | 8.02 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,306 | 2,958 | 6,737 | 2,875 | 1,839 | 2,799 | 2,913 | 2,894 | 2,420 | 2,812 | 2,934 | |
| 1,230 | 1,606 | 2,531 | 2,970 | 1,823 | 2,276 | 2,516 | 2,977 | 2,195 | 2,518 | 2,815 | |
| Operating Profit | 76 | 1,353 | 4,206 | -94 | 16 | 523 | 397 | -83 | 225 | 294 | 119 |
| OPM % | 5.79% | 45.72% | 62.43% | -3.28% | 0.87% | 18.70% | 13.64% | -2.87% | 9.32% | 10.45% | 4.06% |
| 84 | 89 | 141 | 157 | 306 | 279 | 133 | 1,245 | 430 | 156 | 329 | |
| Interest | 6 | 6 | 11 | 17 | 6 | 4 | 9 | 12 | 6 | 21 | 23 |
| Depreciation | 42 | 46 | 56 | 44 | 45 | 46 | 46 | 70 | 81 | 86 | 86 |
| Profit before Tax | 111 | 1,389 | 4,281 | 1 | 271 | 753 | 476 | 1,079 | 569 | 344 | 363 |
| Tax % | -0.76% | 34.22% | 34.45% | -2447.15% | 26.57% | 23.78% | 26.48% | 19.21% | 20.47% | 23.00% | 23.97% |
| Net Profit | 112 | 914 | 2,806 | 31 | 199 | 574 | 350 | 872 | 452 | 265 | 276 |
| EPS | 5.75 | 46.76 | 143.61 | 1.60 | 10.20 | 29.39 | 17.91 | 44.61 | 23.15 | 13.54 | — |
| Dividend Payout % | 34.81% | 36.36% | 38.30% | 124.73% | 49.02% | 34.03% | 47.45% | 24.66% | 47.52% | 51.69% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 8%
- 5 Years:
- 9%
- 3 Years:
- -1%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 10%
- 5 Years:
- 6%
- 3 Years:
- -9%
STOCK PRICE CAGR
- 10 Years:
- 27%
- 5 Years:
- 6%
- 3 Years:
- 18%
- 1 Year:
- 58%
RETURN ON EQUITY
- 10 Years:
- 18%
- 5 Years:
- 10%
- 3 Years:
- 10%
- Last Year:
- 5%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 1,813 | 2,563 | 4,614 | 3,771 | 3,969 | 4,448 | 4,603 | 5,307 | 5,543 | 5,595 | |
| 129 | 155 | 360 | 416 | 223 | 344 | 335 | 96 | 85 | 254 | |
| Trade Payables | 211 | 395 | 573 | 177 | 218 | 418 | 290 | 150 | 257 | 290 |
| 211 | 344 | 357 | 239 | 343 | 3,209 | 3,307 | 3,514 | 3,631 | 3,691 | |
| Total Liabilities | 2,403 | 3,496 | 5,943 | 4,642 | 4,792 | 8,457 | 8,575 | 9,106 | 9,556 | 9,870 |
| 617 | 643 | 607 | 577 | 568 | 534 | 658 | 822 | 971 | 1,016 | |
| Capital Work in Progress | 32 | 8 | 17 | 35 | 80 | 142 | 126 | 145 | 66 | 62 |
| 664 | 1,241 | 2,566 | 1,999 | 2,514 | 2,315 | 2,168 | 3,455 | 3,869 | 3,960 | |
| 513 | 670 | 1,821 | 1,209 | 823 | 1,471 | 2,190 | 1,221 | 1,088 | 1,093 | |
| 7 | 2 | 4 | 1 | 1 | 1 | 0 | 539 | 454 | 650 | |
| Cash & Bank | 41 | 31 | 30 | 19 | 51 | 104 | 71 | 46 | 171 | 38 |
| 530 | 900 | 898 | 802 | 755 | 3,890 | 3,362 | 2,879 | 2,936 | 3,050 | |
| Total Assets | 2,403 | 3,496 | 5,943 | 4,642 | 4,792 | 8,457 | 8,575 | 9,106 | 9,556 | 9,870 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 290 | 1,142 | 3,222 | 285 | 683 | -75 | -444 | 716 | 543 | 103 | |
| Cash from Investing | -192 | -546 | -1,206 | 646 | -400 | 165 | 300 | -289 | -226 | -136 |
| Cash from Financing | -58 | -142 | -558 | -838 | -199 | 20 | -213 | -418 | -232 | -51 |
| -1 | 15 | 7 | -20 | 35 | -8 | -25 | 10 | 85 | -84 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - Graphite India Limited has informed the Exchange about Schedule of meet
2026-09-09 - Graphite India Limited has informed the Exchange about Schedule of meet
2026-09-09 - Graphite India Limited has informed the Exchange about Schedule of meet
2026-09-09 - Graphite India Limited has informed the Exchange about Schedule of meet
2026-09-09 - Graphite India Limited has informed the Exchange about Schedule of meet
2026-08-26 - Graphite India Limited has informed the Exchange about Schedule of meet
2026-08-14 - Graphite India Limited has informed the Exchange regarding 'ESG and Core ESG ratings assigned by CRISIL ESG Ratings & Analytics Limited'.
2026-08-10 - Graphite India Limited has informed the Exchange about Schedule to participate in the Emkay Confluence 2026 India Full Throttle Ahead.
2026-08-05 - Graphite India Limited has informed the Exchange about Copy of Newspaper Publication
News
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