ICICI Securities Ltd | Retail Equity Research For Q2FY19, Graphite India reported an outperformance on all fronts. The company reported a consolidated topline of | 2345 crore (up 344% YoY, 19.3% QoQ) higher than our estimate of | 1990 crore Consolidated EBITDA for the quarter was at | 1640 crore (our estimate: | 1249 crore). EBITDA margin was at 69.9% (vs. Q2FY18: 27.3%, Q1FY19: 73.1%, our estimate: 62.8%). On a QoQ basis, raw material cost (as percentage of sales) increased to 18.1% from 14.8%...