Graphite India Ltd. Q2 FY27 results

The quarter, explainedfrom the filing and the statements

Graphite India Ltd. reported revenue of ₹826 cr for July to September 2026, +13.3% on the year and −1.9% on the quarter. That is faster than this quarter has grown in recent years (−2.8% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹3,126 cr, +21.0% on the four before.

Operating profit (EBITDA) was ₹83.0 cr, a margin of 10.0%, +415 bps on the year and −705 bps on the quarter. Over the last 8 quarters the margin has ranged from −17.0% to 17.1%, averaging 4.2%. Operating costs grew +8.3% against revenue growth of +13.3%, so more of each rupee of sales reached operating profit.

Net profit was ₹94.0 cr, +23.7% on the year and −45.0% on the quarter, with earnings per share of ₹4.89. Profit before other income, one-offs and tax grew faster, at +243.8%; other income, one-offs or tax held the headline back. The tax rate was 32% against an average of 25% over the previous 6 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹227 cr, −4.2% on the four before.

Of the 58 companies in Capital goods and EPC that have reported Q2 FY27 so far, Graphite India Ltd. ranks 39th on revenue growth; the sector median is +19.8%. Its margin moved +415 bps on the year against a sector median of −30 bps.

Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does.

On earnings per share of ₹11.87 over the last four quarters, the stock at ₹763.10 trades at 64.3 times trailing earnings.

Questions to askeach one with its numbers and source

Also worth knowing

Could not run on this quarter: IPO money used as stated, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.

Where the profit change came fromSep '25 → Sep '26

Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.

The half year: balance sheet and cashfiled with Q2

Operating cash flow was 0.68× profit. Receivables at 68 days of sales (−17 days against the last year end). Inventory at 129 days of sales (−23 days).

From the filingauditor, IPO money, related parties, promoters

Inside the profitother income, one-offs, tax

Other income, line by line

• Net gain on fair value of investments measured at FVTPL recognised in Other Income: 57.00 crore (recurring)consolidated note 3
• Interest income recognised as investing activities (6M consolidated): 28.00 crore (recurring)consolidated cash flow statement
• Dividend income recognised in profit or loss (6M consolidated): 8.00 crore (recurring)consolidated cash flow statement

One-offs

• Employee restructuring costs and inventory write-downs on closure of operations of Bavaria Carbon Specialities GmbH and Graphite COVA GmbH in Germany: 22.00 croreconsolidated note 2(a)

Tax: Consolidated tax expense of ₹45.00 crore (current tax ₹34.00 crore, prior years tax credit ₹1.00 crore, deferred tax ₹12.00 crore) on Profit before tax of ₹139.00 crore

Order book and executionthe numbers this business is run on

What management saidquoted, with source

• Pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose herewith the unaudited (standalone and consolidated) financial results of the Company for the quarter and half year ended 30th September 2026press release, outcome letter p.1
• The meeting of the Board of Directors commenced at 11:45 a.m. and concluded at 1.45 p.m.press release, outcome letter p.1
• On 8th July 2026, Graphite International B.V., a subsidiary of the Parent Company, approved the closure of the operations of Bavaria Carbon Specialities GmbH and Graphite COVA GmbH in Germanypress release, consolidated note 2(a)
• The value of such write down (Balance Sheet position) is Rs. 20 Crores as at 30th September, 2026, Rs. 24 Crores as at 30th June, 2026, Rs. 47 Crores as at 31st March, 2026 and Rs. 80 Crores as at 30th September, 2025.press release, consolidated note 7

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