Panthera Graphite Technologies
50% Evion Group 50% Metachem Manufacturing Company
Pune, India
>21 years
US$100 million
IRR pre-tax
571 %
Project CAPEX
US$3 million
Panthera Graphite (PGT) is a joint venture between leading and world recognised downstream graphite processing group, Metachem Manufacturing, India and the Evion Group NL.
Evion brings substantial commercial and graphite marketing to the JV and proposes to supply material from its Maniry site in the near future.
The global expandable graphite market is projected to grow from approximately USD 290 million in 2025 to USD 420 million by 2030, representing a CAGR of 7.4%.
Project Development and Production
Commercial performance and production growth:
PGT completed its first full year of commercial production, delivering US$530,000 EBITDA in FY2026 while operating at just 20–25% of nameplate capacity. The business generated US$1.72 million in revenue from 720 tonnes of sales, with a 54.5% gross margin. Production continues to ramp up, with June 2026 output exceeding 160 tonnes and September quarter production targeted at 250–300 tonnes.
Scalable growth and global opportunity:
Stage 1 expansion is targeting 2,500 tonnes per annum, followed by Stage 2 at 4,000 tonnes per annum, with projected EBITDA of approximately US$3.4 million at 2,500 tpa and US$5.8 million at 4,000 tpa. PGT provides Evion with a platform to develop higher-value graphite products targeting thermal management, AI infrastructure, defence and energy security applications, positioning the business to scale into global critical materials markets.
