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HEG Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary12 Nov, 2025
Executive summary
Q2 FY2026 saw higher revenues and profits, driven by increased sales volumes and 90%+ capacity utilization, with consolidated revenue at ₹699.2 crore and PAT at ₹143.3 crore.
Unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, were approved and reviewed without qualification by auditors.
The company maintains a well-diversified global sales footprint, exporting 65-70% of production to about 35 countries, with U.S. and Europe accounting for about 10-12% and less than 10% of volumes, respectively.
Ongoing demerger process is expected to receive NCLT approval by April 2026, with treasury allocation between TSEC and graphite business.
Board approved subscription to INR 633 crore of optionally convertible debentures in TACC Limited, a wholly owned subsidiary, for business expansion and R&D.
Financial highlights
Q2 FY2026 revenue from operations was INR 697 crores, up from INR 568 crores in Q2 FY2025; consolidated revenue for H1 FY26 was ₹1,316.15 crore.
Standalone net profit after tax was INR 131 crores in Q2 FY2026, compared to INR 62 crores in the prior year quarter; consolidated net profit for H1 FY26 was ₹248.16 crore.
Standalone EBITDA for Q2 FY26 was INR 226 crores, with margin at 28%; consolidated EBITDA for H1 FY26 was ₹385.89 crore.
Standalone EPS for H1 FY26 was ₹10.50; consolidated EPS was ₹12.86.
The company is long-term debt-free with a treasury size of INR 1,167 crores as of September 30, 2025.
Outlook and guidance
Expectation of continued high utilization (close to 90%) for the remainder of FY2026, with no margin improvement anticipated in Q3.
Long-term strategy focuses on EAF steelmaking expansion, supporting sustained graphite electrode demand through 2030 and beyond.
Expansion of 15,000 tons capacity (INR 650 crores CapEx) to be completed by end of 2027, ready for production in Q1 2028.
Greentech business expects EBITDA to double in FY2027 as new projects come online.
Board remains confident regarding IGST refund show cause notices, expecting no material impact.
What utilization level will firm GE prices?
Greentech's FY27 EBITDA doubling drivers?
How will US tariffs impact HEG's sales strategy?
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Next HEG earnings date
Q3 25/2613 Feb, 2026
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Frequently asked questions
HEG Limited is an India-based company primarily engaged in the manufacturing of graphite electrodes, which are used in electric arc furnaces for steel production. The company operates one of the largest integrated graphite electrode plants in the world and serves both domestic and international markets. HEG’s operations include the production of graphite electrodes, related specialty products, and by-products. The company also has interests in power generation to support its energy-intensive manufacturing processes. HEG Limited is headquartered in Noida, India, and its shares are listed on the BSE.
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