Graphite India Limited (GRAPHITE) AI Stock Analysis

• Market Cap: ₹135.53B
• Dividend Yield: 1.93%
• Average Volume (3M): 66.25K
• Price to Earnings (P/E): 41.2
• Beta (1Y): 1.42
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 54 Neutral
• Price Target: ₹704.00 ▲(6.68% Upside)

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

Low financial leverage and a high equity ratio give the company durable financial flexibility. This strength supports capital expenditure, working-capital swings, and resilience during steel-cycle downturns, enabling sustained operations and credible supplier/customer relationships over months.

Structural demand from EAF steelmaking

Graphite India’s core product is a consumable for EAF steelmaking, a structural segment tied to scrap-based and electrified steel production. Persistent global and domestic shifts toward EAFs and recycling underpin steady long-term consumable demand, supporting revenue durability.

Improving operating cash flow trends

Recent recovery in operating cash generation improves the company’s ability to self-fund working capital and reinvest in capacity. Better cash conversion reduces reliance on external funding and enhances runway to manage cyclical lows over the coming quarters.

Negative Factors

Volatile profitability

Persistently volatile margins and episodes of negative EBIT limit predictability of earnings and free cash flow. This undermines capacity to sustain investment and dividends, complicating medium-term planning and increasing execution risk across cycles.

Declining EPS

A meaningful decline in EPS reflects weakening underlying profitability and reduced retained earnings. Over a multi-quarter horizon this can curtail internal funding for growth, leave less buffer for downturns, and signal persistent operational or market headwinds.

Raw-material and demand cyclicality

Dependence on needle coke and EAF utilization exposes margins to input-price swings and steel-cycle volatility. Supply constraints or lower EAF activity can swiftly compress margins and cash flow, creating structural earnings variability over the next several quarters.

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 generates revenue primarily through the sale of graphite electrodes, which account for the majority of its earnings. The company has established a strong customer base in the steel manufacturing sector, particularly in India and abroad, where it supplies electrodes used in electric arc furnaces. Additionally, GRAPHITE earns revenue from its production of other carbon and graphite-based products, which are sold to various industries including aluminum and automotive. The company benefits from strategic partnerships with major steel producers and has a solid international presence, which contributes to its revenue diversification. Factors such as global steel demand, raw material prices, and technological advancements in production processes also significantly impact its earnings.

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	24.97B	25.60B	29.50B	31.81B	30.27B	19.58B
Gross Profit	6.95B	13.67B	9.54B	17.81B	18.18B	7.36B
EBITDA	2.35B	2.53B	-1.44B	3.14B	4.77B	-926.00M
Net Income	3.59B	4.62B	8.08B	1.99B	5.05B	-320.80M
Balance Sheet
Total Assets	0.00	72.31B	67.96B	65.11B	62.99B	55.30B
Cash, Cash Equivalents and Short-Term Investments	31.99B	32.02B	26.95B	14.28B	18.20B	21.25B
Total Debt	0.00	1.72B	1.77B	4.32B	4.36B	2.25B
Total Liabilities	-58.67B	13.64B	11.80B	15.46B	13.52B	9.89B
Stockholders Equity	58.67B	58.66B	56.11B	49.64B	49.47B	45.42B
Cash Flow
Free Cash Flow	0.00	3.32B	4.21B	-3.31B	-5.81B	5.07B
Operating Cash Flow	0.00	5.00B	6.80B	-1.61B	-4.89B	5.84B
Investing Cash Flow	0.00	-2.02B	-2.39B	3.29B	2.13B	-5.34B
Financing Cash Flow	0.00	-2.26B	-4.27B	-2.12B	1.05B	-1.99B

Graphite India Limited Technical Analysis

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:GRAPHITE, the sentiment is Positive. The current price of 659.9 is above the 20-day moving average (MA) of 649.50, above the 50-day MA of 621.66, and above the 200-day MA of 565.34, indicating a bullish trend. The MACD of 17.85 indicates Negative momentum. The RSI at 61.47 is Neutral, neither overbought nor oversold. The STOCH value of 80.93 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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	₹160.71B	35.44	―	0.49%	17.36%	52.81%
VOLTAMP	73 Outperform	₹85.73B	24.20	―	1.27%	15.87%	-4.28%
GENUSPOWER	68 Neutral	₹81.85B	13.68	―	0.82%	129.98%	215.49%
FINCABLES	66 Neutral	₹125.43B	18.42	―	1.04%	7.42%	-4.96%
HEG	62 Neutral	₹106.83B	28.01	―	0.33%	3.93%	41.77%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
GRAPHITE	54 Neutral	₹135.53B	41.20	―	1.93%	-7.12%	-48.28%

Graphite India Limited Corporate Events

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.

Graphite India Limited to Engage with Kotak AMC on Q2 Earnings

Graphite India Limited has announced that its senior management will be meeting virtually with representatives of Kotak AMC on November 26, 2025, to discuss the company’s Q2 2025-26 earnings. This meeting reflects the company’s ongoing efforts to engage with investors and stakeholders, providing transparency and insights into its financial performance and strategic direction.