For 1952, Graham began with no points in round 1 in Switzerland, 2nd in the Isle of Man TT though a missed gear change and subsequent loss of power undoubtedly robbed him of a win. Reg Armstrong (Ireland), riding a factory Norton took victory, a very lucky one with Armstrong's chain breaking as he crossed the finish line, with Les Graham 33.4 seconds behind. He failed to score points in the Dutch TT or the Belgian GP. He finished 4th with the fastest lap at Solitude in West Germany. He suffered another non-finish but fastest lap in the Ulster (Tyre tread problems with his Dunlops). He followed this with MV Agusta's first ever 500 cc win plus the fastest lap in front of an enthusiastic Italian crowd at Monza. This was followed by a second win in Spain. He finished the season second to Gilera's Umberto Masetti in the championship. In the 250 cc class, he finished 3rd using Velocette and Benelli machines and claimed 4th in the 125 cc class for MV Agusta.