HEG Limited has informed the Exchange about Annual Report of FY 2024-25
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HEG Limited has filed its 53rd Annual Report along with the notice for its AGM scheduled on August 20, 2025, to be held via video conferencing. For FY25, revenue from operations declined to ₹2,153 crore from ₹2,395 crore in FY24, while EBITDA fell to ₹388 crore (from ₹526 crore) and net profit dropped sharply to ₹101 crore (from ₹232 crore). The company attributed the weak performance to subdued global steel demand, China oversupply, and geopolitical tensions that pressured electrode pricing. Despite this, HEG maintained 80% capacity utilisation at its expanded 100,000-tonne Mandideep plant and highlighted two major strategic moves: a demerger to spin off the graphite electrode business into a separate listed entity (HEG Graphite Limited), and a ₹1,850 crore graphite anode project targeting lithium-ion battery materials, expected to be operational by 2027.
Shareholders will see a significant decline in FY25 earnings with net profit more than halving, though the company remains debt-light and cash-flow positive. The proposed demerger could unlock value by giving investors separate exposure to the cyclical graphite electrode business and the growth-oriented battery materials business, while the anode project represents a long-term growth bet on India's EV and battery supply chain.