Graphite India Limited submitted its earnings presentation for the year ended 31st March 2026 to Bombay Stock Exchange and National Stock Exchange. The document contains audited financial results (standalone and consolidated) along with operational and industry updates.

Financial Performance (Consolidated)

Full Year FY2026:

  • Net Sales: ₹2,852 crore, up 11.4% YoY (FY2025: ₹2,560 crore)
  • EBITDA: ₹375 crore, down 45.8% YoY (FY2025: ₹692 crore)
  • EBITDA Margin: 13.1% (FY2025: 27.0%)
  • Net Profit: ₹171 crore, down 62.7% YoY (FY2025: ₹458 crore)
  • Net Profit Margin: 6.0% (FY2025: 17.9%)
  • Earnings Per Share: ₹8.97 (FY2025: ₹23.65)
  • Other Income: ₹174 crore, down 60.3% YoY due to market volatility
  • Interest Cost: ₹25 crore, up 127.3% YoY
  • Depreciation: ₹95 crore, up 5.6% YoY

Q4 FY2026:

  • Net Sales: ₹816 crore, up 22.5% YoY (Q4 FY2025: ₹666 crore)
  • EBITDA Loss: ₹(100) crore (Q4 FY2025: ₹96 crore profit)
  • EBITDA Margin: (12.3)% (Q4 FY2025: 14.4%)
  • Net Loss: ₹(105) crore (Q4 FY2025: ₹49 crore profit)
  • Net Loss Margin: (12.9)% (Q4 FY2025: 7.4% profit margin)
  • Earnings Per Share: ₹(5.31) (Q4 FY2025: ₹2.57)

Financial Performance (Standalone)

Full Year FY2026:

  • Net Sales: ₹2,812 crore, up 16.2% YoY
  • EBITDA: ₹461 crore, down 29.7% YoY
  • Net Profit: ₹264 crore, down 41.6% YoY
  • Earnings Per Share: ₹13.54

Q4 FY2026:

  • Net Sales: ₹816 crore, up 26.5% YoY
  • EBITDA Loss: ₹(65) crore
  • Net Loss: ₹(73) crore
  • Earnings Per Share: ₹(3.71)

Inventory Write-down

Due to overall fall in electrode prices, the company recognized inventory on Net Realizable Value basis:

  • Consolidated inventory write-down: ₹47 crore as of 31st March 2026 (₹113 crore as of 31st March 2025)
  • Standalone inventory write-down: ₹45 crore as of 31st March 2026 (₹110 crore as of 31st March 2025)

Exceptional Items

Impact of ₹(11) crore for full year FY2026 arising due to introduction of New Labour Codes.

Dividend Declaration

The Board of Directors recommended a dividend of ₹7 per share, subject to shareholders approval.

Capacity Utilization

Graphite India's capacity utilization increased to 104% in Q4 FY2026 from 81% in Q4 FY2025.

Balance Sheet Position (Consolidated)

  • Cash & Cash Equivalents: ₹4,134 crore as of March 2026
  • Total Debt: ₹367 crore as of March 2026
  • Net Cash: ₹3,767 crore as of March 2026

Balance Sheet Position (Standalone)

  • Cash & Cash Equivalents: ₹3,937 crore as of March 2026
  • Total Debt: ₹254 crore as of March 2026
  • Net Cash: ₹3,683 crore as of March 2026

Segment Performance (Consolidated)

Full Year FY2026:

  • Graphite and Carbon Revenue: ₹2,594 crore, up 15.4% YoY
  • Steel Revenue: ₹257 crore, up 13.2% YoY
  • Others Revenue: ₹4 crore, down 95.5% YoY

Q4 FY2026:

  • Graphite and Carbon Revenue: ₹758 crore, up 26.3% YoY
  • Steel Revenue: ₹76 crore, up 26.7% YoY

Industry Context

  • Global crude steel production declined 2.8% YoY to 449.2 million MT in Q1 CY2026
  • China's crude steel production declined 6.0% YoY to 238.4 million MT
  • India's crude steel production increased 9.7% YoY to 44.0 million MT
  • World Steel Association forecasts steel demand growth of 2.2% to 1,762 million MT in 2027
  • India's steel demand expected to grow 9.2% in 2026 driven by infrastructure and automotive sectors

Strategic Updates

  • First phase of electrode capacity expansion expected to be commissioned in current financial year (FY2027)
  • Synthetic Graphite Anode Materials (SGAM) project continues as previously announced
  • EU's Carbon Border Adjustment Mechanism (CBAM) implementation expected to accelerate shift from Blast Furnace to EAF steelmaking

Company Background

Graphite India is the largest Indian producer of graphite electrodes with manufacturing capacity of 80,000 tonnes per annum spread over plants at Durgapur and Nashik in India, and Nurnberg, Germany for specialty graphite products. The company has over 60 years of technical expertise and exports account for less than half of total revenues.