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000 GI Graphite India Limited NSE : GRAPHITE , BSE : 509488 Q1 FY2027 Earnings Presentation August 4 , 2026
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2 Discussion Agenda Executive Summary_______________________________________ Chairman’s Message______________________________________ Steel Industry Overview___________________________________ Financial Performance_____________________________________ Financial Performance Trends_______________________________ Leverage Profile__________________________________________ Segment Performance_____________________________________ Graphite India at a Glance__________________________________ Graphite Electrode Industry Overview________________________ 3 4 5 - 6 7 8 - 9 10 - 11 12 13 14
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3 Executive Summary Q1 FY2027 Financial Performance Balance Sheet (Consolidated) o Gross Debt of Rs. 266 Crores o Cash (Net of Gross Debt) of Rs. 3,939 Crores Q1 FY2027 Profit and Loss (Consolidated) o Net Sales of Rs. 842 Crores, a growth of 26.6 % y-o-y o EBITDA of Rs. 241 Crores, a growth of 24.9 % y-o-y o Net Profit of Rs. 171 Crores, a growth of 28.6% y-o-y o EPS of Rs. 8.82 per share Q1 FY2027 Profit and Loss (Standalone) o Net Sales of Rs. 765 Crores, a growth of 19.0 % y-o-y o EBITDA of Rs. 222 Crores, a growth of 11.0 % y-o-y o Net Profit of Rs. 157 Crores, a growth of 8.3 % y-o-y o EPS of Rs. 8.02 per share o Gross Debt of Rs. 143 Crores o Cash (Net of Gross Debt) of Rs. 3,834 Crores Balance Sheet (Standalone)
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4 Chairman’s Message “During the quarter Graphite India registered Net Sales of Rs. 842 Cr, up by 26.6% y-o-y led by growth in volume. The Company recorded EBITDA of Rs. 241 Cr and Net Profit of Rs. 171 Cr. Capacity utilization increased to 97%, as compared to 82% in Q1 FY2026. From a balance sheet perspective, the capital structure remains robust and the Company has a Net Cash and Cash Equivalent balance of Rs. 3,939 Cr at the end of June 2026. Global crude steel production remained subdued during the six months ended June 2026, declining marginally by 0.3% y-o-y to 931.7 million MT. Performance across major regions remained mixed, with Asia and Oceania recording a 0.5% decline, primarily due to lower production in China. Chinese crude steel production declined 2.9% y-o-y to 500.0 million MT, reflecting continued weakness in the construction sector. Production in the European Union remained broadly stable, while North America recorded a 6.2% increase during the period. In contrast, India recorded the highest growth among the major steel producing markets, with crude steel production increasing 7.5% y-o-y to 87.0 million MT. India's growth rate remained significantly ahead of global production trends, particularly when compared with China. The country’s share of global crude steel production continued to increase, as steel producers drive capacity expansion strategies to meet demand expectations. India is increasingly positioned as a core market for the global steel industry. Although graphite electrode prices increased marginally compared to the previous quarter, these gains were offset by both higher raw materials and logistics costs. Given the Company’s regionally diversified export portfolio, the impact of the earlier reported United States countervailing duties (CVD) on its financial performance remains limited. It has been decided to close the operations of the Specialities and Coating divisions in Germany due to the ongoing impact of the Russia - Ukraine conflict and the reduced competitiveness of these operations. Graphite India’s ongoing growth and diversification plans are progressing. The first phase of electrode capacity expansion is expected to be commissioned in the current financial year and the Synthetic Graphite Anode Materials (SGAM) project continues as previously announced. In line with the Government’s vision of Aatmanirbhar Bharat, Graphite India has made advancements in developing products for aerospace and defence applications. The Company is also focused on manufacturing other advanced materials for a wide range of applications. In line with India’s net-zero target by 2070, integrated steel producers are increasingly adopting the EAF process in conjunction with DRI and scrap sourcing. With this context, the Company is cautiously optimistic about the medium term outlook for the graphite electrodes industry. Graphite India remains committed not only to operational excellence but also various sustainability initiatives, including the generation of renewable energy.” K K Bangur Chairman
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5 Steel Industry Overview 6M 2026 Regional ProductionM-o-M Growth (%) Crude Steel Production Three Months Ended Half Year Ended (million MT) June-26 June-25 Y-o-Y (%) Mar-26 Q-o-Q (%) 6M 2026 6M 2025 Y-o-Y (%) Asia and Oceania 345.6 344.5 0.3% 332.2 4.0% 690.1 693.9 (0.5)% India 42.0 40.0 5.0% 44.0 (4.5)% 87.0 80.9 7.5% China 251.7 255.8 (1.6)% 238.4 5.6% 500.0 514.8 (2.9)% Others 51.9 48.7 6.6% 49.8 4.2% 103.1 98.2 5.0% South America 10.4 10.2 2.0% 10.1 3.0% 20.5 20.5 - North America 29.0 27.2 6.6% 27.2 6.6% 56.5 53.2 6.2% European Union 33.2 32.9 0.9% 31.5 5.4% 65.4 65.4 - Middle East 11.6 14.9 (22.1)% 12.0 (3.3)% 25.9 27.5 (5.8)% Others 37.0 36.4 1.6% 36.2 2.2% 73.3 73.80 (0.7)% Total 69 Countries as per WSA 466.8 466.1 0.2% 449.2 3.9% 931.7 934.3 (0.3)% 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 2.9% 0.7% (3.5)% 0.0% 0.7% 8.0% 2.0% (9.9)% 12.5% (9.8)% 2.2% 0.0% (0.9)% (3.3)% (2.4)% 1.2% (2.3)% (0.3)% 5.6% (3.9)% 12.8% (4.1)% 2.8% (1.3)% Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Indian Production World Production 9.3% 53.7% 2.2% 6.1% 7.0% 2.8% 18.9% India China South America North America European Union Middle East Others
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6 Steel Industry Outlook and Dynamics Q2 CY2026 Steel Production (1) ▪ As per the World Steel Association (WSA), global crude steel production was 466.8 million MT in Q2 CY2026, a marginal decline of 0.2% y-o-y. Global crude steel production excluding China was 215.1, a growth of 2.3% on a y-o-y basis ▪ China’s crude steel production in Q2 CY2026 was 251.7 million MT, a decline of 1.6% y-o-y ▪ India’s crude steel production in Q2 CY2026 was 42.0 million MT, an increase of 5.0% y-o-y ▪ The EU produced 33.2 million MT of crude steel in Q2 CY2026, an increase of 0.9% y-o-y ▪ North America produced 29.0 million MT of crude steel in Q2 CY2026, an increase of 6.6 % y-o-y ▪ Japan’s crude steel production for Q2 CY2026 was 20.4 million MT, an increase of 1.5% y-o-y ▪ The Middle East produced 11.6 million MT of crude steel in Q2 CY2026, a decline of 22.1 % y-o-y Steel Industry Outlook (2) ▪ The last WSA Short Range Outlook, forecasts that steel demand will grow by 2.2% to 1,762 million MT in 2027 ▪ Steel demand in the developing world (excluding China) is projected to grow by 2.5% in 2026, primarily impacted by a sharp contraction in the Middle East, where regional conflict has reversed previous growth expectations ▪ India’s steel demand is expected to remain a key growth driver, with an estimated increase of 9.2% in 2026 led by the infrastructure, construction and automotive sectors ▪ Overall, while short term challenges persist, the steel industry’s medium term dynamics are driven by government policy, infrastructure investments, and the ongoing transition to low emission steelmaking technologies Note: 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
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7 Graphite Electrode Industry Overview ▪ Governments continue to introduce stringent environmental regulations to reduce carbon related emissions, with the aim to achieve carbon neutrality targets ▪ 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 ▪ Increasing adoption 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 cost- effective manufacturing method ▪ India’s National Steel Policy 2017 has identified a roadmap for reaching 300 million MT steel production capacity by 2030 ▪ India is the only country in the world to have formally defined 'Green Steel,' establishing a precedent in the global transition toward sustainable development ▪ Currently, the construction and infrastructure sectors account for 65% of steel consumption in India Note: 1) Source: Industry
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8 Consolidated Financial Performance Q1 y-o-y Q4 q-o-q Year Ended y-o-y Comments(Rs. Crore) FY2027 FY2026 Growth (%) FY2026 Growth (%) FY2026 FY2025 Growth (%) Net Sales 842 665 26.6% 816 3.2% 2,852 2,560 11.4% Y-o-Y sales growth driven by higher sales volume Decrease in treasury income Y-o-Y due to market conditions Other Income 97 150 (35.3%) 39 nm 174 438 (60.3%) Total Income 939 815 15.2% 855 9.8% 3,026 2,998 0.9% EBITDA / (Loss)* 241 193 24.9% (100) nm 375 692 (45.8%) Margin (%) 28.6% 29.0% (12.3)% 13.1% 27.0% Interest 4 2 100.0% 18 nm 25 11 nm Depreciation 23 24 (4.2%) 23 - 95 90 5.6% PBT before Exceptional Items 214 167 28.1% (141) nm 255 591 (56.9%) Exceptional Items# - - 16 nm (11) - nm PBT after Exceptional Items 214 167 28.1% (125) nm 244 591 (58.7%) Net Profit 171 133 28.6% (105) nm 171 458 (62.7%) Margin (%) 20.3% 20.0% (12.9)% 6.0% 17.9% Earnings Per Share 8.82 6.87 28.4% (5.31) nm 8.97 23.65 (62.1%) Notes: *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. 77 Crores as at 30th June 2025, Rs. 47 Crores as at 31st Mar 2026 and Rs. 24 Crores as at 30th June 2026 #Impact arising due to introduction of New Labour Codes All margins calculated as a percentage of Net Sales (excluding Other Income)
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9 Standalone Financial Performance Q1 y-o-y Q4 q-o-q Year Ended y-o-y Comments(Rs. Crore) FY2027 FY2026 Growth (%) FY2026 Growth (%) FY2026 FY2025 Growth (%) Net Sales 765 643 19.0% 816 (6.3%) 2,812 2,420 16.2% Y-o-Y sales growth driven by higher sales volume Decrease in treasury income Y-o-Y due to market conditions Other Income 107 146 (26.7%) 35 nm 167 425 (60.7%) Total Income 872 789 10.5% 851 2.5% 2,979 2,845 4.7% EBITDA / (Loss)* 222 200 11.0% (65) nm 461 656 (29.7%) Margin (%) 29.0% 31.1% (8.0)% 16.4% 27.1% Interest 3 1 nm 17 (82.4%) 21 6 nm Depreciation 21 21 - 21 - 86 81 6.2% PBT before Exceptional Items 198 178 11.2% (103) nm 354 569 (37.8%) Exceptional Items# - - 16 nm (11) - nm PBT after Exceptional Items 198 178 11.2% (87) nm 343 569 (39.7%) Net Profit 157 145 8.3% (73) nm 264 452 (41.6%) Margin (%) 20.5% 22.6% (8.9)% 9.4% 18.7% Earnings Per Share 8.02 7.43 7.9% (3.71) nm 13.54 23.15 (41.5%) Notes: *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. 75 Crores as at 30th June 2025, Rs. 45 Crores as at 31st Mar 2026 and Rs. 22 Crores as at 30th June 2026 #Impact arising due to introduction of New Labour Codes All margins calculated as a percentage of Net Sales (excluding Other Income)
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10 Quarter Performance Trends Notes: 1. Operating Profit / (Loss) is including Other Income 2. All numbers in Crores unless specifically mentioned Consolidated Net Sales Consolidated Operating Profit / (Loss) Standalone Operating Profit / (Loss) Standalone Net Sales 643 816 765 Q1FY26 Q4FY26 Q1FY27 200 (65) 222 31% (8%) 29% Q1FY26 Q4FY26 Q1FY27 665 816 842 Q1FY26 Q4FY26 Q1FY27 193 (100) 241 29% (12)% 29% Q1FY26 Q4FY26 Q1FY27
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11 Quarter Performance Trends Notes: 1. All numbers in Crores unless specifically mentioned Consolidated Net Profit / (Loss) Standalone Net Profit / (Loss) Capacity Utilization (Standalone) 145 (73) 157 23% (9%) 21% Q1FY26 Q4FY26 Q1FY27 82% 104% 97% Q1FY26 Q4FY26 Q1FY27 133 (105) 171 20% (13)% 20% Q1FY26 Q4FY26 Q1FY27
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12 Leverage Profile Significant financial flexibility available for future organic and inorganic growth Notes: 1. Cash and cash equivalents include investments (Rs. Crore) June- 26 Mar- 26 Dec- 25 Sept- 25 June- 25 Cash & Cash Equivalents1 3,977 3,937 3,940 3,945 4,100 Total Debt (143) (254) (90) (163) (75) Net Cash 3,834 3,683 3,850 3,782 4,025 Standalone Leverage Profile (Rs. Crore) June- 26 Mar- 26 Dec- 25 Sept- 25 June- 25 Cash & Cash Equivalents1 4,205 4,134 4,161 4,188 4,343 Total Debt (266) (367) (195) (267) (170) Net Cash 3,939 3,767 3,966 3,921 4,173 Consolidated Leverage Profile
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13 Quarterly Segment Performance Consolidated Segment Performance Q1 y-o-y Q4 q-o-q (Rs. Crore) FY2027 FY2026 Growth (%) FY2026 Growth (%) Graphite and Carbon 687 595 15.5% 758 (9.4)% Steel 111 51 nm 76 46.1% Others 45 20 nm (18) nm Less: Inter Segment Sales 1 1 - * - Segment Revenue 842 665 26.6% 816 3.2% Graphite and Carbon 56 21 nm 94 (40.4)% Steel 43 5 nm 15 nm Others 42 12 nm (25) nm Profit / (Loss) before tax and interest 141 38 nm 84 67.9% Less: Finance Cost 4 2 100.0% 18 (77.8)% Unallocated (Income) / Expense (77) (131) (41.2)% 207 nm Profit / (Loss) Before Tax 214 167 28.1% (141) nm Exceptional Items - - - 16 - Profit Before Tax 214 167 28.1% (125) nm Standalone Segment Performance Amounts are below the rounding off norm adopted by the company* Q1 y-o-y Q4 q-o-q (Rs. Crore) FY2027 FY2026 Growth (%) FY2026 Growth (%) Graphite and Carbon 651 576 13.0% 729 (10.7)% Steel 111 51 nm 76 46.1% Others 3 17 (82.4)% 11 (72.7)% Less: Inter Segment Sales * 1 - * - Segment Revenue 765 643 19.0% 816 (6.3)% Graphite and Carbon 69 35 97.1% 101 (31.7)% Steel 43 5 nm 15 nm Others * 9 nm 5 nm Profit / (Loss) before tax and interest 112 49 nm 121 (7.4)% Less: Finance Cost 3 1 nm 17 (82.4)% Unallocated (Income) / Expense (89) (130) (31.5)% 207 nm Profit / (Loss) Before Tax 198 178 11.2% (103) nm Exceptional Items - - - 16 - Profit Before Tax 198 178 11.2% (87) nm
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14 Company Background Industry Graphite India - At a Glance 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. 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. Graphite India is the largest Indian producer of graphite electrodes and one of the largest globally by total capacity. Its manufacturing capacity of 80,000 tonnes per annum is spread over two plants at Durgapur and Nashik in India. 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 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 is enhancing its presence in value added specialty graphite products for the automotive, aerospace, metallurgical and machine tool industries. Graphite India also has facilities designed for the manufacture of impervious graphite equipment for the chemical, pharmaceutical and fertilizer industries. The Company’s Powmex Steels Division (PSD) is engaged in the business of manufacturing high speed steel and alloy steel. The Company manufactures Calcined Petroleum Coke (“CPC”) for use in electrode manufacturing. It has an installed capacity of 23 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.
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15 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 Graphite India Limited +91 33 40029604 mkchhajer@graphiteindia.com Anvita Raghuram Churchgate IR +91 22 6169 5988 graphite@churchgatepartners.com 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.