Graphite India financials and balance sheet

NSE: GRAPHITEBSE: 509488Industrial ProductsSmall Cap

Formerly Carbon Everflow

₹689.05₹18.35 (2.59%)BSE ₹689.45

Share price at the NSE close on 23 Oct 2026. Previous close ₹707.40.

52-week range of traded prices to 23 Oct 2026

₹516.20Low, 9 Dec 2025₹874.35High, 9 Sep 2026

Market cap: ₹13,462 Cr474th largest listed
P/E: 63.2
P/B: 2.3
Dividend yield: 1.02%
ROE: 3.6%
ROCE: −0.1%
Debt to equity: 0.06
Volume, NSE: 7,15,00742.1% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Graphite India annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹7,858 Cr, year to Mar 2019A loss in 1 of the 9 years with results on record

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.6% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue2,852
Materials and goods−1,349
Employee costs−267
Other expenses−1,035
Operating profit201
Depreciation−95
Other income+174
One-off items−11
Finance costs−25
Profit before tax244
Tax−73
Net profit171

What the company owns

Current investments₹2,873 Cr
Plant, investments and other assets₹2,806 Cr
Inventory₹1,188 Cr
Receivables₹667 Cr
Cash and bank₹46 Cr

What pays for it: net worth and liabilities

Net worth₹5,856 Cr
Other liabilities₹1,060 Cr
Borrowings₹367 Cr
Owed to suppliers₹297 Cr

Graphite India business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Graphite India segment results by quarter

Revenue by segment

₹2,855 CrTotal

Graphite and Carbon₹2,594 Cr90.9% of total
Steel₹257 Cr9.0% of total
Others₹4 Cr0.1% of total

Profit by segment

Graphite and Carbon₹164 Cr79.6% of total
Steel₹42 Cr20.4% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Graphite and Carbon
Revenue, ₹ crore
7,690
2,995
1,813
2,946
2,726
2,248
2,594
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
5,071
−54
−67
307
−173
146
164
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Steel
Revenue, ₹ crore
227
257
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
28
42
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
170
99
145
236
227
88
4
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
9
3
37
43
13
66
−24
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	7,860	3,094	1,958	–	3,182	2,953	2,563	2,855
Company revenue, as in its results	7,858	3,094	1,958	–	3,181	2,950	2,560	2,852
Revenue	7,690	2,995	1,813	–	2,946	2,726	2,248	2,594
Revenue growth	–	−61.1%	−39.5%	–	–	−7.5%	−17.5%	15.4%
Profit	5,071	−54	−67	–	307	−173	146	164
Profit growth	–	–	–	–	–	–	–	12.3%
Margin	65.9%	−1.8%	−3.7%	–	10.4%	−6.3%	6.5%	6.3%
Return on capital	153.8%	−1.9%	−3.3%	–	8.9%	−6.5%	6.4%	6.3%
Assets	4,078	3,177	2,368	–	3,865	2,904	2,670	3,007
Liabilities	780	276	322	–	425	255	390	409
Capital employed	3,298	2,901	2,046	–	3,440	2,649	2,280	2,598
Revenue	–	–	–	–	–	–	227	257
Revenue growth	–	–	–	–	–	–	–	13.2%
Profit	–	–	–	–	–	–	28	42
Profit growth	–	–	–	–	–	–	–	50.0%
Margin	–	–	–	–	–	–	12.3%	16.3%
Return on capital	–	–	–	–	–	–	17.8%	22.0%
Assets	–	–	–	–	–	–	172	218
Liabilities	–	–	–	–	–	–	15	27
Capital employed	–	–	–	–	–	–	157	191
Revenue	170	99	145	–	236	227	88	4
Revenue growth	–	−41.8%	46.5%	–	–	−3.8%	–	−95.5%
Profit	9	3	37	–	43	13	66	−24
Profit growth	–	−66.7%	1,133.3%	–	–	−69.8%	–	–
Margin	5.3%	3.0%	25.5%	–	18.2%	5.7%	75.0%	−600.0%
Return on capital	5.3%	1.7%	19.5%	–	16.6%	4.1%	26.4%	−9.9%
Assets	202	197	214	–	290	342	261	252
Liabilities	32	20	24	–	31	28	11	10
Capital employed	170	177	190	–	259	314	250	242
	–	–	0	–	0	0	–	–
Profit	–	–	−10	–	0	0	–	–
Assets	–	–	0	–	0	0	–	–
Liabilities	–	–	0	–	0	0	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March. The year to Mar 2022 is not shown: its results were filed at the wrong scale, a power of ten off the company's own year-to-date figures.Graphite India quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 18 May	Mar 2020Filed 10 Jun	Mar 2021Filed 29 Jun	Mar 2022	Mar 2023Filed 31 May	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 28 May
Revenue from operations	1,554	3,291	7,858	3,094	1,958	–	3,181	2,950	2,560	2,852
	1,514	1,847	2,835	3,173	2,163	–	2,869	3,093	2,306	2,651
Materials and goods bought	585	772	1,486	2,137	1,188	–	1,353	1,958	1,151	1,349
Employee costs	–	–	311	283	257	–	315	280	293	267
Other expenses	–	–	1,038	753	718	–	1,201	855	862	1,035
Operating profit before depreciation	40	1,444	5,023	−79	−205	–	312	−143	254	201
Operating margin	2.5%	43.9%	63.9%	−2.6%	−10.5%	–	9.8%	−4.8%	9.9%	7.0%
Materials, % of revenue	–	–	18.9%	69.1%	60.7%	–	42.5%	66.4%	45.0%	47.3%
Employee costs, % of revenue	–	–	4.0%	9.1%	13.1%	–	9.9%	9.5%	11.4%	9.4%
Other expenses, % of revenue	–	–	13.2%	24.3%	36.7%	–	37.8%	29.0%	33.7%	36.3%
Depreciation and amortisation	46	52	62	51	52	–	57	80	90	95
Operating profit after depreciation	−7	1,393	4,961	−130	−257	–	255	−223	164	106
Other income	86	89	210	174	316	–	133	304	438	174
Finance costs	8	8	12	18	6	–	13	17	11	25
Profit before one-off items and tax	72	1,473	5,159	26	53	–	375	64	591	255
One-off items	0	0	−55	0	0	–	−53	954	0	−11
Profit before tax	72	1,473	5,104	26	53	–	322	1,018	591	244
	1	441	1,705	−26	75	–	123	212	133	73
Current tax	–	–	1,654	6	62	–	129	184	67	98
Deferred tax	–	–	51	−32	13	–	−6	28	66	−25
Share of profit of joint ventures and associates	–	–	−3	−7	−10	–	–	–	–	–
	70	1,032	3,396	45	−32	–	199	806	458	171
Belonging to the company's shareholders	70	1,032	3,396	45	−32	–	199	809	462	175
Belonging to outside owners of subsidiaries	–	–	–	–	–	–	0	−3	−4	−4
Other comprehensive income	–	–	−23	30	19	–	14	0	3	33
Total comprehensive income	–	–	3,373	75	−13	–	213	806	461	204
Net margin	4.5%	31.4%	43.2%	1.5%	−1.6%	–	6.3%	27.3%	17.9%	6.0%
Net margin without joint ventures and associates	–	–	43.3%	1.7%	−1.1%	–	–	–	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 18 May	Mar 2020Filed 10 Jun	Mar 2021Filed 29 Jun	Mar 2022	Mar 2023Filed 31 May	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 28 May
	5,351	4,554	4,541	–	4,966	5,616	5,867	5,856
	5,351	4,554	4,541	–	4,965	5,612	5,866	5,859
Share capital	39	39	39	–	39	39	39	39
Reserves	5,312	4,515	4,502	–	4,926	5,573	5,827	5,820
Belonging to outside owners of subsidiaries	–	0	–	–	1	4	1	−3
Borrowings	359	416	223	–	425	177	172	367
	1,438	943	891	–	1,420	1,031	1,150	1,535
Trade payables	647	0	230	–	303	162	264	297
Other financial liabilities	121	241	119	–	142	130	100	96
Other liabilities	45	28	35	–	37	24	70	58
Provisions	34	38	39	–	36	40	45	63
Tax owed	232	220	245	–	477	498	499	654
	117	86	98	–	125	149	214	189
Other financial liabilities	–	0	0	–	6	0	0	–
Other liabilities	–	0	1	–	0	0	0	–
Provisions	3	4	4	–	2	2	3	3
Deferred tax	114	82	93	–	117	147	211	186
Total assets	6,906	5,583	5,530	–	6,511	6,796	7,231	7,580
	1,308	1,359	1,678	–	1,937	2,097	2,288	2,638
Plant in use, after depreciation	662	633	639	–	721	880	1,024	1,074
Plant being built	17	35	79	–	126	146	65	61
Intangible assets	1	4	1	–	15	15	16	15
Goodwill	1	1	1	–	53	53	54	64
Intangible assets being developed	–	0	0	–	1	0	0	0
Property held to earn rent	598	0	0	–	0	0	0	0
Investments	0	655	913	–	934	922	1,004	1,190
Loans given	8	3	3	–	1	1	1	1
Other financial assets	–	0	28	–	3	3	23	147
Deferred tax	5	5	3	–	3	5	5	3
Other assets	16	23	11	–	80	72	96	83
	5,598	4,224	3,852	–	4,574	4,699	4,943	4,942
Inventories	2,160	1,565	1,016	–	2,328	1,354	1,186	1,188
Trade receivables	858	402	340	–	546	522	468	667
Cash and cash equivalents	400	364	230	–	23	37	109	22
Other bank balances	7	92	14	–	68	33	73	24
Current investments	1,992	1,412	1,891	–	1,388	2,647	3,020	2,873
Loans given	4	5	2	–	1	1	8	1
Other financial assets	59	49	86	–	34	36	41	88
Tax paid in advance	24	135	143	–	0	0	0	–
Other assets	94	200	130	–	186	69	38	79
Net debt	−2,040	−1,452	−1,912	–	−1,054	−2,540	−3,030	−2,552

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 29 Jun	Mar 2022	Mar 2023Filed 31 May	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 28 May
	584	–	−161	682	500	82
	636	–	−477	843	594	37
	683	–	−705	710	379	−231
Receivables	65	–	−3	−24	53	−192
Inventories	555	–	−610	975	170	17
Payables	53	–	−154	−134	104	32
Other working capital	10	–	62	−107	52	−88
Tax paid	−52	–	316	−161	−94	45
Capital spending	77	–	170	260	168	251
Free cash flow	507	–	−331	422	332	−169
	−534	–	329	−240	−202	−123
Plant and property sold	3	–	2	975	11	1
Interest received	51	–	65	41	63	132
Dividends received	0	–	2	4	5	8
	−199	–	−212	−428	−226	−47
Borrowings raised	0	–	−2	−249	0	178
Borrowings repaid	−193	–	0	0	−6	0
Interest paid	−7	–	−13	−18	−11	−10
Lease payments	0	–	−2	−1	0	0
Dividends paid	0	–	195	166	215	215
Shares bought back	0	–	0	0	0	0
Shares issued	0	–	0	0	0	0
Net change in cash	−149	–	−44	14	72	−88

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Graphite India dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 18 May	Mar 2020Filed 10 Jun	Mar 2021Filed 29 Jun	Mar 2022	Mar 2023Filed 31 May	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 28 May
Earnings per share	₹3.61	₹52.81	₹175.39	₹2.30	−₹1.64	–	₹10.19	₹41.41	₹23.65	₹8.97
Diluted earnings per share	₹3.61	₹52.81	₹175.39	₹2.30	−₹1.64	–	₹10.19	₹41.41	₹23.65	₹8.97
Dividend per share	₹2.00	₹17.00	₹55.00	₹2.00	₹5.00	–	₹8.50	₹11.00	₹11.00	₹7.00
Book value per share	–	–	₹274.41	₹233.54	₹232.87	–	₹254.62	₹287.79	₹300.82	₹300.46
Dividend payout	55.5%	32.2%	31.6%	86.7%	–	–	83.3%	26.5%	46.4%	78.0%
Shareholder yield	–	–	–	–	0.0%	–	3.8%	1.4%	2.3%	1.8%
Market cap at the year end (₹ crore)	2,190	14,186	8,731	2,486	10,003	–	5,130	11,792	9,338	12,049

Ratios

Consolidated, years to March.Graphite India PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 18 May	Mar 2020Filed 10 Jun	Mar 2021Filed 29 Jun	Mar 2022	Mar 2023Filed 31 May	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 28 May
Revenue growth	1.4%	111.8%	138.8%	−60.6%	−36.7%	–	–	−7.3%	−13.2%	11.4%
Operating profit growth	−71.5%	3,551.5%	247.8%	–	–	–	–	–	–	−20.9%
Net profit growth	14.6%	1,364.7%	229.1%	−98.7%	–	–	–	305.0%	−43.2%	−62.7%
Earnings per share growth	–	1,362.9%	232.1%	−98.7%	–	–	–	306.4%	−42.9%	−62.1%
	–	–	63.5%	0.9%	−0.7%	–	4.0%	15.3%	8.1%	3.0%
	–	–	–	−62.6 pts	−1.6 pts	–	–	11.3 pts	−7.2 pts	−5.1 pts
From the net margin	–	–	–	−61.3 pts	−1.9 pts	–	–	13.6 pts	−5.2 pts	−5.3 pts
From asset turnover	–	–	–	−1.2 pts	0.3 pts	–	–	−1.6 pts	−1.8 pts	0.2 pts
From borrowing	–	–	–	0.0 pts	0.0 pts	–	–	−0.6 pts	−0.2 pts	0.1 pts
Return on capital employed	–	–	86.9%	−2.6%	−5.4%	–	4.7%	−3.8%	2.7%	1.7%
Cash conversion	–	–	–	–	–	–	−80.9%	84.6%	109.2%	48.0%
Interest cover	–	172.3	413.4	–	–	–	19.6	–	14.9	4.2
Debt to equity	–	–	0.07	0.09	0.05	–	0.09	0.03	0.03	0.06
Receivable days	–	–	40	47	63	–	63	65	67	85
Inventory days	–	–	531	267	312	–	628	252	376	321
Payable days	–	–	159	0	71	–	82	30	84	80
Cash conversion cycle, days	–	–	411	315	305	–	609	287	359	326
Working capital days	–	–	98	216	196	–	241	140	109	109
Asset turnover	–	–	1.14	0.50	0.35	–	0.49	0.44	0.37	0.39
Assets per rupee of net worth	–	–	1.29	1.26	1.22	–	1.31	1.26	1.22	1.26
Sales per rupee of plant	–	–	11.87	4.89	3.06	–	4.41	3.35	2.50	2.66
Capital spending to depreciation	–	–	–	–	1.48	–	2.98	3.25	1.87	2.64
Plant being built, % of plant in use	–	–	2.6%	5.5%	12.4%	–	17.5%	16.6%	6.3%	5.7%

Interest cover is left blank for the years to Mar 2017, Mar 2020, Mar 2021 and Mar 2024: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 2.4%
Cash from operations against operating profit: 40.8%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	6.4%	7.8%	−3.6%
Profit growth, yearly rate	11.0%	–	−4.2%
Return on equity, average	–	7.6%	8.8%
Return on capital employed, average	–	1.3%	0.2%
Operating margin, average	13.3%	5.5%	4.0%
Net margin, average	15.2%	14.4%	17.1%
Asset turnover, average	–	0.42	0.40
Cash conversion cycle, days, average	–	395	324
Interest cover, average	–	–	9.6
Debt to equity, average	–	0.05	0.04

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	3 years	Latest year
Cash from operations	1,264	82
Cash from investing	−565	−123
Cash from financing	−701	−47
Capital spending	679	251
Dividends paid	596	215
Shares bought back	0	0
Shares issued for cash	0	0
Borrowings raised	–	178
Borrowings repaid	6	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	4	–	–	–	5	4
Altman Z-scorePublished threshold 1.81	–	–	8.74	3.86	8.23	–	4.29	8.72	6.49	6.29
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.83	–	–	−1.91	−2.90	−2.02
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−1.48	–	–	5.47	2.28	2.86
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	–	–	0.70	0.88
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	7.48	21.29	–	–	2.87	2.88	31.12
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−71.36	9.33	–	–	−86.55	28.81	−17.03
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	6.69	−1.28	–	–	−3.90	−1.02	3.09
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	1.59	1.36	–	–	0.61	0.28	0.42
Effective tax ratePublished threshold 17.16 per cent	1.80	29.94	33.41	−100.00	141.51	–	38.20	20.83	22.50	29.92
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	–	−59.94	5.01	6.60	11.48

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
30 Jan 2026	ICRA Limited (opens in a new tab)	Fund-based/ Non-fund based-Others	[ICRA]AA+ /[ICRA]A1+Review, Re-affirm	Stable	400
30 Jan 2026	ICRA Limited (opens in a new tab)	Commercial Paper	[ICRA]A1+Review, Re-affirm		300
30 Jan 2026	ICRA Limited (opens in a new tab)	Fund-based-Cash credit	[ICRA]AA+ /[ICRA]A1+Review, Re-affirm	Stable	600
30 Jan 2026	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]AA+ /[ICRA]A1+Review, Re-affirm	Stable	400

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.