Graphite India reported a subdued set of Q1FY17 numbers wherein EBITDA and PAT came in notably lower than our estimate. The muted performance during the quarter was on account of lowerthan-expected realisations across markets • Capacity utilisation was at 68%, marginally higher than our estimate of 65% (capacity utilisation of 69% in Q1FY16 and 70% in Q4FY16). Gross income from operations for the quarter came in at | 295.4 crore. After adjusting for excise duty net operating income was at | 275.2 crore (down 14.7% YoY, 21.2% QoQ), lower than our estimate of | 284.9 crore. ICICI Securities Limited value the company at 6.6x FY18E EV/EBITDA. They arrive at a target price of | 75 and assign a HOLD rating to the stock.