HEG Limited has informed the Exchange about Transcript
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HEG Limited filed the transcript of its Q1 FY26 earnings call held on August 4, 2025. The company reported revenue of INR613 crore (up from INR571 crore YoY), EBITDA of INR154 crore (vs INR59 crore YoY), standalone net profit of INR72 crore (vs INR3 crore YoY), and consolidated net profit of INR105 crore. Management announced a new capacity expansion from 100,000 to 115,000 tons, requiring about INR650 crore capex over 2.5 years, with production expected by Jan-Mar 2028, targeting double-digit IRR and 4-5 year payback. The HEG Greentech platform (anode plant, hydro assets, RePlus battery) is expected to generate INR500-600 crore revenue in FY26, while the anode plant (20,000 tons, INR1,800-1,900 crore capex) is targeted for March 2027 commissioning. Management remains long-term debt-free currently, with INR977 crore in treasury, but will take on interim debt to fund capex.
Strong Q1 profit recovery shows improving operating leverage even at low industry prices, with margins expected to firm up as global electric arc furnace capacity additions drive electrode demand growth. Shareholders should watch for NCLT approval of the demerger scheme by end of calendar 2025, the GrafTech stake performance, and the company's execution of its expansion and diversification plans, though interim debt and capex of roughly INR1,000 crore annually may pressure short-term cash flows.