India’s electric vehicle (EV) sector is gaining momentum. Inflated fuel prices, government subsidies, and shifting consumer sentiment are driving the transition. But this transition is not merely about producing vehicles. It’s also about creating the materials ecosystem that propels them.
The most essential material in the ecosystem is probably graphite. Graphite, used in battery form, is the key to the anodes in lithium-ion batteries. EVs simply can’t move without it.
Currently, India relies nearly solely on imports for this substance. But a few local firms are starting to venture into this territory. Some have made public declarations. Others are making an early push. If they can pull this off, they can assist India in weaning itself off imports and solidifying the EV supply chain.
In this piece, we focus on listed Indian firms with direct or strategic exposure to battery-grade graphite. In our discussion, we have left out HEG Ltd. Though being one of the global leaders in the production of electrodes, HEG has not indicated that it will venture into battery-grade graphite or EV-related materials. Likewise, Epsilon Carbon has already begun producing battery-grade graphite but is not included in this list as it is not a listed firm.
Since there are only two listed companies involved—Graphite India and Himadri Speciality Chemical—we have decided to research them individually instead of trying to cram them into broad categories. In this article, we take a look at where each of them stands in India’s battery-grade graphite development goals.
#1 Graphite India
Graphite India is mainly engaged in the business of manufacturing and selling of graphite & carbon and other products.
Graphite India is one of the largest manufacturers in the world of graphite electrodes, with 98,000 tonnes per year (TPA) capacity in three units in India and Germany. Its business is predominantly in the steel sector, not EV. It is part of the Adventz group of companies.
To date, the company does not manufacture battery-grade graphite. But it has a 31% ownership in Godi India, which is working on battery cells for EVs. It also has 60%+ in General Graphene Corporation (USA), engaged in large-scale graphene sheet manufacturing. These are strategic holdings—not operating businesses.
Its current capabilities, such as CPC manufacturing and UHP graphite electrodes, enjoy some technical synergy with battery-grade graphite. But no pivot announcement has been made.
It has a capacity expansion of Rs 600 crore (25,000 TPA) in progress, with Rs 100 crore for captive renewable energy. This is to expand its electrode business—not venture into EV battery materials.
Net cash of Rs 4,173 crore (as on 30th June 2025) positions Graphite India financially to diversify. This provides it with considerable leeway to invest in new technologies or grow organically and inorganically.
Graphite India’s overall strategy entails vertical integration, expansion in the market, and value-accretive acquisition. It is also expanding its…
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