India Carbon Ltd Unlisted Shares

Are you looking for an industrial play with a rich legacy and direct exposure to the aluminum and steel sectors? India Carbon Limited (ICL) is one of India’s oldest and most trusted producers of Calcined Petroleum Coke (CPC), serving core industries like aluminum, steel, and graphite.

A Legacy of Excellence:

• Established: 1961 by Mr. B. Himatsingka.

• Pioneering Achievement: Set up Asia’s first Calcination Plant in Guwahati (1962).

• Global Collaboration: Since inception, in technical and financial collaboration with Oxbow Calcining LLC (USA) , world leaders in the calcined petroleum coke field.

• Second Plant: Established another calcination plant in Budge Budge, West Bengal (1969).

What Does India Carbon Do?
India Carbon specializes in manufacturing high-quality Calcined Petroleum Coke (CPC)—the purest form of carbon with over 99.5% carbon content. The company also produces Electrode Carbon Paste (ECP) and Tamping Paste, essential for the Ferro Alloys and allied industries.

Key Raw Material:
The primary raw material is Raw Petroleum Coke (RPC), sourced from oil refineries across the globe.

Who Are Their Customers?
India Carbon supplies to the who’s who of Indian industry:

• Aluminum: NALCO, HINDALCO, BALCO, MALCO

• Steel: SAIL, TISCO (Tata Steel), Essar Steel

• Graphite: Graphite India Limited, Hindustan Electro Graphite

Financial Performance Overview

FY20-21 Performance (Pandemic Impact & Recovery):

• Revenue: ₹196.25 Crore (slight dip from previous year due to market conditions).

• Production: CPC production stood at 66,384 MT; ECP at 4,368 MT.

• Sales: CPC sales at 64,321 MT; ECP at 4,224 MT.

• Profit After Tax (PAT): ₹52.92 Crore PROFIT (a massive turnaround from a loss of ₹36.46 Crore in the previous year). This demonstrated the company’s resilience and ability to rebound.

FY22-23 Performance (Growth with Margin Pressure):

• Revenue Growth: Revenue from operations jumped 24.12% , from ₹456 Crore (FY22) to ₹566 Crore (FY23) .

• Volume Growth: CPC sales increased by 22% ; ECP sales surged by 51% .

• Profit After Tax (PAT): ₹24 Crore (decline of ~70% from FY22’s ₹81 Crore).

• Reason for Profit Dip: A sharp 40% increase in raw material costs compressed operating margins from 21.93% to 5.83%. Finance costs also increased due to borrowing.

The Investment Story:
India Carbon Ltd presents an interesting case of a legacy industrial company with strong client relationships and a pioneering history. While FY23 saw margin compression due to input cost inflation, the company’s ability to turn around from loss to profit in FY21 shows operational resilience.

For investors with a long-term view, ICL offers direct exposure to the growth of the aluminum, steel, and graphite industries in India.

Ready to Add an Industrial Pioneer to Your Portfolio?

Buy Unlisted Shares of India Carbon Ltd exclusively through Unlisted Network.

Invest in a company with a 60+ year legacy and a critical role in India’s industrial value chain.