Kolkata coal-tar and carbon-black chemicals maker moving into LFP cathode and anode materials
Price
₹568.00
snapshot 6 Nov 2026
Strengths
2,000 t LFP cathode plant near Kolkata due by Dec 2026; a 40,000 t Phase I (~₹1,125 Cr) targets full operations in FY29, within a ~₹4,800 Cr long-term plan
200 t anode plant in West Bengal; stake in Australia's Sicona for silicon-carbon anode technology
Plans lithium carbonate sourcing from Argentina, Bolivia and Chile
Risks
Says Indian cells will cost ~20% more than Chinese imports at first
Large capex ahead of cell-maker qualification
Lithium price exposure
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹28,688 Cr
Stock P/E
33.6x
Div Yield
0.14%
ROCE
22.1%
ROE
17.8%
P/B
5.6x
Revenue growth
+1.0%FY26
Profit growth
+36.0%FY26
Net margin
16.2%FY26
1Y vs Nifty
+27 ptsNifty −1.9%
Revenue, ₹ Cr (5-yr) — company table
2,791FY22
4,172FY23
4,185FY24
4,613FY25
4,661FY26
Stock price return · as of 6 Nov 2026
1Y price return
+25%
3Y CAGR
+31%
5Y CAGR
+61%
Trend76th percentile
52-week range as of 6 Nov 2026 vs snapshot price · 31% below its high
Market cap, ratios, CAGR and revenue: company table snapshot as of 6 Nov 2026 (the same figures on every page). Price: snapshot as of 6 Nov 2026. Not investment advice.
Where it fits
Needle coke or natural graphite is milled, shaped into spheres, coated and graphitised at ~3,000°C to make anode powder, which is coated onto copper foil. Conductive carbons such as acetylene black are mixed into both electrode slurries to carry current.
Why it matters
China processes the vast majority of the world's battery graphite and put graphite under export licensing in 2023. India's graphite-electrode makers already run graphitisation furnaces, which gives them a head start. Epsilon's 2,000 t plant (enough for ~2 GWh) is the only sizeable one running; HEG's TACC is building 20,000 t.
Where the value pool sits
Energy-intensive and capex-heavy, but a natural extension for Indian graphite-electrode makers. Margins depend on power cost and needle-coke supply; customer qualification is the gate.
Key drivers
China's graphite export licensing pushing buyers to diversify
Local cell demand and value-addition targets
ECMS capex support (Epsilon) and the reported components scheme
Potential bottlenecks
Needle coke and natural graphite supply
Cheap power for graphitisation
Risk capital for first plants (Epsilon's founder calls it the biggest challenge)
Investor metrics to watch
Anode tonnes commissioned (TACC 20,000 t targeted for Q1 FY28)