Graphite India, one of India’s leading metal processing companies, reported a mixed set of financial results for the fourth quarter of FY26. While revenues climbed meaningfully compared to the same period last year, the company recorded a significant net loss, reflecting the pressure of surging operational costs and weak demand conditions.
For Q4 FY26, Graphite India’s operating revenue rose 22.5% year over year, moving from Rs 666 crore in March 2025 to Rs 816 crore in March 2026. Despite this healthy topline performance, the company swung to a net loss of Rs 105 crore during the quarter, compared to a net profit of Rs 49 crore in the same quarter last year. That translates to a profit decline of 314.3%, a striking reversal that underlines just how much cost pressures are weighing on the business.
Full Year Picture Equally Challenging
Looking at the full FY26 picture, consolidated revenue grew 11.4% year over year and reached Rs 2,852 crore. However, consolidated EBITDA dropped 45.8% to Rs 375 crore, and consolidated net profit for the full year fell 62.7% to Rs 171 crore. The company attributed the profit erosion to a fair value loss of Rs 242 crore on its investment portfolio, which severely dented the bottom line.
On a segmentwise basis, revenues from the Graphite segment grew from Rs 600 crore to Rs 758 crore, while the Steel segment improved from Rs 60 crore to Rs 76 crore. On the operational side, one encouraging signal was that standalone capacity utilisation surged to 104% in Q4 FY26, up sharply from 81% in the same quarter of the previous year, indicating strong production activity.
Management noted that the company plans to commission the first phase of its electrode capacity expansion during the current financial year, with total graphite electrode manufacturing capacity currently standing at 80,000 tonnes per annum. On the diversification front, Graphite India is expanding its footprint in the electric vehicle space through its 45.76% stake in Godi India, a company focused on advanced battery technology.
Dividend Declared
Despite the quarterly loss, the company announced a final dividend of Rs 7 per share for its shareholders.
Graphite India’s Q4 FY26 results highlight the contrast between strong demand for its core products, evidenced by near full capacity utilisation, and the financial drag from investment losses and higher costs. Investors will likely watch the upcoming capacity expansion and the performance of its EV battery bet closely in the quarters ahead.
