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HEG reported strong standalone performance for Q1 FY26, with revenue at Rs 612.78 Cr, up 7.2% YoY. PAT significantly improved to Rs 71.80 Cr from Rs 2.58 Cr a year ago, and EBITDA reached Rs 154 Cr with a 23% margin, rebounding from Q4 FY25's negative EBITDA. Despite a 1.9% decline in global crude steel production and weak graphite electrode demand, India's steel output rose 9.2%. The company is expanding its graphite electrode capacity from 100,000 to 115,000 tons with a Rs 650 Cr capex, aiming for completion by January 2028, driven by the long-term shift to Electric Arc Furnaces (EAFs) for decarbonization.