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HEG (HEG) investor relations material
HEG Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary12 Nov, 2025
Executive summary
Q2 FY2026 saw higher revenues and profits, driven by increased sales volumes and 90%+ capacity utilization, with consolidated revenue reaching ₹699.2 crore and PAT at ₹143.3 crore.
Standalone and consolidated financial results for the quarter and half year ended September 30, 2025, were approved and reviewed without qualification by auditors.
The company maintains a diversified global sales footprint, exporting 65-70% of production to about 35 countries, with U.S. and Europe accounting for 10-12% and less than 10% of volumes, respectively.
Ongoing demerger and amalgamation process is expected to receive NCLT approval by April 2026, with treasury allocation between TSEC and the graphite business.
Board approved subscription to ₹633 crore of optionally convertible debentures in TACC Limited, a wholly owned subsidiary, for business expansion and R&D.
Financial highlights
Q2 FY2026 consolidated revenue was ₹699.2 crore, up from ₹567.6 crore in Q2 FY2025; standalone revenue for H1 FY26 was ₹1,309.63 crore.
Standalone net profit after tax for Q2 FY26 was ₹130.9 crore, with consolidated PAT at ₹143.3 crore; H1 FY26 standalone net profit was ₹202.66 crore.
Standalone EBITDA margin improved to 28% in Q2 FY26, with consolidated EBITDA for H1 FY26 at ₹385.89 crore.
Standalone EPS for Q2 FY26 was ₹6.78, up from ₹3.22 in Q2 FY25; H1 FY26 standalone EPS was ₹10.50.
Mark-to-market gains on investments, especially in Graftech International, contributed significantly to other income.
Outlook and guidance
Expectation of continued high utilization (close to 90%) for the remainder of FY2026, with no margin improvement anticipated in Q3.
Long-term strategy focuses on EAF steelmaking expansion, supporting sustained graphite electrode demand through 2030 and beyond.
Expansion of 15,000 tons capacity (INR 650 crores CapEx) to be completed by end of 2027, ready for production in Q1 2028.
Greentech business expects EBITDA to double in FY2027 as new projects come online.
The company is confident that IGST refund-related show cause notices for FY20 and FY21 will be resolved favorably.
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Q3 25/2613 Feb, 2026
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Frequently asked questions
HEG Limited is an India-based company primarily engaged in the manufacturing of graphite electrodes, which are used in electric arc furnaces for steel production. The company operates one of the largest integrated graphite electrode plants in the world and serves both domestic and international markets. HEG’s operations include the production of graphite electrodes, related specialty products, and by-products. The company also has interests in power generation to support its energy-intensive manufacturing processes. HEG Limited is headquartered in Noida, India, and its shares are listed on the BSE.
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