HEG Ltd. — Interim / Quarterly Report 2026

Aug 2, 2025

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HEG/SECTT/2025

2[nd] August, 2025

	1	BSE Limited P J Towers Dalal Street MUMBAI - 400 001. Scrip Code : 509631	2	National Stock Exchange of India Limited Exchange Plaza, 5thFloor Plot No.C/1, G Block, Bandra - Kurla Complex Bandra (E),MUMBAI - 400 051. Scrip Code : HEG

Sub: Investors presentation on the unaudited Financial Results of the Company for the quarter ended 30[th] June, 2025.

Dear Sirs,

Please find enclosed a copy of Investors Presentation on the unaudited Financial Results of the Company for the quarter ended 30[th] June, 2025 for your information and record please.

The copy of same is also being uploaded on the website of the Company.

Thanking you,

Yours faithfully, For HEG Limited

Vivek Digitally signed by Vivek Chaudhary Chaudhary Date: 2025.08.02 20:35:54 +05'30'

Vivek Chaudhary Company Secretary A-13263 heg.investor@lnjbhilwara.com

Encl: As above

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HEG LIMITED Investor Presentation

Performance Highlights Q1 of FY 2025-26

Gra hite Electrode GE p ( )

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1. A consumable for Electric Arc Furnaces (EAF) used in steel production

2. Functions as an electrical conductor in EAFs, generating the heat required to melt steel scrap

3. High-tech / High Entry Barrier – HEG was the last new entrant in the Western world in 1976

4. EAF-produced steel emits one-fourth of the carbon compared to steel from traditional blast furnaces 5. According to the World Steel Association, EAF steel production (w/o China) rose from 44% to 51% between 2015 and 2024, while China’s EAF production remains around 11%

HEG Ltd © LNJ Bhilwara Group

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HEG Limited – Unique Strengths

1. Has been World’s Largest Single Site Graphite Electrode Plant under one roof with a capacity of 80,000 tons pa for a long time.

2. Since Nov’23, capacity expanded to 100,000 tons to become the third largest producer of Graphite

• electrodes in the western world.

3. Except ours, no additional capacity announced by any other company in the western world.

4. Exporting approx. 65 - 70% of its production to about 35 countries around the world consistently since more than 20 years

5. Diversified customer base - supplying large portion of production to top 20 steel companies of the world

6. Captive power generation capacity of around 80 mw (Two thermal power plants & One hydro power

• plant)

HEG Ltd © LNJ Bhilwara Group

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GE Capacity Build up Capacity Fig. in 000’MT
120
100
100
80
80
66
60
52
40
30
20
14
0
1990 2002 2006 2009 2012 2024
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HEG Ltd © LNJ Bhilwara Group

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Expanded plant at 100,000 tons – operational since Nov’23

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HEG Ltd © LNJ Bhilwara Group

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TOP 10 Crude Steel - Producing Countries

Crude Steel Production (mmt)	Y-o-Y	Y-o-Y		Q-o-Q	Q-o-Q
Sr. No Country	Jan-June'24 Jan-Jun'25 Y-o-Y (%)			Jan-Mar'25 Apr-Jun'25 Q-o-Q (%)
1 China 2 India 3 Japan 4 United States 5 Russia 6 South Korea 7 Germany 8 Turkey 9 Brazil 10 Iran	527.7 514.9 -2.4% 74.1 80.9 9.2% 42.7 40.6 -5.0% 39.9 40.2 0.8% 36.8 34.8 -5.4% 31.5 30.6 -2.8% 19.4 17.1 -11.9% 18.6 18.3 -1.7% 16.4 16.5 0.6% 17.4 15.6 -10.3%			259.1 255.8 -1.3% 40.1 40.6 1.2% 20.4 20.1 -1.2% 19.7 20.4 3.3% 17.7 17.1 -3.4% 15.5 15.1 -2.9% 8.5 8.6 1.4% 9.3 9.0 -2.8% 8.5 8.2 -3.3% 7.3 8.3 14.0%
Total World	952.4 934.3	-1.9%		468.4 465.3	-0.7%
World ex china	424.7 419.4	-1.2%		209.3 209.5 0.1%

Source: World Steel Association. Estimates are subject to revision in the next update. The table above represents 71 countries,

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HEG Ltd © LNJ Bhilwara Group

Industry Outlook

1. As per WSA , global crude steel production declined by 1.9% YoY in H1 2025, totaling 934.3 mmt , reflecting weak underlying demand across several key markets.

2. China’s output fell by 2.4% , yet elevated export volumes continue to flood global markets, disrupting trade flows and exerting downward pressure on both steel and electrode prices.

1. The surge in Chinese exports has intensified oversupply in many regions, impacting global price stability and creating uncertainty in procurement cycles for downstream industries.

4. Steel production outside China declined by 1.2% in H1 2025 , with several regions experiencing sluggish recovery due to weak demand and shifting trade dynamics.

5. India reported a robust 9.2% YoY increase in H1 2025 , supported by steady infrastructure spending and strong momentum in the automotive sector.

HEG Ltd © LNJ Bhilwara Group

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Industry Outlook

1. Leading producers such as Japan, South Korea, Germany, Iran, Russia, and Turkey saw production declines ranging from −1.7% to −11.9% , indicating broad-based softness across global markets.

2. Graphite electrode demand remained weak in H1 2025, with spot market prices under sustained pressure and customer buying behavior remaining conservative.

3. The ongoing shift toward electric arc furnace (EAF) steelmaking , driven by decarbonization initiatives and ESG commitments, is expected to contribute approximately 200,000 tonnes of additional GE demand by 2030 (excluding China).

4. While short-term market conditions remain challenging, the long-term outlook for graphite electrodes is supported by the structural transition to lower-emission steel production worldwide.

HEG Ltd © LNJ Bhilwara Group

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Expansion Plan

1. Company has announced an expansion plan to increase our capacity from 100,000 tons to 115,000 tons.

2. Total capex required is Rs. 650 crores.

3. Timeline for commissioning 2.5 years . New expansion expected to come on stream by end Jan’2028.

4. Funding majorly through internal approvals plus debt as required.

5. Rationale for expansion is foreseeable demand of graphite electrodes in the coming years due to new electric arc furnaces coming up all over the world due to decarbonization initiatives being under taken globally.

HEG Ltd © LNJ Bhilwara Group

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Financial Results for the Quarter ended 30 [th] June 2025 – Standalone (Rs. cr)
Quarter Ended Year Ended
Sl. No. Particulars 30-06-2025 31-03-2025 30-06-2024 31-03-2025
Unaudited Audited Unaudited Audited
I Revenue from operations 612.78 536.58 571.46 2,152.71
II Other income 47.68 43.63 20.44 126.68
III Total Income (I+II) 660.46 580.21 591.90 2,279.39
IV Expenses
Cost of materials consumed 237.29 243.53 231.16 954.73
Changes in inventories of finished goods and work-in-progress 17.30 (35.29) 45.27 (50.97)
Employee benefit expenses 27.58 27.39 23.73 97.18
Finance costs 8.18 12.01 8.47 39.20
Depreciation and amortisation expense 53.02 54.55 47.50 200.54
Power and fuel 97.42 78.35 84.35 331.65
Other expenses 127.25 271.27 148.16 559.24
Total expenses (IV) 568.04 651.81 588.64 2,131.57
V Profit/(loss) before exceptional items and tax (III-IV) 92.42 (71.60) 3.26 147.82
VI Exceptional items - - - -
VII Profit/(loss) before tax (V-VI) 92.42 (71.60) 3.26 147.82
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Financial Results for the Quarter ended 30 [th] June 2025 – Standalone (Rs. cr)
Quarter Ended Year Ended
Sl. No. Particulars 30-06-2025 31-03-2025 30-06-2024 31-03-2025
Unaudited Audited Unaudited Audited
VII Profit/(loss) before tax (V-VI) 92.42 (71.60) 3.26 147.82
VIII Tax expense
(1) Current tax (net of adjustment of earlier year tax) 16.28 20.88 7.57 48.42
(2) Deferred tax 4.34 (30.80) (6.89) (1.91)
IX Profit/(loss) for the period / year (VII-VIII) 71.80 (61.68) 2.58 101.31
X Other comprehensive income
A (i) Items that will not be classified to profit or loss
- -
- Remeasurement of employee defined benefit plan (0.94) (0.04)
(ii) Tax expense relating to items that will not be reclassified to profit or loss - 0.24 - 0.01
- - - -
B (i) Items that will be reclassified to profit or loss
- - - -
(ii) Tax relating to items that will be reclassified to profit or loss
XI Total other comprehensive income for the period / year (IX+X) 71.80 (62.38) 2.58 101.28
XII Paid -Up Equity Share Capital ( Face Value ₹ 2/- per share) 38.60 38.60 38.60 38.60
XIII Other equity (excluding revaluation reserves) 4,120.93
XIV Earnings per share (₹) (not annualised for the quarter)
- Basic (₹) 3.72 (3.20) 0.13 5.25
- Diluted (₹) 3.72 (3.20) 0.13 5.25
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HEG Ltd © LNJ Bhilwara Group

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Financial Results for the Quarter ended 30 [th] June 2025 – Consolidated (Rs. cr)
Quarter Ended Year Ended
Sl. No. Particulars 30-06-2025 31-03-2025 30-06-2024 31-03-2025
Unaudited Audited Unaudited Audited
I Revenue from operations 616.93 542.25 571.46 2,159.69
II Other income 66.92 48.02 20.44 127.57
III Total Income (I+II) 683.85 590.27 591.90 2,287.26
IV Expenses
Cost of materials consumed 237.29 243.53 231.16 954.73
Changes in inventories of finished goods and work-in- progress 17.30 (35.29) 45.27 (50.97)
Employee benefits expense 31.07 32.25 23.82 103.67
Finance cost 8.18 12.01 8.47 39.20
Depreciation and amortisation expense 53.05 54.59 47.50 200.59
Power and fuel 97.44 78.37 84.35 331.67
Other expenses 128.40 278.86 148.17 565.48
Total expenses 572.73 664.32 588.74 2,144.37
V Profit/(loss) before exceptional items and tax (III-IV) 111.12 (74.05) 3.16 142.89
VI Exceptional Items - - - -
VII Profit/(loss) before tax & share of profit/(loss)of associates (V-VI) 111.12 (74.05) 3.16 142.89
VIII Share of profit/ (loss) of associates 16.34 (10.55) 20.57 17.48
IX Profit/(Loss) before tax (VII+VIII) 127.46 (84.60) 23.73 160.37
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Financial Results for the Quarter ended 30 [th] June 2025 – Consolidated (Rs. cr)
Quarter Ended Year Ended
Sl. No. Particulars 30-06-2025 31-03-2025 30-06-2024 31-03-2025
Unaudited Audited Unaudited Audited
IX Profit/(Loss) before tax (VII+VIII) 127.46 (84.60) 23.73 160.37
X Tax expense
(1) Current tax (net of adjustment of earlier year tax) 17.18 20.71 7.58 48.26
(2) Deferred tax 5.45 (31.64) (6.89) (2.95)
XI Profit/(loss) for the period/year (IX-X) 104.83 (73.67) 23.04 115.06
XII Other comprehensive income
A (i) Items that will not be classified to profit or loss
- Remeasurement of employee defined benefit plan 0.03 (0.95) - (0.05)
(ii) Tax expense relating to items that will not be reclassified (0.01) 0.24 - 0.01
to profit or loss
B (i) Items that will be reclassified to profit or loss - - - -
- - - -
(ii) Tax relating to items that will be reclassified to profit or loss
C Share of other comprehensive income of associates (0.08) (0.28) (0.02) (0.35)
XIII Total comprehensive income for the period/year (XI+XII) 104.77 (74.66) 23.02 114.67
XIV Paid -up equity share capital (face value ₹ 2/- per share) 38.60 38.60 38.60 38.60
XV Other equity (excluding revaluation reserves) 4,415.17
XVI Earnings per share (₹) (not annualised for the quarter)
- Basic (₹) 5.43 (3.82) 1.19 5.96
HEG Ltd - Diluted © LNJ Bhilwara Group (₹) 5.43 (3.82) 1.19 5.96 13
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Financial Snapshot (Standalone) Rs. in cr (except EPS)

PARTICULARS	FY 25-26	FY	FY	FY
	Q1	24-25	23-24	22-23
TOTAL INCOME	660	2279	2537	2576
EBITDA	154	388	526	729
EBIT	101	187	351	626
PAT	72	101	232	456
EPS	3.72	5.25	12.00	23.60
EBITDA Margin (%)	23%	17%	21%	28%
PAT Margin (%)	11%	4%	9%	18%

HEG Ltd © LNJ Bhilwara Group

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Quarterly Performance (Standalone) (Rs. in crs.)

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614 613
562 571 568
547 537
477
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
FY24 FY25 FY26
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Revenue from Operations

HEG Ltd © LNJ Bhilwara Group

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Quarterly Performance (Standalone) (Rs. in crs.)

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194
154
140
130
110 108
59
-5
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
FY24 FY25 FY26
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*** Negative EBITDA is on account of loss on fair value of investment in GrafTech**

HEG Ltd © LNJ Bhilwara Group

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Investments (Standalone) (Rs. in crs.)

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1013
998
982
977
949
923
917
875
30th Sep23 31st Dec23 31st Mar24 30th Jun24 30th Sep24 31st Dec24 31st Mar25 30th Jun25
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*** Investments including Cash & Cash equivalents and excluding investments in Associates & Wholly Owned Subsidiary**

HEG Ltd © LNJ Bhilwara Group

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(Rs. in crs.)

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684
619
592 599 585 586
561
494
30th Sep23 31st Dec23 31st Mar24 30th Jun24 30th Sep24 31st Dec24 31st Mar25 30th Jun25
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Short Term Working Capital Borrowings Outstanding at the end of the Qtr.

HEG Ltd © LNJ Bhilwara Group

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Thank You

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Mr. Manish Gulati : Executive Director Mr. Om Prakash Ajmera : Group CFO Mr. Ravi Kant Tripathi : CFO Mr. Puneet Anand : CSO

HEG Limited Ph: +91 9981190052 Fax: +91 120 254 1575 Email: Manish.gulati@lnjbhilwara.com rk.tripathi@lnjbhilwara.com

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HEG Ltd © LNJ Bhilwara Group

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