India Carbon Unlisted Shares
India Carbon Ltd. (ICL)
INE743B01015
Incorporation Date: 12-Jun-1961
Listing Status: DRHP Not Filed
About India Carbon Unlisted Shares
Overview of India Carbon Unlisted Shares
Genesis
- India Carbon Limited (ICL) is a leading manufacturer of Calcined Petroleum Coke and related products with a strong focus on quality, technology, and environmental sustainability.
- The company serves major industries like aluminium, steel, and graphite and has diversified into floriculture, showing a unique blend of industrial and ecological responsibility.
- Established Legacy: Founded in 1961 by Mr. B. Himatsingka, ICL set up Asia's first Calcination Plant in Guwahati in 1962 and has been a technological leader ever since.
- Global Collaboration: Long-standing technical and financial collaboration with Oxbow Calcining LLC (formerly Great Lakes Carbon LLC), USA.
Core Products
Calcined Petroleum Coke (CPC):
- Highly electrically conductive carbon with approximately 99.5% fixed carbon.
- Widely used as an anode in alumina smelters, Soderberg's electrode in ferroalloy industries, and the manufacturing of graphite/graphite electrodes.
- Essential in the production of thermal paste for submerged arc furnaces in ferroalloys and allied industries, as well as in steel industries for steel melting, recarburisation, and making special steels and alloys.
Electrode Carbon Paste:
- Soderberg paste made from a specific fraction of Calcined Petroleum Coke (CPC) and/or Electrically Calcined Anthracite Coal (ECA), impregnated with selective coal tar pitch binder at a definite temperature.
- Utilized in submerged arc furnaces for producing various ferroalloys and calcium carbide.
Tamping Paste (Thermal Paste):
- Also known as thermal paste, used in the ferroalloys and allied industries for furnace lining.
- Produced from a mixture of different carbonaceous materials such as Calcined Petroleum Coke and Calcined Anthracite Coal, with soft pitch serving as a binder.
Key Clientele
Aluminium Industry
- National Aluminium Company Limited (NALCO)
- HINDALCO Industries Limited
- Bharat Aluminium Company Limited (BALCO)
- Madras Aluminium Company Limited (MALCO)
Steel Industry
- Steel Authority of India Limited (SAIL)
- Tata Iron and Steel Company Limited (TISCO)
- Essar Steel Ltd.
Graphite Industry
- Graphite India Limited
- Hindustan Electro Graphite Limited
India Carbon Limited's Plants:
Guwahati Plant, Assam | Annual Capacity: 100,00 tonnes
- Established in 1962: Asia’s first Calcination Plant.
- Technology: Constantly upgraded for efficiency and eco-friendliness.
- Capacity: Produces high-purity Calcined Petroleum Coke (CPC).
- Environmental Focus: Advanced Gas Cleaning Systems and Energy Conservation.
Budge Budge Plant, West Bengal
- Established in 1969: Expanded ICL’s production capabilities.
- Strategic Location: Near industrial centres and ports for efficient logistics.
- Product Range: Produces CPC, Electrode Carbon Paste (ECP), and Tamping Paste.
- Sustainability: High-end Gas Cleaning Systems to minimize environmental impact
Diversification and environmental approach:
Floriculture:
- Entered a collaboration in 1991 with orchid farms in Guwahati, Assam.
- Orchids are sold in Bangalore, Mumbai, New Delhi, and Kolkata.
- Currently, the Company is exploring export possibilities.
Environmental Conservation:
- Energy and water conservation as key objectives.
- Installation of Gas Cleaning Systems to minimize industrial pollution.
- Commitment to environmental sustainability demonstrated through orchid farming on factory premises.
Insights of India Carbon Unlisted Shares
India Carbon Limited – Strategic Insights & Financial Overview
Executive Insights
India Carbon Limited (ICL), established in 1961, is a pioneering entity in India's carbon industry, having set up Asia's first Calcined Petroleum Coke (CPC) plant. The company specializes in manufacturing CPC, electrode carbon paste, and tamping paste, catering heavily to the aluminum, steel, and ferroalloy sectors. It supplies to major domestic industrial giants including NALCO, HINDALCO, and SAIL. However, the financial data derived from Screenshot_20260721-172716.png reveals that ICL is currently navigating a severe cyclical downturn. After a profitable FY24, the company has suffered aggressive top-line erosion and significant operating losses in FY25 and FY26, highlighting its high vulnerability to raw material price volatility and end-user demand shocks.
Key Financials (FY24 – FY26)
The company has experienced a dramatic contraction in revenue and a sharp reversal in profitability over the last two fiscal years.
| Category (in ₹ Cr.) | FY24 | FY25 | FY26 | YoY % |
| Net Revenue | 420.39 | 174.53 | 168.30 | -3.57% |
| Total Operating Cost | 424.47 | 197.73 | 186.99 | -5.43% |
| EBITDA | 31.02 | -23.20 | -18.68 | Loss Narrowed |
| Profit After Tax (PAT) | 30.28 | -12.74 | -20.28 | Loss Widened |
Growth Trajectory: ICL's top-line suffered a massive blow in FY25, plunging by 58.48% to ₹174.53 crore, and stabilizing at a depressed level of ₹168.30 crore in FY26. This collapse in revenue decimated operational leverage, dragging EBITDA from a positive ₹31.02 crore in FY24 to an operating loss of ₹23.20 crore in FY25. While strict cost controls in FY26 slightly narrowed the EBITDA loss to ₹18.68 crore, rising finance costs pushed the final bottom-line PAT loss even deeper to ₹20.28 crore.
Ratio Analysis & Operational Performance
The current financial profile indicates significant structural strain tied to the cyclical nature of commodity processing.
Margin Erosion & Inventory Risk: The shift from profitability to steep operating losses is a hallmark of the CPC industry's vulnerability to sharp declines in Raw Petroleum Coke (RPC) prices. Sudden drops in raw material prices often trigger massive inventory devaluation losses, devastating gross margins.
Cost Absorption Failures: In both FY25 and FY26, Total Operating Costs exceeded Net Revenue (e.g., ₹186.99 Cr in costs vs. ₹168.30 Cr in revenue for FY26). The inability to absorb fixed overheads at lower volume and realization levels creates a continuous drag on profitability.
Evaporation of Non-Operating Buffers: Historically, ICL leaned on robust non-operating "Other Income" (₹37.36 crore in FY24 and ₹16.35 crore in FY25) to cushion its bottom line. In FY26, this buffer shrank drastically to just ₹5.12 crore, directly accelerating the widening of the net loss.
Rising Debt Servicing Costs: While traditionally maintaining low borrowings, Finance Costs nearly tripled year-over-year, climbing from ₹1.77 crore in FY25 to ₹4.91 crore in FY26. This spike indicates increasing reliance on working capital debt or liquidity strain amid prolonged operational cash burn.
Industry Overview & Headwinds
The company operates in a highly specialized but volatile sector, deeply interconnected with global commodities and heavy industry.
End-User Cyclicality: ICL's fortunes are entirely dependent on the capital-intensive aluminum and steel smelting industries. Any domestic or global economic slowdown that suppresses aluminum or steel production directly chokes the demand and pricing power for CPC and electrode pastes.
Raw Material & Forex Exposure: The primary raw material, Raw Petroleum Coke (RPC), is heavily imported and derived from the thermal cracking of crude oil. This exposes ICL to a double-edged sword: global crude oil price volatility and foreign exchange currency risks.
Stringent Environmental Regulations: The carbon and calcining industry leaves a significant environmental footprint. Operations are continually exposed to strict government regulations related to pollution control norms. Government-mandated curbs on RPC imports aimed at reducing domestic pollution levels represent a persistent operational and supply-chain headwind for the company.
Financial Charts of India Carbon Unlisted Shares
Balance Sheet of India Carbon Unlisted Shares
Profit and Loss of India Carbon Unlisted Shares
Ancillary of India Carbon Unlisted Shares
Ratio Analysis
Peers
Industry Benchmarking
Segment Revenue
Subsidaries
Security Allotment
Corporate Governance
Team Management Details
FAQs of India Carbon Unlisted Shares
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How to buy India Carbon Ltd. (ICL)?
Below are three ways through which you can purchase India Carbon Ltd. (ICL):
- We at Altius Investech have many actively traded scripts and are market makers of unlisted shares. To check out all the unlisted shares traded. (Click on link). To submit a request to buy India Carbon Ltd. (ICL), please click on the trade button at the top of this page
- Additionally, you can download our app from your play store or app store, register on our application, and engage in active trading there.
Download the Altius App here https://onelink.to/hf4m72 - You can also reach out to us at : +91 8240614850 / +91 8240861716
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How to sell India Carbon Ltd. (ICL)?
Below are three ways through which you can sell India Carbon Ltd. (ICL):
- We at Altius Investech have many actively traded scripts and are market makers of unlisted shares. To check out all the unlisted shares traded. (Click on link). To submit a request to sell India Carbon Ltd. (ICL), please click on the trade button at the top of this page
- Additionally, you can download our app from your play store or app store, register on our application, and engage in active trading there.
Download the Altius App here https://onelink.to/hf4m72 - You can also reach out to us at : +91 8240614850 / +91 8240861716
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What is the price of India Carbon Ltd. (ICL)?
We provide a two way quote on all the shares we deal in. Your buy price for India Carbon Ltd. (ICL) is ₹899 and your sell price for India Carbon Ltd. (ICL) is ₹825. The price is based on our estimates and market conditions.
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What is the lock-in period of India Carbon Ltd. (ICL)?
The lock-in period for India Carbon Ltd. (ICL) varies depending on the category of investors:
- For retail Investors, HNIs, or Body Corporates, the lock-in period is 6 months from the date of the listing of India Carbon Ltd. (ICL)
- For Venture Capital Funds or Foreign Venture Capital Investors, there is a lock-in period of 6 months from the date of acquisition of India Carbon Ltd. (ICL)
- For AIF-II (Alternative Investment Funds - Category II), there is no lock-in period
August 2021 saw the introduction of this regulation by SEBI. The purpose of the regulation change, which lowered the lock-in period from a year to six months, was to incentivize additional investments in firms getting ready for initial public offerings, or IPOs. Since its introduction, a number of Portfolio Management Services (PMS) have advised their clients to purchase Pre-IPO shares in order to take advantage of the advantages associated with early-stage investments. This reduction in the lock-in period is considered as a significant step forward.
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How is the India Carbon Ltd. (ICL) price calculated?
Fundamental & Comparative valuation models and the forces of demand and supply in the market for unlisted shares dictate the price. These prices are based on our estimates and transaction history of India Carbon Ltd. (ICL). The price is also determined from the most recent funding round for India Carbon Ltd. (ICL). This provides us with a benchmark valuation, offering a clear indication of the company's current market value as perceived by investors and industry experts.
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What are the lot sizes of India Carbon Ltd. (ICL)?
We can generally arrange lot sizes starting with an investment of INR 20,000. To confirm the lot sizes of India Carbon Ltd. (ICL) with us kindly click here.
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What are the financials of India Carbon Ltd. (ICL)?
The financials of India Carbon Ltd. (ICL) which includes the P/L of India Carbon Ltd. (ICL) and the Balance Sheet of India Carbon Ltd. (ICL) is in the financials section (Click on link).
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Where can I find the annual report of India Carbon Ltd. (ICL)?
The annual report of India Carbon Ltd. (ICL) is available in the annual report section (Click on link).
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Is buying India Carbon Ltd. (ICL) legal in India?
Yes, buying and selling unlisted shares in India is indeed 100% legal. This activity is regulated and governed under the guidelines provided by the Securities and Exchange Board of India (SEBI). Investors and traders must adhere to these regulations and guidelines to ensure compliance with legal and financial standards. It's important for participants in the unlisted share market to be aware of and understand these regulations to engage in transactions legally and securely.
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Short-term Capital Gain taxes to be paid on India Carbon Ltd. (ICL)?
When you sell unlisted shares within a period of two years from the date of acquisition, any profit earned from the sale is classified as Short-term Capital Gain (STCG). This gain is then added to your total income for that financial year. The tax on this short-term capital gain is calculated based on your applicable individual income tax slab rates. Therefore, the rate at which you will pay tax on the STCG from unlisted shares depends on your total income, including this gain, and the tax slab it falls under as per the prevailing income tax laws in India. It's important for investors to consider these tax implications when engaging in transactions involving unlisted shares.
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Long-term Capital Gain taxes to be paid on India Carbon Ltd. (ICL) and how are They Taxed?
Long-term Capital Gains (LTCG) on unlisted shares in India refer to the profits earned from the sale of unlisted shares that have been held for more than two years. The key aspects of LTCG on unlisted shares include:
- Tax Rate: LTCG on unlisted shares is taxed at a rate of 20%.
- Indexation Benefit: This is a significant advantage for investors. Indexation allows for adjusting the purchase price of the shares for inflation, which can reduce the taxable gain.
- Importance for Investors: Understanding LTCG is crucial, especially for High Net-worth Individuals (HNIs) and retail investors, as it impacts their investment strategy and tax planning. Knowing these details helps in making informed investment decisions.
- Calculation: LTCG is calculated by subtracting the indexed cost of acquisition (the purchase price adjusted for inflation) from the sale price of the shares. The profit thus calculated is subject to a 20% tax.
- Applicability: LTCG tax is applicable to profits from the sale of unlisted shares held for more than two years.
- Relevance: This tax is particularly relevant to investors in the unlisted share market, including those considering selling their holdings after a period of more than two years.
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Applicability of Taxes on India Carbon Ltd. (ICL) once it is listed?
When shares initially bought in the unlisted market become listed, the taxation rules change significantly if these shares are sold through a stock exchange. Here's what investors need to know:
Transition to Listed Market Tax Rates: Once unlisted shares are listed on the stock exchange and subsequently sold, the tax rates applicable to listed securities come into effect. This shift means that the favourable tax treatments for listed shares, as per the prevailing tax laws, will apply.
Taxation Based on Holding Period: The crucial factor in determining the type of capital gains tax (Long-term or Short-term) is the holding period of the shares. Importantly, this period is calculated from the original purchase date when the shares were unlisted.
Long-term vs. Short-term Capital Gains: If the shares are sold after being held for more than one year from the date of purchase (including the period when they were unlisted), they are subject to Long-term Capital Gains (LTCG) tax.
Conversely, if sold within one-year, Short-term Capital Gains (STCG) tax rates apply.
Significance for Investors: This information is vital for investors in the unlisted market, as it impacts their tax planning and decision-making process. Understanding these nuances ensures that investors can strategically plan the sale of their shares post-listing to optimize tax implications.
Advice for Investors: It's advisable for investors to keep a record of their purchase dates and monitor the listing dates closely. Additionally, staying updated with the latest tax regulations or consulting with a financial advisor is recommended for accurate tax calculations and compliance. -
How does Altius Investech source India Carbon Ltd. (ICL)?
At Altius Investech, our approach to sourcing Boat Unlisted Share (Imagine Marketing) involves a strategic and direct method. Primarily, we acquire these shares from the below key groups:
Employees of the Company: Employee stock option plans (ESOPs) or other compensation packages frequently include shares for firm employees. For a various reasons, such as including portfolio diversification or financial considerations, some of these employees may eventually choose to sell their shares. We engage with these employees, providing them a platform to sell their shares.
Initial Investors: These are the angel or early-stage investors who provided capital to the business in its early stages. These original investors may look to sell all or part of their ownership position in the company as it develops and flourishes. This might be done for various reasons such as in order to maximise their investment, reallocate resources, or make other calculated financial decisions.
Funding rounds and VC funds: Altius Investech sources the shares from private placement rounds in which private companies seek to obtain capital from the market. Through our platform, venture capital funds can liquidate their shares and we receive the inventory from them when they decide to sell a portion of their ownership through block trades.
By establishing connections with these groups, Altius Investech guarantees our clients a steady and dependable supply of Boat Unlisted Share (Imagine Marketing). This process not only makes it easier for employees and initial investors in liquidating their assets, but it also gives our clients access to shares that aren't often found on the open market. Our platform effectively facilitates a win-win situation for both buyers and sellers. -
How to trust Altius Investech before buying India Carbon Ltd. (ICL) from its platform?
Altius Investech stands at being India's fastest growing and leading marketplace for buying and selling unlisted shares. We believe in enabling access to alternative sources of investments at lower entry barriers to private equity investments.
With more than 25 years of experience, Altius Investech has carved a niche in the financial market by serving more than 8000 clients. The incredible journey is further highlighted by the vast number of transactions that Altius Investech has facilitated transactions that have already exceeded 300 crores.
For investors Altius Investech curates investment opportunities in companies at reasonable valuations which are on the verge of an IPO leading to massive value unlocking. Investments are backed by thorough research and sound investment thesis, with a time bound exit plan.
For ESOP Shareholder and existing Investors, we assist them to liquidate their shares even if they are not publicly traded by creating a platform where we find the right buyers and sellers for the best prices.
Altius Investech have been featured in top media news outlets like Economic Times, Financial Express, Money control. Check out about us on these - leading publications (Click on link) Our journey over these years has not just been about numbers; it's been about building trust and reliability.
We at Altius Investech are dedicated to upholding the greatest levels of ethics and transparency, making sure that your investment experience is not only profitable but also safe and reliable.
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