Who are India Carbon's major technology partners?

India Carbon Limited has had a long-standing technical and financial collaboration with Oxbow Calcining LLC, USA, a global leader in petroleum coke calcining technology. This partnership has provided the company with advanced calcination technology and access to international quality standards since its early years.

When was India Carbon Limited incorporated?

India Carbon Limited was incorporated in 1961, making it one of India's oldest specialty chemical/industrial materials companies. It is registered in Assam (CIN: L23101AS1961PLC001173) and has operated for over six decades.

Who are the primary customers of India Carbon Limited?

India Carbon Limited's primary customers are aluminium smelters in India. Major potential customers include NALCO (National Aluminium Company), Hindalco Industries, and Vedanta Aluminium — all major aluminium producers that require Calcined Petroleum Coke for their smelting operations.

What is the market for Calcined Petroleum Coke in India?

India's CPC market is primarily driven by the aluminium industry, which uses CPC as a key raw material for carbon anodes used in the Hall-Héroult smelting process. India's aluminium capacity has been expanding, driven by players like Hindalco and Vedanta, creating sustained demand for domestic CPC producers like India Carbon Limited.

How do I buy India Carbon Limited unlisted shares here?

Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.

Who am I actually transacting with?

You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.

How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

How long does settlement take?

After you accept an allocation, you have a short window to pay (typically 2 days). Once payment is verified, shares are usually credited to your demat within 2–3 business days, subject to depository timelines and any company-level restrictions. Timeframes are typical, not guaranteed.

There are no separate platform fee lines and no GST on the transfer — the desk's margin is built into the buy/sell price you're quoted. The only statutory add-on on a purchase is stamp duty on the consideration, shown transparently in your cost breakdown.

Is there a minimum ticket size for India Carbon Limited?

Minimums vary by company and depend on the lot the desk can source. Raise an enquiry and the desk will confirm the available quantity and the minimum for that name.

What KYC do I need, and do I need a demat account?

You'll share your demat details when you enquire so we can settle directly. Full KYC — PAN and a client-master / demat statement — is required before the transfer step, when shares actually change hands. Yes, you need an active demat account to hold unlisted shares.

Are there lock-ins on unlisted or pre-IPO shares?

Some shares carry statutory or company-imposed lock-ins — for example, a post-listing lock-in on pre-IPO stock — and transfers can be subject to the company's articles or approvals. Where a lock-in applies, we'll flag it before you commit.

How do I sell India Carbon Limited shares I already hold?

Raise a sell enquiry with the company, quantity and your target price. The desk confirms a buying price, you transfer your shares into the desk's demat, and once the credit is verified we pay you out by bank transfer to your registered account. The desk never pays out before your shares are received.

Unlisted shares are illiquid, may be hard or impossible to sell, and are not covered by exchange settlement guarantees or investor-protection funds. Pricing is indicative, not live. Read the full Risk Disclosure before you enquire, and invest only what you can afford to lock away.

India Carbon Limited Unlisted Share Price | Buy India Carbon Limited Pre-IPO Shares — wisefolio

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India Carbon Limited Unlisted Share Price | Buy India Carbon Limited Pre-IPO Shares — wisefolio | wisefolio

Investment Thesis

India Carbon Limited is a veteran industrial carbon manufacturer with over six decades of operating history, serving India's aluminium and industrial sectors from its plants in Assam and West Bengal. Its collaboration with Oxbow Calcining LLC, USA provides technological credibility. While the niche CPC market is structurally linked to India's growing aluminium industry, limited public disclosures and commodity-like market dynamics constrain investment visibility.

Pros

ISIN INE743B01015; BSE listed; 64+ years since 1961 — pioneer of calcined petroleum coke in India.
Asia's first calcination plant at Guwahati (1962); long-standing technical and financial collaboration with Oxbow Calcining LLC (USA) — world leader in CPC.
Revenue ₹420 Cr (FY24); dual manufacturing base: Guwahati (Assam) + Budge Budge (West Bengal) — diversified production.
Third-generation Himatsingka family leadership with 60+ years of domain expertise in carbon products.

Cons

Revenue declined from ₹566 Cr (FY23) to ₹420 Cr (FY24) — -26% decline; CPC demand/pricing pressure.
Authorized ₹10 Cr vs. paid-up ₹2.65 Cr — relatively thin paid-up capital for a ₹420 Cr revenue company.
Calcined petroleum coke demand is tied to aluminium smelting (Hindalco, NALCO) — cyclical customer base.

Business Segments

Calcined Petroleum Coke (CPC)

Manufacturing of CPC (99.5% carbon purity) from green petroleum coke for aluminium smelting, graphite electrode, and carbon paste industries; Asia's first calcination plant established 1962.

Carbon Electrode Paste & Tamping Paste

Manufacturing of carbon electrode paste and tamping paste for ferro-alloy smelters, carbide manufacturers, and electrolytic processes.

Petroleum Coke Products

Processing and supply of petroleum coke, carbon paste, and related industrial carbon products.

Revenue Model

India Carbon Limited generates revenue by purchasing green petroleum coke (a refinery byproduct) and calcining it at high temperatures to produce Calcined Petroleum Coke (CPC), which is sold to aluminium smelters and other industrial customers at a premium to raw material costs.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds9

Growth Plans

Expansion of Indian aluminium smelting capacity by Hindalco, Vedanta, and NALCO increasing domestic CPC demand

Government's focus on import substitution in industrial materials supporting domestic CPC producers

Potential capacity expansion leveraging the Oxbow Calcining technology partnership

Industry Tailwinds

Expansion of Indian aluminium smelting capacity by Hindalco, Vedanta, and NALCO increasing domestic CPC demand

Recent Developments

Continued CPC Production

India Carbon continues to operate its calcination facilities in Assam and West Bengal, serving India's aluminium and industrial sector with domestically produced calcined petroleum coke.

Comparable Companies

CompanyTypeTickerMkt Cap

Rain Industries LimitedPE: 12xxListedRAIN4000 Cr

Himadri Speciality ChemicalPE: 35xxListedHSCL15000 Cr

Rain Industries LimitedListed

RAIN · 4000 Cr

PE: 12xx

Himadri Speciality ChemicalListed

HSCL · 15000 Cr

Frequently Asked Questions

India Carbon Limited is one of India's pioneer manufacturers of Calcined Petroleum Coke (CPC) and related industrial carbon products. CPC is a critical raw material used primarily in aluminium smelting (as anode paste), as well as in titanium dioxide production, steel manufacturing, and other industrial applications. The company operates calcination plants in Guwahati, Assam and Budge Budge, West Bengal.

About India Carbon Limited

India Carbon Limited is a Guwahati, Assam-based industrial carbon manufacturer incorporated on 12 December 1961. With CIN L23101AS1961PLC001173, the company holds the distinction of having installed Asia's first commercial calcination plant in 1962, making it a true pioneer in India's carbon materials industry. The company produces Calcined Petroleum Coke (CPC) with 99.5%+ purity, Electrode Carbon Paste, and Tamping Paste for the aluminium smelting, electrode, and metallurgical industries. The company operates two manufacturing plants: Noonmati, Guwahati (60,000 tonnes/year capacity) and Budge Budge, West Bengal (40,000 tonnes/year), giving total capacity of 100,000 tonnes per year. Operating revenue is in the Rs 100-500 crore range. Major customers include public sector giants NALCO, Hindalco, BALCO, and SAIL, as well as Tata Steel (TISCO) and Graphite India – a who's who of Indian metals and materials companies. Founded by B. Himatsingka, India Carbon Limited has maintained its position as a leading domestic supplier of CPC and carbon paste products to India's aluminium industry for over six decades. The company also operates orchid farms since 1991 with export aspirations, demonstrating business diversification. Its high gas cleaning systems for pollution control reflect modern environmental compliance.

Key Milestones

Incorporated December 12, 1961 in Guwahati, Assam (CIN: L23101AS1961PLC001173) — founded by B. Himatsingka

Common questions about unlisted shares

How do I buy India Carbon Limited unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?

Risk factors & red flagsInvestment risks and items flagged from public filings16

Financial PerformanceMedium

Company reported a net loss of ₹12.74 Cr (FY2023-24) — may signal structural profitability challenges

Source: Financial data

Leverage & DebtHigh

Interest coverage ratio of -13.06x (FY2023-24) — EBIT does not fully cover interest expenses; risk of debt default

Source: Financial data

Regulatory / LegalMedium

CRISIL rating outlook is "Negative" — signals potential downgrade risk if conditions deteriorate

Source: CRISIL

External / MacroLow

Green petroleum coke availability and pricing is dependent on crude oil refinery operations and global oil prices, which can be volatile.

Source: AlphaHub Research

Fraud / GovernanceMedium

The CPC market has a limited number of large buyers, primarily aluminium smelters, creating significant customer concentration risk.

Source: Media Reports / Public Records

Regulatory / LegalLow

Calcination is an energy-intensive process with significant carbon emissions; increasing environmental regulations could raise compliance costs.

Source: Regulatory Filings

Operational RiskLow

Advances in aluminium smelting technology or alternative anode materials could reduce demand for traditional CPC over the long term.

Source: AlphaHub Research

Operational RiskLow

Moderate capacity utilisation

Source: AlphaHub Research

LiquidityLow

Working capital-intensive operations

Source: AlphaHub Research

Operational RiskLow

Substantial dependence on fortunes of the aluminium, graphite and ferro alloys industry

Source: AlphaHub Research

Fraud / GovernanceLow

Forex fluctuation risk associated with the import of RPC

Source: Media Reports / Public Records

Fraud / GovernanceLow

Exposure to risks associated with government regulations related to pollution control norms

Source: Media Reports / Public Records

Raw Material Risk

Green petroleum coke availability and pricing is dependent on crude oil refinery operations and global oil prices, which can be volatile.

Customer Concentration Risk

The CPC market has a limited number of large buyers, primarily aluminium smelters, creating significant customer concentration risk.

Environmental Risk

Calcination is an energy-intensive process with significant carbon emissions; increasing environmental regulations could raise compliance costs.

Technology Risk

Advances in aluminium smelting technology or alternative anode materials could reduce demand for traditional CPC over the long term.

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