“The US CFR (Code of Federal Regulations) petroleum coke prices rose around $13/tonne month-on-month in February, with spot levels reaching around $135/tonne, marking a 52-week high. This implies a cost escalation of about Rs140-150/tonne (about Rs7-8/bag),” said JM’s report dated 1 March. Source
For FY26, management has guided for around 10% volume growth in conductors, while treating 30,000 as a minimum EBITDA per tonne level over the cycle. In H1FY26, Apar delivered EBITDA per tonne of 41,421, aided by a favorable mix. However, management has cautioned against extrapolating peak quarters. Source
The impact is most visible in profitability. After EBITDA per tonne fell to 10,027 in Q2FY26, down 12.7% year-on-year and 36% sequentially, Nuvama Research expects a further decline in the December quarter (Q3FY26), to about 8,200. EBITDA is short for earnings before interest, taxes, depreciation, and amortization. Source
