India Carbon Ltd Unlisted Shares
About The Company
Strong
Market Position
Consistent
YoY Growth
Experienced
Management
Key Indicators
A snapshot of India Carbon Ltd Unlisted Shares's financial health, valuation multiples and capital efficiency at a glance.
Pricing Trends
Financial Performance
| Indicators | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 190.9 | 457.8 | 576.3 | 475.8 | 229.2 |
| Expense | 197.7 | 424.5 | 533.5 | 356.5 | 174.0 |
| EBITDA | -6.9 | 33.3 | 42.8 | 119.3 | 55.2 |
| Other Cost | 4.2 | 6.3 | 8.3 | 3.1 | 3.0 |
| PBT | -11.1 | 27.0 | 34.5 | 116.2 | 52.2 |
| Tax Expense | 1.7 | -3.3 | 10.6 | 34.9 | -0.7 |
| PAT | -12.7 | 30.3 | 23.9 | 81.3 | 52.9 |
| Other Inc./Exp. | 26.0 | 58.5 | -24.4 | 21.8 | 37.0 |
| Net Income | 13.2 | 88.8 | -0.5 | 103.1 | 89.9 |
| Shares O/S | 0.27 | 0.30 | 0.30 | 0.30 | 0.30 |
| EPS (₹) | -48.08 | 114.30 | 90.30 | 307.00 | 199.70 |
| Rev. Growth % | -58.3% | -20.6% | 21.1% | 107.6% | — |
| EBITDA Mgn % | -3.6% | 7.3% | 7.4% | 25.1% | 24.1% |
| Net Mgn % | 6.9% | 19.4% | -0.1% | 21.7% | 39.2% |
| EPS Growth | -142.1% | 26.6% | -70.6% | 53.7% | — |
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India Carbon Ltd Unlisted Shares Unlisted Shares
About India Carbon Ltd Unlisted Shares
A)India Carbon's primary business is the manufacture and supply of high-quality Calcined Petroleum Coke (CPC), the purest form of Carbon.
B)The Company also specializes in producing Electrode Carbon Paste (ECP) and Tamping Paste used widely in the Ferro Alloys and Allied industries and in the production of Carbide.
The primary raw material used by ICL for its operations is Raw Petroleum Coke, frequently referred to as RPC which is purchased from Oil refineries all over the world.
C)Apart from CPC, in 1991 ICL came into floriculture through the establishment of orchid farms in Guwahati, Assam. The orchid flowers are currently being sold in cities like Bangalore, Mumbai, New Delhi, and Kolkata, but the Company is looking ahead to new export possibilities.
Primary Customers of India Carbon Ltd
A) In the Aluminium industry some major customers are National Aluminium Company Limited (NALCO), HINDALCO Industries Limited (HINDALCO), Bharat Aluminium Company Limited (BALCO), and Madras Aluminium Company Limited (MALCO).


B)In the Steel Industry some major customers are Steel Authority of India Limited (SAIL), Tata Iron and Steel Company Limited (TISCO), and Essar Steel.

C) In Graphite Industry some major customers are Graphite India Limited and Hindustan Electro Graphite Limited.
Financial Analysis of India Carbon Unlisted Shares
Particulars (in Rs. cr.) | FY22-23 | FY23-24 | FY24-25 |
Revenue | 576.3 | 457.8 | 190.9 |
EBITDA | 42.8 | 33.3 | -6.9 |
EBITDA Margin | 7.40% | 7.30% | -3.60% |
PAT | 23.9 | 30.3 | -12.7 |
EPS | 90.3 | 114.3 | -48.08 |
A) Revenue Growth in 3-years
India Carbon’s revenue has gone from Rs 576.3 Cr in FY22-23 to Rs 457.8 Cr in FY23-24 and further dropped to Rs 190.9 Cr in FY24-25.
This is a 58% YOY decline in the latest year, a clear indication that operations took a sharp hit due to demand slowdown and industry cyclicality.
This clearly reflects a decrease in operations for India Carbon unlisted share price.
B) EBITDA
EBITDA has moved from Rs 42.8 Cr (FY23) to Rs 33.3 Cr (FY24) and then dipped into the negative zone at -Rs.6.9 Cr in FY25.
This shows margin pressure and weaker control of operating costs as volumes reduced.
Profitability compression is visible and needs a demand revival to stabilise.
C) Operating Profit Margin
Margins held steady at 7.4% in FY22-23 and 7.3% in FY23-24, but FY24-25 saw a sharp downturn with margins falling to -3.6% due to lower pricing power and higher input cost intensity in FY25. This clearly signals stress in the core business cycle for India Carbon.
This reflects a reduction in profitability for India Carbon Unlisted Shares.
D) Profit After Tax
PAT moved from Rs 23.9 Cr in FY23 to Rs 30.3 Cr in FY24, but FY25 closed with a loss of Rs 12.7 Cr.
The FY24 recovery gave hope, but FY25 shows how sensitive the business is to raw material and sector cycles.
Thus showing some growth for India Carbon Ltd Unlisted Shares.
E) Earnings Per Share
EPS has dipped from Rs 90.3 (FY23) to Rs 114.3 (FY24) and then dropped sharply to a negative Rs 48.08 in FY25.
This kind of volatility shows that returns are cycle-linked, not linear, which is typical for a commodity-focused business like CPC.
Earnings per share and P/E Ratio affect India Carbon share price.
Thus based on the recent financial observations, India Carbon Unlisted Shares can give significant investment growth to investors.
India Carbon Unlisted Share Price Journey

In Dec 23, India Carbon unlisted share price was trading at Rs 960 per share. In Feb 24, we saw a sudden jump when the share price went up to Rs 1475 per share.
Throughout 2024, the share has traded around Rs 1200. But the rally didn’t sustain for long. As FY25 results came in with a sharp 58% revenue drop, negative EBITDA and pressure on cash flows, the unlisted share price corrected and started stabilising back near the Rs 880 to Rs 900 mark.
This signals clear profit booking, a wait-and-watch stance from investors and a market that is now looking for the next trigger before rerating the stock again.
Currently, the India Carbon stock price is trading at Rs 898 per share.
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