Note: PCBL Chemical (formerly Phillips Carbon Black); Acetylene black (conductive carbon) for Li-ion cells
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)