HEG Limited has released its Investors Presentation detailing the unaudited financial results for the quarter and nine months ended December 31, 2025 (Q3 FY26). Standalone Profit After Tax (PAT) for the quarter stood at ₹141.25 crore on a Total Income of ₹756.20 crore. The presentation also highlights the company’s strategic capacity expansion plan, targeting a total capacity of 1,15,000 tons by the end of 2027, alongside positive industry outlook driven by the shift to EAF steelmaking.
Q3 FY26 Financial Performance Summary (Standalone)
HEG Limited announced its unaudited financial results for the quarter ended December 31, 2025, showing robust profitability compared to previous periods. Standalone Total Income for Q3 FY26 reached ₹756.20 crore, up from ₹590.30 crore in the year-ago quarter (Q3 FY25). Profit Before Tax (PBT) stood at ₹180.10 crore for the quarter, resulting in a PAT of ₹141.25 crore. This compares favorably to the PAT of ₹98.32 crore recorded in Q3 FY25.
For the Nine Months Ended December 31, 2025, Total Income was ₹2,220.48 crore, with PAT reaching ₹343.91 crore. The Earnings Per Share (EPS) for Q3 FY26 was ₹7.32 (Basic and Diluted), a significant increase from ₹5.09 in Q3 FY25.
Consolidated Financial Snapshot
On a consolidated basis, Profit Before Tax for Q3 FY26 was substantially higher at ₹246.15 crore (compared to ₹118.57 crore in Q3 FY25). Consolidated Profit After Tax for the quarter was ₹206.97 crore, yielding a Basic and Diluted EPS of ₹10.72.
Industry Outlook and Market Dynamics
The industry outlook remains guided by structural shifts, despite near-term pressures. Global crude steel production in CY-2025 fell by approximately 2.0% YoY. This downturn was largely driven by China, whose output declined by 4.4% YoY. However, World ex-China production grew by ~0.8% YoY, largely fueled by India’s sustained growth of ~10.4% YoY.
The company remains confident due to the continued shift toward Electric Arc Furnace (EAF) steelmaking outside China. EAF steelmaking emits only one-fourth of the carbon compared to traditional blast furnaces. Furthermore, EAF share in steel production (excluding China) rose from 44% in 2015 to 51% in 2024.
HEG Unique Strengths and Capacity Expansion
HEG emphasizes its competitive advantages, noting its history as the World’s Largest Single Site Graphite Electrode Plant. Following an expansion in Nov’23, capacity is currently at 100,000 tons per annum (tpa), making it the third-largest producer in the Western world. The company maintains a strong export focus, sending 65% – 70% of production to about 35 countries for over 20 years.
A key strategic announcement is the planned expansion of another 15,000 tons, which will increase total capacity to 1,15,000 tons by the end of 2027. The historical capacity build-up shows steady growth from 14,000 MT in 1990 to 100,000 MT in 2024, heading toward 115,000 MT in 2028.
Balance Sheet Trends (Standalone)
Standalone investment levels (including Cash & equivalents) stood at ₹1,155 crore as of December 31, 2025. Short-Term Working Capital Borrowings increased to ₹691 crore by the end of Q3 FY26, up from a low of ₹494 crore at the end of December 2024.
Source: BSE
