UNITED STATES

                SECURITIES AND EXCHANGE COMMISSION

                      WASHINGTON, D. C. 20549

                             _________


                             FORM 8-K

                          CURRENT REPORT
              Pursuant to Section 13 or 15(d) of the
                  Securities Exchange Act of 1934



Date of Report (Date of earliest event reported):  October 27, 2003


                        GRAHAM CORPORATION
        (exact name of registrant as specified in Charter)


Delaware                         1-8462                       16-1194720
- --------                         ------                       ----------
(State  or other jurisdiction    (Commission File Number)     (IRS Employer
 of  Incorporation)                                            Identification
                                                               Number)


            20 Florence Avenue, Batavia, New York 14020
            -------------------------------------------
             (Address of principal executive offices)


Registrant's telephone number, including area code: (585) 343-2216
                                                    --------------


                                N/A

   (Former name or former address, if changed since last report)
















     Item 7.    Exhibits
                --------
     99.1    Press  Release  issued October  27,  2003  announcing
     earnings of Graham Corporation for the fiscal quarter and six
     months ended September 30, 2003.


     Item   12.  Results  of  Operations  and  Financial Condition
                 -------------------------------------------------
     On October 27, 2003, Graham Corporation issued a press
     release announcing results of operations for the fiscal
     quarter and six months ended September 30, 2003. A copy is
     attached hereto as Exhibit 99.1 and is incorporated herein by
     reference.

     The information in this Current Report on Form 8-K and the
     exhibit attached hereto shall not be deemed to be filed for
     the purposes of Section 18 of the Securities Exchange Act of
     1934, as amended, nor shall it be deemed incorporated by
     reference in any filing under the Exchange Act or Securities
     Act of 1933, as amended, except as expressly set forth by
     specific reference in such filing.





                                SIGNATURES

      Pursuant to the requirements of the Securities Exchange  Act
of  1934, the registrant has duly caused this report to be  signed
on its behalf by the undersigned thereunto duly authorized.

                                   GRAHAM CORPORATION
                                   (Registrant)




Date:  October 28, 2003              By /s/ J. Ronald Hansen
                                        __________________________
                                        J. Ronald Hansen
                                        Vice President - Finance
                                        & Administration and
                                        Chief Financial Officer














                           Exhibit Index


Exhibit Number      Document Description

     99.1           Press Release dated October 28, 2003