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Stock Analysis

Description

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

Key Growth Triggers

Management sees positive long-term outlook driven by India's steel demand and EAF technology adoption.
Approved a significant expansion plan for 25,000 TPA with a ₹600 Cr investment for its Graphite Electrode Division.
Increased shareholding in associate company Godi India Private Limited (GIPL), involved in R&D for supercapacitors and advanced battery materials.
Signed an MOU with the Government of Maharashtra for a 'Synthetic Graphite Anode Material (SGAM) & Others' project.
Entered into a partnership with Kivoro for graphene-based heat transfer additives.

Order Book

Currently no data available for Order Book.

Key Red Flags

Historical poor sales growth (-3.39% over past five years).
Historically low return on equity (6.04% over last 3 years).
Experienced significant margin compression and inventory write-downs impacting profitability in recent quarters.

Key Dates to Watch

Currently no data available for Key Dates to Watch.

Corporate Announcements

6th Apr 26

Impact Rating: 20

Graphite India Limited confirmed compliance with SEBI (Depositories and Participants) Regulations, 2018, for the March 31, 2026 quarter. It verified that shares received for dematerialization were cancelled and depository names updated as registered owners.

30th Mar 26

Impact Rating: 7

Graphite India Limited has clarified to the BSE that it possesses no current information or pending announcements that, in its opinion, could be influencing the significant increase observed in its stock's trading volume.

25th Mar 26

Impact Rating: 6

In compliance with its 'Code to Regulate Trading', Graphite India Limited will close its trading window from April 1, 2026. The window will reopen 48 hours after the company's audited financial results for the year ending March 31, 2026, are made public.

24th Mar 26

Impact Rating: 7

Following a postal ballot, Graphite India Limited's shareholders have approved special business resolutions regarding payment of commission to non-executive directors and an increase in remuneration for Mr. Siddhant Bangur, with high voting percentages in favour.

24th Mar 26

Impact Rating: 8

Graphite India's postal ballot results, concluded on March 24, 2026, revealed significant shareholder backing for resolutions concerning non-executive director commission and Mr. Siddhant Bangur's remuneration.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Graphite India	639.55	41.38	12497.22	1.72	92.00	-49.45	710.00	21.16	10.32	2515.00	6.92	302.00	92.00	2.23	6.83	0.03
2.	HEG	577.25	43.20	11140.61	0.31	143.33	74.20	699.22	23.19	3.96	2336.78	9.62	257.89	143.33	2.39	2.03	0.14
3.	RHI Magnesita	455.00	59.81	9410.13	0.55	38.35	-16.47	1035.36	19.41	7.06	3924.35	10.95	157.34	38.35	2.34	3.97	0.10
4.	Vesuvius India	453.95	37.73	9198.43	0.32	61.54	-10.11	547.04	23.16	25.47	2062.20	16.91	243.78	61.54	6.05	14.74	0.01
5.	Raghav Product.	819.00	75.53	3759.09	0.12	14.12	43.93	64.49	17.17	25.80	237.17	28.71	49.77	14.12	17.49	17.29	0.03
6.	IFGL Refractori.	193.75	46.70	1389.21	1.80	12.69	5.05	488.63	18.85	5.71	1770.01	7.00	29.75	12.69	1.23	2.76	0.19
7.	Monolithisch Ind	502.90	62.18	1093.10	0.00	8.82	57.22	57.28	39.71	61.16	113.63	21.38	17.58	8.82	9.38	34.47	0.00
–	Median: 13 Co.	480.5	41.38	1093.1	0.32	8.82	18.88	64.49	21.16	16.82	237.17	15.29	25.28	8.82	2.39	10.05	0.03

Quarterly Results

Standalone figures in ₹ crores

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	719	669	727	720	786	682	706	672	586	517	645	643	710
Expenses	616	574	641	806	801	658	713	597	497	500	595	589	657
Operating Profit	103	95	86	-86	-15	24	-7	75	89	17	50	54	53
Other Income	104	39	7	72	1,041	59	73	190	166	15	54	146	91
Profit before tax	194	122	76	-34	1,005	62	46	246	232	10	81	178	121
Tax %	28%	25%	26%	-21%	19%	19%	26%	17%	22%	70%	23%	19%	24%
Net Profit	139	92	56	-27	815	50	34	205	182	3	62	145	92
EPS in Rs	7.11	4.71	2.87	-1.38	41.71	2.56	1.74	10.49	9.32	0.15	3.17	7.42	4.71

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,768	1,497	1,347	1,306	2,958	6,737	2,875	1,839	2,799	2,913	2,894	2,420	2,515
Expenses	1,484	1,342	1,196	1,230	1,606	2,531	2,970	1,823	2,276	2,515	2,977	2,189	2,341
Operating Profit	284	156	150	76	1,353	4,206	-94	16	523	398	-82	231	174
Other Income	40	25	46	84	89	141	157	306	279	132	1,244	425	306
Interest	17	12	8	6	6	11	17	6	4	9	12	6	4
Depreciation	54	39	44	42	46	56	44	45	46	46	70	81	86
Profit before tax	254	129	144	111	1,389	4,281	1	271	753	476	1,079	569	390
Net Profit	171	82	105	112	914	2,806	31	199	574	350	872	452	302
EPS in Rs	8.75	4.21	5.36	5.75	46.76	143.61	1.60	10.20	29.39	17.91	44.62	23.15	15.45
Dividend Payout %	40%	48%	37%	35%	36%	38%	125%	49%	34%	47%	25%	48%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	39	39	39	39	39	39	39	39	39	39	39	39	39
Reserves	1,697	1,715	1,702	1,813	2,563	4,614	3,771	3,969	4,448	4,603	5,307	5,543	5,564
Borrowings	341	248	180	127	155	360	416	223	344	335	96	85	163
Other Liabilities	543	446	390	424	739	930	416	561	838	1,053	959	1,149	1,282
Total Liabilities	2,620	2,448	2,312	2,403	3,496	5,943	4,642	4,792	5,668	6,031	6,401	6,817	7,048
Fixed Assets	638	591	541	617	643	607	577	568	534	658	822	971	950
Gross Block	1,247.77	1,253.73	585.29	702.53	775.43	795.15	809.00	833.26	841.36	1,008.68	1,236.50	1,458.60	–
Accumulated Depreciation	609.68	662.92	44.41	85.92	132.15	187.84	231.73	265.57	307.21	350.36	414.84	487.18	–
CWIP	3	10	65	32	8	17	35	80	142	127	145	66	100
Investments	500	480	537	664	1,241	2,566	1,999	2,514	2,315	2,168	3,455	3,869	3,975
Other Assets	1,478	1,367	1,168	1,090	1,603	2,753	2,032	1,631	2,677	3,078	1,979	1,910	2,023
Total Assets	2,620	2,448	2,312	2,403	3,496	5,943	4,642	4,792	5,668	6,031	6,401	6,817	7,048

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	561	174	285	250	704	1,770	172	633	-193	-113	716	543
Cash from Investing Activity	-140	5	-111	-192	-546	-1,206	646	-400	165	300	-289	-226
Cash from Financing Activity	-403	-192	-181	-58	-142	-558	-838	-199	20	-213	-418	-232
Net Cash Flow	18	-13	-7	-1	15	7	-20	35	-8	-25	10	85

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	87	95	117	114	94	38	51	72	70	66	68	69
Inventory Days	415	463	392	348	332	468	208	297	473	653	229	351
Days Payable	106	101	98	143	196	147	30	79	134	87	28	83
Cash Conversion Cycle	396	456	410	319	230	359	229	290	409	632	269	336
Working Capital Days	155	186	180	157	93	83	158	140	177	207	120	87
ROCE %	11%	6%	8%	6%	59%	112%	0%	7%	17%	10%	3%	10%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	65.34%	65.34%	65.34%	65.34%	65.34%	65.34%	65.34%	65.34%	65.34%	65.34%	65.34%	65.34%
FIIs	4.93%	4.02%	4.05%	4.39%	4.27%	4.56%	4.39%	4.59%	5.06%	5.46%	4.99%	6.60%
DIIs	8.42%	8.61%	8.51%	9.48%	10.63%	12.17%	11.39%	10.00%	9.93%	10.51%	10.09%	9.58%
Public	21.30%	22.02%	22.09%	20.79%	19.77%	17.93%	18.88%	20.08%	19.67%	18.69%	19.58%	18.47%