Tirupati Graphite is making a bold comeback with a production ramp-up at its flagship Vatomina project and decisive leadership moves aimed at turning investor sentiment. The company’s momentum is gathering pace as it targets significant monthly output milestones and strengthens its financial foundations.
Tirupati Graphite is firmly on course to reach key production targets at its Vatomina project in Madagascar—600 tonnes of graphite concentrate per month by the end of April, 1,000 tonnes by the end of July, and 1,500 tonnes by December. February saw the highest monthly output in over a year, with 375 tonnes of flake graphite concentrate produced across various grades, including premium 96% purity product.
Customer shipments are accelerating. The company dispatched 100 tonnes of graphite at the end of February and had a further 280 tonnes ready for export from the Port of Tamatave in early March. To bolster production, Tirupati has begun relocating two pre-concentration units from its nearby Sahamamy project, a move expected to further boost output at Vatomina in the coming weeks.
Tirupati’s commercial outlook is also strengthening. Its order book now stands at 5,780 tonnes with an average sales price of $940 per tonne, secured for delivery through March 2026. The company continues to experience strong inbound interest from long-term buyers, reinforcing its efforts to expand the sales pipeline and optimise pricing. At the same time, a new quality control system is being introduced to enhance operational reliability and output consistency.
From April, all new sales will begin generating cashflow as the company completes fulfilment of prepaid orders from early 2024. Chairperson Mark Rollins noted the impressive turnaround since February’s production restart under new management, highlighting improved operational discipline and execution.
On the financial front, Tirupati is rebuilding its accounting systems following disruptions under the former CEO, with a new system now being implemented. This will allow the company to publish its full-year and interim financial results in April. Tirupati also plans to resume trading on the London Stock Exchange by month-end, pending completion of the audit.
In a significant governance shift, co-CEO Shishir Poddar was terminated in February amid an ongoing investigation into alleged misconduct. Anthony James Nieuwenhuys has since stepped in as sole CEO, accompanied by key executive changes aimed at reinforcing leadership strength.
To support its turnaround, Tirupati is placing zero-coupon convertible notes, having secured £1.74 million in commitments. The notes will convert to equity at £0.05 per share, subject to listing. A broader equity placing will follow, with proceeds dedicated to working capital and general corporate use.
Rollins acknowledged the company’s financial situation remains under reconstruction but emphasised its growing momentum. Tirupati is positioning itself to benefit from the surging demand for graphite driven by industrial applications and the global energy transition.
Tirupati Graphite PLC (LON:TGR) is a fully integrated specialist graphite and graphene producer, with operations in Madagascar and Mozambique. The Company is delivering on this strategy by being fully integrated from mine to graphene. Its global multi-location operations include primary mining and processing in Madagascar, hi-tech graphite processing in India to produce specialty graphite, and a state-of-art graphene and technology R&D center to be established in India.
