Evion Group’s Panthera Graphite Technologies joint venture posted a US$530,000 EBITDA in its first full year of commercial production, operating at just 20-25% capacity and setting the stage for substantial earnings growth.
- First-year EBITDA of US$530,000 at under 25% capacity
- Gross profit margin improved to 54.5% on US$1.72 million revenue
- Expandable graphite sells at premium US$3,100-$3,400 per tonne
- Ramp-up to 2,500 tonnes targets US$3.4 million EBITDA
- Stage 2 expansion aims for US$5.8 million EBITDA at 4,000 tonnes
Early Profitability Confirms Business Model
Evion Group’s Panthera Graphite Technologies (PGT) operation has delivered a solid first-year financial performance, posting an audited EBITDA of US$530,000 for the year ended 31 March 2026. What stands out is that this profitability was achieved at just 20-25% of its nameplate production capacity, underscoring the strength of the underlying business model well before full-scale operations.
Revenues of US$1.72 million were accompanied by a gross profit margin of 54.5%, a substantial improvement from 30.7% the previous year. This margin expansion reflects operating leverage kicking in as volumes begin to scale, with core expandable graphite products commanding premium prices between US$3,100 and US$3,400 per metric ton. This pricing premium highlights PGT’s positioning in the market relative to commodity-grade alternatives.
Path to Scale and Earnings Growth
With the initial proof of concept behind it, PGT is poised for a significant ramp-up. Evion projects that increasing production to 2,500 tonnes per annum (Stage 1) will support EBITDA of US$3.4 million and net profit of US$2.9 million. Further expansion to 4,000 tonnes per annum (Stage 2) targets an EBITDA of US$5.8 million and pre-tax net profit of US$5.3 million, assuming the current margin structure holds.
This growth trajectory is backed by the facility’s ability to reduce on-site debt from operating cash flows, positioning PGT to accelerate its expansion without relying heavily on external financing. The joint venture’s location in a Special Economic Zone near Pune, India, with established infrastructure and a partner experienced in expandable graphite manufacturing, adds operational resilience to the plan.
Strategic Role in Evion’s Critical Minerals Portfolio
Beyond the standalone earnings, PGT validates Evion’s broader strategy of building a vertically integrated critical minerals processing platform. Graphite, designated a critical mineral by the U.S., EU, and Australia, is a key input for lithium-ion batteries and fire retardant materials, sectors with strong demand growth.
Evion’s multi-commodity footprint now spans India, the U.S., and Madagascar, with graphite and fluorspar projects advancing in Nevada and Madagascar respectively. The recent acquisition of the Carp Fluorspar Project in Nevada, confirmed to contain high-grade mineralisation, complements the graphite operation and expands Evion’s exposure to critical minerals essential for industrial and clean energy applications. This integrated approach aims to capture value across exploration, development, processing, and delivery to global customers.
Management Perspective and Next Steps
Managing Director David Round described the milestone as a strong validation of Evion’s thesis. Achieving positive EBITDA at a fraction of capacity with premium pricing and debt reduction from operations confirms the company’s confidence in scaling production aggressively toward its 2,500-tonne target.
Evion plans to provide further updates on PGT’s growth strategy and broader corporate developments in due course. Investors will be watching closely to see how the ramp-up unfolds and how the company balances expansion with its critical minerals development pipeline.
Bottom Line?
Evion’s first-year EBITDA at minimal capacity offers a clear runway for scaling earnings, but execution risks remain as it moves toward full production.
Questions in the middle?
- How quickly can PGT ramp production to the 2,500-tonne target in FY2027?
- Will premium pricing for expandable graphite hold as volumes increase?
- How will earnings from PGT influence funding and timelines for Evion’s Nevada and Madagascar projects?