A niche engineering company serving Railways, Steel, Power & Industrial markets
Assam Carbon Products Limited (ACPL) is a Guwahati-headquartered manufacturer of electrical carbon, mechanical carbon and specialty graphite products. Established in 1963, the company operates manufacturing facilities at Guwahati, Assam and Patancheru, Telangana, serving industries including railways, steel, cement, power, mining, petrochemicals, automobiles and sugar. (Assam Carbon)
Official Assam Carbon Products website
1. Company Snapshot
| Particular | Details |
|---|---|
| Company | Assam Carbon Products Limited |
| Abbreviation | ACPL |
| Incorporated | 17 April 1963 |
| Registered Office | Guwahati, Assam |
| Manufacturing Units | Guwahati & Patancheru |
| Sector | Industrial Engineering / Carbon Products |
| Core Products | Carbon Brushes, Mechanical Carbon & Graphite Components |
| CIN | L23101AS1963PLC001206 |
| Face Value | ₹10 |
| Paid-up Capital | ₹2.76 Cr |
| Equity Shares | 27,55,600 |
| Promoter Holding | 70.52% |
| ISIN | INE496C01018 |
| Current Trading Status | Unlisted on active national exchanges / OTC market |
The company’s own corporate information records its shares as listed on the Calcutta Stock Exchange; however, the stock is currently treated in the market as an unlisted/OTC security rather than a regularly traded NSE/BSE stock. (Assam Carbon)
2. What Does Assam Carbon Products Do?
ACPL is not a conventional coal/carbon commodity company. It manufactures engineered carbon and graphite components used in industrial machinery and electrical systems.
Its business can broadly be divided into three categories:
Electrical Carbon Products
- Carbon brushes
- Railway traction carbon brushes
- Current collectors
- Pantograph carbon strips
- Silver-impregnated graphite contacts
- Railway signalling contacts
- Carbon blocks
ACPL manufactures carbon brushes for industrial motors/generators as well as traction applications and railway equipment. (Assam Carbon)
Mechanical Carbon Products
- Carbon seals
- Bearings
- Vanes
- Thrust pads
- Gland rings
- Steam joints
- Radial bearings
These are customised components where precision machining and material properties are important. (Assam Carbon)
Specialty Graphite
The company manufactures products such as:
- High-temperature insulators
- Heating elements
- Continuous casting dies
- Lubricating blocks
- Fuel-cell components
- CVD trays
- Special graphite components
These products serve specialised applications in areas including diamond tools, optical fibre, hard-metal sintering and electronics. (Assam Carbon)
3. Manufacturing Facilities
Guwahati, Assam
The Guwahati facility manufactures carbon and graphitised blocks and blanks in different grades.
These intermediate products can then be:
- Used internally for brush manufacturing
- Sent to Patancheru for precision machining
- Sold to third-party customers
Patancheru, Telangana
The Patancheru facility focuses on:
- Finished mechanical carbon components
- Carbon brushes
- Railway traction components
- Pantograph products
- Current collectors
- Special graphite products
- Precision-machined components
The company has been modernising both facilities to increase efficiency and meet domestic and export demand. (Assam Carbon)
4. Industries Served
ACPL has a diversified industrial customer/application base:
| Industry | Applications |
|---|---|
| 🚆 Railways | Brushes, pantographs, current collectors, signalling |
| 🏭 Steel | Carbon brushes & mechanical components |
| ⚡ Power | Electrical carbon components |
| 🧱 Cement | Brushes, bushes, lubrication components |
| ⛏️ Mining | Carbon components |
| 🛢️ Petrochemical | Seals, bearings & specialty products |
| 📄 Paper | High-temperature & mechanical components |
| 🚗 Automobile | Carbon/mechanical components |
| 🍬 Sugar | Industrial carbon products |
| 💧 Water | Mechanical components |
The company states that its products serve industries including railway traction, cement, steel, sugar, mining, power, petrochemical and chemical processing. (Assam Carbon)
5. Technology Heritage
One of the more interesting aspects of ACPL is its historical relationship with Morganite/Morgan AM&T.
In 1972, ACPL entered into a joint venture with Morganite Carbon Limited to obtain technology, machinery and manufacturing practices. In May 2016, the present management took control of the business and ACPL became an independent Indian company, while retaining rights to produce grades/products for which it had the requisite technical knowledge. (Assam Carbon)
This gives the company a long technical history in engineered carbon products.
6. Financial Performance
Standalone Financials
₹ Crore
| Particular | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from Operations | ₹62.64 Cr | ₹68.35 Cr | ₹79.89 Cr |
| Total Income | ₹66.95 Cr* | ₹69.96 Cr | ₹81.84 Cr |
| PBT | ~₹11.55 Cr | ₹12.52 Cr | ₹18.58 Cr |
| PAT | ₹8.23 Cr | ₹9.37 Cr | ₹13.89 Cr |
| EPS | ~₹29.86 | ₹34.00 | ₹50.42 |
*FY24 total-income figure based on the company’s reported financial series.
FY26 was a strong year: revenue from operations increased around 16.9%, while PAT increased around 48% compared with FY25. (Wealth Wisdom)
7. Profitability Improvement
The improvement becomes clearer when looking at margins.
| Ratio | FY25 | FY26 |
|---|---|---|
| Net Profit Margin | 13.71% | 17.39% |
| ROE | 17.28% | 22.89% |
| ROCE | 20.36% | 25.04% |
| Debt/Equity | 0.08x | 0.13x |
| Current Ratio | 3.78x | 2.43x |
The company therefore entered FY26 with stronger profitability and returns, although liquidity declined and leverage increased slightly. Importantly, the debt-equity ratio remains relatively low. (Wealth Wisdom)
8. Cash Flow & Expansion
Operating cash flow improved substantially.
FY26 operating cash flow: approximately ₹12.42 Cr
versus
FY25 operating cash flow: approximately ₹0.80 Cr. (Wealth Wisdom)
At the same time, the company invested significantly:
- Fixed-asset capex: approximately ₹11.44 Cr
- Land advance: approximately ₹11.93 Cr
- Capital expenditure and expansion remained important parts of the FY26 strategy. (Wealth Wisdom)
This suggests that the company is simultaneously experiencing stronger operating performance while investing for future capacity.
9. Product Mix
A useful way of understanding ACPL is through its approximate business mix.
| Product Category | Approx. Contribution |
|---|---|
| Carbon Blocks | ~6% |
| Carbon Brushes | ~37% |
| Mechanical & Special Carbon Components | ~57% |
The company’s business has therefore moved well beyond basic carbon blocks toward higher-value engineered mechanical and electrical components. (Wealth Wisdom)
10. Shareholding Pattern
As of 31 March 2025:
| Shareholder Category | Holding |
|---|---|
| Promoters | 70.52% |
| Mutual Funds / Banks / FIs / Insurance | 3.63% |
| Others | 25.85% |
| Total | 100% |
The promoter group held 19,43,300 shares out of 27,55,600 shares. The latest September 2025 shareholding filing also shows promoter holding at approximately 70.52%. (Assam Carbon)
Promoter family
The promoter group includes members of the Himatsingka family, including:
- Rakesh Himatsingka
- Maalika Himatsingka
- Anita Himatsingka
- Shaurya Veer Himatsingka
Current company information identifies Rakesh Himatsingka as Chairman & Managing Director and Shaurya Veer Himatsingka as CEO. (UnlistedZone)
11. Unlisted Share Price
Current private-market sources show a considerable variation in quoted prices.
- ₹412 – WWIPL latest displayed price
- ₹423.70 – Planify reference on 12 September 2026
- ₹435 – BuyUnlistedShares reference on 14 September 2026
These should be treated as indicative OTC prices, not NSE/BSE market prices. (Wealth Wisdom)
For analysis, a reasonable current reference range is therefore approximately:
₹410–₹435 per share
Because the security is illiquid, actual transaction prices can differ depending on quantity, buyer/seller availability and settlement terms.
12. Indicative Valuation
Using ₹435 as an illustrative price:
| Parameter | Approximate |
|---|---|
| Indicative Price | ₹435 |
| Shares Outstanding | 27.56 lakh |
| Implied Market Cap | ~₹120 Cr |
| FY26 EPS | ₹50.42 |
| Indicative P/E | ~8.6x |
The implied valuation is based on the latest reported share count and FY26 standalone EPS. The actual valuation can differ depending on the transaction price.
The market-cap calculation is also broadly consistent with private-market data showing approximately ₹120 Cr. (BuyUnlistedShares)
13. Why the Company is Interesting
1. Railway exposure
ACPL manufactures traction carbon brushes, pantograph components, current collectors and signalling contacts. India’s continuing railway electrification and locomotive/rolling-stock ecosystem provide a relevant end market. (Assam Carbon)
2. Engineering rather than commodity carbon
A large portion of revenue comes from mechanical and specialty carbon components, which are customised and application-specific. (Wealth Wisdom)
3. Long operating history
The company has operated since 1963, giving it more than six decades of manufacturing experience. (Assam Carbon)
4. Technical know-how
Its historical Morganite relationship and long experience in carbon/graphite grades provide technical know-how that can be difficult to replicate quickly. (Assam Carbon)
5. FY26 earnings improvement
Revenue rose to ₹79.89 Cr and PAT to ₹13.89 Cr in FY26. (Wealth Wisdom)
6. Relatively low leverage
Debt/equity of approximately 0.13x remains relatively low despite increased borrowings for expansion. (Wealth Wisdom)
14. Growth Opportunities
Railway electrification:
More electric locomotives and railway traction equipment can support demand for carbon brushes, pantograph components and current collectors.
Industrial automation:
Motors, generators and industrial equipment continue to require specialised carbon components.
Specialty graphite:
Electronics, optical fibre, hard-metal sintering and advanced manufacturing can provide higher-value applications. (Assam Carbon)
Modernisation:
The company has been investing in plant modernisation and expansion to address domestic and export demand. (Assam Carbon)
Exports:
Exports remain relatively small today, but management has identified export growth as an opportunity. FY25 export sales were ₹1.23 Cr versus ₹0.60 Cr in FY24. (Assam Carbon)
15. Key Risks
Customer concentration
Specialised industrial components can be dependent on a limited number of large customers or industries.
Small scale
With revenue below ₹100 Cr, ACPL remains a relatively small industrial company compared with listed engineering peers.
Unlisted liquidity
There is no continuous NSE/BSE market, so investors may face difficulty exiting at the desired price.
Working-capital intensity
Inventory increased significantly in FY26, and inventory turnover declined from 3.51x to 2.65x. (Wealth Wisdom)
Export business still small
Despite international ambitions, exports remain a small part of overall revenue. (Assam Carbon)
Capex execution
The company is investing in land, fixed assets and modernisation; returns on this investment will depend on capacity utilisation and demand.
Exchange-status complexity
The company’s own website states that its shares are listed on the Calcutta Stock Exchange, while current private-market platforms classify it as unlisted/OTC. Investors should therefore verify the exact trading/settlement status with the depository and intermediary before transacting. (Assam Carbon)
16. IPO / Listing Status
There is no confirmed IPO timetable or DRHP identified in the current sources.
The company is generally being offered through the unlisted/OTC market, despite its legacy CSE listing status. (Assam Carbon)
Therefore, an IPO should not be treated as a confirmed near-term catalyst unless the company formally announces and files the relevant documents.
17. UnlistedCart Takeaway
Assam Carbon Products is a niche engineering business with a very different profile from commodity carbon companies.
Its key strengths are:
60+ years of operating history → railway & industrial exposure → specialised carbon/graphite products → technical know-how → low leverage → improving FY26 profitability.
The most interesting part of the story is the shift toward higher-value mechanical and specialty carbon components, rather than dependence only on carbon blocks. (Assam Carbon)
At an indicative OTC price of roughly ₹410–₹435, the FY26 EPS of ₹50.42 implies an approximate 8–9x earnings multiple, although investors should account for the stock’s limited liquidity and the risks associated with a small, specialised industrial company. (Wealth Wisdom)
Quick Snapshot
| Parameter | Assam Carbon Products |
|---|---|
| Established | 1963 |
| Manufacturing | Guwahati + Patancheru |
| Sector | Carbon & Graphite Engineering |
| FY26 Revenue | ₹79.89 Cr |
| FY26 PAT | ₹13.89 Cr |
| FY26 EPS | ₹50.42 |
| FY26 ROE | 22.89% |
| FY26 ROCE | 25.04% |
| Debt/Equity | 0.13x |
| Promoter Holding | 70.52% |
| Shares | 27.56 lakh |
| Indicative Price | ₹410–₹435 |
| Implied Market Cap | ~₹113–120 Cr |
| Indicative P/E | ~8–9x |
| ISIN | INE496C01018 |
| IPO | No confirmed IPO |
| Market Status | OTC / Unlisted |
Official Annual Reports: Assam Carbon Annual Reports (Assam Carbon)
Official Company Profile: Assam Carbon Company Profile (Assam Carbon)
Disclaimer: This report is for educational and informational purposes only. Unlisted-share prices are indicative OTC references and may vary based on availability, quantity, liquidity and transaction terms. Financial figures should be verified against the latest audited annual report before making any investment decision. This is not investment advice or a recommendation to buy or sell securities.
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