Quick Facts / Company Snapshot
- Company Name: Graphite India Limited
- Corporate Identity Number (CIN): L10101WB1974PLC094602
- Year of Incorporation: 1974
- Registered Office: 31, Chowringhee Road, Kolkata 700 016
- Total Operations Revenue (Consolidated): Rs. 2,560.03 Crores
- Total Operations Revenue (Standalone): Rs. 2,420.00 Crores
- Profit After Tax (Consolidated): Rs. 458.18 Crores
- Profit After Tax (Standalone): Rs. 452.27 Crores
- Aggregate Export Revenue: Rs. 791.00 Crores
- Primary Segment Revenue (Graphite and Carbon): Rs. 2,247.17 Crores
- Number of Manufacturing Plants: 7 in India
- Number of Permanent Employees: 1,666
- Total Equity Share Capital: Rs. 39.08 Crores
- Promoter Shareholding: 65.34%
- Immediate Holding Company: Emerald Company Private Limited (61.33%)
- Total Assets (Consolidated): Rs. 7,231.29 Crores
- Net Debt: Rs. (13.00) Crores (Standalone)
- Graphite Electrodes Production: 85,225 MT
- Calcined Petroleum Coke Production: 50,788 MT
- Hydel Power Generation: 59.70 million units
Company Overview
Graphite India Limited represents a formidable force within the global industrial manufacturing landscape. Operating as one of the leading producers of graphite electrodes by capacity globally, the entity leverages over sixty years of proven technical expertise. The core of the business revolves around manufacturing a comprehensive range of graphite electrodes, specifically focusing on large-diameter, ultra-high power (UHP) electrodes that are preferred by major steel manufacturers across the globe.
The enterprise operates a highly diversified product portfolio that extends well beyond graphite electrodes. The operational scope includes the manufacturing of calcined petroleum coke, carbon paste, electrically calcined anthracite paste, impervious graphite equipment, glass-reinforced plastic pipes, high-speed steel, and alloy steel. Alongside traditional manufacturing, the organization has integrated sustainable energy generation into its operational framework through the operation of hydel, wind, and solar power plants.
Geographically, the operational infrastructure is robust, featuring seven principal manufacturing plants across multiple Indian states, including West Bengal, Maharashtra, Bihar, Odisha, and Karnataka. The enterprise caters to a wide-ranging customer base, heavily oriented towards the Electric Arc Furnace (EAF) steel production sector, but also extending into chemical processing, fertilizers, aerospace, defense, and municipal infrastructure. The strategic approach is deeply aligned with the global transition towards low-carbon emission industries, ensuring that the product offerings actively support circular economies and energy transitions.
Business Segments
The organizational operations are structured into three distinct reportable business segments. These segments are evaluated based on profit and loss metrics and are managed consistently with the overall consolidated strategy.
Graphite and Carbon
- Revenue from Operations: Rs. 2,247.17 Crores
- Percentage of Total Revenue: 87.77%
The Graphite and Carbon division constitutes the primary operational engine and the most significant revenue driver. This segment encompasses the production of graphite electrodes, miscellaneous carbon and graphite products, calcined petroleum coke, carbon paste, and impervious graphite equipment. It also includes developmental initiatives related to graphene sheets and associated processing or service charges.
During the financial year, the segment recorded a profit of Rs. 145.62 Crores on a consolidated basis. The operational volume was substantial, with the production of graphite electrodes and miscellaneous carbon products reaching 85,225 MT. The calcined petroleum coke output stood at 50,788 MT, while carbon paste production was recorded at 1,755 MT. The segment also produced 1,495 MT of impervious graphite equipment and spares. The strategic focus remains on meeting the growing demand for electrodes from both domestic and international Electric Arc Furnace steel manufacturers.
Steel
- Revenue from Operations: Rs. 227.06 Crores
- Percentage of Total Revenue: 8.87%
The Steel segment operates through the Powmex Steels Division (PSD), situated in Titilagarh, Odisha. This division holds the position of the single largest manufacturer of High Speed Steel (HSS) in the country. The segment’s product portfolio is essential for the manufacturing of cutting tools, including drills, taps, milling cutters, reamers, hobs, and broaches.
The financial performance of the Steel segment demonstrated resilience, generating a profit of Rs. 28.34 Crores. The production volume for HSS and alloy steels during the year was 3,004 MT. The division successfully penetrated new international markets, expanding its export footprint. The primary end-use industries for these products include the automotive sector, machine tools manufacturing, aviation, and the broader retail market.
Others
- Revenue from Operations: Rs. 85.80 Crores
- Percentage of Total Revenue: 3.35%
The Others segment is a combination of specialized manufacturing and renewable energy generation. It includes the Glass Reinforced Plastic Pipes (GRP) division and the power generating units that produce electricity exclusively for external sale.
The segment generated a profit of Rs. 65.92 Crores. The GRP division produced 978 MT of pipes, which are utilized in municipal applications, seawater handling, effluent treatment, and irrigation. The power generation aspect of this segment was highly active, with the 18 MW hydel power plant at Chunchunakatte generating 59.70 million units of electricity. From this generation, 38.39 million units were sold to third parties. Additionally, the newly installed 5 MWp solar capacity contributed 2.56 million units to the overall energy output.
History and Evolution
The enterprise was incorporated in the year 1974. Over the decades, it has evolved from a targeted industrial manufacturer into a diversified global entity with deep technological competencies. The organizational journey has been marked by strategic expansions, technological absorption, and critical backward integration initiatives.
A significant milestone in the evolutionary timeline was the establishment of the Coke plant in Barauni, Bihar. This facility represented a critical backward integration move, allowing the manufacturing of Calcined Petroleum Coke (CPC) and carbon paste, thereby securing the supply chain for essential raw materials used in the graphite electrode production process.
The corporate history also includes the strategic acquisition and integration of specialized divisions. The Powmex Steels Division (PSD) was acquired through a Scheme of Arrangement sanctioned by the High Court at Calcutta in 2009. This integration positioned the enterprise as the premier manufacturer of High Speed Steel within the domestic market.
Further evolutionary steps involved geographic expansion and subsequent restructuring. The enterprise expanded into the European and American markets through its wholly owned subsidiary, Graphite International B.V. (GIBV). While the German graphite electrode production was eventually shut down to restructure the less energy-intensive specialty and coating businesses, the American footprint was established through investments in General Graphene Corporation. Throughout its history, the organization has consistently focused on aligning its manufacturing capabilities with the shifting dynamics of global steel production and environmental sustainability.
Products and Services
The product portfolio is highly diversified, serving critical industrial sectors globally. The following list details the products sorted by their revenue contribution.
Graphite Electrodes and Miscellaneous Graphite Products
- Revenue: Rs. 1,878.77 Crores
- Percentage of Total Revenue: 77.63%
These products are essential consumables for the electric arc furnace (EAF) steelmaking process. They conduct the intense electrical current required to melt scrap iron and steel. The focus is primarily on ultra-high power (UHP) large-diameter electrodes that support the low-carbon steel recycling model.
High Speed Steel
- Revenue: Rs. 221.13 Crores
- Percentage of Total Revenue: 9.13%
Manufactured at the Titilagarh facility, High Speed Steel is utilized extensively in the production of precision cutting tools. These tools are critical components in the manufacturing lines of the automotive, aviation, and heavy machinery industries.
Impervious Graphite Equipment and Spares
- Revenue: Rs. 170.20 Crores
- Percentage of Total Revenue: 7.03%
This product line includes heat and mass transfer equipment designed for highly corrosive applications. Utilizing impregnated graphite, these systems are supplied to the chloro-alkali, agrochemical, pharmaceutical, and fertilizer sectors. The division provides complete process design, manufacturing, and erection supervision services.
Calcined Petroleum Coke
- Revenue: Rs. 137.76 Crores
- Percentage of Total Revenue: 5.69%
Produced in Barauni, Calcined Petroleum Coke is available in both aluminum and graphite grades. It serves as a vital raw material for aluminum smelter anodes, graphite electrode manufacturing, and acts as a carburiser in broad steel production.
Ancillary Products
- Revenue: Rs. 32.75 Crores
- Percentage of Total Revenue: 1.35%
This category encompasses a variety of by-products and supplementary materials generated during the primary manufacturing processes across the various divisions.
Electricity
- Revenue: Rs. 17.94 Crores
- Percentage of Total Revenue: 0.74%
Revenue generated from the sale of power produced by the captive hydel and solar power plants. A significant portion of the electricity generated at the Chunchunakatte facility is sold to third-party consumers.
GRP/FRP Pipes and Tanks
- Revenue: Rs. 9.04 Crores
- Percentage of Total Revenue: 0.37%
Large diameter Glass Fibre Reinforced Plastic pipes manufactured using the continuously advancing mandrel filament winding process. These are deployed in municipal water management, effluent treatment, and trenchless pipeline rehabilitation projects.
Sale of Services (Processing/Service Charges)
- Revenue: Rs. 7.87 Crores
- Percentage of Total Revenue: 0.32%
Income derived from specialized processing, testing, and engineering services provided to external industrial clients, leveraging the internal technological infrastructure.
Alloy Steel
- Revenue: Rs. 5.07 Crores
- Percentage of Total Revenue: 0.21%
Specialized steel alloys produced alongside the High Speed Steel lines, catering to specific metallurgical requirements in custom manufacturing applications.
Carbon Paste
- Revenue: Rs. 2.98 Crores
- Percentage of Total Revenue: 0.12%
Electrode paste and tamping paste derived from either calcined petroleum coke or electrically calcined anthracite coal. These pastes are primarily utilized as lining materials in submerged arc furnaces and ferro alloy smelters.
Brand Portfolio
The organizational brand is synonymous with its divisional identities and the quality of its specialized industrial outputs.
Graphite India Electrodes
- Revenue: Rs. 1,878.77 Crores
- Percentage of Total Revenue: 77.63%
The flagship brand identity associated with the globally recognized ultra-high power graphite electrodes. The brand is positioned as a reliable, high-performance consumable for the international electric arc furnace steel sector.
Powmex Steels
- Revenue: Rs. 226.20 Crores (Combined HSS and Alloy)
- Percentage of Total Revenue: 9.34%
The brand identity of the steel division, recognized domestically as the premier source for High Speed Steel. Powmex Steels is associated with high-grade metallurgical outputs utilized in critical cutting tool applications across the aviation and automotive sectors.
IGE (Impervious Graphite Equipment)
- Revenue: Rs. 170.20 Crores
- Percentage of Total Revenue: 7.03%
The IGE brand represents custom-engineered turnkey systems for highly corrosive chemical processing. It has built a strong reputation for prompt service, stringent quality control, and the capability to meet diverse international design standards.
Geographical Presence
The corporate footprint extends across multiple continents, reflecting a balanced exposure to both domestic and international industrial markets. The products reach customers in 22 states nationally and 27 countries internationally.
India
- Revenue: Rs. 1,610.80 Crores
- Percentage of Total Revenue: 64.86%
The domestic market represents the largest revenue base. The manufacturing infrastructure is entirely concentrated within India. This includes the electrode plants in Durgapur (West Bengal) and Satpur (Nashik, Maharashtra). The Coke plant operates out of Barauni (Bihar). The Impervious Graphite Equipment and Glass Reinforced Pipes divisions are located in Ambad and Gonde (Nashik, Maharashtra). The Powmex Steels plant operates in Titilagarh (Odisha). The renewable energy footprint includes hydel facilities in Chunchunakatte (Mysore, Karnataka) and wind/solar plants in Nandurbar and Bhoom (Maharashtra). Corporate and sales offices are maintained in Kolkata, Mumbai, and New Delhi.
Rest of the World
- Revenue: Rs. 872.71 Crores
- Percentage of Total Revenue: 35.14%
The international presence is driven by substantial export activities, accounting for 33.44% of the total standalone turnover. The aggregate export revenue across all divisions was Rs. 791 Crores. The strategic international footprint includes wholly-owned subsidiaries in The Netherlands (Graphite International B.V.) and Germany (Graphite Cova GmbH, Bavaria Carbon Specialities GmbH, Bavaria Carbon Holdings GmbH). Furthermore, an active investment presence is maintained in the United States through the General Graphene Corporation.
Financial Performance Analysis
The operational performance during the financial year remained resilient amidst a challenging global macroeconomic environment. This environment was characterized by weak demand, lower capacity utilization across global markets, and persistently soft pricing for core products. Despite these headwinds, the strategic execution of volume maximization and stringent cost controls yielded positive results.
The standalone revenue from operations contracted from Rs. 2,894.38 Crores in the previous year to Rs. 2,420.00 Crores. However, operational efficiency improved significantly. The profit for the year, after charging all expenses but before providing for finance costs, depreciation, exceptional items, and tax, surged to Rs. 656 Crores, up from Rs. 207 Crores in the preceding year. This substantial improvement was driven by higher production volumes and optimized raw material consumption.
The overall borrowing position was reduced, lowering the total debt to Rs. 85.01 Crores from Rs. 95.65 Crores, which subsequently decreased finance costs by over 50%. The current ratio stood strong at 4.57, while the debt-service coverage ratio experienced an exponential increase to 112.76, reflecting robust liquidity and an exceptionally strong capacity to service existing debt obligations. The return on capital employed (ROCE) also showed marked improvement, rising to 9.81%.
Profit and Loss Analysis
The following table presents the Standalone Statement of Profit and Loss for the year ended 31st March, 2025.
| Particulars | Year ended 31st March, 2025 (Rs. in Crores) | Year ended 31st March, 2024 (Rs. in Crores) |
| Income | ||
| Revenue from Operations | 2,420.00 | 2,894.38 |
| Other Income | 424.67 | 290.68 |
| Total Income | 2,844.67 | 3,185.06 |
| Expenses | ||
| Cost of Materials Consumed | 1,029.72 | 1,435.11 |
| Purchases of Stock-in-trade | 29.16 | 16.86 |
| Changes in Inventories of Finished Goods and Work-in-progress | 73.54 | 491.79 |
| Employee Benefits Expense | 235.74 | 224.88 |
| Finance Costs | 5.88 | 12.09 |
| Depreciation and Amortisation Expense | 81.18 | 70.46 |
| Other Expenses | 820.80 | 808.68 |
| Total Expenses | 2,276.02 | 3,059.87 |
| Profit before Exceptional Item & Tax | 568.65 | 125.19 |
| Exceptional Item | – | 953.89 |
| Profit before Tax | 568.65 | 1,079.08 |
| Tax Expense | ||
| Current Tax | 61.00 | 179.44 |
| Adjustments of Tax relating to Earlier Years | 0.52 | (4.13) |
| Deferred Tax Charge | 54.86 | 32.00 |
| Profit for the year | 452.27 | 871.77 |
| Other Comprehensive Income/(Loss) | ||
| Items that will not be reclassified to profit or loss | (2.12) | (1.74) |
| Income tax effect | 0.53 | 0.44 |
| Total Comprehensive Income for the year, net of tax | 450.68 | 870.47 |
Balance Sheet Analysis
The following table presents the Standalone Balance Sheet as at 31st March, 2025.
| ASSETS | As at 31st March, 2025 (Rs. in Crores) | As at 31st March, 2024 (Rs. in Crores) |
| Non-current Assets | ||
| Property, Plant and Equipment | 970.48 | 820.73 |
| Capital Work-in-progress | 65.96 | 144.99 |
| Intangible Assets | 0.37 | 0.34 |
| Right-of-use Assets | 0.57 | 0.59 |
| Financial Assets – Investments | 903.30 | 878.36 |
| Financial Assets – Loans | 1.26 | 1.09 |
| Financial Assets – Other | 23.25 | 3.18 |
| Non-current Tax Assets (Net) | 75.45 | 42.08 |
| Other Non-current Assets | 19.41 | 22.89 |
| Total Non-current Assets | 2,060.05 | 1,914.25 |
| Current Assets | ||
| Inventories | 1,087.92 | 1,221.00 |
| Financial Assets – Investments | 2,965.51 | 2,576.71 |
| Financial Assets – Trade Receivables | 454.20 | 539.43 |
| Financial Assets – Cash and Cash Equivalents | 98.01 | 13.02 |
| Financial Assets – Other Bank Balances | 73.25 | 32.57 |
| Financial Assets – Loans | 0.84 | 1.05 |
| Financial Assets – Other | 40.51 | 36.11 |
| Other Current Assets | 36.32 | 66.89 |
| Total Current Assets | 4,756.56 | 4,486.78 |
| TOTAL ASSETS | 6,816.61 | 6,401.03 |
| EQUITY AND LIABILITIES | ||
| EQUITY | ||
| Equity Share Capital | 39.08 | 39.08 |
| Other Equity | 5,543.05 | 5,307.28 |
| TOTAL EQUITY | 5,582.13 | 5,346.36 |
| LIABILITIES | ||
| Non-current Liabilities | ||
| Deferred Tax Liabilities (Net) | 192.56 | 138.23 |
| Total Non-current Liabilities | 192.56 | 138.23 |
| Current Liabilities | ||
| Financial Liabilities – Borrowings | 85.01 | 95.65 |
| Financial Liabilities – Trade Payables (Micro/Small) | 20.08 | 20.40 |
| Financial Liabilities – Trade Payables (Others) | 237.19 | 129.48 |
| Financial Liabilities – Other | 94.06 | 93.64 |
| Other Current Liabilities | 64.86 | 46.72 |
| Provisions | 44.80 | 40.15 |
| Current Tax Liabilities (Net) | 495.92 | 490.40 |
| Total Current Liabilities | 1,041.92 | 916.44 |
| TOTAL LIABILITIES | 1,234.48 | 1,054.67 |
| TOTAL EQUITY AND LIABILITIES | 6,816.61 | 6,401.03 |
Cash Flow Analysis
The analysis of cash flows reveals strong liquidity generation from core operating activities and strategic allocations into investment vehicles.
| Cash Flow Summary | Year ended 31st March, 2025 (Rs. in Crores) | Year ended 31st March, 2024 (Rs. in Crores) |
| Net Cash Flow from Operating Activities | 625.59 | 50.84 |
| Net Cash Flow (used in) / from Investing Activities | (318.57) | 486.20 |
| Net Cash Flow (used in) Financing Activities | (222.03) | (421.32) |
| Net Increase in Cash and Cash Equivalents | 84.99 | 115.72 |
| Cash and Cash Equivalents at the beginning of the year | 13.02 | (102.70) |
| Cash and Cash Equivalents at the end of the year | 98.01 | 13.02 |
Key Cash Flow Insights:
- Operating Activities: The massive increase in cash flow from operating activities, escalating to Rs. 625.59 Crores, was primarily driven by the sharp increase in operating profit before working capital changes, coupled with a highly efficient reduction in inventory levels and systematic realization of trade receivables.
- Investing Activities: The net cash outflow of Rs. 318.57 Crores was dominated by strategic deployments into bank deposits and mutual fund investments. The acquisition of property, plant, and equipment consumed Rs. 162.77 Crores, indicating sustained capital expenditure programs.
- Financing Activities: The cash utilized in financing activities stood at Rs. 222.03 Crores, which predominantly included the execution of dividend payments to equity shareholders amounting to Rs. 214.43 Crores, alongside the structured repayment of short-term borrowings.
Board of Directors and Leadership Team
The governance structure is managed by a highly experienced Board of Directors and an executive leadership team.
- Mr. K K Bangur: Non-Executive Promoter Chairman. He brings extensive industry knowledge and oversees the long-term strategic direction. He actively participates in the Nomination & Remuneration Committee and chairs the Stakeholders’ Relationship Committee.
- Mr. Ashutosh Dixit: Executive Director. With a foundational qualification of B. Tech (Mech) and an MBA, he holds 33 years of experience. He is responsible for the overall operational execution and strategic implementations across all global and domestic manufacturing divisions.
- Mr. A V Lodha: Non-Executive Director. A qualified Chartered Accountant with over 33 years of experience in corporate restructuring, mergers, and financial strategy. He serves as a member of the Audit Committee.
- Mr. Gaurav Swarup: Non-Executive Independent Director. He brings deep corporate governance experience and serves as the Chairman of the Audit Committee.
- Mrs. Sudha Krishnan: Non-Executive Independent Director. She provides strategic independent oversight and is an active member of both the Audit Committee and the Nomination & Remuneration Committee.
- Mr. Sridhar Srinivasan: Non-Executive Independent Director. Recognized for his expertise in finance and accounts, he chairs the Risk Management Committee and sits on the Audit Committee.
- Mr. Harsh Pati Singhania: Non-Executive Independent Director. Appointed in April 2024, he chairs the Nomination and Remuneration Committee.
- Mr. Rahulkumar N Baldota: Non-Executive Independent Director. Appointed in April 2024, contributing extensive industry experience and serving on the Stakeholders’ Relationship Committee.
- Mr. Debanjan Mandal: Additional Non-Executive Independent Director. Appointed in May 2025, he holds a BA English (Hons) and LLB with over 22 years of post-qualification experience in corporate and commercial laws.
- Mr. M. K. Chhajer: Chief Financial Officer and Senior Vice President of Finance. He holds a B.Com (Hons) and F.C.M.A. with 35 years of financial management experience.
- Mr. Sanjeev Marda: Company Secretary and Compliance Officer. Appointed in June 2024, ensuring stringent adherence to all statutory and corporate governance protocols.
Subsidiaries, Associates, Joint Ventures
The organizational structure includes multiple wholly owned and step-down subsidiaries, extending its operational and financial reach internationally. The entities are sorted based on their revenue contribution.
1. Graphite Cova GmbH
- Location: Germany
- Ownership: 100% (Step-down subsidiary of GIBV)
- Turnover: Rs. 139.47 Crores (Euro 15,146.80 Thousand)
- Profile: An integral component of the European operations, originally designed to manufacture and market graphite electrodes and specialty carbon products. Despite generating significant top-line revenue, the entity recorded a loss after taxation of Rs. 34.22 Crores. The German graphite electrode production was strategically shut down in earlier years to focus on specialized product lines.
2. Graphite International B.V. (GIBV)
- Location: The Netherlands
- Ownership: 100% (Direct Subsidiary)
- Turnover: Rs. 65.45 Crores (Euro 7,107.80 Thousand)
- Profile: Acts as the primary holding entity for the overseas step-down subsidiaries. It manages financial investments, exploits trademarks, and oversees European and American operations. The entity delivered a profit after taxation of Rs. 9.58 Crores.
3. Carbon Finance Limited
- Location: India
- Ownership: 100% (Direct Subsidiary)
- Turnover: Rs. 61.38 Crores
- Profile: This entity operates primarily in the financial sector, focusing on investing in securities and managing capital deployments. It demonstrated robust financial health with a profit after taxation of Rs. 50.17 Crores.
4. Bavaria Carbon Specialities GmbH
- Location: Germany
- Ownership: 100% (Step-down subsidiary of GIBV)
- Turnover: Rs. 18.18 Crores (Euro 1,974.94 Thousand)
- Profile: Operates within the restructured European business model, focusing exclusively on the manufacturing and marketing of specialty carbon products and advanced coating technologies.
5. Bavaria Carbon Holdings GmbH
- Location: Germany
- Ownership: 100% (Step-down subsidiary of GIBV)
- Turnover: Rs. 12.11 Crores (Euro 1,315.14 Thousand)
- Profile: Functions as an operational facilitator for the manufacturing and marketing divisions within the German territory, ensuring streamlined logistical and corporate support.
6. General Graphene Corporation
- Location: United States of America
- Ownership: 60.25% (Step-down subsidiary of GIBV)
- Turnover: Rs. 4.52 Crores (USD 528.64 Thousand)
- Profile: Representing an advanced technological investment of USD 22.60 Million, this entity is dedicated to the cutting-edge development of graphene sheets for wide-scale commercial applications. It is currently in a developmental phase, recording a loss of Rs. 27.31 Crores for the year.
7. Bavaria Electrodes GmbH
- Location: Germany
- Ownership: 100% (Step-down subsidiary of GIBV)
- Turnover: Nil
- Profile: Following the strategic shift away from energy-intensive European manufacturing, this subsidiary is actively undergoing a formal liquidation process.
Godi India Private Limited (Associate)
- Location: India
- Ownership: 31%
- Turnover: N/A (Development Stage)
- Profile: A strategic investment entity focusing on advanced technologies. The organization holds 2,49,044 compulsory convertible preference shares and 100 equity shares, representing an investment of Rs. 49.99 Crores.
Physical Properties
The physical infrastructure forms the backbone of the manufacturing and energy generation capabilities.
- Durgapur Plant: Located at P.O. Sagarbhanga Colony, District Burdwan, West Bengal. This is a primary facility for the manufacturing of Graphite Electrodes.
- Satpur Plant: Located at 88 MIDC Industrial Area, Satpur, Nashik, Maharashtra. Functions as a major center for Graphite Electrodes and houses the central R&D Centre.
- Barauni Plant: Located at Village Phulwaria, District Begusarai, Bihar. This specialized facility operates the Coke division, processing Calcined Petroleum Coke.
- Ambad Plant: Located at C-7 MIDC Industrial Area, Ambad, Nashik, Maharashtra. Dedicated to the design and production of Impervious Graphite Equipment.
- Gonde Plant: Located at Gut No. 523/524, Village Gonde, Taluka Igatpuri, Nashik, Maharashtra. Focuses on the production of Glass Reinforced Pipes and Tanks, and supports IGE expansion.
- Titilagarh Plant: Located at AT-Turla, PO-Jagua, PS Titilagarh, District Bolangir, Odisha. This is the operational base for the Powmex Steels division.
- Chunchunakatte Power Plant: Located in Saligrama Taluk, District Mysore, Karnataka. Operates the 18 MW hydel power generation facility and newly installed solar capacities.
- Nandurbar Power Plants: Located across Village Gangapur and Village Naderkhe, Taluka Nandurbar, Maharashtra. Houses the 18.9 MW wind power turbine installations.
- Bhoom Power Plant: Located at Post & Taluka Bhum, District Dharashiv, Maharashtra. Site of the recently commissioned 8.8 MWp solar power plant.
- Corporate & Registered Office: 31, Chowringhee Road, Kolkata, West Bengal.
- Mumbai Office: Bakhtawar, 2nd Floor, Nariman Point, Mumbai.
- Delhi Sales Office: 407 Ashoka Estate, 24 Barakhamba Road, New Delhi.
Segment-wise Performance
The financial and operational performance metrics demonstrate varying dynamics across the distinct reportable segments.
- Graphite and Carbon Segment: Revenue from operations declined from Rs. 2,726.03 Crores in the previous year to Rs. 2,247.17 Crores. However, the segment orchestrated a massive operational turnaround, posting a positive segment result (profit) of Rs. 145.62 Crores, compared to a steep loss of Rs. 172.61 Crores in the preceding year. This reversal was fueled by aggressive volume expansion, reduced input costs, and optimized energy consumption, completely offsetting the challenges of lower global price realizations. Capital expenditure within this segment was recorded at Rs. 146.03 Crores.
- Steel Segment: Showcased steady operational growth, with revenue expanding from Rs. 204.60 Crores to Rs. 227.06 Crores. The segment results reflect strong underlying profitability, climbing from Rs. 18.17 Crores to Rs. 28.34 Crores. The division successfully capitalized on export market penetrations and maintained robust domestic demand. Capital expenditure directed toward this segment was Rs. 18.75 Crores.
- Others Segment: Experienced dramatic revenue growth, soaring from Rs. 19.06 Crores to Rs. 85.80 Crores. The segment successfully transitioned from a loss of Rs. 5.01 Crores in the prior year to a highly robust profit of Rs. 65.92 Crores. This surge was primarily driven by the exceptional performance and significantly higher electricity generation outputs from the hydel and solar power installations.
Founders
The enterprise was historically incorporated in 1974 under the extensive industrial umbrella of the Bangur family, prominent industrialists in India. The legacy of the foundational leadership is currently carried forward by Mr. K K Bangur, who serves as the Promoter-Chairman. Through rigorous strategic oversight and technological focus, the promoter group has successfully positioned the company from a domestic manufacturer into an indispensable global supplier within the ultra-high power graphite electrode domain.
Shareholding Pattern
The equity structure is solidly backed by the promoter group, ensuring long-term strategic stability, while maintaining significant participation from institutional investors and the broader public.
- Promoter and Promoter Group: Holds a commanding 65.34% of the total equity (12,76,59,645 shares). This comprises Indian Promoters at 64.52% and Foreign Promoters at 0.82%.
- Institutional Investors: Account for 15.87% of the equity base (3,09,88,156 shares). This segment includes Mutual Funds and UTI holding 8.63%, Foreign Portfolio Investors (FPIs) holding 5.46%, and Banks/Financial Institutions holding 1.78%.
- Public and Others: Represent 18.79% of the shareholding (3,67,27,793 shares). The Indian Public holds 15.26%, Private Corporate Bodies account for 1.27%, NRIs/OCBs hold 1.00%, and other entities hold 1.26%.
Parent
The Immediate and Ultimate Holding Company of Graphite India Limited is Emerald Company Private Limited (ECPL). ECPL holds a decisive 61.33% stake in the equity share capital, amounting to 11,98,23,336 shares. The ultimate controlling party over ECPL and, by extension, the entire group, is the Chairman, Mr. K. K. Bangur. This holding structure provides centralized strategic governance and financial stability to the enterprise.
Investments and Capital Expenditure Plans
The strategic deployment of capital remains a cornerstone for future efficiency and capacity expansion.
- Capital Expenditure (Capex): During the financial year, the aggregate capital expenditure amounted to Rs. 165.55 Crores on a consolidated basis. This targeted allocation was distributed across segments: Rs. 146.03 Crores for Graphite and Carbon, Rs. 18.75 Crores for Steel, and Rs. 0.77 Crores for Others.
- Renewable Energy Investments: A major strategic thrust has been the commissioning of captive power capabilities to insulate against rising energy costs. This includes the successful installation of 18.9 MW wind turbines in Nandurbar, an 8.8 MWp solar power plant in Bhoom, and a 4.5 MWp solar facility at the Chunchunakatte site.
- R&D Spending: The organization committed Rs. 0.13 Crores to Research and Development. The R&D center actively pursues the development of advanced import substitute materials, carbon-silicon carbide components for defense applications under DRDO technology transfer, and high-performance carbon brushes for the aerospace sector.
- Expansion Priorities: Capital has been actively directed toward the new Impervious Graphite Equipment expansion project at the Gonde facility, which is now operational and designed to capture larger market shares in both domestic and export chemical processing sectors.
Future Strategy
The management’s strategic blueprint is highly focused on sustainability, market expansion, and technological integration.
- Decarbonization Alignment: The core strategy is heavily aligned with the global decarbonization of the steel industry. With EAF steelmaking producing 75% fewer carbon dioxide emissions compared to traditional methods, the enterprise is positioning its UHP electrodes as an essential catalyst for green steel transitions.
- Cost Optimization and Backward Integration: The company will aggressively pursue cost competitiveness. The utilization of the Barauni coke plant ensures a stable supply of critical raw materials. Further cost reductions are targeted through the scaling of captive renewable energy generation, aiming to dramatically decrease reliance on expensive grid power.
- Capacity Utilization and Expansion: The newly expanded IGE facility at Gonde will be leveraged to service increasing order inflows from the chemical, fertilizer, and pharmaceutical sectors. The Steel segment will focus on deepening its export penetration into new international territories.
- Product Innovation: Continuous process developments are slated for the production of Carbon-Carbon Brake Discs for fighter aircraft and the commercialization of newly developed Isostatic Graphite grades.
Key Strengths
The operational resilience of the organization is anchored in several definitive core strengths.
- Global Capacity Leadership: Recognized as one of the leading producers of graphite electrodes globally, possessing the sheer scale required to service the massive demands of international EAF steel producers.
- Decades of Technical Expertise: Over 60 years of proven manufacturing experience allows the enterprise to consistently produce ultra-high power (UHP) electrodes that meet the stringent quality benchmarks of global clients.
- Robust Financial Risk Profile: Characterized by exceptionally low gearing (debt-to-equity ratio of practically zero) and profound liquidity. This financial strength is validated by the retention of the [ICRA] AA+ (Stable) long-term credit rating and the [ICRA] A1+ short-term rating.
- Integrated Value Chain: The strategic backward integration through the Calcined Petroleum Coke facility in Bihar provides crucial raw material security and shields the company from extreme external supply chain volatility.
- Commitment to Sustainability: Aggressive implementations of renewable energy sources, achieving a 29.1% reduction in energy consumption and a 23.2% drop in Scope 1 and 2 GHG emissions, aligning the brand perfectly with global ESG mandates.
Key Challenges and Risks
The operational environment is fraught with dynamic external risks that require continuous strategic mitigation.
- Cyclicality of the Global Steel Industry: The core business is inherently tied to the Electric Arc Furnace steel production sector. Economic downturns, high inflation, or depressed manufacturing activity in end-use industries (like automotive and construction) directly compress the demand and pricing power for graphite electrodes.
- Raw Material Price Volatility: The manufacturing process is highly dependent on petroleum needle coke, raw petroleum coke, and coal tar pitch. The pricing and availability of these materials are extremely susceptible to global geopolitical tensions, supply chain disruptions, and evolving regulatory frameworks.
- Geopolitical and Trade Protectionism Risks: The global trade landscape presents severe challenges in the form of protective trade measures. The imposition of higher import duties, anti-dumping policies, countervailing duties, and tariffs by major steel-producing nations actively threatens export volumes and global market access.
- Intense Price Competition: The graphite electrode market is characterized by intense price competition from both domestic and aggressive international competitors, necessitating relentless cost optimization to maintain viable operating margins.
Conclusion and Strategic Outlook
Graphite India Limited stands at a critical juncture of industrial evolution. Despite navigating a fiercely challenging global macroeconomic environment defined by weak demand and soft pricing, the enterprise has demonstrated remarkable operational agility. By significantly driving up production volumes, aggressively deploying cost control measures, and integrating extensive renewable energy capacities, the organization successfully orchestrated a massive turnaround in its primary operational profitability.
Looking ahead, the strategic outlook remains highly optimistic. The global and domestic push toward sustainable infrastructure and decarbonized “green steel” places the company’s ultra-high power graphite electrodes at the very center of industrial demand. Supported by an impenetrable balance sheet, a dominant market position, and deep technological backward integration, the enterprise is impeccably positioned to absorb short-term cyclical shocks while actively capturing the long-term compounding growth of the electric arc furnace steel sector and advanced carbon material markets.
FAQ Section
What are the primary products manufactured by the company? The core products include ultra-high power graphite electrodes, calcined petroleum coke, carbon paste, impervious graphite equipment, high-speed steel, alloy steel, and glass-reinforced plastic pipes.
How does the company contribute to environmental sustainability? The company’s graphite electrodes are essential for Electric Arc Furnace (EAF) steelmaking, which produces 75% fewer carbon emissions than traditional methods. Furthermore, the company has heavily invested in captive wind, solar, and hydel power, achieving a 23.2% reduction in GHG emissions this year.
What is the revenue contribution of the Graphite and Carbon segment? The Graphite and Carbon segment is the massive primary driver of the business, generating Rs. 2,247.17 Crores in revenue, which represents 87.77% of the total consolidated operational revenue.
Does the company have an international operational presence? Yes, the company operates globally. It serves customers in 27 countries, with export revenues reaching Rs. 791 Crores. It also maintains overseas subsidiaries in Germany and the United States.
What is the financial position regarding debt? The financial risk profile is exceptionally robust. The company operates with extremely low gearing, holding a Net Debt position of Rs. (13.00) Crores on a standalone basis, effectively making it a zero-debt entity with massive liquid investments.
Where is the Powmex Steels Division located and what does it produce? The Powmex Steels Division is located in Titilagarh, Odisha. It is the single largest manufacturer of High Speed Steel in India, utilized for critical cutting tools in the automotive and aviation industries.
Who is the ultimate holding entity of the company? The immediate and ultimate holding company is Emerald Company Private Limited, which holds a commanding 61.33% of the total equity share capital.
Official Site: https://www.graphiteindia.com/
Source: Content on FirmsWorld.com is based on publicly available corporate filings, regulatory disclosures, annual reports, SEC 10-K filings, investor relations materials, and, where applicable, direct communications with the company.
