Graphite India is the largest Indian producer of graphite electrodes and among the largest globally by capacity, supplying a steel industry where India's output is growing while China's contracts. The quarter's print will speak to whether the 28.6% consolidated EBITDA margin of Q1 FY27 holds against firm needle coke and freight costs, and how the newly announced US antidumping duty determination of a 12.22% preliminary dumping margin plays into export economics.
| Results date | November 03, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 842 Cr (consolidated, Q1 FY27) |
| Previous quarter PAT | Rs. 171 Cr (consolidated, Q1 FY27) |
| Previous quarter EBITDA margin | 28.6% (consolidated, Q1 FY27) |
| Market cap | Rs. 14,596.4 Cr |
| CMP | Rs. 747.45 |
The Board of Directors is scheduled to meet on Tuesday, 3 November 2026, to approve the unaudited standalone and consolidated financial results for the quarter and half-year ended 30 September 2026, in terms of Regulation 29 of SEBI LODR. The trading window was closed from 1 October 2026 and reopens on 6 November 2026.
The Board had recommended a dividend of Rs. 7 per share for FY26, which shareholders approved at the 51st AGM held on 4 August 2026 with 99.99% of votes in favour. This dividend process is complete, with no further action pending.
The quarter's key test is margin: Q1 FY27's 28.6% consolidated EBITDA margin was built on volume-led growth with electrode prices up only marginally, while through July-September 2026 the cost side moved against the company — China oil-based needle coke was raised to 7,500 yuan/mt in early September and held firm, Red Sea war-risk premiums doubled to about 0.75% of vessel value in July, and the Indian crude basket jumped from $90.19/bbl in August to $116.77/bbl in September. On volumes, the demand backdrop stayed supportive, with India's crude steel output up 5.6% year-on-year in January-September 2026 (130 million MT) even as global output fell 0.7%, echoing the India-up/China-down split that drove Q1's 26.6% consolidated revenue growth. Realization improvement is the swing factor: GrafTech's minimum 30% graphite electrode price increase took effect only on 8 September 2026, late in the quarter, so most of Q2 likely ran on flat-to-marginally-better realizations with the hike's pass-through a subsequent-quarter question. A new, un-guided variable is the US Department of Commerce's preliminary affirmative antidumping determination of 28 September 2026 — a 12.22% dumping margin and 9.88% cash deposit rate on GIL's large-diameter electrode exports — with the financial impact stated as un-ascertainable and the final determination expected on or around 10 February 2027. The call is also expected to cover phase-1 electrode capacity commissioning guidance for the current financial year, the Rs. 4,330 crore phased SGAM investment, and the Rs. 5,000 crore NCD enabling authorization passed at the 4 August 2026 AGM.
Guidance scorecard: Status of previously stated goals management may update on the call.
US antidumping duty follow-through: The newest trade-action overhang, effective at quarter-end.
Margin sustainability and cost pressures: Whether the Q1 margin level holds against input-cost stickiness.
Capacity, capex and strategic execution: Commissioning and diversification milestones to check on the call.
Steel segment and German closure: Smaller moving parts that can swing the consolidated print.
Consolidated net sales rose 26.6% year-on-year to Rs. 842 Cr in Q1 FY27, which the Chairman's message attributes to volume growth. The Graphite & Carbon segment grew 15.5% year-on-year to Rs. 687 Cr in the same quarter.
The US Department of Commerce issued preliminary affirmative determinations on 28 September 2026, with a preliminary dumping margin of 12.22% and a cash deposit rate of 9.88% on GIL's large-diameter graphite electrode exports from India. The company has stated the financial impact is un-ascertainable, noted no violations or contraventions, and the final determination is expected on or around 10 February 2027.
The company has stated that the first phase of electrode capacity expansion is expected to be commissioned in the current financial year (FY2026-27), a guidance reiterated in the Q1 FY27 presentation. No timeline refinement or confidence commentary has been attached to this target in the disclosures so far.
The Board has approved diversification into Synthetic Graphite Anode Materials (SGAM) for lithium-ion batteries, essential to the electric vehicle ecosystem. The investment of Rs. 4,330 crores will be carried out in phases and funded through debt and internal accruals, with subsequent presentations confirming the project continues as previously announced.