India Carbon Ltd (ICL)

Strengths & Weaknesses

Strengths

Experienced Promoters: Led by third-generation entrepreneur Rakesh Himatsingka with over 40 years of experience, supported by his son Shaurya Veer Himatsingka.

Pioneer in CPC Manufacturing: Established Asia’s first CPC plant in 1961, with facilities in Guwahati, Assam, and Budge Budge, West Bengal.

Strategic Equity Partnership: Oxbow Calcining LLC (US-based) holds a 30.66% stake and has board representation.

Strategic Plant Location: Proximity to IOCL’s Guwahati refinery minimizes costs and lead times, with GST benefits under NEIDS, 2017.

Strong Client Relationships: Long-standing ties with reputed players in aluminium, graphite, and ferroalloys industries, reducing customer concentration risk.

Robust Capital Structure: Improved gearing (nil as of FY24), no term debt, and healthy net worth base.

Weaknesses

Subdued FY24 Performance: Revenue declined to ₹420.39 crore due to muted graphite CPC demand, leading to operating losses of ₹4.09 crore.

Moderate Capacity Utilization: Guwahati unit utilization dropped to 49% in FY24, while Budge Budge remained at full capacity

Volatile RPC and CPC Prices: Profitability impacted by fluctuating raw material prices and limited bargaining power with suppliers.

Working Capital-Intensive Operations: High inventory requirements led to an operating cycle of 154 days in FY24.

Dependence on Cyclical Industries: CPC demand is tied to the aluminium and graphite industries, both of which are susceptible to economic slowdowns.

Balance Sheet	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Equity Capital	2.65	2.65	2.65	2.65	2.65	2.65
Reserves and Surplus	519.13	431.41	433.24	331.42	241.48	295.16
Total Equity	521.78	434.06	435.89	334.07	244.13	297.81
Long Term Borrowings	0.00	0.00	0.00	0.00	0.00	0.04
Other Long Term Liabilities	2.67	1.39	0.36	0.44	0.43	7.65
Total Non-Current Liabilities	2.67	1.39	0.36	0.44	0.43	7.69
Short Term Borrowings	0.00	115.00	57.99	17.86	10.01	14.98
Other Current Liabilities	8.90	11.68	42.81	19.26	38.18	40.85
Total Current Liabilities	8.90	126.68	100.80	37.12	48.20	55.83
Equity + Liabilities	533.35	562.14	537.04	371.62	292.76	361.33
Fixed Assets (incl. WIP)	22.95	22.42	19.46	14.36	15.87	15.11
Other Non Current Assets	287.43	202.19	211.08	182.35	97.12	116.06
Total Non Current Assets	310.37	224.61	230.54	196.71	112.98	131.17
Trade Receivables	16.36	46.56	60.20	21.93	29.28	23.78
Cash and Bank Balances	31.39	22.88	13.78	45.32	32.02	37.89
Other Current Assets	175.24	268.08	232.53	107.66	118.47	168.50
Total Current Assets	222.98	337.53	306.50	174.92	179.78	230.17
Total Assets	533.35	562.14	537.04	371.62	292.76	361.33

Profit & Loss	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Net Revenue	420.39	565.72	456.12	196.25	206.20	471.65
Growth %	-25.69%	24.03%	132.42%	-4.83%	-56.28%	0
Total Operating Expenses	424.48	533.57	356.46	174.00	260.68	295.27
Growth %	-20.45%	49.69%	104.86%	-33.25%	-11.72%	0
Operating Profit (EBITDA)	-4.09	32.15	99.66	22.24	-54.48	176.38
Operating Profit Margin %	-0.97%	5.68%	21.85%	11.33%	-26.42%	37.40%
Other Income	37.37	10.55	19.72	32.96	6.02	24.11
Finance Costs	4.09	6.71	1.08	0.85	1.19	1.44
Depreciation and Amortization Expense	2.25	1.60	2.03	2.15	2.06	1.80
Profit beofore Tax	26.94	34.39	116.27	52.21	-51.71	197.25
Income Tax	-3.34	10.46	34.92	-0.72	-15.25	43.54
Tax %	-12.39%	30.43%	30.04%	-1.38%	29.48%	22.07%
Profit After Tax	30.28	23.92	81.35	52.93	-36.46	153.71
Growth %	26.58%	-70.59%	53.71%	-245.15%	-123.72%	0
PAT %	7.20%	4.23%	17.83%	26.97%	-17.68%	32.59%
EPS	114.27	90.28	306.97	199.72	-137.6	580.05

Shareholding Pattern

Color	Shareholder	Holding
	Oxbow Calcining LLC, USA	30.66%
	Shree Shyam Orchid Estates Ltd	26.41%
	Anita Himatsingka	7.91%
	Shaurya Veer Himatsingka	8.96%
	Others	26.06%

Fundamentals

Quick Insights

Experienced Promoters: Led by third-generation entrepreneur Rakesh Himatsingka with over 40 years of experience, supported by his son Shaurya Veer Himatsingka.

Market Cap₹318 Cr

PE Ratio10.5

EPS₹114.27

Dividend Yield-

Book Value₹1,968.99 Cr

Debt/Equity-

Price/Book0.61

Price/Sales-

Industry PE-

Sales₹420.39 Cr

Profit After Tax₹30.28 Cr

Share Capital₹2.65 Cr

Shares Outstanding-

ISININE743B01015

SectorChemicals/Manufacturing

Symbol-

About Company

India Carbon Limited (ICL), established in 1961 and headquartered in Guwahati, is a leading producer of calcined petroleum coke (CPC), electrode carbon, and tamping pastes

Quick Insights

Experienced Promoters: Led by third-generation entrepreneur Rakesh Himatsingka with over 40 years of experience, supported by his son Shaurya Veer Himatsingka.

Market Cap₹318 Cr

PE Ratio10.5

EPS₹114.27

Dividend Yield-

Book Value₹1,968.99 Cr

Debt/Equity-

Price/Book0.61

Price/Sales-

Industry PE-

Sales₹420.39 Cr

Profit After Tax₹30.28 Cr

Share Capital₹2.65 Cr

Shares Outstanding-

ISININE743B01015

SectorChemicals/Manufacturing

Symbol-

About Company

India Carbon Limited (ICL), established in 1961 and headquartered in Guwahati, is a leading producer of calcined petroleum coke (CPC), electrode carbon, and tamping pastes

Strengths

Experienced Promoters: Led by third-generation entrepreneur Rakesh Himatsingka with over 40 years of experience, supported by his son Shaurya Veer Himatsingka.

Pioneer in CPC Manufacturing: Established Asia’s first CPC plant in 1961, with facilities in Guwahati, Assam, and Budge Budge, West Bengal.

Strategic Equity Partnership: Oxbow Calcining LLC (US-based) holds a 30.66% stake and has board representation.

Strategic Plant Location: Proximity to IOCL’s Guwahati refinery minimizes costs and lead times, with GST benefits under NEIDS, 2017.

Strong Client Relationships: Long-standing ties with reputed players in aluminium, graphite, and ferroalloys industries, reducing customer concentration risk.

Robust Capital Structure: Improved gearing (nil as of FY24), no term debt, and healthy net worth base.

Weaknesses

Subdued FY24 Performance: Revenue declined to ₹420.39 crore due to muted graphite CPC demand, leading to operating losses of ₹4.09 crore.

Moderate Capacity Utilization: Guwahati unit utilization dropped to 49% in FY24, while Budge Budge remained at full capacity

Volatile RPC and CPC Prices: Profitability impacted by fluctuating raw material prices and limited bargaining power with suppliers.

Working Capital-Intensive Operations: High inventory requirements led to an operating cycle of 154 days in FY24.

Dependence on Cyclical Industries: CPC demand is tied to the aluminium and graphite industries, both of which are susceptible to economic slowdowns.

Annual Reports

FY FY FY FY FY

Balance Sheet	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Equity Capital	2.65	2.65	2.65	2.65	2.65	2.65
Reserves and Surplus	519.13	431.41	433.24	331.42	241.48	295.16
Total Equity	521.78	434.06	435.89	334.07	244.13	297.81
Long Term Borrowings	0.00	0.00	0.00	0.00	0.00	0.04
Other Long Term Liabilities	2.67	1.39	0.36	0.44	0.43	7.65
Total Non-Current Liabilities	2.67	1.39	0.36	0.44	0.43	7.69
Short Term Borrowings	0.00	115.00	57.99	17.86	10.01	14.98
Other Current Liabilities	8.90	11.68	42.81	19.26	38.18	40.85
Total Current Liabilities	8.90	126.68	100.80	37.12	48.20	55.83
Equity + Liabilities	533.35	562.14	537.04	371.62	292.76	361.33
Fixed Assets (incl. WIP)	22.95	22.42	19.46	14.36	15.87	15.11
Other Non Current Assets	287.43	202.19	211.08	182.35	97.12	116.06
Total Non Current Assets	310.37	224.61	230.54	196.71	112.98	131.17
Trade Receivables	16.36	46.56	60.20	21.93	29.28	23.78
Cash and Bank Balances	31.39	22.88	13.78	45.32	32.02	37.89
Other Current Assets	175.24	268.08	232.53	107.66	118.47	168.50
Total Current Assets	222.98	337.53	306.50	174.92	179.78	230.17
Total Assets	533.35	562.14	537.04	371.62	292.76	361.33

Profit & Loss	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Net Revenue	420.39	565.72	456.12	196.25	206.20	471.65
Growth %	-25.69%	24.03%	132.42%	-4.83%	-56.28%	0
Total Operating Expenses	424.48	533.57	356.46	174.00	260.68	295.27
Growth %	-20.45%	49.69%	104.86%	-33.25%	-11.72%	0
Operating Profit (EBITDA)	-4.09	32.15	99.66	22.24	-54.48	176.38
Operating Profit Margin %	-0.97%	5.68%	21.85%	11.33%	-26.42%	37.40%
Other Income	37.37	10.55	19.72	32.96	6.02	24.11
Finance Costs	4.09	6.71	1.08	0.85	1.19	1.44
Depreciation and Amortization Expense	2.25	1.60	2.03	2.15	2.06	1.80
Profit beofore Tax	26.94	34.39	116.27	52.21	-51.71	197.25
Income Tax	-3.34	10.46	34.92	-0.72	-15.25	43.54
Tax %	-12.39%	30.43%	30.04%	-1.38%	29.48%	22.07%
Profit After Tax	30.28	23.92	81.35	52.93	-36.46	153.71
Growth %	26.58%	-70.59%	53.71%	-245.15%	-123.72%	0
PAT %	7.20%	4.23%	17.83%	26.97%	-17.68%	32.59%
EPS	114.27	90.28	306.97	199.72	-137.6	580.05

Shareholding Pattern

Color	Shareholder	Holding
	Oxbow Calcining LLC, USA	30.66%
	Shree Shyam Orchid Estates Ltd	26.41%
	Anita Himatsingka	7.91%
	Shaurya Veer Himatsingka	8.96%
	Others	26.06%

Board of Directors

Mr. Rakesh HimatsingkaChairman & Managing Director

Mr. Shaurya Veer Himatsingka Deputy Managing Director & CEO

Mr. Gordon Kenneth McIntoshDirector

Mr. Alvaro Emilio Martinez Director

Mr. Tony William Grims Director

Mr. Mark Russell JonesDirector

Mr. Hemant Kumar KhaitanIndependent Director

Mr. Manoj MohankaIndependent Director

Mr. Soumendra Mohan BasIndependent Director

Mr. Sunirmal TalukdarIndependent Director

Ms. Susmita GhoseIndependent Director

Senior Management

Shri. Rakesh HimatsingkaChairman & Managing Director

Shri. Shaurya veer HimatsingkaDeputy Managing Director & CEO

Shri. Vinod Kumar AgarwalChief Financial Officer

Shri. Bhaskar RakshitCompany Secretary

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