HEG Advanced Materials Ltd
HEG Advanced Materials Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
HEG Limited is targeting about 15,000 tons capacity expansion by end of 2027, increasing total capacity from 100,000 to 115,000 tons. FY26 margins expected to remain similar to last two quarters with no significant improvement in Q3; Q4 order book under construction (Page 17).
From HEG Advanced Materials Ltd's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.
Revenue & Sales Performance
- HEG Limited is targeting about 15,000 tons capacity expansion by end of 2027, increasing total capacity from 100,000 to 115,000 tons.
- Capacity utilization improved from ~80% in FY24-25 to over 90% in the first half of FY25-26, expected to sustain around 85-90% by year-end.
- Medium to long-term growth is expected due to new electric arc furnace (EAF) capacities globally (approx. 20 million tons over 2026-27), which should boost electrode demand by about 30,000 tons.
- The company is bullish about the electrode industry, anticipating demand and pricing to firm up as new EAF capacities come online.
- Short-term quarters (Q3 and Q4 FY25-26) may not see significant margin improvements, but medium-term outlook remains positive.
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Profitability & Margins
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Capital Expenditure Plans
- HEG Limited is undertaking a capacity expansion of 15,000 tons at the existing plant, expected to complete by end of 2027, costing around INR 650 crores (Page 13).
- The expansion focuses on Ultra-High Power (UHP) electrodes, maintaining a 70-75% mix in product portfolio (Page 7).
- HEG Greentech is investing in four verticals:
- Anode material manufacturing with production starting in 2027.
- Hydro Power assets acquisition to own 100% in 278 MW capacity (Page 7).
- BESS EPC business expanding capacity from 1 GWh to 6 GWh by Q1 FY '27 with a focus on in-house manufacturing (Page 8).
- IPP vertical targeting operationalization of first 200 MWh project by Q2 FY '27 and an additional 1000 MW/2000 MWh tender by Q2 FY '28 (Page 8).
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Top-ranked in Industrial Products
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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Order Book & Pipeline
- Orders are being booked quarter-by-quarter; no long-term orders are confirmed.
- Q3 order book is under construction; visibility for Jan-Mar quarter is still being finalized.
- Current booking approach limits ability to predict long-term orderbook.
- First half of FY26 shows ~90% capacity utilization; expecting to sustain close to this level by year-end.
- Demand remains subdued with price and margin improvements uncertain for near term.
- Medium- to long-term outlook is bullish due to expected demand rise from new electric arc furnace (EAF) capacities.
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HEG Advanced Materials Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹603 Cr, net loss ₹114 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What HEG Advanced Materials Ltd's management said in earlier quarters
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Frequently Asked Questions
What were HEG Advanced Materials Ltd Q2 FY26 results?
HEG Limited is targeting about 15,000 tons capacity expansion by end of 2027, increasing total capacity from 100,000 to 115,000 tons. FY26 margins expected to remain similar to last two quarters with no significant improvement in Q3; Q4 order book under construction (Page 17).
What is HEG Advanced Materials Ltd share price analysis?
HEG Advanced Materials Ltd currently shows a neutral. The stock trades at a P/E of 12.2 with a market cap of ₹4,336 Cr. Investors should review the full earnings analysis for detailed insights.
Is HEG Advanced Materials Ltd planning capital expenditure?
HEG Limited is undertaking a capacity expansion of 15,000 tons at the existing plant, expected to complete by end of 2027, costing around INR 650 crores (Page 13).
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.