US reciprocal tariffs impact competitiveness
50% reciprocal duties on Indian graphite electrodes could erode margins; management hopes tariffs will settle but no certainty.
high · analyst_questionHEG Limited — Q2 FY26
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.
neutral
medium
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Risk Intelligence
Material risks this quarter
Concise cards keep the risk register scannable while preserving evidence-level context in the underlying quarter data.
Risks
Chinese export pricing pressure
Aggressive pricing by Chinese suppliers continues to suppress global electrode prices and margins.
medium · management_commentaryDemand recovery slower than expected
Global steel production remains weak; management noted Q3 demand is not improving and Q4 order book is still being built.
medium · management_commentaryNeedle coke supply constraints for expansion
Analyst raised concern about needle coke availability for industry capacity additions; management downplayed but acknowledged potential temporary tightness.
low · analyst_question