GRAPHITE · Capital Goods
Graphite India Ltd. reported revenue of ₹665 cr for April to June 2025, −8.7% on the year and −0.2% on the quarter. Over the last four quarters revenue comes to ₹2,497 cr, −14.8% on the four before.
Operating profit (EBITDA) was ₹43.0 cr, a margin of 6.5%, −906 bps on the year and +61 bps on the quarter. Over the last 8 quarters the margin has ranged from −3.8% to 17.1%, averaging 4.5%. Operating costs grew +1.1%, faster than revenue at −8.7%, so operating profit grew less than sales.
Net profit was ₹133 cr, −43.6% on the year and +171.4% on the quarter, with earnings per share of ₹6.86. Profit before other income, one-offs and tax fell 81.1%, so 37 points of the headline growth came from outside the core business. The tax rate was 20% against an average of 30% over the previous 6 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹355 cr, −66.9% on the four before.
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. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹18.38 over the last four quarters, the stock at ₹770.05 trades at 41.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Other income was 90% of profit before tax, against 68% a year earlier.
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 6.5%, −906 bps on the year (+61 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹793 cr | ₹690 cr | ₹720 cr | ₹728 cr | ₹643 cr | ₹523 cr | ₹666 cr | ₹665 cr | ₹729 cr | ₹642 cr | ₹816 cr | ₹842 cr |
| YoY | — | — | — | −3% | −19% | −24% | −7% | −9% | +13% | +23% | +23% | +27% |
| EBITDA margin | −3.8% | −1.9% | −1.4% | 15.5% | 17.1% | −1.5% | 5.9% | 6.5% | 5.9% | 6.5% | −17.0% | 17.1% |
| Other income, % of PBT | 105% | 252% | 195% | 68% | 67% | — | 83% | 90% | 85% | 84% | — | 45% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 19% | 32% | 57% | 17% | 23% | — | 29% | 20% | 28% | 31% | — | 20% |
| Net profit | ₹802 cr | ₹17.0 cr | ₹16.0 cr | ₹236 cr | ₹194 cr | −₹21.0 cr | ₹49.0 cr | ₹133 cr | ₹76.0 cr | ₹67.0 cr | −₹105 cr | ₹171 cr |
| YoY | — | — | — | — | −76% | −224% | +206% | −44% | −61% | — | −314% | +29% |
| Core profit YoY | — | — | — | — | — | — | — | −81% | −81% | — | −1,600% | +588% |
| EPS | ₹41.15 | ₹0.92 | ₹0.82 | ₹12.13 | ₹9.98 | −₹1.02 | ₹2.56 | ₹6.86 | ₹3.94 | ₹3.48 | −₹5.32 | ₹8.80 |
| Flags | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 2 | 2 | 1 | 2 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Graphite India Ltd. reported revenue of ₹665 cr (−8.7% on the year) and net profit of ₹133 cr (−43.6% on the year) for April to June 2025.
Profit before other income, exceptional items and tax moved −81.1% on the year, against −43.6% for reported profit.
2 checks raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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