Graphite India Ltd. share price target

The EAF steel production (ex-China) reported an increase of ~3% YoY (whereas global crude steel production reported a tepid growth of 0.6% YoY). The electric arc furnace, on an...

Graphite India reported healthy utilisation level for Q4FY17 (89% in Q4FY17 compared to capacity utilisation of 85% in Q3FY17, 70% in Q4FY16). Demand for graphite electrodes has started picking up after the inventory correction at the customers' end, auguring well for the company. Going forward, on a standalone, basis we have modelled capacity utilisation of 85% for FY18E and 88% for FY19E. On a consolidated basis, we have modelled capacity utilisation of 80% for FY18E and 85% for FY19E (the management has guided capacity...

Graphite India (GI), the world?s 3rd largest manufacturer of Graphite Electrode, is set to benefit from the upswing in steel production owing to the Electric Arc Furnace(EAF) route,...

Gross income from operations were at | 358.7 crore. After adjusting for excise duty, net operating income was at | 337.6 crore (down 5.3% YoY but up 5.6% QoQ), broadly in line with our estimate of | 344.3 crore. Capacity utilisation for Q3 was at 85%, higher than our estimate of 80% (capacity utilisation of 75% in Q2FY17, 56% in Q3FY16) EBITDA came in at | 36.4 crore (down 14.8% YoY, but up 158% QoQ) higher than our estimate of | 21.1 crore. EBITDA margins came in at 10.8% (our estimate: 6.1%, Q2FY17: 4.4% and Q3FY16: 12.0%)...

ICICI Securities Ltd | Retail Equity Research Graphite India reported a mixed set of Q2FY17 numbers wherein on the back of better-than-expected capacity utilisation levels, topline and EBITDA came in higher than our estimate. However, the EBITDA margin came in lower than our estimate. Better-than-expected other income supported PAT for the period Capacity utilisation was at 75%, higher than our estimate of 65% (capacity utilisation of 63% in Q2FY16 and 68% in Q1FY17). Gross...

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.

Topline for the quarter came in at | 349.3 crore (down 16.0% YoY, 2.1% QoQ and broadly in line with our estimate of | 339.8 crore). Standalone capacity utilisation for Q4FY16 stood at ~70% (~76% for...

Graphite India is the largest Indian producer of graphite electrodes and one of the largest globally, by total capacity. Its manufacturing capacity of approximately 78,000 MTPA is spread over four plants in India and Germany....