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HEG Limited reported strong annual performance with revenue growing to INR 2,569 crores (up from INR 2,153 crores) and EBITDA at INR 497 crores with 19% margins, though Q4 posted a loss of INR 189 crores due to INR 35-40 crores in unrealized forex losses from rupee depreciation and fair value impacts on investments. The company operates at over 90% capacity utilization, the highest globally, and is expanding capacity to 115,000 tons by early 2028. Management sees structural tailwinds from 100 million tons of new electric arc furnaces globally by 2030, which should drive incremental electrode demand of 200,000 tons. They have begun offering higher prices for unbooked orders post-September and are covered for needle coke costs until September. The Middle East situation has caused temporary logistics disruption for their ~20% regional sales but customers are accepting higher freight costs. GrafTech investment remains unchanged as a long-term conviction play on backward integration.