Graphite India Ltd's Q2 FY27 numbers came in mixed, with revenue of Rs. 826.00 Cr (+13.30% YoY) and PAT growth of +23.70% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 03, 2026 |
|---|---|
| Revenue (Q2) | Rs. 826.00 Cr (+13.30% YoY) |
| PAT (Q2) | Rs. 94.00 Cr (+23.70% YoY) |
| EBITDA margin | 20.20% (+210 bps YoY) |
| EPS (Q2) | Rs. 4.89 (+25.10% YoY) |
Q2 FY27 revenue grew 13.3% YoY to Rs.826 Cr with the Graphite & Carbon segment result up nearly 5x YoY (margin 11.6% vs 2.6%), but EBITDA margin compressed to 20.2% from 28.6% QoQ as needle coke and freight costs outgrew revenue. The Rs.22 Cr German closure charge and a 32.4% ETR weighed on reported PAT of Rs.94 Cr (+23.7% YoY), while net cash of Rs.3,764 Cr funds the Phase-1 expansion (CWIP Rs.148 Cr, on track for FY27 commissioning). The US antidumping final determination around Feb 2027 is the key open variable for H2 export economics.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | "likely ahead (volume-led), with realization improvement only late-arriving" | Rs.826 Cr, +13.3% YoY, −1.9% QoQ | Played out |
| Margins | "likely compressing or, at best, flat vs Q1's 28.6%" | 20.2% company-basis margin (22.9% pre-exceptional) | Played out |
| Needle coke / freight | "Headwind, intensifying into quarter-end" | Materials +15.8% QoQ, +31.1% YoY | Played out |
| GrafTech 30% hike | "a Q3 pass-through question", not Q2 | No realization disclosure in the filing | Not observable |
| US ADD | minimal Q2 revenue effect; exposure question deferred | Filing silent on quantification — consistent | Not observable |
| NRV write-down | shrinking tail | Rs.20 Cr at Sep-26 (from Rs.24 Cr) | Played out |
| Phase-1 commissioning | "CWIP-to-gross-block migration would evidence commissioning" | CWIP Rs.148 Cr vs Rs.61 Cr — still in build — capex ramping; not commissioned | Partially |
| German closure costs | pre-registered one-time item | Rs.22 Cr exceptional booked | Played out |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Phase-1 electrode expansion commissioned in "the current financial year" | Q4 FY26 and Q1 FY27 earnings presentations (reiterated) | CWIP Rs.148 Cr vs Rs.61 Cr at Mar-26; H1 capex Rs.219 Cr vs Rs.79 Cr — build in progress, not yet commissioned — timeline intact, no commissioning evidence yet | On Track |
| SGAM investment Rs.4,330 Cr, phased, debt + internal accruals | Board-approval disclosure; reiterated in Q1 FY27 presentation | No project spend isolated in the filing | Too Early |
| NCDs/bonds up to Rs.5,000 Cr | Enabling authorization, 51st AGM (4 Aug 2026) | No issuance announced in the window | Too Early |
| FY26 dividend Rs.7/share | Board recommendation; approved 51st AGM | Rs.137 Cr dividends paid in H1 FY27 — completed | Met |
| Electrode prices "increased marginally" with gains offset by higher raw-material and logistics costs | Q1 FY27 presentation commentary | Materials +31.1% YoY / +15.8% QoQ vs revenue +13.3% YoY; margin 20.2% vs 28.6% Q1 — cost pressure dominated again | Confirmed |
| India-led EAF demand thesis (CBAM from Jan 2026) | Management commentary in presentations | G&C revenue +7.0% YoY, Steel +85.9% YoY, both volume-supported — direction | Confirmed |
| Net-cash strength / "significant financial flexibility" | Q1 FY27 presentation | Net cash Rs.3,764 Cr; borrowings cut Rs.93 Cr in H1 while capex nearly tripled | Confirmed |
| US CVD impact "remains limited"; ADD impact "un-ascertainable" | Management announcements (28–29 Sep 2026) | No ADD quantification in the Q2 filing | Too Early |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.