Graphite India (509488) Q2 26/27 earnings summary

Executive summary

• Q2 FY2027 consolidated net sales rose 13.3% YoY to Rs. 826 crore; EBITDA increased 43.2% to Rs. 189 crore and net profit was Rs. 94 crore after a Rs. 22 crore exceptional charge.

• Standalone net sales rose 13.5% YoY to Rs. 806 crore; EBITDA increased 36.8% to Rs. 197 crore.

• Consolidated H1 net sales were Rs. 1,668 crore, up 19.7% YoY; net profit was Rs. 265 crore, up 26.8%.

Financial highlights

• Consolidated Q2 PBT before exceptional items was Rs. 161 crore, up 53.3% YoY; PBT after the Rs. 22 crore exceptional charge was Rs. 139 crore.

• Standalone H1 net sales were Rs. 1,571 crore, up 16.1% YoY; EBITDA was Rs. 419 crore, up 21.8%.

• Consolidated other income included Rs. 57 crore of FVTPL investment gains in Q2 and Rs. 130 crore in H1.

• Consolidated H1 operating cash flow was Rs. 181 crore versus an outflow of Rs. 19 crore.

Outlook and guidance

• Graphite electrode prices improved in Q2 on continued demand recovery, while higher input costs limited margin expansion.

• Global steel demand is forecast to grow 1.7% to 1,752 million MT in 2027; India demand is forecast to rise 7.9% to 172.4 million MT in 2026 and 8.0% to 186.2 million MT in 2027.

• Medium-term graphite electrode prospects remain positive, supported by steel decarbonization and industry consolidation.