{"id":180396,"date":"2026-02-11T07:45:57","date_gmt":"2026-02-11T12:45:57","guid":{"rendered":"https:\/\/alphastreet.com\/india\/?p=180396"},"modified":"2026-02-11T07:45:59","modified_gmt":"2026-02-11T12:45:59","slug":"heg-limited-posts-strong-q3-fy26-profit-growth-as-graphite-electrode-demand-improves-margins-expand","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/heg-limited-posts-strong-q3-fy26-profit-growth-as-graphite-electrode-demand-improves-margins-expand\/","title":{"rendered":"HEG Limited posts strong Q3 FY26 profit growth as graphite electrode demand improves; margins expand"},"content":{"rendered":"\n<p><strong>HEG Limited (NSE: HEG, BSE: 509631)<\/strong> reported a sharp improvement in profitability for the quarter and nine months ended Dec. 31, 2025, supported by higher realizations, operating leverage and cost discipline, even as global steel production remained under pressure, according to the company\u2019s investor presentation on unaudited results.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Q3 FY26 standalone performance<br><\/h2>\n\n\n\n<p>Revenue from operations for the quarter stood at <strong>\u20b9655.66 crore<\/strong>, compared with <strong>\u20b9477.07 crore<\/strong> a year earlier, reflecting improved pricing and volumes. <strong>Total income rose to \u20b9756.20 crore<\/strong> from \u20b9590.30 crore in Q3 FY25.<\/p>\n\n\n\n<p><strong>Profit before tax increased to \u20b9180.10 crore<\/strong>, up from \u20b9133.68 crore a year earlier. <strong>Profit after tax rose to \u20b9141.25 crore<\/strong>, compared with <strong>\u20b998.32 crore<\/strong> in Q3 FY25. <strong>Basic EPS improved to \u20b97.32<\/strong> from \u20b95.09.<\/p>\n\n\n\n<p>Operating performance strengthened sequentially as well. Compared with Q2 FY26, revenue declined modestly, but <strong>EBITDA increased to \u20b9243 crore from \u20b9226 crore<\/strong>, lifting the <strong>EBITDA margin to 32%<\/strong> from 28% in the preceding quarter, reflecting improved operating leverage and a favorable mix.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Nine-month FY26 snapshot<\/h2>\n\n\n\n<p>For the nine months ended Dec. 31, 2025, <strong>revenue from operations rose to \u20b91,965.29 crore<\/strong> from \u20b91,616.13 crore in the year-ago period. <strong>Total income increased to \u20b92,220.48 crore<\/strong> from \u20b91,792.75 crore.<\/p>\n\n\n\n<p><strong>Profit before tax for 9M FY26 stood at \u20b9435.41 crore<\/strong>, compared with \u20b9219.42 crore in 9M FY25. <strong>Profit after tax rose to \u20b9343.91 crore<\/strong> from \u20b9162.99 crore. <strong>EPS for the nine-month period increased to \u20b917.82<\/strong> from \u20b98.45, reflecting strong operating leverage and margin expansion over the period.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Industry backdrop and demand outlook<\/h2>\n\n\n\n<p>The presentation highlighted continued pressure on global steel production in calendar 2025, with world crude steel output declining about <strong>2% year on year<\/strong>, led by a contraction in China. In contrast, <strong>steel production outside China grew marginally<\/strong>, with <strong>India emerging as the key growth engine<\/strong>, supported by infrastructure spending and capacity utilisation.<\/p>\n\n\n\n<p>HEG said demand for graphite electrodes remains structurally supported by the <strong>long-term shift toward electric arc furnace (EAF) steelmaking<\/strong> outside China. EAF-based steel production is more carbon-efficient than blast furnaces, supporting sustained demand for graphite electrodes over the medium to long term.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Capacity, exports and competitive position<\/h2>\n\n\n\n<p>HEG operates the <strong>world\u2019s largest single-site graphite electrode plant<\/strong> at Mandideep, with installed capacity expanded to <strong>100,000 tonnes per annum<\/strong> since November 2023. The company has announced a further expansion of <strong>15,000 tonnes<\/strong> to reach <strong>115,000 tonnes by end-2027<\/strong>, positioning it among the largest producers in the western world.<\/p>\n\n\n\n<p>Exports account for <strong>about 65%\u201370% of production<\/strong>, with shipments to <strong>around 35 countries<\/strong>. The company highlighted its diversified customer base, supplying a significant portion of volumes to the <strong>top global steel producers<\/strong>. HEG also benefits from <strong>captive power capacity of about 80 MW<\/strong>, supporting energy cost management.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Balance sheet and liquidity indicators<\/h2>\n\n\n\n<p>Investments, including cash and equivalents (excluding associates and subsidiaries), stood at <strong>\u20b91,155 crore as of Dec. 31, 2025<\/strong>, while <strong>short-term working capital borrowings were \u20b9691 crore<\/strong>. Management said the balance sheet remains strong, providing flexibility to navigate cyclical demand and fund capacity expansion.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Summary<\/h2>\n\n\n\n<p>HEG delivered strong profit growth in Q3 FY26 and across the first nine months of FY26, driven by improved realizations, operating leverage and margin expansion. While near-term global steel production remains under pressure, structural growth in EAF steelmaking outside China supports a durable demand outlook for graphite electrodes. Capacity expansion plans and a diversified export footprint provide visibility for medium-term growth.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>HEG Limited (NSE: HEG, BSE: 509631) reported a sharp improvement in profitability for the quarter and nine months ended Dec. 31, 2025, supported by higher realizations, operating leverage and cost discipline, even as global steel production remained under pressure, according to the company\u2019s investor presentation on unaudited results. Q3 FY26 standalone performance Revenue from operations [&hellip;]<\/p>\n","protected":false},"author":2409,"featured_media":125269,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[5,1941,392],"tags":[16283,16281,16282],"class_list":["post-180396","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-stock-analysis","category-earnings","tag-electric-arc-furnace-steel-production","tag-graphite-electrodes-industry","tag-steelmaking-raw-materials"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":142000,"url":"https:\/\/alphastreet.com\/india\/earnings-summary-of-heg-limited-for-q3-fy23\/","url_meta":{"origin":180396,"position":0},"title":"Earnings Summary Of HEG Limited For Q3 FY23","author":"Hardik Bhandare","date":"February 16, 2023","format":false,"excerpt":"HEG Limited (NSE: HEG) is one of the largest graphite electrode producers in the world, and its products are used by steel companies across the globe. The company has a strong reputation for quality and innovation, and it has been able to maintain a strong market position in the face\u2026","rel":"","context":"In &quot;Earnings&quot;","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/02\/898c572d-b97a-4c10-acd3-c5f4d9ad88be-5.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/02\/898c572d-b97a-4c10-acd3-c5f4d9ad88be-5.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/02\/898c572d-b97a-4c10-acd3-c5f4d9ad88be-5.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/02\/898c572d-b97a-4c10-acd3-c5f4d9ad88be-5.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/02\/898c572d-b97a-4c10-acd3-c5f4d9ad88be-5.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/02\/898c572d-b97a-4c10-acd3-c5f4d9ad88be-5.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":147027,"url":"https:\/\/alphastreet.com\/india\/earnings-summary-of-heg-limited-for-q4-fy23\/","url_meta":{"origin":180396,"position":1},"title":"Earnings Summary Of HEG Limited For Q4 FY23","author":"Hardik Bhandare","date":"May 22, 2023","format":false,"excerpt":"HEG Limited is a leading graphite electrode manufacturer based in India. With a rich history spanning over four decades, the company has emerged as a global player in the graphite electrode industry. HEG is part of the LNJ Bhilwara Group, a diversified conglomerate with interests in textiles, graphite, and power\u2026","rel":"","context":"In &quot;Earnings&quot;","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/898c572d-b97a-4c10-acd3-c5f4d9ad88be-1-8.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/898c572d-b97a-4c10-acd3-c5f4d9ad88be-1-8.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/898c572d-b97a-4c10-acd3-c5f4d9ad88be-1-8.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/898c572d-b97a-4c10-acd3-c5f4d9ad88be-1-8.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/898c572d-b97a-4c10-acd3-c5f4d9ad88be-1-8.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/898c572d-b97a-4c10-acd3-c5f4d9ad88be-1-8.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":166176,"url":"https:\/\/alphastreet.com\/india\/heg-ltd-q2fy25-15-fall-in-profits\/","url_meta":{"origin":180396,"position":2},"title":"HEG Ltd Q2FY25; 15% fall in Profits","author":"Divyansh_Kasana","date":"January 2, 2025","format":false,"excerpt":"HEG Ltd is a leading manufacturer and exporter of graphite electrodes in India. It operates the largest single-site integrated graphite electrodes plant in the world. Financial Results: HEG Ltd reported Revenues for Q2FY25 of \u20b9568.00 Crores down from \u20b9614.00 Crore year on year, a fall of 7.49%. Total Expenses for\u2026","rel":"","context":"In &quot;AlphaGraphs&quot;","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/01\/L.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/01\/L.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/01\/L.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/01\/L.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/01\/L.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/01\/L.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":167877,"url":"https:\/\/alphastreet.com\/india\/heg-ltd-q3fy25-89-rise-in-profits\/","url_meta":{"origin":180396,"position":3},"title":"HEG Ltd Q3FY25; 89% rise in Profits","author":"Divyansh_Kasana","date":"April 11, 2025","format":false,"excerpt":"HEG Ltd is a leading manufacturer and exporter of graphite electrodes in India. It operates the largest single-site integrated graphite electrodes plant in the world. Financial Results: HEG Ltd reported Revenues for Q3FY25 of \u20b9478.00 Crores down from \u20b9562.00 Crore year on year, a fall of 14.95%. Total Expenses for\u2026","rel":"","context":"In &quot;AlphaGraphs&quot;","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/04\/O.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/04\/O.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/04\/O.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/04\/O.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/04\/O.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/04\/O.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":153043,"url":"https:\/\/alphastreet.com\/india\/heg-ltd-q1fy24-13-fall-in-profits\/","url_meta":{"origin":180396,"position":4},"title":"HEG Ltd Q1FY24; 13% fall in Profits","author":"Hardik Bhandare","date":"August 11, 2023","format":false,"excerpt":"HEG Ltd is a leading manufacturer and exporter of graphite electrodes in India. It operates the largest single-site integrated graphite electrodes plant in the world. Financial Results: HEG Ltd reported Revenues for Q1FY24 of \u20b9671.00 Crores down from \u20b9722.00 Crore year on year, a fall of 7.06%. Total Expenses for\u2026","rel":"","context":"In &quot;AlphaGraphs&quot;","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-789.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-789.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-789.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-789.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-789.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-789.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":143242,"url":"https:\/\/alphastreet.com\/india\/heg-limited-q3-fy23-earnings-conference-call-insights\/","url_meta":{"origin":180396,"position":5},"title":"HEG Limited Q3 FY23 Earnings Conference Call Insights","author":"Praveen","date":"March 13, 2023","format":false,"excerpt":"Key highlights from HEG Limited (HEG) Q3 FY23 Earnings Concall Q&A Highlights: [00:11:28] Sonali Salgaonkar from Jefferies enquired about the capacity utilization for 3Q23. Ravi Jhunjhunwala CEO answered that for Oct.-Dec. quarter it was about 60% and in Jan.-Mar., the company is at about 70%. And in 3Q22 it was\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/180396","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/2409"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=180396"}],"version-history":[{"count":1,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/180396\/revisions"}],"predecessor-version":[{"id":180397,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/180396\/revisions\/180397"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/125269"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=180396"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=180396"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=180396"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}