Graphite India (GI) and HEG - Earnings Calculations (Last Updated: 9-Sep-18)

Estimates By: Nanda. For any doubts/ discussions/ suggestions/ errors/ clarifications on these estimates, join the Telegram group by clicking on the following hyperlink: Indian GE Twins

Summary:
The only 4 key variables that majorly influence the earnings for GI and HEG are the following: 1) Graphite Electrode (GE) price realization 2) Raw material cost (primarily influenced by the needle coke cost) 3) Capacity utilization 4) INR to USD conversion rate. Rest of the parameters are more or less fixed in nature and will not make a
major influence on revenues/profits from quarter to quarter.

Expenses side of these companies include following two categories: 1) Raw materials, including needle coke. Like GE prices, needle coke prices also have risen significantly over the past one year. Corresponding to a GE spot price of USD 2,500/MT in early 2017, needle coke price was around USD 450/MT (18% of GE price). By May-18,
GE spot price touched $25,000/MT and needle coke was 3,200/MT (13% of GE price). Hence, the trend for the past year has been that, GE price increases at a faster rate than needle coke price. 2) Non-raw materials related expenses (Employee, Power, Manufacturing etc.). These expenses are somewhat proportional to the capacity
utilization, and do not drastically vary from quarter to quarter.

As per my best judgement, GI and HEG will be able to keep on increasing their GE price for the next few quarters, without any difficulty. Given below are the key reasons. I also judge that, HEG will have an average GE price realization of at least $16,000 per ton in Q2 and at least $17000 in Q3. GI should have a price realization of at
least $15,300 in Q2 (as they sell more domestically currently) and at least $16,500 in Q3:
1) Needle coke prices are likely to increase. Any increase in raw materials prices will be passed on to the customers. Also, these companies are likely to use formula-based pricing in their contracts to take care of the raw material price increase (GI has already pioneered that). Raw materials cost increase can reduce the EBIDTA margin
slightly, but the earnings are likely to increase still. For example, for a $300 increase in raw materials cost, GE pricing may be increased by $1000. This is possible, since we are in a supplier's market, and EAF usage is expected to increase for the next many years (even China estimated to migrate to more than 30% EAF by 2030, from
the 6-7% in 2017) and there is no real substitute for the UHP, and increasing of capacities will require high investments and also will be very difficult (given that, the technology is not shared) and time-consuming.
2) From the Commerce Dept. data, it looks like, GI and HEG still had some contracts with low price realizations in Q1 (between $10,000 and $15,000). I expect them to completely come out of those contracts in Q2, and have all the contracts in the range of $15,000 to $20,000
3) Spot prices for 600mm diameter GE, as per Graftech last earnings call was between $15,000 and $20,000. HEG and GI also produce GE with more than 600mm diameter (and also, electrodes made to suit customer specifications), for which the prices will be much higher. In general, these companies are expected to sell at least 30%
of their product on spot
4) Also, as per the Outlook provided in the Graphite India subsidiaries results (Foreign Subsidiary Accounts - IV.pdf) available at their website (http://www.graphiteindia.com/View/investor_relation.aspx), they are expecting 200 Million Euro sales in FY19, for sales of 15,775 MT, which translates to approximately USD 15,000/MT.
5) As the CMD of HEG reiterated many times, China is unlikely to have the capability to produce the same quality grade of UHP which GI and HEG produce. As per my calculations using the 2017 data, about 6 to 6.5 kg of the low quality GE produced by China is required for producing 1 MT of steel, as against only 1.5 to 2 kg of the GE
produced by GI and HEG
6) As the antidumping duty on GE has been revoked by India recently, GI and HEG will be able to export more of UHP grade GE for much higher prices, going forward. Currently, they are selling HP grade GE to small scale steel producers in Indian market for subsidized rates. With these domestic manufacturers being able to import HP
grade GE from outside, pressure will be less on GI and HEG to sell domestically. We can expect at least $3000 higher realizations per MT of GE, due to the above advantage, on the quantity they are able to export more
7) Russia, just recently renewed their anti-dumping duty on import of GE from GI and HEG, mentioning that, they are selling a sizable quantity for a price of more than $20,000 per ton
8) If we study the Commerce Dept. data published recently, there are big quantities of GE sold to countries like Spain, Turkey etc. for average prices more than $17,000, $16,000 etc. in Q1 itself. As per a recent news article, prices have been increased by at least $1000 in Q2.
9) As per the anti-dumping Final Findings report from Department of Commerce (published on 8-Aug-18, available at http://www.dgtr.gov.in/sites/default/files/FF_NCV.pdf),average selling price range of GE in India (which includes HP grade also), is from $14,700 to $16,500 per ton
10) MD's of both the companies, in their interviews on TV channels had expressed confidence of increasing prices quarter by quarter for the next few quarters
11) Winter is nearing in China, when GE production will be curbed. As it happened during FY18, there is a chance of GE spot prices sky-rocketing
12) Based on the scrap iron availability, McKensie in early 2017 had estimated that, China EAF steel production will reach 30% by 2030 (as against 6-7% in 2017). Subsequently, China intensified its crackdown on pollution and has even set a target of achieving 20% EAG by 2020 itself. Effectively, this could mean that, more than 30%
EAF would be possible by 2030. This means, effectively, around 270MnT of steel. As about 6kg of China low quality GE is consumed for production of 1 Ton of steel, this would require that, China would consume around 1,620,000 MT of GE in 2030, if it has to reach 30% EAF production. Even in India, EAF usage is increasing. As per
the anti-dumping Final Findings report from Department of Commerce, demand for GE in India will rise to 120,971 MT (from 105,066 in 2017)

For HEG, in Q1'19, raw material cost was just below 18% of the GE price. Even if I expect the GE prices also to increase in tune with the raw materials cost in the future, we would also like to understand the impact in earnings, if the raw materials costs increase significantly in the future in a disproportional way. Hence, the estimates
provided below cover two separate scenarios: Scenario-1 assumes a raw material cost to be as 18% of the GE price and the Scenario-2 assumes it to be as 25%.

Data extracted from Q1'19 Quarterly Results and FY18 Annual results:
Parameter GI HEG Remarks/ Justification
Q1'19 Capacity Utilization (%) 88% 82%
Overall Yearly Capacity (MT) 98,000 80,000
Q1'19 Capacity Utilization (MT) 21,560 16,400
Q1'19 Revenue from Operations (INR Crores) 1965 1587
Q1'19 Raw material expenses (INR Cr) 380 277.02
Q1'19 Other/Fixed expenses (Employee, Power etc.) (INR Cr) 306 213.07
Q1'19 Approximate GE Price realization (USD per MT) 12,982 14,061 Assuming conversion rate of 66.5 for INR to USD
Q1'19 Approximate Raw Material Cost (USD per MT) 2,631 2,521 Needle coke = USD 1440/MT; Additives = USD 1044/MT (additives price doubled since Q4'17)
FY 18 Consolidated Revenue from GE products (INR Cr) 2,876 2,739 GI German subsidiary (18,000 MT GE capacity) numbers are published as part of Annual Consolidated results, but not as part of Quarterly results
FY 18 Consolidated Revenue from non GE products(INR Cr) 415 214 GI is diversed into more additional non-GE products than HEG, hence the higher revenue.
FY 18 Consolidated Capacity Utilization (MT) 85 80 GI Q4'FY18 earnings presentation; GI FY17 capacity = 74%; For HEG, Q4'FY18 Earnings Call Transcript
General Assumptions used in the estimates
Parameter Value Remarks/ Justification
USD to INR 70 Average for a quarter. For every one rupee depreciation, earnings increase by 1 to 1.5%, depending on how much these companies sell in India versus outside
Other Expenses (Employee, Power, Manufacturing etc.) per MT of utilization (INR) 176,252 Per MT expenses are very close for these 2 companies, with GI expense slightly on the higher side. Hence, we will use GI's past quarter data as the basis for estimates
Corporate tax rate (%) on business income 34% 30% tax; 12% surcharge and 3% educational cess
Yearly Dividend Payout (%) 35% % of Dividend payed of the net yearly profit, including the Dividend Distribution tax
Dividend Distribution tax rate (%) 18% 15% Dividend Distribution tax plus surcharge etc.
Post-tax return (%) on the cash & other liquid assets in hand 5% Not assuming any other costs/ revenues in this estimates (from Graphene or capacity expansion related investment/ return etc.)
Profit Margin assumed on the non GE related revenue 10% Other carbon products, power etc.
Year on Year increase in GE & Raw material prices & Other expenses (%) 20% Expect GE price to increase by $1000 per Quarter and raw materials by $300 per quarter for the next few quarters. However, conservatively, assuming only 20% yearly increase

Stock Specific Assumptions/ Values used in the estimates

Parameter GI HEG Remarks/ Justification
Overall Capacity in MT (including subsidiary) 98,000 80,000
Capacity utilization (consolidated) assumed for FY19 91% 85% For GI, assumed 100% standalone utilization and 78% for the subsidiary. For HEG, MD has indicated "mid eighties" in Q2 and "high eighties" by Q4
Capacity utilization (consolidated) assumed for FY20 94% 89%
Capacity utilization (consolidated) assumed for FY21 96% 92%
Total # of equity shares 195375594 39959142
FY18 net profit (Consolidated) in INR Crores 1,032.00 1,099.43
FY18 EPS (Consolidated) in INR 52.81 275.13
Total of Past 3 quarters EPS (Consolidated) in INR 95.75 441.57
GI and HEG estimates for Q2'FY19
Opening
Raw Stock Stock Stock
Net cash
GE Cost Material Operatin Net Consolidat Price, Stock Price, Price, Price,
& Expenses Consolidated Stock Price, as
in USD Cost in g Income Profit ed EPS as per as per PE as per as per
equivale (INR Cr) TTM EPS per PE of 7
(Per MT) USD (Per (INR Cr) (INR Cr) (INR) PE of of 15 PE of PE of
nts (INR
MT) 10 20 25
Cr)
15,300 2,880 2,636 2,492 842 1,132 58 154 1076 1537 2305 3074 3842
16,000 2,880 1,465 1,958 642 897 224 666 4662 6660 9990 13319 16649

Estimates for FY19-FY21

FY19 (Apr-18 to Mar-19) FY20 (Apr-19 to Mar-20) FY21 (Apr-20 to Mar-21)

Opening Annual Raw Openin Annual Raw Openin Annual

Raw Stock Stock Stock Stock Stock Stock Stock
Net cash Dividen GE Cost Materia g Net Operati Consoli Stock Dividen GE Cost Materia g Net Operati Consoli Stock Dividen
GE Cost Material Operatin Net Consolidat Price, Stock Price, Expens Net Price, Price, Price, Expens Net Price, Price, Price,
& Expenses Stock Price, as Stock Price, as d paid in USD l Cost in cash & ng dated Price, d paid in USD l Cost in cash & ng dated Price, d paid
in USD Cost in g Income Profit ed EPS as per as per PE es (INR Profit as per as per as per es (INR Profit as per as per as per
equivale (INR Cr) per PE of 7 per PE of 10 (INR) (Per USD equival Income EPS as per (INR) (Per USD equival Income EPS as per (INR)
(Per MT) USD (Per (INR Cr) (INR Cr) (INR) PE of of 20 Cr) (INR Cr) PE of PE of PE of Cr) (INR Cr) PE of PE of PE of
nts (INR per MT) (Per ents (INR Cr) (INR) PE of 7 per MT) (Per ents (INR Cr) (INR) PE of 7 per
MT) 15 10 15 20 10 15 20
Cr) share MT) (INR Cr) share MT) (INR Cr) share

Graphite India
Scenario 1: Raw Materials Cost Assumed to be as @18% of the GE cost, which was the case for HEG in Q4'FY18
13,000 2,340 2,014 8,530 3,033 3,771 193 1351 1930 2895 3860 55 15,600 2,808 4,465 10,475 3,759 4,697 240 1683 2404 3606 4808 69 18,720 3,370 7,518 12,486 4,511 5,681 291 2035 2908 4362 5816 83
14,000 2,520 2,014 9,155 3,145 4,109 210 1472 2103 3154 4206 60 16,800 3,024 4,685 11,248 3,898 5,127 262 1837 2624 3936 5248 75 20,160 3,629 8,017 13,415 4,678 6,209 318 2224 3178 4767 6356 91
15,000 2,700 2,014 9,779 3,257 4,446 228 1593 2276 3414 4552 65 18,000 3,240 4,904 12,022 4,038 5,556 284 1991 2844 4266 5688 82 21,600 3,888 8,516 14,344 4,845 6,736 345 2413 3448 5172 6896 99
15,500 2,790 2,014 10,091 3,314 4,615 236 1654 2362 3543 4725 68 18,600 3,348 5,014 12,409 4,107 5,771 295 2068 2954 4431 5908 85 22,320 4,018 8,765 14,808 4,929 7,000 358 2508 3583 5374 7166 103
16,000 2,880 2,014 10,403 3,370 4,784 245 1714 2449 3673 4898 70 19,200 3,456 5,124 12,796 4,177 5,986 306 2145 3064 4596 6128 88 23,040 4,147 9,015 15,272 5,012 7,264 372 2602 3718 5577 7436 107
17,000 3,060 2,014 11,027 3,482 5,122 262 1835 2622 3933 5243 75 20,400 3,672 5,343 13,570 4,316 6,416 328 2299 3284 4926 6568 94 24,480 4,406 9,514 16,201 5,179 7,791 399 2791 3988 5982 7976 114
18,000 3,240 2,014 11,652 3,594 5,460 279 1956 2795 4192 5589 80 21,600 3,888 5,563 14,344 4,456 6,846 350 2453 3504 5256 7008 101 25,920 4,666 10,013 17,129 5,347 8,319 426 2980 4258 6387 8516 122
19,000 3,420 2,014 12,276 3,707 5,798 297 2077 2968 4451 5935 85 22,800 4,104 5,783 15,117 4,595 7,276 372 2607 3724 5586 7448 107 27,360 4,925 10,512 18,058 5,514 8,846 453 3169 4528 6792 9056 130
20,000 3,600 2,014 12,900 3,819 6,136 314 2198 3140 4711 6281 90 24,000 4,320 6,002 15,891 4,734 7,705 394 2761 3944 5916 7888 113 28,800 5,184 11,011 18,986 5,681 9,374 480 3358 4798 7197 9596 138
25,000 4,500 2,014 16,022 4,381 7,825 401 2804 4005 6008 8010 115 30,000 5,400 7,100 19,760 5,430 9,854 504 3531 5044 7566 10087 145 36,000 6,480 13,505 23,629 6,517 12,011 615 4303 6148 9222 12295 176
30,000 5,400 2,014 19,143 4,943 9,514 487 3409 4870 7305 9739 140 36,000 6,480 8,198 23,629 6,127 12,003 614 4300 6144 9215 12287 176 43,200 7,776 16,000 28,272 7,352 14,649 750 5248 7498 11246 14995 215
Scenario 2: Raw Materials Cost Assumed to be as @25% of the GE cost. This provides the most conservative estimates
13,000 3,250 2,014 8,530 3,601 3,396 174 1217 1738 2607 3476 50 15,600 3,900 4,221 10,475 4,463 4,220 216 1512 2160 3240 4320 62 18,720 4,680 6,964 12,486 5,356 5,096 261 1826 2608 3912 5216 75
14,000 3,500 2,014 9,155 3,757 3,705 190 1327 1896 2844 3793 54 16,800 4,200 4,422 11,248 4,657 4,613 236 1653 2361 3542 4722 68 20,160 5,040 7,421 13,415 5,588 5,578 286 1999 2855 4283 5710 82
15,000 3,750 2,014 9,779 3,913 4,014 205 1438 2054 3082 4109 59 18,000 4,500 4,623 12,022 4,850 5,006 256 1794 2562 3843 5125 74 21,600 5,400 7,877 14,344 5,820 6,061 310 2171 3102 4653 6204 89
15,500 3,875 2,014 10,091 3,991 4,168 213 1493 2133 3200 4267 61 18,600 4,650 4,723 12,409 4,947 5,203 266 1864 2663 3994 5326 76 22,320 5,580 8,105 14,808 5,936 6,302 323 2258 3226 4838 6451 93
16,000 4,000 2,014 10,403 4,069 4,323 221 1549 2213 3319 4425 64 19,200 4,800 4,824 12,796 5,044 5,399 276 1934 2764 4145 5527 79 23,040 5,760 8,333 15,272 6,052 6,543 335 2344 3349 5024 6698 96
17,000 4,250 2,014 11,027 4,225 4,632 237 1660 2371 3556 4741 68 20,400 5,100 5,025 13,570 5,237 5,792 296 2075 2965 4447 5929 85 24,480 6,120 8,790 16,201 6,284 7,026 360 2517 3596 5394 7192 103
18,000 4,500 2,014 11,652 4,381 4,941 253 1770 2529 3793 5058 73 21,600 5,400 5,226 14,344 5,430 6,185 317 2216 3166 4749 6332 91 25,920 6,480 9,246 17,129 6,517 7,508 384 2690 3843 5764 7686 110
19,000 4,750 2,014 12,276 4,537 5,250 269 1881 2687 4031 5374 77 22,800 5,700 5,426 15,117 5,624 6,578 337 2357 3367 5051 6734 97 27,360 6,840 9,702 18,058 6,749 7,991 409 2863 4090 6135 8180 117
20,000 5,000 2,014 12,900 4,693 5,559 285 1992 2845 4268 5690 82 24,000 6,000 5,627 15,891 5,817 6,972 357 2498 3568 5352 7137 102 28,800 7,200 10,159 18,986 6,981 8,473 434 3036 4337 6505 8674 124
25,000 6,250 2,014 16,022 5,473 7,104 364 2545 3636 5454 7272 104 30,000 7,500 6,632 19,760 6,785 8,937 457 3202 4574 6861 9148 131 36,000 9,000 12,441 23,629 8,142 10,885 557 3900 5572 8357 11143 160
30,000 7,500 2,014 19,143 6,254 8,649 443 3099 4427 6640 8854 127 36,000 9,000 7,636 23,629 7,752 10,902 558 3906 5580 8370 11160 160 43,200 10,800 14,722 28,272 9,302 13,298 681 4764 6806 10209 13612 195
HEG
Scenario 1: Raw Materials Cost Assumed to be as @18% of the GE cost, which was the case for HEG in Q4'FY18
13,000 2,340 964 6,402 2,312 2,789 698 4886 6979 10469 13959 200 15,600 2,808 2,777 7,989 2,905 3,536 885 6194 8848 13272 17696 254 18,720 3,370 5,075 9,544 3,486 4,293 1074 7521 10744 16116 21488 308
13,000 2,340 964 6,402 2,312 2,789 698 4886 6979 10469 13959 200 15,600 2,808 2,777 7,989 2,905 3,536 885 6194 8848 13272 17696 254 18,720 3,370 5,075 9,544 3,486 4,293 1074 7521 10744 16116 21488 308
15,000 2,700 964 7,354 2,484 3,304 827 5788 8269 12403 16537 237 18,000 3,240 3,112 9,185 3,121 4,200 1051 7357 10510 15765 21020 302 21,600 3,888 5,841 10,979 3,745 5,108 1278 8949 12784 19176 25568 367
15,500 2,790 964 7,592 2,527 3,433 859 6014 8591 12887 17182 247 18,600 3,348 3,195 9,484 3,175 4,366 1093 7648 10925 16388 21851 314 22,320 4,018 6,033 11,338 3,809 5,312 1329 9306 13294 19941 26588 382
16,000 2,880 964 7,830 2,569 3,562 891 6239 8913 13370 17827 256 19,200 3,456 3,279 9,783 3,228 4,532 1134 7939 11341 17011 22682 325 23,040 4,147 6,225 11,697 3,874 5,516 1380 9663 13804 20706 27608 396
17,000 3,060 964 8,306 2,655 3,819 956 6691 9558 14337 19116 274 20,400 3,672 3,447 10,381 3,336 4,864 1217 8520 12172 18258 24344 349 24,480 4,406 6,608 12,415 4,003 5,924 1482 10377 14824 22236 29648 425
18,000 3,240 964 8,782 2,741 4,077 1020 7142 10203 15304 20405 293 21,600 3,888 3,614 10,979 3,444 5,196 1300 9102 13003 19504 26006 373 25,920 4,666 6,991 13,133 4,132 6,331 1584 11091 15844 23766 31688 455
19,000 3,420 964 9,258 2,826 4,335 1085 7593 10847 16271 21695 311 22,800 4,104 3,781 11,578 3,551 5,528 1383 9684 13834 20751 27668 397 27,360 4,925 7,375 13,850 4,262 6,739 1686 11805 16864 25296 33728 484
20,000 3,600 964 9,734 2,912 4,592 1149 8044 11492 17238 22984 330 24,000 4,320 3,949 12,176 3,659 5,860 1466 10265 14665 21997 29330 421 28,800 5,184 7,758 14,568 4,391 7,146 1788 12519 17884 26826 35768 513
25,000 4,500 964 12,114 3,341 5,880 1472 10301 14716 22073 29431 422 30,000 5,400 4,786 15,166 4,197 7,520 1882 13174 18820 28229 37639 540 36,000 6,480 9,674 18,156 5,037 9,184 2298 16089 22984 34476 45968 660
30,000 5,400 964 14,494 3,769 7,168 1794 12557 17939 26908 35878 515 36,000 6,480 5,623 18,156 4,736 9,180 2297 16082 22975 34462 45949 659 43,200 7,776 11,591 21,745 5,683 11,222 2808 19659 28084 42126 56168 806
Scenario 2: Raw Materials Cost Assumed to be as @25% of the GE cost. This provides the most conservative estimates
12,000 3,000 964 5,926 2,627 2,267 567 3972 5674 8511 11348 163 14,400 3,600 2,438 7,391 3,300 2,863 717 5016 7166 10748 14331 206 17,280 4,320 4,299 8,826 3,960 3,468 868 6075 8679 13019 17358 249
13,000 3,250 964 6,402 2,746 2,503 626 4385 6264 9396 12528 180 15,600 3,900 2,591 7,989 3,450 3,167 793 5548 7926 11889 15851 227 18,720 4,680 4,650 9,544 4,140 3,841 961 6728 9612 14418 19224 276
15,000 3,750 964 7,354 2,984 2,974 744 5210 7443 11165 14886 214 18,000 4,500 2,897 9,185 3,749 3,774 945 6612 9446 14169 18892 271 21,600 5,400 5,351 10,979 4,498 4,586 1148 8035 11478 17217 22956 329
15,500 3,875 964 7,592 3,043 3,092 774 5417 7738 11607 15476 222 18,600 4,650 2,974 9,484 3,823 3,926 983 6878 9826 14739 19652 282 22,320 5,580 5,526 11,338 4,588 4,773 1194 8361 11944 17917 23889 343
16,000 4,000 964 7,830 3,103 3,210 803 5623 8033 12049 16066 231 19,200 4,800 3,050 9,783 3,898 4,078 1021 7144 10206 15309 20412 293 23,040 5,760 5,701 11,697 4,678 4,959 1241 8688 12411 18616 24822 356
17,000 4,250 964 8,306 3,222 3,445 862 6036 8622 12934 17245 247 20,400 5,100 3,204 10,381 4,048 4,382 1097 7676 10966 16449 21932 315 24,480 6,120 6,052 12,415 4,857 5,332 1334 9341 13344 20016 26688 383
18,000 4,500 964 8,782 3,341 3,681 921 6448 9212 13818 18424 264 21,600 5,400 3,357 10,979 4,197 4,686 1173 8208 11726 17589 23452 337 25,920 6,480 6,402 13,133 5,037 5,705 1428 9994 14277 21415 28553 410
19,000 4,750 964 9,258 3,460 3,917 980 6861 9802 14703 19604 281 22,800 5,700 3,510 11,578 4,347 4,989 1249 8740 12486 18729 24972 358 27,360 6,840 6,753 13,850 5,216 6,078 1521 10647 15210 22814 30419 437
20,000 5,000 964 9,734 3,579 4,152 1039 7274 10391 15587 20783 298 24,000 6,000 3,663 12,176 4,496 5,293 1325 9272 13246 19869 26492 380 28,800 7,200 7,103 14,568 5,396 6,450 1614 11300 16143 24214 32285 463
25,000 6,250 964 12,114 4,174 5,330 1334 9338 13340 20010 26679 383 30,000 7,500 4,429 15,166 5,244 6,812 1705 11932 17046 25569 34092 489 36,000 9,000 8,856 18,156 6,293 8,314 2081 14565 20807 31211 41614 597
30,000 7,500 964 14,494 4,769 6,509 1629 11402 16288 24432 32576 467 36,000 9,000 5,195 18,156 5,991 8,330 2085 14593 20846 31270 41693 598 43,200 10,800 10,609 21,745 7,190 10,178 2547 17830 25472 38208 50944 731

Most Important articles/ interviews that you would want to refer to:
Steel360 Article https://www.steel-360.com/stories/graphite-electrode/graphite-electrode-crisis-to-deepen-in-2018-2
SteelMint Article http://events.steelmintgroup.com/will-indian-graphite-electrode-price-graph-flat-curvy-2018/
Interview with K K Bangur of Graphite India (GI) https://twitter.com/cnbctv18news/status/995899852897710081?lang=en
Interview with Ravi Jhunjhunwala of HEG https://www.youtube.com/watch?v=-ytTABLtc6I
HEG Q1' FY19 Earnings Conference Call transcript http://hegltd.com/wp-content/uploads/2018/08/Q1ofFY2018-19EarningsConferenceCall.pdf
HEG investor Presentation - Q1'FY19 http://hegltd.com/wp-content/uploads/2018/08/InvestorspresentationQ1FY2019HEGLtd.pdf
Disclaimer
These are calculations which I have come up with, based on best possible available information in the public media and analyzing details to the best of my capabilities and knowledge. I can go wrong in many occasions. Please see these as just calculations, based on certain assumptions and not as stock recommendations (I am not
even qualified to do any recommendations). These assumptions could change at any time in a drastic way and those may have severe impact on these estimates, and none of us may have any control over the same. You are advised to do your own thorough due diligence prior to making any investment decisions.