HEG Ltd. — Investor Presentation 2026

Feb 10, 2026

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HEG/SECTT/2026

February 10, 2026

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 & nine months period ended 31[st] December, 2025.

Dear Sirs,

Please find enclosed a copy of Investors Presentation on the unaudited Financial Results of the Company for the quarter & nine months period ended 31[st] December, 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 CHAUDHAR VIVEK CHAUDHARY Date: 2026.02.10 Y 22:40:21 +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 Q3 of FY 25-26

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Graphite Electrode (GE)

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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%

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HEG Ltd © LNJ Bhilwara Group

HEG Limited – Uni ue Stren ths q g

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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

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HEG Ltd © LNJ Bhilwara Group

Capacity Fig. in 000’MT

GE Ca acit Build u p y p

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120 115
100
100
80
80
66
60
52
40
30
20
14
0
1990 2002 2006 2009 2012 2024 2028
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HEG Ltd © LNJ Bhilwara Group

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

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HEG Ltd © LNJ Bhilwara Group

TOP 10 Crude Steel - Producing Countries

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Crude Steel Production (mmt)	Y-o-Y		Q-o-Q
Sr. No Country	2024 2025 Y-o-Y (%)		Jul-Sep'25 Oct-Dec'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	1,005.0 960.8 -4.4% 149.4 164.9 10.4% 84.0 80.7 -4.0% 79.5 82.0 3.1% 71.0 67.8 -4.5% 63.6 61.9 -2.8% 37.3 34.1 -8.6% 36.9 38.1 3.3% 33.9 33.3 -1.6% 31.4 31.8 1.4%		230.5 210.1 -8.9% 41.6 42.5 2.2% 19.9 20.2 1.4% 21.1 20.6 -2.6% 16.2 16.5 2.0% 15.7 15.4 -1.5% 8.3 8.7 5.3% 9.8 10.0 2.9% 8.5 8.3 -1.7% 6.2 9.7 55.8%
Total World	1,840.9 1,803.8 -2.0%		437.8 424.2 -3.1%
World ex china	835.8 843.0 0.9%		207.3 214.1 3.3%

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

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• Global crude steel production under pressure: Full-year CY-2025 fell ~2.0% YoY , reflecting weak end-use demand across major markets.

• China drove the downturn with output declined ~4.4% YoY to 960.8 mmt , while record steel exports (~119 mmt) displaced domestic weakness and increased global supply pressure.

• World ex-China production grew ~0.8% YoY , with growth driven primarily by India and the US , while most other regions remained flat or declined

• India remains the growth engine with crude steel production increased ~10.4% YoY to ~165 mmt , making it the only .

• major market delivering sustained supply growth

• Regional divergence (CY-2025): India (+10.4% YoY) , the US (+3% YoY) and Turkey (moderate growth) were the only major markets to post production growth, supported by infrastructure spending, manufacturing activity and capacity utilization, while most other regions were flat or lower .

• The ongoing US tariffs continue to redirect trade flows, intensifying competition in unprotected markets.

• Short-term market pressure continues as weak global production weighs on graphite electrode demand, with cautious customer purchasing keeping spot prices under pressure.

• Our confidence remains grounded in the continued shift toward electric arc furnace (EAF) steelmaking outside China, which supports a durable growth trajectory for graphite electrode demand well into the next decade.

HEG Ltd © LNJ Bhilwara Group

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Financial Results for the Quarter & 9 months ended 31[st] Dec 2025 – Standalone (Rs. cr)

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Sl. No.	Particulars	Quarter Ended	Quarter Ended	Quarter Ended	Nine Months Ended	Nine Months Ended	Year Ended
		31-12-2025	30-09-2025	31-12-2024	31-12-2025	31-12-2024	31-03-2025
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
I II III IV V VI VII	Revenue from operations	655.66	696.85	477.07	1,965.29	1,616.13	2,152.71
	Other income	100.54	106.97	113.23	255.19	176.62	126.68
	Total Income (I+II)	756.20	803.82	590.30	2,220.48	1,792.75	2,279.39
	Expenses Cost of materials consumed Changes in inventories of finished goods and work-in-progress Employee benefit expenses Finance costs Depreciation and amortisation expense Power and fuel Other expenses	243.62 16.39 32.24 9.39 53.87 86.43 134.16	234.10 58.83 28.34 8.92 53.72 92.56 164.46	228.94 (50.66) 23.43 9.38 50.55 79.10 115.88	715.01 92.52 88.16 26.49 160.61 276.41 425.87	711.20 (15.68) 69.79 27.19 145.99 253.30 381.54	954.73 (50.97) 97.18 39.20 200.54 331.65 559.24
	Total expenses (IV)	576.10	640.93	456.62	1,785.07	1,573.33	2,131.57
	Profit/(loss) before exceptional items and tax (III-IV)	180.10	162.89	133.68	435.41	219.42	147.82
	Exceptional items	-	-	-	-	-	-
	Profit/(loss) before tax (V-VI)	180.10	162.89	133.68	435.41	219.42	147.82

HEG Ltd © LNJ Bhilwara Group

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Financial Results for the Quarter & 9 months ended 31[st] Dec 2025 – Standalone (Rs. cr)

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Sl. No.	Particulars	Quarter Ended	Quarter Ended	Quarter Ended	Nine Months Ended	Nine Months Ended	Year Ended
		31-12-2025	30-09-2025	31-12-2024	31-12-2025	31-12-2024	31-03-2025
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
VII	Profit/(loss) before tax (V-VI)	180.10	162.89	133.68	435.41	219.42	147.82
VIII IX X XI XII XIII XIV	Tax expense (1) Current tax (net of adjustment of earlier year tax) (2)Deferred tax	31.25 7.60	21.13 10.90	10.85 24.51	68.66 22.84	27.54 28.89	48.42 (1.91)
	Profit/(loss) for the period / year (VII-VIII)	141.25	130.86	98.32	343.91	162.99	101.31
	Other comprehensive income A (i) Items that will not be classified to profit or loss - Remeasurement of employee defined benefit plan (ii) Tax expense relating to items that will not be reclassified to profit or loss B (i) Items that will be reclassified to profit or loss (ii)Tax relatingto items that will be reclassified toprofit or loss	0.22 (0.05) - -	(1.37) 0.34 - -	- - - -	(1.15) 0.29 - -	0.90 (0.23) - -	(0.04) 0.01 - -
	Total comprehensive income for the period / year (IX+X)	141.42	129.83	98.32	343.05	163.66	101.28
	Paid -Up Equity Share Capital (Face Value ₹ 2/- per share) Other equity (excluding revaluation reserves) Earnings per share (₹) (not annualised for the quarter/nine months ended) - Basic (₹) - Diluted(₹)	38.60 7.32 7.32	38.60 6.78 6.78	38.60 5.09 5.09	38.60 17.82 17.82	38.60 8.45 8.45	38.60 4,120.93 5.25 5.25

HEG Ltd © LNJ Bhilwara Group

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Financial Results for the Quarter & 9 months ended 31[st] Dec 2025–Consolidated (Rs. cr)

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Financial Results for the Quarter & 9 months ended 31st Dec 2025–Consolidated (Rs. cr)	Financial Results for the Quarter & 9 months ended 31st Dec 2025–Consolidated (Rs. cr)	Financial Results for the Quarter & 9 months ended 31st Dec 2025–Consolidated (Rs. cr)	Financial Results for the Quarter & 9 months ended 31st Dec 2025–Consolidated (Rs. cr)	Financial Results for the Quarter & 9 months ended 31st Dec 2025–Consolidated (Rs. cr)	Financial Results for the Quarter & 9 months ended 31st Dec 2025–Consolidated (Rs. cr)	Financial Results for the Quarter & 9 months ended 31st Dec 2025–Consolidated (Rs. cr)	Financial Results for the Quarter & 9 months ended 31st Dec 2025–Consolidated (Rs. cr)	Financial Results for the Quarter & 9 months ended 31st Dec 2025–Consolidated (Rs. cr)
	Sl. No.	Particulars	Quarter Ended			Nine Months Ended		Year Ended
			31-12-2025	30-09-2025	31-12-2024	31-12-2025	31-12-2024	31-03-2025
			Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
	I II III IV V VI VII VIII IX	Revenue from operations	656.33	699.22	478.38	1,972.48	1,617.44	2,159.69
		Other income	101.96	112.29	111.58	281.17	174.97	127.57
		Total Income (I+II)	758.29	811.51	589.96	2,253.65	1,792.41	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	243.62 16.39 32.90 9.39 53.90 86.44 134.64	234.10 58.83 28.90 8.92 53.75 92.58 166.46	228.94 (50.66) 24.78 9.38 50.56 79.10 116.36	715.01 92.52 92.87 26.49 160.70 276.46 429.50	711.20 (15.68) 71.42 27.19 146.00 253.30 382.04	954.73 (50.97) 103.67 39.20 200.59 331.67 565.48
		Total expenses	577.28	643.54	458.46	1,793.55	1,575.47	2,144.37
		Profit/(loss) before exceptional items and tax (III-IV)	181.01	167.97	131.50	460.10	216.94	142.89
		Exceptional Items	-	-	-	-	-	-
		Profit/(loss) before tax & share of profit/(loss)of associates (V-VI)	181.01	167.97	131.50	460.10	216.94	142.89
		Share of profit/ (loss) of associates	65.14	7.26	(12.93)	88.74	28.03	17.48
		Profit/(Loss) before tax (VII+VIII)	246.15	175.23	118.57	548.84	244.97	160.37

HEG Ltd © LNJ Bhilwara Group

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Financial Results for the Quarter & 9 months ended 31[st] Dec 2025–Consolidated (Rs. cr)

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Financial Results for the Quarter & 9 months ended 31st Dec 2025–Consolidated (Rs. cr)	Financial Results for the Quarter & 9 months ended 31st Dec 2025–Consolidated (Rs. cr)	Financial Results for the Quarter & 9 months ended 31st Dec 2025–Consolidated (Rs. cr)	Financial Results for the Quarter & 9 months ended 31st Dec 2025–Consolidated (Rs. cr)	Financial Results for the Quarter & 9 months ended 31st Dec 2025–Consolidated (Rs. cr)	Financial Results for the Quarter & 9 months ended 31st Dec 2025–Consolidated (Rs. cr)	Financial Results for the Quarter & 9 months ended 31st Dec 2025–Consolidated (Rs. cr)	Financial Results for the Quarter & 9 months ended 31st Dec 2025–Consolidated (Rs. cr)	Financial Results for the Quarter & 9 months ended 31st Dec 2025–Consolidated (Rs. cr)
	Sl. No.	Particulars	Quarter Ended			Nine Months Ended		Year Ended
			31-12-2025	30-09-2025	31-12-2024	31-12-2025	31-12-2024	31-03-2025
			Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
	IX	Profit/(Loss) before tax (VII+VIII)	246.15	175.23	118.57	548.84	244.97	160.37
	X XI XII XIII XIV XV XVI	Tax expense (1) Current tax (net of adjustment of earlier year tax) (2)Deferred tax	33.02 6.16	21.23 10.67	10.86 24.31	71.43 22.28	27.55 28.69	48.26 (2.95)
		Profit/(loss) for theperiod/year(IX-X)	206.97	143.33	83.40	455.13	188.73	115.06
		Other comprehensive income A(i) Items that will not be classified to profit or loss - Remeasurement of employee defined benefit plan (ii) Tax expense relating to items that will not be reclassified 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 CShare of other comprehensive income of associates (net of tax)	0.25 (0.06) - - 0.13	(1.44) 0.36 - - (0.06)	- - - - (0.02)	(1.16) 0.29 - - (0.01)	0.90 (0.23) - - (0.07)	(0.05) 0.01 - - (0.35)
		Total comprehensive income for theperiod/year(XI+XII)	207.29	142.19	83.38	454.25	189.33	114.67
		Paid -up equity share capital (face value ₹ 2/- per share) Other equity (excluding revaluation reserves) Earnings per share (₹) (not annualised for the quarter / nine months ended) - Basic (₹) - Diluted(₹)	38.60 10.72 10.72	38.60 7.43 7.43	38.60 4.32 4.32	38.60 23.58 23.58	38.60 9.78 9.78	38.60 4,415.17 5.96 5.96

HEG Ltd © LNJ Bhilwara Group

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

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PARTICULARS	FY 25-26	FY 25-26	FY 25-26	FY	FY	FY
	Q3	Q2	Q1	24-25	23-24	22-23
TOTAL INCOME	756	804	660	2279	2537	2576
EBITDA	243	226	154	388	526	729
EBIT	189	172	101	187	351	626
PAT	141	131	72	101	232	456
EPS	7.32	6.78	3.72	5.25	12.00	23.60
EBITDA Margin (%)	32%	28%	23%	17%	21%	28%
PAT Margin (%)	19%	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
656
613
571 568
547
537
477
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
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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243
226
194
154
140
108
59
-5
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
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
1155
998
982 977
917 923
875
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31st Mar24 30th Jun24 30th Sep24 31st Dec24 31st Mar25 30th Jun25 30th Sep25 31st Dec25 * Investments including Cash & Cash equivalents and excluding investments in Associates & Wholly Owned Subsidiary

HEG Ltd © LNJ Bhilwara Group

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Borrowings (Standalone)

(Rs. in crs.)

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691
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619
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599
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561
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494
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585
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586
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642
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31st Mar24 30th Jun24 30th Sep24 31st Dec24 31st Mar25 30th Jun25 30th Sep25 31st Dec25

Short Term Working Capital Borrowings Outstanding at the end of the Qtr.

HEG Ltd © LNJ Bhilwara Group

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Thank You

Mr. Manish Gulati : Executive Director : Mr. Om Prakash Ajmera Group CFO Mr. Ravi Kant Tripathi : CFO Mr. Puneet Anand : CSO HEG Limited Ph: +91-7480-405500 Email: Manish.gulati@lnjbhilwara.com rk.tripathi@lnjbhilwara.com

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HEG Ltd © LNJ Bhilwara Group

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