HEG Limited — Investor Meet, 17-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

HEG reported Q2 FY26 revenue of INR 697 Cr, up from INR 568 Cr YoY, with a standalone PAT of INR 131 Cr. Revenue growth was entirely volume-driven as electrode prices remained flat. Global steel demand ex-India is soft, intensified by Chinese exports, leading to muted graphite electrode demand and margin pressure. HEG maintained over 90% capacity utilization, demonstrating operational resilience. Management expects long-term growth from the electric arc furnace (EAF) steelmaking transition, with a 15,000-ton capacity expansion costing INR 650 Cr planned for production by Q1 FY28. The demerger process is progressing, targeting NCLT approval by April 2026. Management foresees better demand and firming prices in future fiscal years.