Graphite India Ltd. — Investor Presentation 2026

Feb 9, 2026

Digitally signed SANJEEV by SANJEEV MARDA MARDA Date: 2026.02.09 16:55:17 +05'30'

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NSE: GRAPHITE, BSE: 509488

Q3 FY2026 Earnings Presentation February 9, 2026

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Discussion Agenda

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Executive Summary______ 3
Chairman’s Message_____ 5
Steel Industry Overview_____ 6 - 7
Graphite Electrode Industry Overview___ 8
Financial Performance______ 9 - 10
Financial Performance Trends_____ 11 - 12
Leverage Profile______ 13
Segment Performance_______ 14
Graphite India at a Glance__________ 15
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Executive Summary

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9M FY2026 Financial Performance

o Net Sales of Rs. 2,036 Crores, a growth of 7.5% y-o-y o Net Sales of Rs. 1,996 Crores, a growth of 12.5% y-o-y 9M FY2026 9M FY2026 o EBITDA of Rs. 475 Crores, a decline of 20.3% o EBITDA of Rs. 526 Crores, a decline of 4.7% y-o-y Profit and Loss Profit and Loss o Net Profit of Rs. 276 Crores, a decline of 32.5% y-o-y o Net Profit of Rs. 337 Crores, a decline of 13.6% y-o-y (Consolidated) (Standalone) o EPS of Rs. 14.28 per share o EPS of Rs. 17.26 per share

Balance Sheet o Gross Debt of Rs. 195 Crores Balance Sheet o Gross Debt of Rs. 90 Crores (Consolidated) o Cash (Net of Gross Debt) of Rs. 3,966 Crores (Standalone) o Cash (Net of Gross Debt) of Rs. 3,850 Crores

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Executive Summary

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Q2 FY2026 Financial Performance3

o Net Sales of Rs. 642 Crores, a growth of 22.8% y-o-y

Q3 FY2026 Profit and Loss

(Consolidated)

o EBITDA of Rs. 150 Crores as compared to Rs. 11 Crores in Q3 FY25

o Net Profit of Rs. 67 Crores as compared to Net Loss of Rs. 21 Crores in Q3 FY25

o EPS of Rs. 3.50 per share

o Net Sales of Rs. 643 Crores, a growth of 24.4% y-o-y

Q3 FY2026 Profit and Loss

(Standalone)

o EBITDA of Rs. 182 Crores as compared to Rs. 32 Crores in Q3 FY25 o Net Profit of Rs. 100 Crores as compared to Rs. 3 Crores in Q3 FY25 o EPS of Rs. 5.13 per share

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Chairman’s Message

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K K Bangur Chairman

“In Q3 FY2026, Graphite India registered Net Sales of Rs. 642 Cr, up by 22.8% y-o-y primarily as a result of increases in both, volumes and realizations. The Company recorded EBITDA of Rs. 150 Cr and Net Profit of Rs. 67 Cr. Graphite India’s standalone capacity utilization increased to 87%, as compared to 81% in Q3 FY2025. From a balance sheet perspective, the capital structure remains robust and the Company maintains a Net Cash balance of Rs. 3,966 Cr at the end of December 2025.

Global crude steel production declined by 1.9% in 2025 to 1,803.9 MMT, down from 1,839.6 MMT in 2024. This decrease was largely driven by lower output in key markets, including a 4.4% production drop in China. However, the contraction was partially offset by strong production in India and the Middle East. India's steel production continued to outpace most regions, with a 10.2% increase YoY, supported by ongoing infrastructure investments and manufacturing activity. Global steel demand is projected to improve in 2026 with 1.5% growth, with India’s steel demand anticipated to grow by 9.0%. The ongoing slowdown in the demand for steel in China, is expected to be offset by growth in other emerging economies such as India and the Middle East.

Graphite electrode operating margins remained under pressure during the quarter, primarily due to a subdued pricing environment. In addition, petroleum needle coke and other raw materials costs did not decline in line with graphite electrode prices.

The Board has approved the Company’s plans to strategically diversify into the production of Synthetic Graphite Anode Materials (SGAM) for lithium-ion batteries, which are essential to the Electric Vehicle (EV) ecosystem. This would leverage Graphite India’s manufacturing expertise to capitalize on the growing EV market. The investment of Rs. 4,330 crores will be carried out in phases and funded through debt and internal accruals. This strategy broadens the Company’s product portfolio, generates new revenue stream and aligns with global clean energy trends.

As the global steel industry focuses on decarbonization, steel making will move away from the BOF route towards EAF based steel making, resulting in new EAF capacities to be commissioned. Graphite India is poised to benefit from this trend, resulting in improved demand for graphite electrodes, especially in context of older graphite electrode capacities being phased out. Graphite India continues to maintain its leading market position in global electrodes, while selectively investing in new age technologies to leverage its core expertise.”

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Steel Industry Overview

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Crude Steel Production	Three Months Ended	Three Months Ended	Three Months Ended	Three Months Ended	Year Ended
(million MT)	Dec-25 Dec-24 Y-o-Y(%)	Sept-25	Q-o-Q (%)		12M 2025 12M 2024 Y-o-Y(%)
Asia and Oceania India China Others South America North America European Union Middle East Others	302.0 325.0 (7.1)% 42.1 38.5 9.4% 210.1 236.3 (11.1)% 49.8 50.2 (0.8)% 10.4 10.3 1.0% 27.1 26.1 3.8% 30.9 31.6 (2.2)% 16.2 14.7 10.2% 36.6 35.8 2.2%	321.0 (5.9)% 41.7 1.0% 230.6 (8.9)% 48.7 2.3% 10.7 (2.8)% 27.3 (0.7)% 29.1 6.2% 12.8 26.6% 36.2 1.1%			1,324.5 1,357.8 (2.5)% 164.9 149.6 10.2% 960.8 1,005.1 (4.4)% 198.8 203.1 (2.1)% 41.5 41.9 (1.0)% 107.4 105.9 1.4% 126.2 129.5 (2.5)% 56.9 54.1 5.2% 147.4 150.40 (1.99)%
Total 69 Countries asper WSA	423.2 443.5 (4.6)%	437.1 (3.2)%			1,803.9 1,839.6 (1.9)%

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M-o-M Growth (%) 12M 2025 Regional Production
14.9%
8.7% 8.0% 19.2% 9.1% India
4.7% China
2.9% 3.2%
0.0%4.8% 0.7% 0.7% 0.0% 0.7% 7.0% South America
1.9% (3.5)% 1.2% North America
(6.6)% (6.5)% (0.9)% (0.3)% European Union
(2.4)% (2.3)% 6.0%
(3.3)%
(4.5)% (4.6)% 2.3% 53.3% Middle East
(6.2)%
Others
Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25
Indian Production World Production
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Note: Source: World Steel Association, the figures are estimates that may be revised with next month’s production update. Above table represents a total of 69 Countries as per WSA which accounts for 98% of total world crude steel production

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Steel Industry Outlook and Dynamics

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CY2025 Steel Production[(1)]

• As per the World Steel Association (WSA), global crude steel production was 1,803.9 million MT in CY2025, a decline of 1.9% y-o-y. Global crude steel production excluding China was 843.1, a growth of 1.0% on a y-o-y basis

• China’s crude steel production in CY2025 was 960.8 million MT, a decline of 4.4% y-o-y

• India’s crude steel production in CY2025 was 164.9 million MT, an increase of 10.2% y-o-y

• The EU produced 126.2 million MT of crude steel in CY2025, a decline of 2.5% y-o-y

• North America produced 107.4 million MT of crude steel in CY2025, an increase of 1.4% y-o-y

• Japan’s crude steel production for CY2025 was 80.7 million MT, a decline of 4.0% y-o-y

• The Middle East produced 56.9 million MT of crude steel in CY2025, a growth of 5.2% y-o-y

Steel Industry Outlook[ (2)]

• The last WSA Short Range Outlook, forecasts that steel demand will grow by 1.3% to 1,773 million MT

• Steel demand in the developing world (excluding China) is projected to grow by 4.7% in 2026, driven by India's robust growth and a rebound in other major emerging economies

• India’s steel demand is expected to remain a key growth driver, with an estimated increase of around 9% in 2026, supported by sustained expansion across all major steel-consuming industries

• Overall, while short-term challenges persist, the steel industry’s medium-term dynamics remain anchored in policy support, infrastructure investments, and the ongoing transition to low-emission steelmaking technologies

Note:

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1) Source: World Steel Association, the figures are estimates that may be revised with next month’s production update. Above data represents a total of 64 Countries as per WSA which accounts for 98% of total world crude steel production 2) Source: World Steel Association

Graphite Electrode Industry Overview

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• Governments around the world are introducing stringent environmental regulations to reduce pollution

• This has led to substantial decarbonization measures in developing economies with increasing support for the Electric Arc Furnace (EAF) process compared with the Blast Furnace / Bessimer Oxygen Furnace (BF/BOF) process

• Growth of the EAF process will drive the future demand for graphite electrodes

• The use of the EAF process in the steel industry is not only important for sustainable steel production but is a more costeffective manufacturing method

• India's national steel policy has identified a roadmap for reaching 300 million MT steel production capacity by 2030

• Currently, the construction and infrastructure sectors account for 68% of steel consumption in India

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Note: 1) Source: Industry

Consolidated Financial Performance

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	Q3	Q3	y-o-y	Q2	q-o-q	Nine Months	Nine Months	y-o-y	Comments
(Rs. Crore)	FY2026	FY2025	Growth(%)	FY2026	Growth(%)	FY2026	FY2025	Growth(%)
Net Sales Other Income Total Income EBITDA / (Loss)* Margin (%) Interest Depreciation PBT before Exceptional Items Exceptional Items# PBT after Exceptional Items Net Profit Margin (%) Earnings Per Share	642	523 19 542 11 2.1% 2 23 (14) - (14) (21) (4.0)% (1.03)	22.8% nm 38.4% nm - 4.3% nm - nm nm nm	729 89 818 132 18.1% 3 24 105 - 105 76 10.4% 3.91	(11.9%) 21.3% (8.3%) 13.6% (33.3%) - 18.1% - (7.6%) (11.8%) (10.5%)	2,036	1,894 381 2,275 596 31.5% 9 65 522 - 522 409 21.6% 21.08	7.5% (8.9%) 4.7% (20.3%) (22.2%) 10.8% (24.1%) - (29.3%) (32.5%) (32.3%)	Y-o-Y sales growth driven by both volumes and realizations Increase in treasury income Y-o-Y due to market conditions
	108					347
	750					2,383
	150					475
	23.4%					23.3%
	2					7
	24					72
	124					396
	(27)					(27)
	97					369
	67					276
	10.4%					13.6%
	3.50					14.28

Notes:

1. *Due to the overall fall in electrode prices, the Company, in accordance with the applicable Ind AS has recognized inventory on Net Realizable Value (NRV) basis to the extent applicable and has accordingly written down the carrying cost of inventory. The value of such write down (Balance Sheet position) is Rs. 153 Crores as at 31[st] Dec 2024, Rs. 80 Crores as at 30[th] Sept 2025 and Rs. 77 Crores as at 31[st] Dec 2025

2. Impact arising due to introduction of New Labour Codes

3. All margins calculated as a percentage of Net Sales (excluding Other Income)

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Standalone Financial Performance

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	Q3	Q3	y-o-y	Q2	q-o-q	Nine Months	Nine Months	y-o-y	Comments
(Rs. Crore)	FY2026	FY2025	Growth(%)	FY2026	Growth(%)	FY2026	FY2025	Growth(%)
Net Sales Other Income Total Income EBITDA / (Loss)* Margin (%) Interest Depreciation PBT before Exceptional Items Exceptional Items# PBT after Exceptional Items Net Profit Margin (%) Earnings Per Share	643	517 15 532 32 6.2% 1 21 10 - 10 3 0.6% 0.20	24.4% nm 41.0% nm 100.0% 4.8% nm - nm nm nm	710 91 801 144 20.3% 1 22 121 - 121 92 13.0% 4.70	(9.4%) 17.6% (6.4%) 26.4% 100.0% - 30.6% - 8.3% 8.7% 9.1%	1,996	1,775 371 2,146 552 31.1% 5 59 488 - 488 390 22.0% 19.97	12.5% (7.3%) 9.0% (4.7%) (20.0%) 10.2% (6.4%) - (11.9%) (13.6%) (13.6%)	Y-o-Y sales growth driven by both volumes and realizations Increase in treasury income Y-o-Y due to market conditions
	107					344
	750					2,340
	182					526
	28.3%					26.4%
	2					4
	22					65
	158					457
	(27)					(27)
	131					430
	100					337
	15.6%					16.9%
	5.13					17.26

Notes:

1. *Due to the overall fall in the electrode prices, the Company, in accordance with the applicable Ind AS has recognized inventory on Net Realizable Value (NRV) basis to the extent applicable and has accordingly written down the carrying cost of inventory. The value of such write down (Balance Sheet position) is Rs. 149 Crores as at 31[st] Dec 2024, Rs. 78 Crores as at 30[th] Sept 2025 and Rs. 75 Crores as at 31[st] Dec 2025

2. Impact arising due to introduction of New Labour Codes

3. All margins calculated as a percentage of Net Sales (excluding Other Income)

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Quarter Performance Trends

Consolidated Net Sales

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729
642
523
Q3FY25 Q2FY26 Q3FY26
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Consolidated Operating Profit / (Loss)
150
132
23%
18%
11
2%
Q3FY25 Q2FY26 Q3FY26
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Notes:
1. Operating Profit / (Loss) is including Other Income
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Standalone Net Sales

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710
643
517
Q3FY25 Q2FY26 Q3FY26
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Standalone Operating Profit / (Loss)

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182
144
28%
20%
6%
32
Q3FY25 Q2FY26 Q3FY26
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1. All numbers in Crores unless specifically mentioned

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Quarter Performance Trends

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Consolidated Net Profit / (Loss)

Standalone Net Profit / (Loss)

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76
10% 10%
67
(4)%
(21)
Q3FY25 Q2FY26 Q3FY26
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100
92 13% 16%
3 1%
Q3FY25 Q2FY26 Q3FY26
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Capacity Utilization (Standalone)
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81%
Q3FY25
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99%
87%
Q2FY26 Q3FY26
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Notes: 1. All numbers in Crores unless specifically mentioned

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Leverage Profile

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Significant financial flexibility available for future organic and inorganic growth

Consolidated Leverage Profile

Standalone Leverage Profile

(Rs. Crore)	Dec- 25	Sept- 25	June- 25	Mar- 25	Dec- 24
Cash & Cash Equivalents1	4,161	4,188	4,343	4,177	4,064
Total Debt	(195)	(267)	(170)	(172)	(136)
Net Cash	3,966	3,921	4,173	4,005	3,928

(Rs. Crore)	Dec- 25	Sept- 25	June- 25	Mar- 25	Dec- 24
Cash & Cash Equivalents1	3,940	3,945	4,100	3,936	3,820
Total Debt	(90)	(163)	(75)	(85)	(47)
Net Cash	3,850	3,782	4,025	3,851	3,773

Notes:

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1. Cash and cash equivalents include investments

Quarterly Segment Performance

Consolidated Segment Performance

	Q3 y-o-y	Q2 q-o-q
(Rs. Crore)	FY2026 FY2025 Growth (%)	FY2026 Growth (%)
Graphite and Carbon Steel Others Less: Inter Segment Sales	580 470 23.4% 66 58 13.8% (3)# (4)# nm 1 1 -	661 (12.3)% 64 3.1% 5 nm 1 -
Segment Revenue	642 523 22.8%	729 (11.9)%
Graphite and Carbon Steel Others	32 (13) nm 11 7 57.1% (11) (9) 22.2%	17 88.2% 11 - * -
Profit / (Loss) before tax and interest	32 (15) nm	28 14.3%
Finance Cost Unallocated (Income) / Expense	2 2 - (94) (3) nm	3 (33.3)% (80) 17.5%
Profit / (Loss) Before Tax (Before Exceptional Items)	124 (14) nm	105 18.1%
Exceptional Items	(27) - nm	- nm
Profit Before Tax	97 (14) nm	105 (7.6)%

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Standalone Segment Performance

	Q3 y-o-y	Q2 q-o-q
(Rs. Crore)	FY2026 FY2025 Growth (%)	FY2026 Growth (%)
Graphite and Carbon Steel Others Less: Inter Segment Sales	565 454 24.4% 66 58 13.8% 13 6 nm 1 1 -	638 (11.4)% 64 3.1% 9 44.4% 1 -
Segment Revenue	643 517 24.4%	710 (9.4)%
Graphite and Carbon Steel Others	49 (1) nm 11 7 57.1% 5 * nm	28 75.0% 11 - 4 25.0%
Profit / (Loss) before tax and interest	65 6 nm	43 51.2%
Finance Cost Unallocated (Income) / Expense	2 1 100.0% (95) (5) nm	1 100.0% (79) nm
Profit / (Loss) Before Tax (Before Exceptional Items)	158 10 nm	121 30.6%
Exceptional Items	(27) - nm	- nm
Profit Before Tax	131 10 nm	121 8.3%

Notes:

1. Includes mark to market loss of a subsidiary, being a Non-Banking Financial Company

2. Amounts are below the rounding off norm adopted by the Company

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Graphite India - At a Glance

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Company Background

Graphite India is the largest Indian producer of graphite electrodes and one of the largest globally by total capacity. Its manufacturing capacity of 98,000 tonnes per annum is spread over three plants at Durgapur and Nashik in India and Nurnberg in Germany.

The Company has over 60 years of technical expertise in the industry. Exports account for less than half of the total revenues. Graphite India manufactures the full range of graphite electrodes but stays focused on the higher margin, large diameter, ultra-high power (“UHP”) electrodes.

Graphite India is well positioned in the global graphite electrode industry through its quality, scale of operations and low cost production base. The Company’s competitive edge was particularly evident during the last decade, when low prices for graphite electrodes resulted in many of the leading manufacturers generating losses. However, Graphite India remained consistently profitable and declared dividends.

The Company currently has a conservative leverage profile with significant financial capacity for organic or inorganic expansion.

Graphite India’s strategy is to become further vertically integrated, continue its penetration of new markets and clients as well as pursue value enhancing inorganic growth opportunities.

The Company also manufactures Calcined Petroleum Coke (“CPC”) for use in electrode manufacturing. It is enhancing its presence in value added graphite products for the auto, aerospace, chemical, pharmaceutical, metallurgical and machine tool industries.

Graphite India also has facilities designed for the manufacture of impervious graphite equipment and glass reinforced plastic pipes and tanks. It has an installed capacity of 18 MW of hydro electric power generation. The Company has also wind power plants with an installed capacity of 18.9 MW. It also has 13.8 MWp of installed solar power plants.

The Company, through its subsidiary, has progressively acquired and now owns 60.25% stake in General Graphene Corporation, a US based company which has developed a breakthrough proprietary technology which would allow it to produce large area, high quality, low cost graphene sheets in industrial applications in scaled up commercial volumes.

Graphite India has also acquired a 45.76% stake in Godi India. This investment is part of its strategy to diversify into advanced chemistry battery technologies for the development of EV and energy storage battery cells.

Industry

Graphite electrodes are used in electric arc furnace (“EAF”) based steel mills and is a consumable item for the steel industry. The graphite electrode industry is highly consolidated with the top five major global manufacturers accounting for almost 75% of the high end UHP electrode capacity. The majority of this capacity however, is currently located in high cost regions like US, Europe and Japan.

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Disclaimer

This presentation contains statements that contain “forward looking statements” including, but without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to Graphite India’s future business developments and economic performance. While these forward-looking statements indicate our assessment and future expectations concerning the development of our business, a number of risks, uncertainties and other unknown factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, general market, macroeconomic, governmental and regulatory trends, movements in currency exchange and interest rates, competitive pressures, technological developments, changes in the financial conditions of third parties dealing with us, legislative developments, and other key factors that could affect our business and financial performance. Graphite India undertakes no obligation to publicly revise any forward-looking statements to reflect future / likely events or circumstances.

Graphite India Limited

(CIN: L10101WB1974PLC094602) 31 Chowringhee Road, Kolkata 700 016 Phone: +91 33 4002 9600 Fax: +91 33 4002 9676 www.graphiteindia.com

M.K. Chhajer +91 33 40029604 Graphite India Limited mkchhajer@graphiteindia.com

Anvita Raghuram Churchgate IR

+91 22 6169 5988 graphite@churchgatepartners.com

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