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HEG (HEG) investor relations material
HEG Q1 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue and profitability saw significant year-over-year and sequential growth, with consolidated net profit for Q1 FY26 at ₹104.83 crore, up from ₹23.04 crore in Q1 FY25 and a loss of ₹73.67 crore in Q4 FY25.
Revenue from operations increased to ₹616.93 crore in Q1 FY26, up from ₹571.46 crore year-over-year and ₹542.25 crore sequentially.
EBITDA margin improved to 23% in Q1 FY26 from 17% in FY25, reflecting operational efficiency gains.
The company remains the lowest-cost producer globally, leveraging a single large production site and competitive cost structure.
Board approved a major capacity expansion of 15,000 tons to reach 115,000 tons, with ₹650 crore capex, expected to be operational by Q4 FY28 and funded by internal accruals and debt if required.
Financial highlights
Standalone revenue from operations for Q1 FY26 was ₹612.78–₹613 crore, up from ₹571.46 crore in Q1 FY25.
Standalone net profit for Q1 FY26 was ₹71.80 crore, compared to ₹2.58 crore in Q1 FY25 and a loss of ₹61.68 crore in Q4 FY25.
Consolidated EBITDA for Q1 FY26 reached ₹154 crore, up from ₹59 crore in Q1 FY25 and ₹108 crore in Q4 FY25.
EPS for Q1 FY26 stood at ₹3.72, up from ₹0.13 in Q1 FY25 and a loss of ₹3.20 in Q4 FY25 (restated for share split).
The company remains long-term debt-free with treasury size of ₹977 crore as of June 30, 2025.
Outlook and guidance
Capacity utilization is expected to be around 85% for the remaining quarters of the year.
Operational EBITDA margins are expected to remain stable, excluding mark-to-market effects.
Management anticipates price recovery as industry utilization improves, with potential for margin expansion as demand rises.
Long-term demand for graphite electrodes is expected to rise due to global decarbonization and EAF steelmaking trends.
Short-term market conditions remain challenging with weak demand and price pressure, but structural transition supports long-term growth.
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