Top Carbon and Graphite Stocks Compared: Graphite India vs HEG vs Himadri Speciality vs Rain Industries vs PCBL Chemical on Price, Valuation, Q2 FY27 Results and Risks
- November 12, 2026
- Posted by: Kunal Singla
- Category: Best Stocks
Previous close: Graphite India Rs 773.50, HEG Rs 289.34, Himadri Speciality Rs 574.70, Rain Industries Rs 167.40, PCBL Chemical Rs 280.55.
Quick Answer
This carbon and graphite stocks compared snapshot checks five names on price, valuation and Q2 FY27 results: Graphite India, HEG, Himadri Speciality, Rain Industries and PCBL Chemical. Himadri Speciality is the largest by market capitalisation at Rs 28,993 crore. Himadri Speciality reports the highest return on equity at 16.65%. Carbon and graphite earnings move with demand cycles, so read each multiple next to where margins stand.
Carbon and graphite stocks compared here means Graphite India, HEG, Himadri Speciality, Rain Industries and PCBL Chemical on one page, checked on previous close, market value, valuation and the latest quarterly numbers. The group mixes two graphite electrode makers, a speciality carbon and carbon black maker, a maker of calcined petroleum coke and advanced materials and a carbon black producer, so each name earns from a different industrial customer set, which is exactly why a side-by-side look helps.
All five companies have filed their September 2026 quarter, so every result below is Q2 FY27. Carbon and graphite makers follow steel output, tyre demand and raw material prices, so a glance at the Nifty Midcap 100 page and the Sensex page before you read the tables gives useful backdrop.
Click Here – Get Free Investment Predictions
Carbon and Graphite Stocks Compared: Five Materials Makers
The carbon and graphite stocks compared here are Graphite India, HEG, Himadri Speciality, Rain Industries and PCBL Chemical. Himadri Speciality is the largest by market capitalisation at Rs 28,993 crore. Previous closes run from Rs 167.40 for Rain Industries to Rs 773.50 for Graphite India, which is why a side-by-side look at value rather than price is more useful. This carbon and graphite stocks compared list is the base for every table that follows.
| Stock | Previous close (Rs) | Market cap (Rs crore) |
|---|---|---|
| Graphite India | 773.50 | 15,112 |
| HEG | 289.34 | 9,539 |
| Himadri Speciality | 574.70 | 28,993 |
| Rain Industries | 167.40 | 5,631 |
| PCBL Chemical | 280.55 | 11,035 |
A quick look at the business behind each ticker puts the numbers in context. Graphite India makes graphite electrodes for electric arc furnace steel makers, while HEG makes graphite electrodes and sells them to steel producers around the world. Himadri Speciality makes carbon black, speciality carbon and battery material products, and Rain Industries makes calcined petroleum coke, carbon and advanced material products. To compare carbon and graphite stocks properly, line up price to earnings, return on equity and operating margin before forming a view.
Rounding out the group, PCBL Chemical makes carbon black used in tyres, plastics and speciality products. A fair carbon and graphite stock comparison looks at what each company actually earns from, not only at the share price. Electrode makers, carbon black producers and carbon materials firms belong in separate mental boxes whenever you compare carbon and graphite stocks fairly.
Carbon and Graphite Stocks Valuation: Multiples, Returns and Payouts
Rain Industries trades at the lowest price to earnings ratio in this group at 7.22. Himadri Speciality reports the highest return on equity at 16.65%. Rain Industries has the lowest price to book value at 0.70. These carbon and graphite stocks valuation readings come from the previous close and the latest reported financials. That is the idea behind this carbon and graphite stocks compared table: price to earnings and return on equity sit side by side so a high or low reading stands out at once.
| Stock | Price to earnings | Price to book | ROE (%) | Dividend yield (%) | Debt to equity |
|---|---|---|---|---|---|
| Graphite India | 66.57 | 2.52 | 4.22 | 0.91 | 0.05 |
| HEG | 17.20 | 3.81 | 14.43 | 0.69 | 0.45 |
| Himadri Speciality | 33.74 | 5.65 | 16.65 | 0.14 | 0.23 |
| Rain Industries | 7.22 | 0.70 | 6.72 | 0.60 | 1.35 |
| PCBL Chemical | 40.64 | 2.72 | 6.69 | 2.14 | 1.25 |
Carbon and graphite stocks often trade at varied price to earnings multiples because profit moves with steel demand and raw material costs. Price to book, return on equity and dividend yield help you judge how the market values each maker and how much it pays back. Earnings per share and book value per share are the building blocks behind price to earnings and price to book, so a glance at both in each filing is time well spent. A simple carbon and graphite stock comparison like this one is only as useful as the context behind it, which is why operating margin is worth checking as well.
In this group, price to earnings runs from 7.22 for Rain Industries to 66.57 for Graphite India. PCBL Chemical offers the highest dividend yield at 2.14%. Industry price to earnings readings differ by sub-sector: Graphite India at 42.97; HEG at 20.74; Himadri Speciality and PCBL Chemical at 33.54; Rain Industries at 35.88. The industry price to earnings is a handy anchor: a stock above it is priced for faster growth, and one below it is priced for steadier earnings. A well-built carbon and graphite stock comparison also notes that raw material prices and steel demand can move results between quarters. Run the same carbon and graphite stock comparison on your own watchlist and the pattern in these numbers will be easier to spot. Whenever you compare carbon and graphite stocks, note whether a premium is backed by returns or only by size.
Carbon and Graphite Stocks Q2 FY27 Results: Revenue and Profit Check
All of the five carbon and graphite stocks compared have filed Q2 FY27 numbers. HEG posted the fastest revenue growth at 141.5% year on year. Rain Industries showed the sharpest rise in net profit at 86.7%. Read revenue first and quarterly profit second, since the two together show how much of the growth reaches shareholders. Treat the Q2 FY27 numbers in this carbon and graphite stocks compared review as a snapshot of one quarter, not a verdict on any materials maker.
| Stock | Q2 FY27 revenue (Rs crore) | Q2 FY26 revenue (Rs crore) | Q2 FY27 net profit (Rs crore) | Q2 FY26 net profit (Rs crore) |
|---|---|---|---|---|
| Graphite India | 932.0 | 818.0 | 94.0 | 76.0 |
| HEG | 546.6 | 226.3 | 306.1 | 193.3 |
| Himadri Speciality | 1,733 | 1,107 | 231.3 | 176.1 |
| Rain Industries | 5,521 | 4,511 | 243.3 | 130.3 |
| PCBL Chemical | 2,490 | 2,176 | 74.1 | 61.7 |
Graphite India Results Snapshot
In the September 2026 quarter, Graphite India booked revenue of Rs 932.0 crore against Rs 818.0 crore in the same quarter last year, a rise of 13.9%. Net profit rose 23.7% to Rs 94.0 crore from Rs 76.0 crore. Operating margin expanded to 20.2% from 18.1% a year ago. Earnings per share for the quarter rose to Rs 4.89 from Rs 3.91.
HEG Results Snapshot
HEG’s Q2 FY27 top line stood at Rs 546.6 crore, versus Rs 226.3 crore in Q2 FY26, a rise of 141.5%. Net profit rose 58.3% to Rs 306.1 crore from Rs 193.3 crore. Net profit margin improved to 48.7% from 15.3%. Earnings per share for the quarter rose to Rs 9.73 from Rs 6.62.
Himadri Speciality Results Snapshot
Himadri Speciality reported Q2 FY27 revenue of Rs 1,733 crore, compared with Rs 1,107 crore a year earlier, a rise of 56.6%. Net profit rose 31.3% to Rs 231.3 crore from Rs 176.1 crore. Earnings per share for the quarter rose to Rs 4.60 from Rs 3.55.
Rain Industries Results Snapshot
In the September 2026 quarter, Rain Industries booked revenue of Rs 5,521 crore against Rs 4,511 crore in the same quarter last year, a rise of 22.4%. Net profit rose 86.7% to Rs 243.3 crore from Rs 130.3 crore. Operating margin expanded to 16.0% from 14.8% a year ago. Earnings per share for the quarter rose to Rs 6.26 from Rs 3.15.
PCBL Chemical Results Snapshot
PCBL Chemical’s Q2 FY27 top line stood at Rs 2,490 crore, versus Rs 2,176 crore in Q2 FY26, a rise of 14.5%. Net profit rose 20.2% to Rs 74.1 crore from Rs 61.7 crore. Net profit margin improved to 3.0% from 2.8%. Earnings per share for the quarter rose to Rs 1.88 from Rs 1.62.
Carbon and graphite results depend on volumes, product prices, raw material costs and plant use, so profit can look different from revenue in a single quarter. That is why a carbon and graphite stock comparison works best when revenue and profit are read together across two or three quarters. Used this way, a carbon and graphite stocks compared review becomes a map of the sector rather than a price list. When you compare carbon and graphite stocks after each result season, track how operating margin changes from one quarter to the next. A carbon and graphite stock comparison built on one quarter of data is a starting point, and the next set of results will update it.
Carbon and Graphite Stocks Compared Two at a Time: Three Pairings
Readers rarely want a five-way table and nothing else, so here are three head-to-head reads drawn from the same data. Use them as a quick way to compare carbon and graphite stocks two at a time.
Graphite India vs HEG
Graphite India and HEG both make graphite electrodes for electric arc furnace steel makers, so they are the closest pair on the list. On price to earnings, HEG carries the lower multiple at 17.20 against 66.57 for Graphite India. HEG reports the higher return on equity, at 14.43% against 4.22% for Graphite India. For dividend income, Graphite India offers 0.91% against 0.69% at HEG. Both depend on steel demand and electrode prices, so read growth next to valuation before you judge either multiple.
Himadri Speciality vs PCBL Chemical
Himadri Speciality and PCBL Chemical both make carbon black and related products, one with a speciality and battery material focus and the other mainly for tyres and plastics. Himadri Speciality reports the higher return on equity, at 16.65% against 6.69% for PCBL Chemical. For dividend income, PCBL Chemical offers 2.14% against 0.14% at Himadri Speciality. In Q2 FY27, Himadri Speciality grew revenue faster, at 56.6% year on year against 14.5% for PCBL Chemical. Both ride tyre and speciality demand, so read the business mix before you read the ratio.
Rain Industries vs Graphite India
Rain Industries makes calcined petroleum coke, carbon and advanced materials, while Graphite India focuses on electrodes. Graphite India is about 2.7 times the size of Rain Industries by market capitalisation, at Rs 15,112 crore against Rs 5,631 crore. On price to earnings, Rain Industries carries the lower multiple at 7.22 against 66.57 for Graphite India. Rain Industries reports the higher return on equity, at 6.72% against 4.22% for Graphite India. A carbon materials firm and an electrode maker are priced differently, so read returns and valuation together.
Best Carbon and Graphite Stocks for Each Type of Investor
Which of the best carbon and graphite stocks is right for you depends on your priorities, so the table below lists the leader on each measure instead of crowning one name. Any carbon and graphite stocks compared table can mislead if you stop at one row, because each materials maker leads on a different measure.
| If you care most about | Start your research with | The number |
|---|---|---|
| Lowest price to earnings | Rain Industries | 7.22 |
| Highest return on equity | Himadri Speciality | 16.65% |
| Highest dividend yield | PCBL Chemical | 2.14% |
| Lowest price to book value | Rain Industries | 0.70 |
| Largest by market capitalisation | Himadri Speciality | Rs 28,993 crore |
| Fastest Q2 FY27 revenue growth | HEG | 141.5% |
| Sharpest Q2 FY27 net profit rise | Rain Industries | 86.7% |
No single name tops every row, which is exactly why a carbon and graphite stock comparison helps. Scale, returns, payouts and valuation each point to a different maker, so decide what matters most to you before you rank the numbers.
What Is Driving Demand for Graphite and Carbon Products Right Now?
Electric arc furnace steel, batteries, tyres and speciality uses create demand for graphite electrodes and carbon products. Makers with global customers can tap many industries. Knowing what moves demand cycles and raw material costs helps you compare carbon and graphite stocks with the right questions in mind.
Raw material costs, plant use and product prices decide margins. A rising share of speciality grades can lift returns for carbon and graphite makers. A good carbon and graphite stocks compared routine therefore tracks volumes, realisations and margins.
Risks to Weigh When You Compare Carbon and Graphite Stocks
Carbon and graphite stocks depend on steel demand, raw material prices, energy costs and global pricing. Earnings can swing, so read each filing for volume, realisation and margin commentary before you compare them. Every carbon and graphite stock comparison has blind spots, and for this group the biggest is demand cycles and raw material costs. A thoughtful carbon and graphite stocks compared review keeps these risks next to the numbers instead of in a footnote.
Because volumes, realisations and margins drive these businesses, the most useful habit is to read the management commentary that comes with every result and note what is expected for the next quarter. Read together, the risk notes and the tables make this carbon and graphite stocks compared guide a balanced starting point.
How to Compare Carbon and Graphite Stocks and Build a Shortlist
Start by deciding whether you want graphite electrodes, carbon black or carbon materials, because each responds to different triggers. Electrode makers reward readers who track steel output, while carbon black makers reward those who track tyre and speciality demand. Done step by step, this carbon and graphite stocks compared routine becomes repeatable rather than a one-off exercise.
Then check valuation and returns, because earnings can move with raw material and energy costs. Spreading your attention across one electrode maker and one carbon black maker is a simple way to see both sides of the sector. Keep the shortlist of best carbon and graphite stocks short enough that you can actually follow each company’s quarterly results. When you compare carbon and graphite stocks again after new results, update only the rows that changed instead of starting over.
The Univest stock screener lets you filter carbon and graphite stocks by market capitalisation, return on equity and price to earnings, and the app keeps live prices a tap away through the trading day. Come back to this carbon and graphite stocks compared page after the next set of results to see which numbers have moved.
Check the Univest Screener for live carbon and graphite stock data
Download the Univest iOS App or Univest Android App to track these carbon and graphite stocks live.
Conclusion: Carbon and Graphite Stocks Compared at a Glance
This carbon and graphite stocks compared review on price, valuation and Q2 FY27 results shows that no single name wins every measure. Himadri Speciality leads on both size and return on equity, though the others bring strengths of their own. Treat the carbon and graphite stocks Q2 FY27 results and carbon and graphite stocks valuation tables as a research starting point, then check the filings and speak to a SEBI-registered advisor before you invest. If you plan to compare carbon and graphite stocks again next quarter, the same checklist of price to earnings, return on equity and operating margin will work.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions on Carbon and Graphite Stocks Compared
Which are the top carbon and graphite stocks compared in this article?
Ans. The carbon and graphite stocks compared in this article are Graphite India, HEG, Himadri Speciality, Rain Industries and PCBL Chemical. They are checked on previous close, market capitalisation, price to earnings, price to book, return on equity and the latest quarterly results, so the group can be read in one sitting before you go deeper into any single company.
Which carbon and graphite stock has the highest market capitalisation?
Ans. Among the five names, Himadri Speciality has the highest market capitalisation at Rs 28,993 crore. Graphite India follows at Rs 15,112 crore. Market value changes with every price move, which means the ranking can shuffle, so look at the latest figure on the exchange.
Which of these carbon and graphite stocks has the lowest price to earnings ratio?
Ans. On carbon and graphite stocks valuation, Rain Industries has the lowest price to earnings ratio among these carbon and graphite stocks at 7.22, based on the latest reported earnings. Graphite India sits at the other end at 66.57. Treat the lowest multiple as a place to start asking questions, because growth and business quality explain why investors pay more or less.
Which carbon and graphite stock has the highest return on equity?
Ans. Himadri Speciality reports the highest return on equity in this group at 16.65%. In plain terms, return on equity tells you how hard shareholder funds are working. Read it across a few years and alongside debt, since a high ratio built on borrowing carries more risk.
How did carbon and graphite stocks perform in Q2 FY27 results?
Ans. All of the five names have filed Q2 FY27 numbers in our data. HEG recorded the fastest revenue growth at 141.5% year on year. Rain Industries showed the sharpest net profit rise at 86.7%. For carbon and graphite stocks Q2 FY27 results, each filing on the exchange website carries the full detail behind these figures.
What are the main risks when you compare carbon and graphite stocks?
Ans. Carbon and graphite stocks depend on steel demand, raw material prices, energy costs and global pricing. Earnings can swing, so read each filing for volume, realisation and margin commentary before you compare them. Keep an eye on volumes, realisations and margins.
Which metrics matter most when you compare carbon and graphite stocks?
Ans. Volumes, realisations, operating margin and plant use matter most for operating performance. Price to earnings, price to book, return on equity and dividend yield show how the market values each maker. Read each company’s filing for these along with the numbers in this article.
Which is the best carbon and graphite stock to buy among these five?
Ans. The best carbon and graphite stock depends on whether you value graphite electrodes, carbon black or carbon materials, because the five names differ on all three. On the numbers in this article, Himadri Speciality has the largest market capitalisation as well as the highest return on equity; Rain Industries has the lowest price to earnings; PCBL Chemical has the highest dividend yield. There is no clear winner across every measure, and nothing here is a recommendation. Let the tables narrow your list, confirm the numbers in the filings, and take advice from a SEBI-registered advisor before acting.
