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HEG
HEG (HEG) investor relations material
HEG Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary11 Feb, 2026
Executive summary
Global steel production declined 2% year-over-year in 2025, with China down 4.4% and India up 10.4% due to strong infrastructure and automotive demand.
Achieved consolidated revenue of ₹656.3 crore in Q3 FY26, with profit before tax at ₹246.2 crore, up from ₹118.6 crore in Q3 FY25, reflecting strong operational performance and improved margins.
Board approved unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025.
Exports comprised about two-thirds of total sales, reaching over 30-35 countries and including top 20 global steel companies.
Appointment of Salil Bawa as President - Investor Relations and Senior Management effective February 10, 2026.
Financial highlights
Nine-month revenue ended December 2025 was INR 1,965 crore, up from INR 1,616 crore year-over-year; Q3 FY26 revenue was INR 656 crore.
Standalone net profit for Q3 FY26: ₹141.25 crore (up from ₹130.86 crore in Q2 FY26; up from ₹98.32 crore in Q3 FY25); consolidated net profit for Q3 FY26: ₹206.97 crore (up from ₹143.33 crore in Q2 FY26; up from ₹83.40 crore in Q3 FY25).
EBITDA margin improved to 32% in Q3 FY26 from 28% in Q2 FY26 and 23% in Q1 FY26.
Standalone profit after tax for nine months was INR 344 crore, up from INR 163 crore; consolidated profit after tax was INR 455 crore, up from INR 189 crore.
Maintained a treasury balance of INR 1,155 crore and remains long-term debt-free.
Outlook and guidance
Global transition to electric arc furnace (EAF) steelmaking is expected to add 200,000 tons of incremental graphite electrode demand by 2030 (excluding China).
20 million tons of new EAF capacity added in 2024-2025; another 60 million tons expected by 2028, and 30 million tons by 2030.
Announced further expansion to 115,000 tons capacity by end of 2027; construction of a 15,000-ton capacity expansion is on track for completion by early 2028.
Realizations for graphite electrodes are expected to remain stable for the next two quarters.
Short-term market pressure persists due to weak global steel production, keeping graphite electrode demand and spot prices under pressure.
Reconcile EAF demand growth with flat pricing
Detail HEG's cost advantage vs global peers
Elaborate on anode power cost competitive edge
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Latest events from HEG
- Q1 profit and revenue fell sharply; board approved share split and restructuring.HEG
Q1 24/2523 Jan 2026 - Restructuring creates two listed entities with strong growth in battery and clean tech sectors.HEGInvestor update19 Jan 2026
- Q2 FY25: Net profit ₹82.28 crore, 80% utilization, IT acquisition, demand recovery seen in 2025.HEGQ2 24/2514 Jan 2026
- Revenue and profit fell on weak demand and investment losses, but restructuring and dividend advanced.HEGQ4 24/2516 Dec 2025
- Q3 FY25 profit and margins rose on strong utilization, with major expansion and investments approved.HEGQ3 24/2516 Dec 2025
- Strong profit rebound, margin gains, and major graphite capacity expansion approved.HEGQ1 25/2623 Nov 2025
- Q2 FY26 profit and revenue surged, with expansion, demerger, and investments advancing.HEGQ2 25/2621 Nov 2025
Next HEG earnings date
Q4 25/2619 May, 2026
HEG
Next HEG earnings date
Q4 25/2619 May, 2026
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