Electrodes & Refractories company Graphite India announced Q2FY26 results Net Sales of Rs 729 crore, a growth of 13.4% YoY. EBITDA of Rs 132 crore, a decline of 52.5% YoY. Net Profit of Rs 76 crore, a decline of 60.8% YoY. EPS of Rs 3.91 per share. Gross Debt of Rs 267 crore. Cash (Net of Gross Debt) of Rs 3,921 crore. K K Bangur, Chairman, said: “In Q2FY26, Graphite India registered Net Sales of Rs 729 crore, up by 13.4% YoY primarily as a result of higher volumes at stable realizations. This Company recorded EBITDA of Rs 132 crore and Net Profit of Rs 76 crore. Graphite India’s capacity utilization increased to 99%, as compared to 84% in Q2FY25. From a balance sheet perspective, the capital structure remains robust and the Company maintains a Net Cash balance of Rs 3,921 crore at the end of September 2025. Global crude steel production declined by 1.0% on a YoY basis to 437.1 million MT for the quarter ended September 2025. Lower production in China, which declined by 3.1% , was partially offset by India and the Middle East. Steel production in India continued to outperform, with a 14.9% increase supported by ongoing infrastructure investments and manufacturing activity. The Middle East reported a 20.8% increase in output, driven by higher project-related demand. Despite ongoing trade tensions and prevailing uncertainties, global steel demand is expected to show moderate growth in 2026. This outlook is supported by the resilience of the global economy, continued investments in infrastructure and a relatively low interest rate environment. Steel demand is expected to continue to be led by expansion in developing economies, such as India and the Middle East, despite a more subdued market environment in China. Prices of graphite electrodes continued to face competitive headwinds while raw material costs, particularly petroleum needle coke, have not declined in tandem and consequently led to an impact on operating margins. Although the U.S. tariff increased further during the quarter, its impact on the Company’s performance has been mitigated to some extent by exports across multiple geographies. Graphite India is encouraged by the long-term dynamics of the graphite electrode industry, particularly with the global move towards decarbonization and the resulting adoption of the electric arc furnace process. With strong operational capabilities and financial discipline, the Company is well positioned to meet rising demand from both Indian and international customers. Management continues to focus on cost competitiveness by optimizing operating costs and improving efficiencies.” Result PDF