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HEG Ltd. Investor Presentation 2025

Nov 11, 2025

61624_rns_2025-11-11_cf14154b-2a16-4549-9100-9559f3b0ed4b.pdf

Investor Presentation

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HEG/SECTT/2025

11[th] November,2025

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1 BSE Limited
P J Towers
Dalal Street
MUMBAI - 400 001.
Scrip Code : 509631		 2 National Stock Exchange of India Limited
Exchange Plaza, 5th Floor
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 & half year ended 30[th] September,2025.

Dear Sirs,

Please find enclosed a copy of Investors Presentation on the unaudited Financial Results of the Company for the quarter & half year ended 30[th] September,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: 2025.11.11 21:29:37 +05'30'

Vivek Chaudhary Company Secretary A-13263 [email protected]

Encl: As above

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HEG LIMITED Investor Presentation

Performance Highlights Q2 of FY 25-26

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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 50% between 2015 and 2023 and 51% in 2024, while China’s EAF production remains around 11%

HEG Ltd © LNJ Bhilwara Group

2

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)

7. Announced expansion of another 15,000 tons to reach a capacity of 1,15,000 tons by end of 2027

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-Sep'24
Jan-Sep'25
Y-o-Y (%)		 Apr-Jun'25
Jul-Sep'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		 765.7
745.4
-2.6%
110.8
122.4
10.5%
63.3
60.5
-4.5%
60.1
61.4
2.1%
53.8
51.3
-4.7%
47.7
46.1
-3.4%
28.4
25.4
-10.7%
27.9
28.1
0.6%
25.4
25.0
-1.7%
22.7
22.1
-2.7%		 255.8
230.5
-9.9%
40.6
41.6
2.4%
20.2
19.9
-1.1%
20.4
21.1
3.4%
17.1
16.2
-5.2%
15.1
15.4
2.2%
8.6
8.3
-4.0%
9.0
9.8
8.0%
8.2
8.5
3.7%
8.3
6.2
-25.3%
Total World 1,393.8
1,373.0		 -1.5% 465.3
436.9
-6.1%
World ex china 628.2
627.6
-0.1%		 209.5
206.4		 -1.5%

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

  • Global crude steel production fell by -1.5 % YoY in the first nine months of 2025, confirming a sustained challenging demand environment for the year.

  • The first 9 month data from WSA show heightened divergence and pressure in the steel market. We respond by focusing on structural growth drivers to navigate these headwinds.

  • China's Weak Domestic Demand & Export Surge: Driven by a structural slowdown in its domestic economy, China's production fell by -2.6% in 9 month 2025 while demand slowed down more. China's finished steel exports surged by +9.0% YoY, supplying the global market with 88 mmt steel thereby exerting downward pressure on steel and electrode prices.

  • Production in the World exc China remained flat at 0.1% for 9 month 2025. This highlights that the global decline is being driven primarily by China's market dynamics.

  • India remains the primary global bright spot, posting a robust +10.5 % YoY increase in crude steel production in 9 month 2025 (totaling 122.4 mmt). This strong, sustained growth provides a critical anchor of demand in the region.

  • Regional Divergence & US Tariffs: The 9 month data shows a divergent market. While the US (+2.1 %) and Turkey (+0.6 %) showed growth, other key producers like South Korea (-3.4 %) contracted. The ongoing US tariffs continue to redirect trade flows, intensifying competition in unprotected markets.

  • Graphite Electrode Demand: Given the overall global production weakness, graphite electrode demand remains soft. Spot market prices are under sustained pressure as customers remain highly conservative with procurement in this uncertain environment.

  • Despite short-term market challenges, our strategy remains anchored on the long-term expansion of EAF steelmaking (ex China). This transition is expected to support sustained graphite electrode demand growth through 2030 and beyond.

  • HEG Ltd © LNJ Bhilwara Group 7

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Financial Results for the Quarter ended 30 [th] September 2025 – Standalone (Rs. cr)
Quarter Ended Half Year Ended Year Ended
Sl. No. Particulars 30-09-2025 30-06-2025 30-09-2024 30-09-2025 30-09-2024 31-03-2025
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
I Revenue from operations 696.85 612.78 567.60 1,309.63 1,139.06 2,152.71
II Other income 106.97 47.68 42.95 154.65 63.39 126.68
III Total Income (I+II) 803.82 660.46 610.55 1,464.28 1,202.45 2,279.39
IV Expenses
Cost of materials consumed 234.10 237.29 251.10 471.39 482.26 954.73
Changes in inventories of finished goods and work-in-progress 58.83 17.30 (10.29) 76.13 34.98 (50.97)
Employee benefit expenses 28.34 27.58 22.63 55.92 46.36 97.18
Finance costs 8.92 8.18 9.34 17.10 17.81 39.20
Depreciation and amortisation expense 53.72 53.02 47.94 106.74 95.44 200.54
Power and fuel 92.56 97.42 89.85 189.98 174.20 331.65
Other expenses 164.46 127.25 117.50 291.71 265.66 559.24
Total expenses (IV) 640.93 568.04 528.07 1,208.97 1,116.71 2,131.57
V Profit/(loss) before exceptional items and tax (III-IV) 162.89 92.42 82.48 255.31 85.74 147.82
VI Exceptional items - - - - - -
VII Profit/(loss) before tax (V-VI) 162.89 92.42 82.48 255.31 85.74 147.82
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HEG Ltd © LNJ Bhilwara Group

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Financial Results for the Quarter ended 30 [th] September 2025 – Standalone (Rs. cr)
Quarter Ended Half Year Ended Year Ended
Sl. No. Particulars 30-09-2025 30-06-2025 30-09-2024 30-09-2025 30-09-2024 31-03-2025
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
VII Profit/(loss) before tax (V-VI) 162.89 92.42 82.48 255.31 85.74 147.82
VIII Tax expense
(1) Current tax (net of adjustment of earlier year tax) 21.13 16.28 9.12 37.41 16.69 48.42
(2) Deferred tax 10.90 4.34 11.27 15.24 4.38 (1.91)
IX Profit/(loss) for the period / year (VII-VIII) 130.86 71.80 62.09 202.66 64.67 101.31
X Other comprehensive income
A (i) Items that will not be classified to profit or loss
- Remeasurement of employee defined benefit plan (1.37) - 0.90 (1.37) 0.90 (0.04)
(ii) Tax expense relating to items that will not be reclassified 0.34 - (0.23) 0.34 (0.23) 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 - - - - - -
XI Total comprehensive income for the period / year (IX+X) 129.83 71.80 62.76 201.63 65.34 101.28
XII Paid -Up Equity Share Capital ( Face Value ₹ 2/- per share) 38.60 38.60 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 (₹) 6.78 3.72 3.22 10.50 3.35 5.25
- Diluted (₹) 6.78 3.72 3.22 10.50 3.35 5.25
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HEG Ltd © LNJ Bhilwara Group

9

Financial Results for the Quarter ended 30[th] September 2025 – Consolidated (Rs. cr)

Sl. No.
Particulars		 Quarter Ended Quarter Ended Quarter Ended Half Year Ended Half Year Ended Year Ended
30-09-2025 30-06-2025 30-09-2024 30-09-2025 30-09-2024 31-03-2025
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
I
II
III
IV
V
VI
VII
VIII
IX		 Revenue from operations 699.22 616.93 567.60 1,316.15 1,139.06 2,159.69
Other income 112.29 66.92 42.95 179.21 63.39 127.57
Total Income(I+II) 811.51 683.85 610.55 1,495.36 1,202.45 2,287.26
Expenses
Cost of materials consumed
Changes in inventories of finished goods and work-in- progress
Employee benefits expense
Finance cost
Depreciation and amortisation expense
Power and fuel
Other expenses		 234.10
58.83
28.90
8.92
53.75
92.58
166.46		 237.29
17.30
31.07
8.18
53.05
97.44
128.40		 251.10
(10.29)
22.82
9.34
47.94
89.85
117.51		 471.39
76.13
59.97
17.10
106.80
190.02
294.86		 482.26
34.98
46.64
17.81
95.44
174.20
265.68		 954.73
(50.97)
103.67
39.20
200.59
331.67
565.48
Total expenses 643.54 572.73 528.27 1,216.27 1,117.01 2,144.37
Profit/(loss) before exceptional items and tax(III-IV) 167.97 111.12 82.28 279.09 85.44 142.89
Exceptional Items - - - - - -
Profit/(loss) before tax & share ofprofit/(loss)of associates(V-VI) 167.97 111.12 82.28 279.09 85.44 142.89
Share ofprofit/(loss) of associates 7.26 16.34 20.39 23.60 40.96 17.48
Profit/(Loss) before tax(VII+VIII) 175.23 127.46 102.67 302.69 126.40 160.37

HEG Ltd © LNJ Bhilwara Group

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Financial Results for the Quarter ended 30 [th] September 2025 – Consolidated (Rs. cr)
Quarter Ended Half Year Ended Year Ended
Sl. No. Particulars 30-09-2025 30-06-2025 30-09-2024 30-09-2025 30-09-2024 31-03-2025
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
IX Profit/(Loss) before tax (VII+VIII) 175.23 127.46 102.67 302.69 126.40 160.37
X Tax expense
(1) Current tax (net of adjustment of earlier year tax) 21.23 17.18 9.12 38.41 16.69 48.26
(2) Deferred tax 10.67 5.45 11.27 16.12 4.38 (2.95)
XI Profit/(loss) for the period/year (IX-X) 143.33 104.83 82.28 248.16 105.33 115.06
XII Other comprehensive income
A (i) Items that will not be classified to profit or loss
- Remeasurement of employee defined benefit plan (1.44) 0.03 0.90 (1.41) 0.90 (0.05)
(ii) Tax expense relating to items that will not be reclassified
0.36 (0.01) (0.23) 0.35 (0.23) 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 (net of tax) (0.06) (0.08) (0.03) (0.14) (0.05) (0.35)
XIII Total comprehensive income for the period/year (XI+XII) 142.19 104.77 82.92 246.96 105.95 114.67
XIV Paid -up equity share capital (face value ₹ 2/- per share) 38.60 38.60 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 /half year)
- Basic (₹) 7.43 5.43 4.26 12.86 5.46 5.96
- Diluted (₹) 7.43 5.43 4.26 12.86 5.46 5.96
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HEG Ltd © LNJ Bhilwara Group

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Financial Snapshot (Standalone) Rs. in cr (except EPS)

PARTICULARS FY 25-26 FY 25-26 FY FY FY
Q2 Q1 24-25 23-24 22-23
TOTAL INCOME 804 660 2279 2537 2576
EBITDA 226 154 388 526 729
EBIT 172 101 187 351 626
PAT 131 72 101 232 456
EPS 6.78 3.72 5.25 12.00 23.60
EBITDA Margin (%) 28% 23% 17% 21% 28%
PAT Margin (%) 16% 11% 4% 9% 18%

HEG Ltd © LNJ Bhilwara Group

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Quarterly Performance (Standalone)

(Rs. in crs.)

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697
613
562 571 568
547 537
477
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
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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226
194
154
140
110 108
59
-5
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
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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1167
982 998 977
949
917 923
875
31st Dec23 31st Mar24 30th Jun24 30th Sep24 31st Dec24 31st Mar25 30th Jun25 30th Sep25
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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.)

642 619 592 599 585 586 561 494 31st Dec23 31st Mar24 30th Jun24 30th Sep24 31st Dec24 31st Mar25 30th Jun25 30th Sep25

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: [email protected] [email protected]

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HEG Ltd © LNJ Bhilwara Group

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