Indian Carbon Limited (ICL) is a leading producer of calcined petroleum Coke and serves the need of aluminium, steel, & other carbon consuming industries.

India Carbon Limited was established in 1961 and set up Asia’s first Calcination Plant at Guwahati in 1962. ICL’s second calcination plant was established at Budge Budge, West Bengal in 1969. ICL’s primary businesses include manufacture and supply of Calcinated Petroleum Coke (CPC), Electrode Carbon Paste (ECP), and Tamping Paste. High quality CPC is purest form of Carbon (with over 99.5% Carbon) and thus has great electrical conductivity.


Calcined Petroleum Coke; Electrode Carbon Paste; Tamping Paste

CPC is widely used as an anode in alumina smelters, as Soderberg’s electrode for ferro alloy, manufacturing of graphite electrodes. Also, used in steel & alloys industries.


  • Revenue registered for FY’23 was INR 576.27 crores, up by 21.1%.
  • PBT and PAT accounted was INR 34 crore & INR 23 crore respectively for FY’23.
  • For the period of Q1’ FY24, Revenue was recorded around INR 126 crores.
  • Major source of revenue ~ 92 percent comes from sale of Calcined Petroleum Coke (CPC) & minor contribution comes from the Electrode Carbon Paste (ECP) & tamping paste.

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Financial Figures (INR Crores)

DESCRIPTION Mar-23 Mar-22 Mar-21 Mar-20 Mar-19 Mar-18
Total Income 576.27 475.84 229.21 212.23 495.77 352.29
Total Expenditure 541.88 359.57 177 263.92 298.51 249.88
PBT 34.39 116.27 52.21 -51.71 197.25 102.41
PAT 23.92 81.34 52.92 -36.46 153.71 79.31
Debt to Equity 0.26 0.13 0.05 0.04 0.05 0.40
Current Ratio 2.66 3.5 4.2 3.9 2.5 1.9
EPS 90.28 307 199.7 -137.6 580 299.3


Calcined Petroleum Coke (CPC) is widely used in an aluminium manufacturing as well as in manufacturing of electrodes which are used in the metal sector for electric arc and induction furnaces. As a result, the CPC manufacturing is directly linked to the production and consumption of an aluminium and iron & steel in the world. It is expected that CPC market will reach $10 Billion by 2025. Growing at 5% CAGR between 2020-2025. However, due to the Covid-19 pandemic, war & carbon neutrality implementation by the west slowed the recovery in production, production and consumption growth rate only boomed during early 2022. Having said that the growth rate of countries like India will be much higher where new capacities are coming up in to cater the demand. Also, the surging economy and firing in of all the cylinders in relative sectors, better margins bring out the general hypothesis and numbers in shaping the growth of the industry.


Volatility in the price of commodity.

Dumping from countries like USA & China who are major exporter of calcined coke.

Growing environment concern, carbon neutrality might hamper the industry.


Guwahati Plant, Assam- Annual Capacity 60,000 Tons.

Budge Budge Plant, West Bengal- Annual Capacity 40,000 Tons.


Rain Industries, Graphite India

Key Personnel

Mr. Rakesh Himatsingka – Chairman and Managing Director

Mr. Shaurya Veer Himatsingka – Deputy Managing Director and CEO

Mr. Vinod Kumar Agarwal – CFO

For any queries, reach out to: unlisted@rurashfin.com or Call: +91 224157 1111