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Revenue
₹699 Cr
verified against source
Revenue YoY
22.7%
reported change
EBITDA
₹226 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
HEG reported a strong Q2 FY26 with revenue of ₹697 crore (+22.7% YoY) and EBITDA of ₹226 crore (+61.4% YoY), driven entirely by higher sales volumes as prices remained flat. Consolidated PAT stood at ₹105 crore (+28% YoY). The company operated at 90%+ utilization, among the highest in the industry. Management noted muted demand due to Chinese export pricing and US reciprocal tariffs (50%), but expects stabilization as global EAF capacity additions (~20M tons over two years) drive incremental electrode demand of ~30,000 tons. The 15,000-ton expansion (₹650 crore capex) is on track for CY2028. Key risk: US tariffs may pressure competitiveness if not reduced, though US exposure is only 10-12% of sales.
Colored figures show movement against the previous available record.
Guidance to track
- Capex of ₹650 crore for expansion from 100,000 to 115,000 tons, with production starting in Q1 CY2028.
- Scheme of arrangement filed with stock exchanges; approval from NCLT anticipated by April 2026.
- Revenue from green tech businesses (anode, BESS, IPP) expected to double in FY27 as projects become operational.
Risks flagged
- 50% reciprocal duties on Indian graphite electrodes could erode margins; management hopes tariffs will settle but no certainty.
- Aggressive pricing by Chinese suppliers continues to suppress global electrode prices and margins.
- Global steel production remains weak; management noted Q3 demand is not improving and Q4 order book is still being built.
- Analyst raised concern about needle coke availability for industry capacity additions; management downplayed but acknowledged potential temporary tightness.
Key quotes
- We continue to operate at one of the highest utilization levels in the industry, 90% plus in the last two quarters compared with our peers.
- The global transition towards low emission electrical steel making continues to accelerate... estimated at approximately 200,000 tons of graphite electrodes by 2030 excluding China.
- We are hoping that these tariffs are down... we would of course like to remain in US market and we'll try.
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