GRAPHITE · Capital Goods
Graphite India Ltd. reported revenue of ₹642 cr for October to December 2025, +22.8% on the year and −11.9% on the quarter. Over the last four quarters revenue comes to ₹2,702 cr, +3.4% on the four before.
Operating profit (EBITDA) was ₹42.0 cr, a margin of 6.5%, +807 bps on the year and +64 bps on the quarter. Over the last 8 quarters the margin has ranged from −1.5% to 17.1%, averaging 6.8%.
The company swung to a net profit of ₹67.0 cr from a loss of ₹21.0 cr a year earlier, with earnings per share of ₹3.48. The tax rate of 31% is in line with its recent average. Profit over the last four quarters totals ₹325 cr, −23.5% 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 ₹16.81 over the last four quarters, the stock at ₹770.05 trades at 45.8 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 84% of profit before tax.
Source: Quarterly statements
Turned profitable from a loss a year ago.
Net profit ₹67.0 cr against a loss of −₹21.0 cr.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, 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 | Q2 FY26 |
|---|---|
| Graphite and Carbon Segment Revenue (₹ crore) | 661 |
| Steel Segment Revenue (₹ crore) | 64 |
| Graphite and Carbon Segment Result (₹ crore) | 17 |
| Steel Segment Result (₹ crore) | 11 |
| Inventory Write-Down on NRV Basis (₹ crore) | 80 |
| FVTPL Investment Gain in Other Income (₹ crore) | 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 ₹642 cr (+22.8% on the year) and net profit of ₹67.0 cr (— on the year) for October to December 2025.
1 check 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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