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 production established: PGT completed its first full year of commercial production, delivering US$530,000 EBITDA in FY2026 while operating at only 20–25% of nameplate capacity.
Strong operating performance: Generated US$1.72 million revenue from 720 tonnes of sales, with a 54.5% gross margin, demonstrating significant operating leverage as production scales.
Production ramp-up underway: June 2026 production exceeded 160 tonnes, with September quarter production targeted at 250–300 tonnes.
Scalable growth platform: Stage 1 expansion targets 2,500 tonnes per annum, with Stage 2 targeting 4,000 tonnes per annum.
Significant earnings potential: Planned expansions are projected to support EBITDA of approximately US$3.4 million at 2,500 tpa and US$5.8 million at 4,000 tpa.
Downstream growth: PGT provides a platform for Evion to develop higher-value graphite products targeting thermal management, AI infrastructure, defence and energy security applications.
Global market opportunity: With commercial production, customer relationships and product specifications established, PGT is positioned to scale supply into global critical materials markets.
