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HEG shines in Q3 FY26 with revenue of Rs. 656 Cr (9M: Rs. 1,965 Cr) and 9M PAT of Rs. 344 Cr. The company achieved 89% capacity utilization for 9M FY26, highest globally for its 100,000-ton plant. Management expects stable electrode prices for settled volumes, with no near-term uptick. The global shift to Electric Arc Furnaces (EAFs) is a major tailwind, projecting 110M tons of new EAF capacity by 2030, driving 200K tons of incremental electrode demand. HEG's 15,000-ton expansion is on track for early 2028, positioning it to capitalize on this growth. Sentiment remains confident on long-term prospects.