Graphite India To Distribute Kivoro’s Graphene HTA In India

Graphite India has signed an exclusive agreement with the Spain based company, Kivoro, to sell its graphene-based Heat Transfer Additive, or HTA, in India. The product will first target the corrugated paperboard industry, which uses large machines that need a lot of steam and energy. The aim is to improve heat transfer, cut energy use and improve board quality on production lines. How important could this new agreement be for Graphite India and for the corrugated packaging sector?

How Does The Partnership Work?

Under the agreement, Graphite India became the only distributor of Kivoro’s HTA across India. The focus is on corrugated paperboard plants. These plants make the cardboard used in boxes for e-commerce, food and many other products. India is one of the fastest-growing corrugated markets, helped by rising consumption and the expansion of organised retail, which includes large branded chains, supermarkets and other structured retail formats.

Kivoro’s graphene-based HTA is a liquid additive. Factories add it to the water that goes through the steam system in corrugating machines. The additive helps heat move faster from the steam to the paper. This can raise machine speed, reduce steam consumption, and help boards dry more evenly. The companies say this can lead to higher output, lower energy bills and fewer defects in the finished board.

For a corrugator plant, even a small gain in speed or a small cut in steam use can mean meaningful savings over a year. The agreement also uses Graphite India’s existing customer network in industrial materials and its technical team to run trials and support adoption at plants. With these basics in place, how does this move sit inside Graphite India’s larger business and numbers?

What Does The Financial Picture Look Like?

Graphite India is best known as a graphite electrode maker for electric arc furnace steel plants. More of its revenue still comes from this core business, though the company has been trying to grow new materials and applications. Rating reports and annual filings show that graphite electrodes remain the main revenue earner and that prices here move in cycles.

The company’s operating profit margin declined sharply to 9.5% in FY25, compared with 27.5% in FY24, reflecting margin pressures during the year. Similarly, net profit margins softened, falling from 27.3% in FY24 to 18.7% in FY25.

Graphite India maintained a debt-to-equity ratio of 0.0 in both FY24 and FY25, reaffirming its strong, debt-free balance sheet.

The HTA agreement itself is not expected to change the revenue mix overnight. It is a new product in a niche but fast-growing segment. However, it does mark a step towards more diversified carbon and graphene-based solutions outside the traditional steel-linked cycle. If adoption grows, it could open the door to more graphene additives in other industries such as construction, coatings or composites, where Kivoro already works with partners globally.

If the first target is the corrugated paperboard industry and the product is still at an early stage, what should investors watch to judge the impact of this partnership over time?

What Should Investors Track Next?

One key point is pilot projects and customer trials. The pace at which major corrugated board producers test and adopt HTA will show real interest. Updates on the number of plants using the additive and feedback on energy savings or speed gains can offer useful signals.

The second point is how the company reports this business. Any separate disclosure on graphene and advanced materials revenue, even if small in the beginning, will help track growth. Management commentary in quarterly results or investor presentations on the size of the opportunity and margins from HTA will also matter.

Lastly, the potential of the future can be influenced by the evolving market of graphene in general. With increased industries evaluating the use of graphene-based additives in heat transfer, strength or durability, the demand for these products may increase. Given a unique deal in a specified segment and a robust balance sheet, can Graphite India turn its new collaboration with Kivoro into a strong graphene business line that helps the company grow beyond the traditional electrode cycle?

Sources:

CNBC
Equity Master
India Infoline
www.graphiteindia.com
Kivoro
Stock Discovery