Graphite India graphite-and-carbon profit rises to Rs 82 crore

Graphite India Limited reported consolidated graphite-and-carbon segment profit of Rs 82 crore in the second quarter (Q2) of financial year (FY) 2027, up from Rs 17 crore in Q2 FY2026, while segment revenue rose 7.0% to Rs 707 crore from Rs 661 crore. The Rs 65 crore profit increase exceeded the Rs 46 crore rise in revenue.

How much did Graphite India’s graphite-and-carbon profit increase?

Graphite India’s consolidated graphite-and-carbon segment profit rose by Rs 65 crore year on year to Rs 82 crore in Q2 FY2027, from Rs 17 crore in Q2 FY2026. The presentation lists the percentage increase as not meaningful because of the lower prior-year profit base. Graphite-and-carbon was also the largest contributor to consolidated segment revenue of Rs 826 crore in Q2 FY2027.

Graphite India also reported a sequential rise in graphite-and-carbon profit, which increased 46.4% from Rs 56 crore in Q1 FY2027 to Rs 82 crore in Q2 FY2027. Segment revenue increased 2.9% over the same period, from Rs 687 crore to Rs 707 crore. The disclosed figures therefore show profit rising by Rs 26 crore while revenue rose by Rs 20 crore quarter on quarter.

The presentation does not provide a separate bridge for graphite-and-carbon profit covering electrode prices, input costs or other operating costs. It does show that revenue was 7.0% higher year on year, whereas segment profit rose from Rs 17 crore to Rs 82 crore. That difference is reported at the segment level rather than attributed to individual drivers.

How did graphite-and-carbon compare with Graphite India’s other segments?

Graphite India’s graphite-and-carbon revenue of Rs 707 crore in Q2 FY2027 was larger than the steel segment’s Rs 119 crore revenue. Total consolidated segment revenue was Rs 826 crore, up 13.3% from Rs 729 crore in Q2 FY2026, but down 1.9% from Rs 842 crore in Q1 FY2027. The Q2 FY2027 consolidated table displays an asterisk, rather than a number, for Others and inter-segment sales.

Graphite India’s steel revenue grew faster than graphite-and-carbon revenue year on year, rising 85.9% from Rs 64 crore to Rs 119 crore. Graphite-and-carbon revenue increased 7.0% from Rs 661 crore to Rs 707 crore. Sequentially, steel revenue rose 7.2% from Rs 111 crore, compared with the 2.9% increase in graphite-and-carbon revenue from Rs 687 crore.

Graphite India’s profit movements differed between the two segments in Q2 FY2027. Steel segment profit rose to Rs 18 crore from Rs 11 crore a year earlier, but declined 58.1% from Rs 43 crore in Q1 FY2027. Graphite-and-carbon profit, in contrast, increased from Rs 56 crore in Q1 FY2027 to Rs 82 crore despite the segment’s smaller Rs 20 crore sequential revenue increase.

What do Graphite India’s standalone results show?

Graphite India reported standalone graphite-and-carbon revenue of Rs 684 crore and segment profit of Rs 86 crore in Q2 FY2027. Revenue was 7.2% higher than Rs 638 crore in Q2 FY2026, while segment profit increased by Rs 58 crore from Rs 28 crore. The presentation also marks the year-on-year percentage change in standalone segment profit as not meaningful.

Graphite India’s standalone graphite-and-carbon revenue increased 5.1% from Rs 651 crore in Q1 FY2027, while segment profit increased 24.6% from Rs 69 crore. Total standalone segment revenue was Rs 806 crore in Q2 FY2027, compared with Rs 710 crore a year earlier and Rs 765 crore in Q1 FY2027. This represented year-on-year growth of 13.5% and quarter-on-quarter growth of 5.4%.

Graphite India’s consolidated and standalone segment disclosures show different graphite-and-carbon amounts in Q2 FY2027. Consolidated revenue of Rs 707 crore was Rs 23 crore above standalone revenue of Rs 684 crore, while consolidated segment profit of Rs 82 crore was Rs 4 crore below standalone profit of Rs 86 crore. The presentation does not provide a segment-level reconciliation for the difference.

How did segment profit affect Graphite India’s reported earnings?

Graphite India’s consolidated profit before tax and interest rose to Rs 98 crore in Q2 FY2027 from Rs 28 crore in Q2 FY2026, but declined from Rs 141 crore in Q1 FY2027. The year-on-year Rs 70 crore increase included a Rs 65 crore rise in graphite-and-carbon segment profit and a Rs 7 crore increase in steel segment profit, partly offset by a Rs 2 crore loss in Others.

Graphite India reported consolidated profit before tax and exceptional items of Rs 161 crore in Q2 FY2027, up 53.3% from Rs 105 crore a year earlier and down 24.8% from Rs 214 crore in Q1 FY2027. Finance cost was Rs 4 crore, compared with Rs 3 crore in Q2 FY2026 and Rs 4 crore in Q1 FY2027. Unallocated income was Rs 67 crore, compared with Rs 80 crore a year earlier and Rs 77 crore in the preceding quarter.

Graphite India’s consolidated profit before tax was Rs 139 crore in Q2 FY2027, versus Rs 105 crore in Q2 FY2026 and Rs 214 crore in Q1 FY2027. The difference from the Rs 161 crore profit before tax and exceptional items was a Rs 22 crore exceptional item. The company identified this as employee restructuring costs and inventory write-down arising from the closure of German operations.

What operating base supports Graphite India’s graphite-and-carbon business?

Graphite India has graphite-electrode manufacturing capacity of 80,000 tonnes a year across plants at Durgapur and Nashik. The company manufactures a full range of electrodes and focuses on large-diameter ultra-high power (UHP) electrodes. Standalone capacity utilisation was 96% in Q2 FY2027, compared with 99% in Q2 FY2026 and 104% in Q1 FY2027.

Graphite India also manufactures calcined petroleum coke for electrode manufacturing and operates Powmex Steels Division, which makes high-speed steel and alloy steel. The company reported 23 megawatts of hydroelectric generation capacity, 18.9 megawatts of wind capacity and 13.8 megawatt-peak of solar capacity. Consolidated cash and cash equivalents, including investments, were Rs 4,101 crore at September 2026, while total debt was Rs 274 crore and net cash was Rs 3,827 crore.

Conclusion

Graphite India’s Q2 FY2027 disclosures show graphite-and-carbon profit rising much faster than revenue: profit reached Rs 82 crore from Rs 17 crore a year earlier, while revenue rose 7.0% to Rs 707 crore. The segment’s sequential profit also increased from Rs 56 crore in Q1 FY2027, unlike steel, where profit fell from Rs 43 crore to Rs 18 crore despite higher revenue.

What to watch next is whether Graphite India sustains graphite-and-carbon profit progression as standalone capacity utilisation was 96% in Q2 FY2027, down from 104% in Q1 FY2027. The company’s disclosed strategy includes further vertical integration, new-market and client penetration, value-added specialty graphite products and potential inorganic growth, alongside Rs 3,827 crore of consolidated net cash at September 2026.