Graphite India Limited (GRAPHITE) AI Stock Analysis

• Market Cap: ₹117.23B
• Dividend Yield: 1.93%
• Average Volume (3M): 66.25K
• Price to Earnings (P/E): 46.1
• Beta (1Y): 1.38
• Revenue Growth: -7.12%
• EPS Growth: -48.28%
• Country: IN
• Employees: 1,721
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Electrical Equipment & Parts
• EPS (TTM): 3.48
• Shares Outstanding: 195,375,600
• 10 Day Avg. Volume: 126,032
• 30 Day Avg. Volume: 66,255
• PEG Ratio: -0.48
• Price to Book (P/B): 1.61
• Price to Sales (P/S): 3.70
• P/FCF Ratio: 28.50
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 27.23
• Revenue Forecast (FY): ₹29.41B

• Rating: 54 Neutral
• Price Target: ₹658.00 ▼(-0.29% Downside)
• Action: Reiterated Date: 11/11/25
• Date: Action: Reiterated 11/11/25

Graphite India Limited's overall stock score reflects a challenging financial performance with inconsistent profitability and cash flow generation. Technical indicators suggest bearish momentum, with the stock trading below key moving averages. The high P/E ratio indicates overvaluation, which, combined with a modest dividend yield, limits the stock's attractiveness. Improvements in financial performance and a reversal in technical trends are necessary for a more favorable outlook.

Positive Factors

Strong Balance Sheet

A high equity ratio and low debt-to-equity indicate durable financial stability, giving management flexibility to fund maintenance capex, withstand cyclical downturns in electrode demand, and pursue strategic investments without excessive refinancing risk over the next 2-6 months.

Core, Essential Product

Graphite electrodes are essential consumables for electric arc furnace steelmaking, a structural segment of steel production. This entrenched demand base supports steady baseline volumes and long-term customer relationships, underpinning recurring revenue for months ahead.

Product Diversification & Exports

Selling a broader range of graphite and carbon products and serving domestic and export markets reduces reliance on a single product cycle. This diversification helps smooth revenue volatility from electrode-specific cycles and supports more resilient cash flows over time.

Negative Factors

Inconsistent Revenue Trends

Declining and uneven revenue undermines predictability of margins and investment planning. Persistent top-line variability compresses operating leverage, makes cost absorption harder, and can require margin-restoring pricing or utilization improvements to sustain profits over the medium term.

Variable Cash Generation

Irregular operating cash flows and inconsistent free cash flow impair the firm's ability to self-fund capex, pay dividends consistently, or build buffers. This variability increases reliance on external financing in adverse months and limits strategic optionality over the next several quarters.

Input Cost & Demand Sensitivity

Heavy sensitivity to needle coke, energy, and logistics means margins can swing with input availability and price cycles. Coupled with demand tied to EAF steel volumes, this structural exposure raises margin volatility and planning risk for procurement and pricing decisions.

Graphite India Limited Business Overview & Revenue Model

Company Description

Graphite India Limited manufactures and sells graphite electrodes, and carbon and graphite specialty products in India and internationally. The company operates in two segments, Graphite and Carbon, and Others. It offers a range of graphite electrodes with various diameter and power for AC and DC furnaces. The company also provides extruded graphite in the form of rods and blocks, mini rods, graphite tubes, heat exchanger tubes, molded mold and isostatically moulded graphite, machined components of carbon and graphite, carbon graphite/bricks, and carbon composites/brake discs. In addition, it offers calcined petroleum coke, carbon electrode paste, graphite granules and fines, and carbonaceous materials to aluminum, steel, ferro alloy, and foundry castings industries; and impervious graphite heat exchangers, which are used as condensers, coolers, heaters, re-boilers, evaporators, interchangers, and graphite columns for distillation, absorption and scrubbing, ejector systems, and centrifugal pumps. Further, the company provides HCl synthesis and dry HCl gas generation units, and H2SO4/HCl concentration and acid dilution cooling units; bursting discs, thermos-wells, pipes, and pipe fittings; glass fiber reinforced plastic pipes, joints, and fittings; and high speed, alloy tool, and powder metallurgy steels for cutting tools. Additionally, it generates and sells electricity through a hydel power plant. The company was founded in 1962 and is headquartered in Kolkata, India. Graphite India Limited is a subsidiary of Emerald Company Private Limited.

How the Company Makes Money

Graphite India Limited primarily makes money by manufacturing and selling graphite electrodes and other graphite/carbon products. Its core revenue stream is the sale of graphite electrodes, which are consumable inputs used by steel producers (particularly electric arc furnace operators) to melt scrap and refine steel; demand and pricing for these products are therefore closely linked to electric-arc steel production volumes, electrode consumption rates, and global supply-demand conditions for electrodes and key inputs (such as needle coke). In addition to electrodes, the company earns revenue from other graphite and carbon-related products (for industrial applications where high-temperature resistance and electrical conductivity are required), with sales typically structured as product shipments to industrial customers in India and export markets. The company’s earnings are influenced by product mix (grades/specifications), contract/spot pricing dynamics, export realizations, raw-material costs, energy and logistics costs, and capacity utilization. Information on specific named partnerships or customer contracts is null.

Graphite India Limited Financial Statement Overview

Summary

Graphite India Limited exhibits a mixed financial performance with strengths in equity stability and leverage management. However, revenue and profit inconsistencies present challenges. The company's ability to generate and sustain cash flow is varied, impacting overall financial health. Improved profitability and consistent cash flow generation are crucial for enhancing financial standing.

Income Statement

Graphite India Limited shows fluctuating revenue trends with a decline in revenue from 2023 to 2024. The company has experienced inconsistent profitability, marked by negative EBIT margins in recent years, though improvements are noted in the latest period. Net profit margins have been volatile, reflecting challenges in maintaining consistent profitability.

Balance Sheet

The company maintains a strong equity position with a high equity ratio, indicating financial stability. The debt-to-equity ratio is low, pointing to prudent financial leverage. However, fluctuations in earnings have affected the return on equity, which needs improvement for stronger financial performance.

Cash Flow

Operating cash flows display variability, with periods of negative cash flow, though recent improvements are noticeable. Free cash flow trends have been inconsistent, indicating challenges in sustaining cash generation. The operating cash flow to net income ratio highlights the company's ability to convert income into cash, though this has been inconsistent over the years.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	25.83B	25.60B	29.50B	31.81B	30.27B	19.58B
Gross Profit	7.38B	13.67B	9.54B	17.81B	18.18B	7.36B
EBITDA	2.58B	2.53B	-1.44B	3.14B	4.77B	-926.00M
Net Income	2.41B	4.62B	8.08B	1.99B	5.05B	-320.80M
Balance Sheet
Total Assets	74.79B	72.31B	67.96B	65.11B	62.99B	55.30B
Cash, Cash Equivalents and Short-Term Investments	30.49B	32.02B	26.95B	14.28B	18.20B	21.25B
Total Debt	2.69B	1.72B	1.77B	4.32B	4.36B	2.25B
Total Liabilities	15.96B	13.64B	11.80B	15.46B	13.52B	9.89B
Stockholders Equity	58.84B	58.66B	56.11B	49.64B	49.47B	45.42B
Cash Flow
Free Cash Flow	-980.00M	3.32B	4.21B	-3.31B	-5.81B	5.07B
Operating Cash Flow	-190.00M	5.00B	6.80B	-1.61B	-4.89B	5.84B
Investing Cash Flow	870.00M	-2.02B	-2.39B	3.29B	2.13B	-5.34B
Financing Cash Flow	-1.34B	-2.26B	-4.27B	-2.12B	1.05B	-1.99B

Graphite India Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 659.90
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:GRAPHITE, the sentiment is Negative. The current price of 659.9 is below the 20-day moving average (MA) of 664.22, above the 50-day MA of 650.47, and above the 200-day MA of 579.19, indicating a neutral trend. The MACD of -12.07 indicates Positive momentum. The RSI at 37.61 is Neutral, neither overbought nor oversold. The STOCH value of 22.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:GRAPHITE.

Graphite India Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RRKABEL	74 Outperform	₹158.04B	34.73	―	0.49%	17.36%	52.81%
VOLTAMP	73 Outperform	₹85.11B	20.04	―	1.27%	15.87%	-4.28%
GENUSPOWER	68 Neutral	₹74.31B	14.87	―	0.82%	129.98%	215.49%
FINCABLES	66 Neutral	₹129.80B	17.47	―	1.04%	7.42%	-4.96%
HEG	62 Neutral	₹94.38B	14.55	―	0.33%	3.93%	41.77%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
GRAPHITE	54 Neutral	₹117.23B	46.09	―	1.93%	-7.12%	-48.28%

Graphite India Limited Corporate Events

Graphite India opens special window for physical share transfer requests

Graphite India Limited has notified the stock exchanges that it has published newspaper advertisements regarding a special window for fresh lodgement or re-lodgement of transfer requests for physical shares. The announcement, made in leading English and Bengali dailies, is aimed at informing shareholders holding physical share certificates about the opportunity and process to regularise or complete pending transfer requests, underscoring the company’s compliance with SEBI’s disclosure rules and efforts to facilitate legacy investors.

By formally publicising this window under the SEBI Listing Regulations, the company is working to clear residual issues related to physical share transfers in an otherwise largely dematerialised market. The move should help reduce operational frictions in its share registry, improve transparency for investors, and potentially pave the way for a cleaner shareholder base as markets continue to move away from paper-based securities.

Graphite India’s ESG Score Raised to 65 by NSE Sustainability

Graphite India Limited has received a revised Environmental, Social and Governance score of 65 from NSE Sustainability Ratings & Analytics Limited, up from 57, based on publicly available data for FY 2024-25. The rating, independently prepared without the company’s engagement, signals an improvement in the firm’s perceived ESG performance, which may influence investor perceptions and strengthen its positioning amid growing sustainability expectations in India’s capital markets.

Graphite India Publishes Notices on Transfer of Shares to IEPF

Graphite India Limited has notified stock exchanges that it has published newspaper advertisements regarding the transfer of certain equity shares of the company to the Investor Education and Protection Fund (IEPF) Authority, in compliance with Regulation 47 of SEBI’s Listing Obligations and Disclosure Requirements. The communication, carried in the Financial Express (English) and Aajkal (Bengali), underscores the company’s adherence to regulatory norms on unclaimed shares and investor protection, signaling continued focus on transparent governance and statutory compliance for its shareholders and market stakeholders.