GRAPHITE · Capital Goods
Graphite India Ltd. reported revenue of ₹816 cr for January to March 2026, +22.5% on the year and +27.1% on the quarter. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹2,852 cr, +11.4% on the four before.
Operating profit (EBITDA) was −₹139 cr, a margin of −17.0%, −2,289 bps on the year and −2,358 bps on the quarter. It is the narrowest margin of the last 8 quarters (range −17.0% to 17.1%). Operating costs grew +52.3%, faster than revenue at +22.5%, so operating profit grew less than sales.
The company swung to a net loss of ₹105 cr from a profit of ₹49.0 cr a year earlier, with earnings per share of −₹5.32. Profit before other income, one-offs and tax fell 1,600.0%, so 1,286 points of the headline growth came from outside the core business. Profit over the last four quarters totals ₹171 cr, −62.7% 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 ₹8.93 over the last four quarters, the stock at ₹770.05 trades at 86.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin −17.0%, −2,289 bps on the year (−2,358 bps on the quarter).
Source: Quarterly statements
Swung to a loss from a profit a year ago. One quarter, or a trend?
Expected for Capital goods and EPC: Quarters swing with the season or with project milestones here; read the year, not the quarter. Net loss −₹105 cr against a profit of ₹49.0 cr.
Source: Quarterly statements
Could not run on this quarter: Other income carrying profit, Exceptional items that recur, Finance cost rising, 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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| 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 ₹816 cr (+22.5% on the year) and net profit of −₹105 cr (−314.3% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved −1,600.0% on the year, against −314.3% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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