Graphite India Ltd.

“Graphite India is a commodity-cyclical electrode manufacturer with no company-specific moat, sub-cost-of-capital core returns, a management team that hoards cash passively, and a stock price that demands a supercycle to justify. The fortress balance sheet prevents permanent loss but does not create value. At ~2x sum-of-the-parts fair value with Chinese overcapacity eroding the industry's pricing discipline, the risk/reward is deeply unfavorable for long-term investors. Capital is far better deployed elsewhere.”