Graphite India (509488) Q4 25/26 earnings summary

Executive summary

• Consolidated net sales reached Rs. 2,852 crore in FY2026, up 11.4% year-over-year, driven by higher volumes while realizations remained flat.

• FY2026 consolidated EBITDA was Rs. 375 crore and net profit was Rs. 171 crore; EPS stood at Rs. 8.97.

• Standalone FY2026 net sales grew 16.2% year-over-year to Rs. 2,812 crore, with net profit at Rs. 264 crore and EPS at Rs. 13.54.

• Q4 FY2026 saw net sales of Rs. 816 crore, up 22.5% year-over-year, but reported a net loss of Rs. 105 crore due to fair value loss on investments.

• Dividend of Rs. 7 per share announced for FY2026, subject to shareholder approval.

Financial highlights

• Consolidated EBITDA margin for FY2026 was 13.1%, down from 27.0% in FY2025.

• Net profit margin for FY2026 was 6.0%, compared to 17.9% in FY2025.

• Standalone EBITDA margin for FY2026 was 16.4%, down from 27.1% in FY2025.

• Q4 FY2026 consolidated EBITDA was negative at Rs. (100) crore, reflecting inventory write-downs and lower electrode prices.

• Capacity utilization increased to 104% in Q4 FY2026 from 81% in Q4 FY2025.

Outlook and guidance

• Ongoing global shift to EAF-based steelmaking, accelerated by EU's Carbon Border Adjustment Mechanism, is expected to drive long-term demand for graphite electrodes.

• India's steel demand projected to grow 9.2% in 2026, supported by infrastructure and automotive sectors.

• First phase of electrode capacity expansion to be commissioned in FY2027; SGAM project progressing as planned.

• Dividend payout of Rs. 7 per share is planned, subject to AGM approval.