Financial Performance (Consolidated)

Q2 FY2027 Performance:

  • Net Sales: ₹826 Crores, representing 13.3% year-over-year growth
  • EBITDA: ₹189 Crores, showing 43.2% year-over-year growth
  • EBITDA Margin: 22.9% of Net Sales
  • Net Profit: ₹94 Crores (after exceptional items), representing 23.7% year-over-year growth
  • Net Profit Margin: 11.4% of Net Sales
  • EPS: ₹4.89 per share, showing 25.1% year-over-year growth
  • Exceptional Item: ₹22 Crores related to employee restructuring costs and inventory write down arising from the closure of German operations

Half Yearly FY2027 Performance (Consolidated):

  • Net Sales: ₹1,668 Crores, representing 19.7% year-over-year growth
  • EBITDA: ₹430 Crores, showing 32.3% year-over-year growth
  • EBITDA Margin: 25.8% of Net Sales
  • Net Profit: ₹265 Crores, representing 26.8% year-over-year growth
  • Net Profit Margin: 15.9% of Net Sales
  • EPS: ₹13.71 per share, showing 27.2% year-over-year growth

Financial Performance (Standalone)

Q2 FY2027 Performance:

  • Net Sales: ₹806 Crores, representing 13.5% year-over-year growth
  • EBITDA: ₹197 Crores, showing 36.8% year-over-year growth
  • EBITDA Margin: 24.4% of Net Sales
  • Net Profit: ₹128 Crores, representing 39.1% year-over-year growth
  • Net Profit Margin: 15.9% of Net Sales
  • EPS: ₹6.56 per share, showing 39.6% year-over-year growth

Half Yearly FY2027 Performance (Standalone):

  • Net Sales: ₹1,571 Crores, representing 16.1% year-over-year growth
  • EBITDA: ₹419 Crores, showing 21.8% year-over-year growth
  • EBITDA Margin: 26.7% of Net Sales
  • Net Profit: ₹285 Crores, representing 20.3% year-over-year growth
  • Net Profit Margin: 18.1% of Net Sales
  • EPS: ₹14.58 per share, showing 20.2% year-over-year growth

Balance Sheet Position (as of September 2026)

Consolidated:

  • Gross Debt: ₹274 Crores
  • Cash & Cash Equivalents (including investments): ₹4,101 Crores
  • Net Cash Position: ₹3,827 Crores

Standalone:

  • Gross Debt: ₹150 Crores
  • Cash & Cash Equivalents (including investments): ₹3,901 Crores
  • Net Cash Position: ₹3,751 Crores

Operational Metrics

  • Capacity Utilization: 96% in Q2 FY2027 (compared to 99% in Q2 FY2026)
  • Sales growth driven by both higher volumes and improved realizations

Segment Performance (Consolidated)

Q2 FY2027 Segment Revenue:

  • Graphite and Carbon: ₹707 Crores (7.0% YoY growth)
  • Steel: ₹119 Crores (85.9% YoY growth)
  • Others: Not quantified
  • Inter Segment Sales: Not quantified

Q2 FY2027 Segment Profit:

  • Graphite and Carbon: ₹82 Crores (significant improvement from ₹17 Cr in Q2 FY2026)
  • Steel: ₹18 Crores (63.6% YoY growth)
  • Others: Loss of ₹2 Crores

Segment Performance (Standalone)

Q2 FY2027 Segment Revenue:

  • Graphite and Carbon: ₹684 Crores (7.2% YoY growth)
  • Steel: ₹119 Crores (85.9% YoY growth)
  • Others: ₹4 Crores (55.6% YoY decline)

Q2 FY2027 Segment Profit:

  • Graphite and Carbon: ₹86 Crores (significant improvement from ₹28 Cr in Q2 FY2026)
  • Steel: ₹18 Crores (63.6% YoY growth)
  • Others: ₹2 Crores (50.0% YoY decline)

Industry Context and Market Overview

Global Steel Production (9M 2026):

  • Total 70 Countries: 1,367.3 million MT (0.5% YoY decline)
  • China: 724.8 million MT (2.9% YoY decline)
  • India: 130.0 million MT (6.2% YoY growth)
  • European Union: 94.5 million MT (0.1% YoY decline)
  • North America: 84.7 million MT (5.2% YoY growth)
  • Middle East: 36.9 million MT (9.3% YoY decline)

Q3 CY2026 Steel Production:

  • Global: 436.0 million MT (0.3% YoY decline)
  • China: 225.1 million MT (2.4% YoY decline)
  • India: 43.1 million MT (3.4% YoY growth)
  • EU: 29.5 million MT (1.4% YoY growth)
  • North America: 28.3 million MT (3.7% YoY growth)

Steel Industry Outlook

  • World Steel Association forecasts steel demand growth of 1.7% to 1,752 million MT in 2027
  • India remains world's fastest-growing major steel market with demand forecast to increase by 7.9% to 172.4 million MT in 2026 and 8.0% to 186.2 million MT in 2027
  • Developing economies excluding China forecast to grow by 1.9% in 2026 and 5.1% in 2027

Graphite Electrode Industry Overview

  • EAF represents 28.6% of global steel production
  • Increasing adoption of EAF process driven by decarbonization measures and environmental regulations
  • India's National Steel Policy 2017 targets 300 million MT steel production capacity by 2030
  • India's per capita steel consumption has crossed 100 kg, approaching target of 160 kg by 2030
  • USA recently imposed preliminary tariffs on graphite electrodes, but company states this will not have material impact due to geographically diversified export revenue base

Company Background

  • Manufacturing capacity: 80,000 tonnes per annum spread over plants at Durgapur and Nashik
  • Exports account for less than half of total revenues
  • Focus on higher margin, large diameter, ultra-high power (UHP) electrodes
  • Additional businesses: 23 MW hydro electric power, 18.9 MW wind power, 13.8 MWp solar power
  • Strategic investments: 60.25% stake in General Graphene Corporation (US), 45.76% stake in Godi India (battery technologies)

Chairman's Commentary

K K Bangur, Chairman, stated that the company delivered growth driven by higher volumes and realizations, maintained strong balance sheet with significant net cash, and remains optimistic about medium term outlook for graphite electrodes despite higher input costs limiting margin expansion.