HEG Limited Q3 FY26 Earnings Call Transcript Released on Feb 16, 2026
HEG Limited released its Q3 FY26 earnings call transcript. Revenue for nine months ended Dec 2025 was ₹1,965 crore (up from ₹1,616 crore). Q3 FY26 revenue was ₹656 crore (up from ₹477 crore). Nine-month EBITDA was ₹623 crore (up from ₹393 crore). Consolidated PAT was ₹455 crore. The company remains debt-free with ₹1,155 crore in treasury.
The announcement provides a detailed update on financial performance, market outlook, and strategic initiatives, including capacity expansion and the growth of new business segments. This information is highly material for investors.
The company reported strong financial results with significant year-on-year growth in revenue and EBITDA. Management expressed confidence in future demand driven by the shift to EAF steelmaking and highlighted operational efficiencies and expansion plans.
HEG Limited has released the transcript of its earnings conference call for the third quarter of the fiscal year 2026, which was held on February 11, 2026. The call, intimated on February 3, 2026, featured management discussions on the global steel and graphite electrode markets, operational performance, and financial results.
During the call, Chairman and MD, Mr. Ravi Jhunjhunwala, provided context on the global steel market, noting a 2% year-on-year decline in global steel production in calendar year 2025, with China seeing a 4.4% decrease. However, India's crude steel production increased by 10.4%. The graphite electrode market faced challenges due to muted demand and pricing pressure from Chinese exports, but medium-term fundamentals are supported by disciplined supply and the shift towards electric arc furnace (EAF) steelmaking.
HEG highlighted its consistent high capacity utilization, operating at 85% in the previous quarter and 89% in the last three quarters combined, with its single-location facility being the largest globally. The company reiterated its expansion by 15,000 tons, expected to be completed by early 2028, to cater to the growing demand from EAF steelmaking, projected to increase by approximately 200,000 tons by 2030.
CFO, Mr. Ravi Kant Tripathi, presented the financial results for the nine months ended December 2025. Revenue from operations stood at ₹1,965 crore, up from ₹1,616 crore in the prior year. For Q3 FY26, revenue was ₹656 crore versus ₹477 crore in the same quarter last year. EBITDA for the nine months was ₹623 crore, up from ₹393 crore. Profit after tax on a standalone basis was ₹344 crore, and on a consolidated basis, ₹455 crore. The company remains debt-free with a treasury balance of approximately ₹1,155 crore as of December 31, 2025.
The management discussed market share gains, product mix (70-75% ultra-high power electrodes), and pricing strategies, noting that 50-60% of next year's volumes are settled at similar pricing to previous quarters. They also addressed concerns regarding competitors like GrafTech, emphasizing the industry's long-term growth potential due to EAF expansion and the increasing demand for graphite electrodes. Discussions also touched upon the company's Greentech business, energy storage, and anode business, with contributions expected from Q1 FY28 onwards.
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