Heg Limited · NSE:HEG
Heg — Q3 FY2026 Earnings Presentation
18 slides from Heg's earnings presentation, Feb 10, 2026
Slide 1: Cover letter to BSE and NSE on investor presentation
HEG/SECTT/2026 February 10, 2026 1 BSE Limited 2 National Stock Exchange of India Limited P J Towers Exchange Plaza, 5th Floor Dalal Street Plot No.C/1, G Block, Bandra - Kurla Complex MUMBAI - 400 001. Bandra (E), MUMBAI - 400 051. Scrip Code : 509631 Scrip Code : HEG Sub: Investors presentation on
Slide 2: HEG Limited Investor Presentation: Performance Highlights Q3 FY 25-26
HEG LIMITED Investor Presentation Performance Highlights Q3 of FY 25-26
Slide 3: Graphite Electrode (GE)
Graphite Electrode (GE) 1. A consumable for Electric Arc Furnaces (EAF) used in steel production 2. Functions as an electrical conductor in EAFs, generating the heat required to melt steel scrap 3. High-tech / High Entry Barrier – HEG was the last new entrant in the Western world in 1976 4. EAF-prod
Slide 4: HEG Limited – Unique Strengths
HEG Limited – Unique Strengths 1. Has been World’s Largest Single Site Graphite Electrode Plant under one roof with a capacity of 80,000 tons pa for a long time. 2. Since Nov’23, capacity expanded to 100,000 tons to become the third largest producer of Graphite electrodes in the western world. 3. Ex
Slide 5: GE Capacity Build up
GE Capacity Build up Capacity Fig. in 000’MT 120 115 100 100 80 80 66 60 52 40 30 20 14 0 1990 2002 2006 2009 2012 2024 2028 HEG Ltd © LNJ Bhilwara Group 4
Slide 6: Expanded plant at 100,000 tons – operational since Nov'23
Expanded plant at 100,000 tons – operational since Nov’23 HEG Ltd © LNJ Bhilwara Group 5
Slide 7: Top 10 Crude Steel Producing Countries
TOP 10 Crude Steel - Producing Countries Crude Steel Production (mmt) Y-o-Y Q-o-Q Sr. No Country 2024 2025 Y-o-Y (%) Jul-Sep'25 Oct-Dec'25 Q-o-Q (%) 1 China 1,005.0 960.8 -4.4% 230.5 210.1 -8.9% 2 India 149.4 164.9 10.4% 41.6 42.5 2.2% 3 Japan 84.0 80.7 -4.0% 19.9 20.2 1.4% 4 United States 79.5 82.0
Slide 8: Industry Outlook
Industry Outlook • Global crude steel production under pressure: Full-year CY-2025 fell ~2.0% YoY, reflecting weak end-use demand across major markets. • China drove the downturn with output declined ~4.4% YoY to 960.8 mmt, while record steel exports (~119 mmt) displaced domestic weakness and increa
Slide 9: Financial Results for the Quarter & 9 months ended 31st Dec 2025 – Standalone
Financial Results for the Quarter & 9 months ended 31st Dec 2025 – Standalone (Rs. cr) Quarter Ended Nine Months Ended Year Ended Sl. No. Particulars 31-12-2025 30-09-2025 31-12-2024 31-12-2025 31-12-2024 31-03-2025 Unaudited Unaudited Unaudited Unaudited Unaudited Audited I Revenue from operations
Slide 10: Financial Results for the Quarter & 9 months ended 31st Dec 2025 – Standalone (cont.)
Financial Results for the Quarter & 9 months ended 31st Dec 2025 – Standalone (Rs. cr) Quarter Ended Nine Months Ended Year Ended Sl. No. Particulars 31-12-2025 30-09-2025 31-12-2024 31-12-2025 31-12-2024 31-03-2025 Unaudited Unaudited Unaudited Unaudited Unaudited Audited VII Profit/(loss) before t
Slide 11: Financial Results for the Quarter & 9 months ended 31st Dec 2025 – Consolidated
Financial Results for the Quarter & 9 months ended 31st Dec 2025–Consolidated (Rs. cr) Quarter Ended Nine Months Ended Year Ended Sl. No. Particulars 31-12-2025 30-09-2025 31-12-2024 31-12-2025 31-12-2024 31-03-2025 Unaudited Unaudited Unaudited Unaudited Unaudited Audited I Revenue from operations
Slide 12: Financial Results for the Quarter & 9 months ended 31st Dec 2025 – Consolidated (cont.)
Financial Results for the Quarter & 9 months ended 31st Dec 2025–Consolidated (Rs. cr) Quarter Ended Nine Months Ended Year Ended Sl. No. Particulars 31-12-2025 30-09-2025 31-12-2024 31-12-2025 31-12-2024 31-03-2025 Unaudited Unaudited Unaudited Unaudited Unaudited Audited IX Profit/(Loss) before ta
Slide 13: Financial Snapshot (Standalone)
Financial Snapshot (Standalone) Rs. in cr (except EPS) FY 25-26 FY PARTICULARS Q3 Q2 Q1 24-25 23-24 22-23 TOTAL INCOME 756 804 660 2279 2537 2576 EBITDA 243 226 154 388 526 729 EBIT 189 172 101 187 351 626 PAT 141 131 72 101 232 456 EPS 7.32 6.78 3.72 5.25 12.00 23.60 EBITDA Margin (%) 32% 28% 23% 1
Slide 14: Quarterly Performance (Standalone) – Revenue from Operations
Quarterly Performance (Standalone) (Rs. in crs.) 697 656 613 571 568 547 537 477 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY24 FY25 FY26 Revenue from Operations HEG Ltd © LNJ Bhilwara Group 13
Slide 15: Quarterly Performance (Standalone) – EBITDA
Quarterly Performance (Standalone) (Rs. in crs.) 243 226 194 154 140 108 59 -5* Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY24 FY25 FY26 * Negative EBITDA is on account of loss on fair value of investment in GrafTech HEG Ltd © LNJ Bhilwara Group 14
Slide 16: Investments (Standalone)
Investments (Standalone) (Rs. in crs.) 1167 1155 982 998 977 917 923 875 31st Mar24 30th Jun24 30th Sep24 31st Dec24 31st Mar25 30th Jun25 30th Sep25 31st Dec25 * Investments including Cash & Cash equivalents and excluding investments in Associates & Wholly Owned Subsidiary HEG Ltd © LNJ Bhilwara Gr
Slide 17: Borrowings (Standalone)
Borrowings (Standalone) (Rs. in crs.) 691 642 619 599 585 586 561 494 31st Mar24 30th Jun24 30th Sep24 31st Dec24 31st Mar25 30th Jun25 30th Sep25 31st Dec25 Short Term Working Capital Borrowings Outstanding at the end of the Qtr. HEG Ltd © LNJ Bhilwara Group 16
Slide 18: Thank You
Thank You Mr. Manish Gulati : Executive Director Mr. Om Prakash Ajmera : Group CFO Mr. Ravi Kant Tripathi : CFO Mr. Puneet Anand : CSO HEG Limited Ph: +91-7480-405500 Email: Manish.gulati@lnjbhilwara.com rk.tripathi@lnjbhilwara.com HEG Ltd © LNJ Bhilwara Group 17