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India Carbon Limited Unlisted Shares
DRHP Status : Not Filed
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Fundamentals About India Carbon Limited
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Key Financials of India Carbon Limited
| P&L Statement | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 456 | 566 | 420 | 175 |
| Cost of Material Consumed | 357 | 501 | 308 | 136 |
| Change in Inventory | -59 | -33 | 62 | 17 |
| Gross Margins | 34.65 | 17.31 | 11.9 | 12.57 |
| Employee Benefit Expenses | 18 | 12 | 11 | 11 |
| Other Expenses | 40 | 53 | 43 | 34 |
| EBITDA | 100 | 33 | -4 | -23 |
| OPM | 21.93 | 5.83 | -0.95 | -13.14 |
| Other Income | 20 | 10.5 | 37 | 16 |
| Finance Cost | 1 | 7 | 4 | 1.7 |
| D&A | 2 | 1.6 | 2 | 2 |
| EBIT | 98 | 31.4 | -6 | -25 |
| EBIT Margins | 21.49 | 5.55 | -1.43 | -14.29 |
| PBT | 116 | 34 | 27 | -11 |
| PBT Margins | 25.44 | 6.01 | 6.43 | -6.29 |
| Tax | 35 | 10 | -3 | 2 |
| PAT | 81 | 24 | 30 | -13 |
| NPM | 17.76 | 4.24 | 7.14 | -7.43 |
| EPS | 311.54 | 90.57 | 113.21 | -49.06 |
Financial Ratios |
2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating Profit Margin | 21.93 | 5.83 | -0.95 | -13.14 |
| Net Profit Margin | 17.76 | 4.24 | 7.14 | -7.43 |
| Earning Per Share (Diluted) | 311.54 | 90.57 | 113.21 | -49.06 |
| Assets | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Fixed Assets | 14 | 15 | 19 | 19 |
| CWIP | 5 | 7 | 4 | 3 |
| Investments | 207 | 204 | 341 | 469 |
| Trade Receivables | 60 | 46 | 16 | 9 |
| Inventory | 181 | 212 | 82 | 83 |
| Other Assets | 70 | 78 | 71 | 24 |
| Total Assets | 537 | 562 | 533 | 607 |
| Liabilities | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Share Capital | 2.6 | 2.65 | 2.65 | 2.65 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 433 | 431 | 519 | 532 |
| Borrowings | 58 | 115 | 0 | 52 |
| Trade Payables | 28 | 5.6 | 3 | 5 |
| Other Liabilities | 15.4 | 7.75 | 8.35 | 15.35 |
| Total Liabilities | 537 | 562 | 533 | 607 |
About Company
India Carbon Limited (ICL), established in 1961, is a leading Indian manufacturer of Calcined Petroleum Coke (CPC), Electrode Carbon Paste (ECP), and Tamping Paste for the aluminum and steel industries. As of February 2026, its unlisted shares trade around ₹895–₹1,200, with a market capitalization of approximately ₹237–₹318 Crore. The company has a production capacity exceeding 250,000 MT per annum, with operations based in Guwahati and Kolkata.
The following table shows a 10-point analysis of India Carbon Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY23 Revenue ₹576 Cr · PAT ₹23 Cr | Established carbon products manufacturer supplying critical inputs to aluminium, steel, and metallurgical industries. |
| Industry & Market Position | Pioneer in calcination industry | One of the earliest companies in India to produce Calcined Petroleum Coke, serving major industrial sectors. |
| Core Products | CPC · Electrode Carbon Paste · Tamping Paste | Carbon-based products used in aluminium smelting, ferro-alloys, carbide production, and graphite electrode manufacturing. |
| Manufacturing Infrastructure | Plants at Guwahati and Budge Budge | Long-standing manufacturing facilities with calcination capabilities and carbon paste production lines. |
| Revenue Trend | Strong growth till FY23 | Growth driven by higher demand from metals and alloy industries. |
| Customer Base | Aluminium, steel, graphite industries | The company supplies to several large industrial clients across India’s metals ecosystem. |
| Raw Material Supply | Petroleum Coke sourcing | Raw petroleum coke sourced from refineries and processed into CPC and other carbon products. |
| Profitability Profile | Moderate margins | Margins fluctuate depending on petroleum coke prices and commodity cycles. |
| Management & Governance | Promoter-led industrial group | Long operating history with established relationships across industrial sectors. |
| Future Outlook | Linked to metals industry demand | Demand growth depends on aluminium production, steel manufacturing, and ferro-alloy consumption. |
Company Overview
(i) India Carbon Limited was established in 1961 and is one of the pioneers of the carbon and calcination industry in India.
(ii) The company set up Asia’s first Calcination Plant in Guwahati in 1962, marking a major milestone in India’s carbon processing industry.
(iii) India Carbon Limited manufactures Calcined Petroleum Coke (CPC), Electrode Carbon Paste (ECP), and Tamping Paste, which are widely used in aluminium smelting, ferro-alloy production, and metallurgical applications.
(iv) The company operates manufacturing units at Guwahati (Assam) and Budge Budge (West Bengal) with established calcination infrastructure.
(v) India Carbon supplies carbon products to key industries such as aluminium, steel, and graphite manufacturing that require high-purity carbon materials for industrial processes.
Challenges in India Carbon Limited’s Business
- Commodity price volatility: The company’s key raw material, petroleum coke, is subject to international price fluctuations that can directly impact operating margins.
- Cyclical demand from metals industry: Demand for CPC and carbon paste largely depends on aluminium, ferro-alloy, and steel production cycles.
- Operational concentration: Manufacturing operations are concentrated in a limited number of plants, making production vulnerable to operational disruptions.
Financial Review of India Carbon Limited
Here are some highlights of the financial performance of India Carbon Limited over the past few years.
FY24 Performance
• Revenue from operations reported around ₹420.39 crore.
• Revenue declined compared to the previous year due to lower realization and reduced CPC sales volumes.
• CPC production stood at 76,705 MT during the year.
• ECP production recorded 5,335 MT for the financial year.
FY23 Performance
• Revenue from operations reported around ₹576.27 crore.
• Profit before tax stood near ₹34 crore.
• Profit after tax recorded about ₹23 crore.
• Revenue growth driven by strong demand in aluminium and metallurgical sectors.
FY21 Performance
• Revenue from operations reported around ₹196.25 crore.
• Production volumes declined due to industry-wide disruptions.
• The company reported ₹52.92 crore profit after tax.
• Profitability improved due to better realizations and operational efficiency.
Quick Summary
India Carbon Limited is a long-established carbon products manufacturer with decades of experience in producing calcined petroleum coke and carbon paste for metallurgical industries. Its strong industrial relationships and specialized carbon products position it as an important supplier to aluminium and steel producers. However, profitability can fluctuate due to commodity price movements and the cyclical nature of the metals industry.
Promoters of India Carbon Limited
The following are the active promoters / leadership associated with the company:
| Name | Designation |
|---|---|
| Binay Kumar Himatsingka | Chairman |
| Sanjay Himatsingka | Managing Director |
| Shubham Himatsingka | Director |
Shareholding Pattern of India Carbon Limited
| Name | Holding |
|---|---|
| Promoters | 49.50% |
| Body Corporates, Banks & Insurance Co. | 2.65% |
| Indian Resident | 13% |
| Foreign Institutions | 30.66% |
| Others | 4.19% |
Promoters of India Carbon Limited
| Name | Designation | Experience | Linkedin Profile |
|---|---|---|---|
| Rakesh Himatsingka | Chairman & MD | 35+ |  |
| Shaurya Veer Himatsingka | Dpt. MD & CEO | 15+ | |
| Vinod Kumar Agarwal | CFO | 15 yrs | |
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Frequently Asked Questions
India Carbon Limited unlisted shares are equity shares of India Carbon Limited that are not listed on NSE or BSE and are traded privately in the unlisted share market.
Yes, investors can buy India Carbon Limited unlisted shares through private market platforms that facilitate transactions in unlisted securities.
Yes, an active demat account is required to hold and receive India Carbon Limited unlisted shares.
Yes, India Carbon Limited unlisted shares can be sold in the private market before a potential IPO depending on buyer availability.
Yes. If India Carbon Limited gets listed in the future, pre-IPO investors are generally subject to a six-month lock-in period after listing as per SEBI regulations.
If India Carbon Limited shares are held for more than two years, gains are taxed at 20 percent with indexation. If sold earlier, gains are treated as short-term capital gains and taxed according to the investor’s income slab.
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