Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹656 Cr
verified against source
Revenue YoY
38%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
HEG delivered a strong Q3 FY26 with revenue of ₹656 crore, up 38% YoY, driven by record capacity utilization of 89% over the last three quarters and market share gains globally. The company's cost advantage from its single-location 100,000-ton plant in India and operational efficiency enabled resilient margins despite muted graphite electrode pricing. Management reiterated that 20 million tons of new EAF capacity added in 2024-25 and another 30 million tons expected by 2028 will drive incremental electrode demand of 200,000 tons by 2030. The 15,000-ton expansion is on track for early 2028. Key risk: sustained pricing pressure from Chinese exports and tariff impacts in the US could cap near-term profitability.
Colored figures show movement against the previous available record.
Guidance to track
- Construction progressing as per schedule; long-lead items ordered; target completion by early 2028.
- Annual contracts for 2026 largely settled; realizations expected to remain similar to recent quarters.
- Composite scheme of arrangement on track; first motion order received; shareholder meetings to follow.
Risks flagged
- Chinese steel exports rose 78% over six years, intensifying competition and keeping electrode prices low.
- 18% duty on Indian electrode exports to US remains a drag; management acknowledged it will hit bottom line but is manageable.
- Analyst raised concern about Graphite India's losses; management downplayed closure risk but did not provide concrete assurance.
Key quotes
- We have the single location largest facility in the world at a place called Mandi near Bhopal with a capacity of 100,000 tons combined with a cost structure which is amongst the lowest positions us as one of the most efficient and cost efficient graphite electrode manufacturers globally.
- This 20 million tons which is already in operation may take another 6 months 9 months 12 months to reach 70 80 85% capacity utilization. So this 20 million itself will require 25 to 30,000 tons of electrodes.
- We are not as much we don't worried about their impact of their UHP on us because we can also see the commensurate demand coming.
Research modules