GRAPHITE · Capital Goods
Graphite India Ltd. reported revenue of ₹842 cr for April to June 2026, +26.6% on the year and +3.2% on the quarter. That is faster than this quarter has grown in recent years (−5.6% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹3,029 cr, +21.3% on the four before.
Operating profit (EBITDA) was ₹144 cr, a margin of 17.1%, +1,064 bps on the year and +3,414 bps on the quarter. It is the widest margin of the last 8 quarters (range −17.0% to 17.1%). Operating costs grew +12.2% against revenue growth of +26.6%, so more of each rupee of sales reached operating profit.
Net profit was ₹171 cr, +28.6% on the year and — on the quarter, with earnings per share of ₹8.82. Profit before other income, one-offs and tax grew faster, at +588.2%; other income, one-offs or tax held the headline back. The tax rate was 20% against an average of 25% over the previous 6 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹209 cr, −41.1% 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 ₹10.89 over the last four quarters, the stock at ₹770.05 trades at 70.7 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.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit +28.6% on the year; profit before other income, exceptional items and tax +588.2%.
Source: Results filing
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.
| Metric | Q1 FY27 | Q2 FY26 |
|---|---|---|
| Graphite and Carbon Segment Revenue (₹ crore) | 687 | 661 |
| Steel Segment Revenue (₹ crore) | 111 | 64 |
| Graphite and Carbon Segment Result (₹ crore) | 56 | 17 |
| Steel Segment Result (₹ crore) | 43 | 11 |
| Inventory Write-Down on NRV Basis (₹ crore) | 24 | 80 |
| FVTPL Investment Gain in Other Income (₹ crore) | 73 | 51 |
Read using the Capital goods and EPC framework (named in the filing read). Primary valuation lens: P/E against order book quality.
Read more closely in this sector: Unbilled revenue growing faster than billed receivables · Order inflow against execution · Bank guarantees outstanding growing faster than the order book · Liquidated damages or cost overruns disclosed.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹690 cr | ₹720 cr | ₹728 cr | ₹643 cr | ₹523 cr | ₹666 cr | ₹665 cr | ₹729 cr | ₹642 cr | ₹816 cr | ₹842 cr | ₹826 cr |
| YoY | — | — | −3% | −19% | −24% | −7% | −9% | +13% | +23% | +23% | +27% | +13% |
| EBITDA margin | −1.9% | −1.4% | 15.5% | 17.1% | −1.5% | 5.9% | 6.5% | 5.9% | 6.5% | −17.0% | 17.1% | 10.0% |
| Other income, % of PBT | 252% | 195% | 68% | 67% | — | 83% | 90% | 85% | 84% | — | 45% | 76% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | −₹22.0 cr |
| Tax rate | 32% | 57% | 17% | 23% | — | 29% | 20% | 28% | 31% | — | 20% | 32% |
| Net profit | ₹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 | ₹94.0 cr |
| YoY | — | — | — | −76% | −224% | +206% | −44% | −61% | — | −314% | +29% | +24% |
| Core profit YoY | — | — | — | — | — | — | −81% | −81% | — | −1,600% | +588% | +244% |
| EPS | ₹0.92 | ₹0.82 | ₹12.13 | ₹9.98 | −₹1.02 | ₹2.56 | ₹6.86 | ₹3.91 | ₹3.48 | −₹5.32 | ₹8.82 | ₹4.89 |
| Flags | 1 | 1 | 2 | 1 | 1 | 1 | 2 | 2 | 1 | 2 | ✓ | 1 |
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 ₹842 cr (+26.6% on the year) and net profit of ₹171 cr (+28.6% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved +588.2% on the year, against +28.6% for reported profit.
None of the 7 checks that could run raised a question.
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