olivLaw · European equity research
Total Graphite Plc TGR.L
United Kingdom · London Stock Exchange · ISIN GB00BFYMWJ95 · Vertical: Listed companies from United Kingdom
Total Graphite Plc is a specialist producer of natural flake graphite, operating in Madagascar and holding projects in Mozambique, and is currently in an operational turnaround. Natural graphite is classed as a critical mineral for energy storage and battery technology, and the company aims to become a vertically integrated supplier outside China, which has restricted graphite exports. Output rose to 2964 Mt in fiscal 2026 but remains well below the potential of its assets.
At the close of 05 Nov 2026, Total Graphite Plc (TGR.L) stock was 0.01 GBP (−2.94% on the day), with market capitalisation 1.2 m GBP, beta 3.01, 52-week range 0.00–0.06 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 48.9
- neutral
- Bollinger (20, 2)
- 0.01 – 0.01
- in the upper half of the band · %B 0.60 · band width 20.8%
- SMA 50 / 200
- 0.01 / 0.03
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +6.5% | −0.6% | +7.1 pp | — |
| 3 months | +6.5% | −4.2% | +10.6 pp | — |
| 6 months | −38.4% | +4.3% | −42.8 pp | — |
| Year to date | unavailable | +7.5% | unavailable | — |
| 1 year | unavailable | +9.9% | unavailable | +5.8% |
| 3 years | −96.6% | +49.8% | −146.4 pp | +26.3% |
| 5 years | −99.1% | +42.8% | −141.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 4.9 m | 1.6 m | 1.7 m |
| Revenue YoY | unavailable | −67.9% | +5.7% |
| Net income | -13.0 k | -5.9 m | -5.9 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.00 | -0.04 | -0.04 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -0.3% | -373.6% | -356.8% |
| Free cash flow | unavailable | -1.6 m | -3.3 m |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 277.0 k GBP
- Financial debt
- 2.2 m GBP
- Net debt
- 1.9 m GBP
- Equity
- 21.4 m GBP
- Total assets
- 27.7 m GBP
- Debt / equity
- 0.10x
- Current ratio
- 1.04x
- ROE
- -30.1%
- ROA
- -21.7%
- FCF margin
- -200.5%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 4.9 m | 1.6 m | 1.7 m | esef· 02 Sept 2026verified |
| Cost of revenue | 4.4 m | 2.3 m | 2.1 m | esef· 02 Sept 2026verified |
| Gross profit | -982.0 k | -1.9 m | -1.6 m | esef· 02 Sept 2026verified |
| Operating income | -5.1 m | -5.3 m | -5.1 m | esef· 02 Sept 2026verified |
| Interest expense | 403.0 k | 664.0 k | 887.0 k | esef· 02 Sept 2026verified |
| Pre-tax income | 63.0 k | -5.8 m | -5.9 m | esef· 02 Sept 2026verified |
| Income tax | 76.0 k | 71.0 k | 20.0 k | esef· 02 Sept 2026verified |
| Net income | -13.0 k | -5.9 m | -5.9 m | esef· 02 Sept 2026verified |
| Diluted EPS | -0.00 | -0.04 | -0.04 | esef· 02 Sept 2026verified |
Balance sheet · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 186.0 k | 172.0 k | 277.0 k | esef· 02 Sept 2026verified |
| Receivables | 2.7 m | 2.3 m | 3.8 m | esef· 02 Sept 2026verified |
| Inventories | 1.2 m | 503.0 k | 566.0 k | esef· 02 Sept 2026verified |
| Current assets | 5.9 m | 4.8 m | 6.3 m | esef· 02 Sept 2026verified |
| Property, plant & equipment, net | 19.9 m | 18.9 m | 17.8 m | esef· 02 Sept 2026verified |
| Intangibles (excl. goodwill) | 3.6 m | 3.3 m | 3.6 m | esef· 02 Sept 2026verified |
| Total assets | — | 27.0 m | 27.7 m | esef· 02 Sept 2026verified |
| Accounts payable | 2.8 m | 3.6 m | 3.9 m | esef· 02 Sept 2026verified |
| Short-term debt | 1.1 m | 3.0 m | 2.2 m | esef· 02 Sept 2026verified |
| Long-term debt | 1.9 m | 1.9 m | 0 | esef· 02 Sept 2026verified |
| Current liabilities | 4.6 m | 6.7 m | 6.1 m | esef· 02 Sept 2026verified |
| Total liabilities | — | 8.8 m | 6.4 m | esef· 02 Sept 2026verified |
| Equity | 22.9 m | 18.1 m | 21.4 m | esef· 02 Sept 2026verified |
| Shares outstanding at year end | — | 131.0 m | 148.5 m | esef· 02 Sept 2026derived |
Cash flow · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -454.0 k | -1.6 m | -3.1 m | esef· 02 Sept 2026verified |
| Capex | — | 0 | 213.0 k | esef· 02 Sept 2026verified |
| Free cash flow | — | -1.6 m ≈ | -3.3 m ≈ | esef· 02 Sept 2026derived |
| Investing cash flow | -1.6 m | 268.0 k | -120.0 k | esef· 02 Sept 2026verified |
| Financing cash flow | 1.9 m | 1.3 m | 3.4 m | esef· 02 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.2 m GBP
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -18.5% | 8 (vs peers) | 29% |
| Net margin · Quality | -356.8% | 6 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -5.7x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 1.0x | 20 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -272.5% | 0 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet8/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality7/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TOTAL GRAPHITE PLC (TGR.L). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 1.7 m GBP in 2026; YoY growth 5.7%; net margin -356.8%; ROE -30.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -18.5%
- Net margin: -356.8%
- Interest coverage: -5.7x
- Current ratio: 1.0x
- FCF yield: -272.5%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| TGR.LTotal Graphite PLC | 1.2 m | — | -30.1% | -356.8% | +5.7% | −89% / −99% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for TGR.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Total Graphite Plc is a specialist producer of natural flake graphite, operating in Madagascar and holding projects in Mozambique, and is currently in an operational turnaround. Natural graphite is classed as a critical mineral for energy storage and battery technology, and the company aims to become a vertically integrated supplier outside China, which has restricted graphite exports. Output rose to 2964 Mt in fiscal 2026 but remains well below the potential of its assets.
SWOT
Strengths
- An established flake graphite producer in Madagascar with long-term mining permits and access to a jurisdiction the company describes as stable.
- A portfolio of development projects in Mozambique and a proposed US anode project, offering growth and vertical integration options.
- Natural graphite is a critical mineral, giving a favourable position for customers looking for non-Chinese supply.
Weaknesses
- Current production is intermittent and unit costs exceed revenue per unit, producing negative operating margins.
- Sahamamy is on care and maintenance and the restart plan depends on extra funding or a joint venture partner.
- Feasibility studies for the Mozambique and US projects are dated and need updating before any investment decision.
Opportunities
- Chinese export restrictions and government supply-chain diversification policies could favour African graphite suppliers.
- Demand for purified and micronised graphite in electronics, automotive and industry could grow in the coming years.
- Integration into anode materials could add value if the US project is financed and built.
Threats
- Extreme weather and road problems could interrupt production and raise operating costs.
- Insurgency in northern Mozambique and political instability could delay or block project development there.
- Competition from lower-cost, larger-scale Chinese producers could limit prices and the company's market share.
Risks
- Liquidity and fundinghigh
The company depends on external funding to restart operations and develop projects, and without new funds the ramp-up plan could be delayed.
- Licence and permit obligationshigh
Failure to meet obligations under licences and permits, including development deadlines in Mozambique, could affect the company's right to hold the concessions.
- Weather riskmedium
Heavy rain can halt mining and damage roads, and climate change could increase how often such events occur.
- Geological riskmedium
Ore grade at Vatomina has been below the planned target, and the lack of a long-term mine plan could keep costs high.
- Geopolitical risk in Mozambiquehigh
Insurgency and political instability could extend force majeure and delay any resumption of activity in the region.
Investment thesis
What would need to be true (bull case)
- If Vatomina output stabilises at planned capacity, the company could quickly turn a loss-making operation into one with positive revenue and margins.
- Chinese export restrictions and battery-driven demand could support prices and demand for high-purity African graphite.
- The Mozambique and US anode projects offer growth options if the updated studies confirm the values currently presented.
What would break the thesis
- Current operations are intermittent and unit costs exceed the selling price, which could keep eroding margins.
- Dependence on external funding could limit the company's ability to restart Sahamamy and finance the Mozambique projects.
- Dated feasibility studies and security risks in Mozambique could mean the presented values are not confirmed.
What to watch
- Production rate at Vatomina after the March 2026 restartQ1 2027
- Evolution of China's graphite export relaxations2026
- Timing and results of the updated Mozambique feasibility studiesnext 10-K
- How the company funds the Sahamamy restart or brings in a partner2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company, listed in London after its December 2020 IPO, owns the Vatomina and Sahamamy concessions in Madagascar, which together provide about 33 square kilometres of flake graphite mining permits. Vatomina was the only active operation in fiscal 2026; output was suspended in September 2025 and restarted at the end of March 2026 after a fundraise. Sahamamy has been on care and maintenance since April 2024.
In Mozambique the company holds Montepuez, at definitive feasibility stage with an NPV of 146 mn USD, and Balama Central, with a pre-feasibility study showing an NPV of 177 mn USD that now requires updating. Activity there has been inactive because of force majeure declarations linked to insurgency in the region.
The company is also considering an anode material facility in the United States, with a 2017 pre-feasibility study showing an NPV of 377 mn USD, capex of 48 mn USD and a selected site in Reno, Nevada. These figures date from 2017 and are being updated according to the company's plan.
Segments
Madagascar (Vatomina and Sahamamy)
The only segment producing in fiscal 2026. The average selling price fell to 615 GBP per tonne from 703 GBP a year earlier, and unit costs stayed high because of intermittent production and large fixed costs. The turnaround plan includes new ore zones, additional equipment and drainage and road works for the rainy season.
Mozambique (Montepuez and Balama Central)
Development projects currently on hold under force majeure declarations. The company has announced its intention to update the feasibility studies, and the current values come from older studies that may not reflect today's market conditions.
US anode (proposed project)
A proposed vertical integration project that could convert graphite into anode materials for US battery makers. It is still at the 2017 pre-feasibility stage with no final investment decision.
Market context
The market still depends on the slow development of new mines and the technical difficulties producers face. Non-Chinese producers could benefit if China's export restrictions remain in place, although the November 2025 relaxations only run until 27 November 2026.
Trends
- Chinese export restrictionstailwind
Chinese limits on graphite exports, including a ban on purified graphite in some cases, create openings for producers outside China. Partial relaxations from November 2025 could reduce this advantage if they expand.
- Demand from electric vehicle batteriestailwind
Graphite demand is rising with electric vehicle batteries and large-scale storage, and US battery capacity plans grew considerably after the Inflation Reduction Act. This trend could support revenue if output returns to the planned level.
- Premiumisation of graphitemixed
Industrial users are moving to higher purity grades, which increases demand for purified graphite. The company could benefit if it can consistently deliver the quality required.
- Weather and infrastructureheadwind
Heavy rain and impassable roads caused lost working days and delayed ramp-up, while unit costs stayed under pressure. These conditions could persist if equipment investment is delayed.
Competitive position
Competition comes mainly from Chinese producers, which dominate graphite production and processing, and from other flake graphite producers in Africa and elsewhere. The company positions itself as a vertically integrated supplier outside China, but its current production scale is small.
Advanced processing is dominated by players controlling anode material and spheronisation. If the US anode project were realised, the company would compete directly with anode material producers, a capital-intensive market with specialised technology.
- Chinese graphite and anode material producers
Control a major share of global production and anode material, with scale and integration advantages.
- Other flake graphite producers outside China
Compete for the same customers looking for alternative sources, including in Africa and other regions.
- Expandable graphite producers in India, Japan and Germany
Recently entered the market and serve non-Chinese demand for specialised products.
- US anode material producers
Could be competitors or partners for the proposed Nevada anode project, depending on the final structure.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202518 Mar 2026
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / Total Graphite Plc · 31 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.