HEG Ltd
HEG Q3 FY26 earnings call: Revenue & Margins
Q3 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Demand for graphite electrodes is expected to grow significantly due to new electric arc furnace (EAF) steel capacities. HEG Limited expects significant earnings growth driven by industry improvement and increased electrode demand (Page 6).
From HEG Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Demand for graphite electrodes is expected to grow significantly due to new electric arc furnace (EAF) steel capacities.
- Approximately 20 million tons of new EAF capacities were added in 2024-25, with another 60 million tons expected between 2026-28, and 30 million tons by 2030.
- This expansion is projected to increase worldwide electrode demand by about 200,000 tons by 2030 (excluding China).
- HEG is adding 15,000 tons of additional electrode capacity, expected to come online by early 2028 to meet incremental demand.
- The company anticipates steady volume growth, with current plant capacity at 100,000 tons potentially utilized up to 94-95% in practical conditions.
2 more points management made on revenue & sales performance
Profitability & Margins
See what HEG Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- HEG Limited is executing projects in its Greentech business over the next two to four quarters, with associated debt requirements to be mobilized once project PPAs are signed (Page 15).
- Post-demerger (expected by Q1 FY27), the Greentech business will initially have negligible debt, with debt rising as projects like BESS tenders in Gujarat and Maharashtra progress (Page 15).
- No debt has been taken yet for the graphite anode business; significant equity contributions are currently utilized, with further funds deployment planned post-implementation of the scheme (Page 15).
- Construction of a recently announced graphite electrode expansion by an additional 15,000 tons is progressing on schedule and expected to be completed by early 2028, aiming to meet incremental electrode demand globally (Page 5).
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
See what HEG Ltd said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- On Page 8, Ravi Jhunjhunwala indicated that at least 50%-60% of the volume expected to be sold in the next year has already been settled through negotiated orders, especially for the US market.
- Pricing for these orders is expected to be more or less similar to recent quarters.
- No explicit mention of total order book size or pending orders in absolute terms was given in the transcript.
2 more points management made on order book & pipeline
HEG 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.
Full financials →Continue your research
What HEG Advanced Materials Ltd's management said in earlier quarters
Others in Industrial Products this season
- Graphite India Ltd (Q3 FY26)
642 Crores, up 22.8% y-o-y (Page 9) . Key concall takeaways from Graphite India Ltd's Q3 FY26 earnings call — and how it ranks against sector peers.
- Ratnamani Metals & Tubes Ltd (Q3 FY26)
Standalone Revenue (Q3 2025-26):** ₹794.33 Crores, down from ₹1,293.53 Crores in Q3 2024-25; approximately 39% decline. Key concall takeaways from Ratnamani…
- Quadrant Future Tek Ltd (Q3 FY26)
Q3FY26 revenue from operations was ₹333 Mn, a 23.2% year-on-year (YoY) growth from ₹270 Mn in Q3FY25 (Page 31, Page 6). Key concall takeaways from Quadrant…
- Vidya Wires Ltd (Q3 FY26)
Q3 FY26 revenue from operations: ₹4,481.62 million . Key concall takeaways from Vidya Wires Ltd's Q3 FY26 earnings call — and how it ranks against sector peers.
Frequently Asked Questions
What were HEG Ltd Q3 FY26 results?
Demand for graphite electrodes is expected to grow significantly due to new electric arc furnace (EAF) steel capacities. HEG Limited expects significant earnings growth driven by industry improvement and increased electrode demand (Page 6).
What is HEG Ltd share price analysis?
HEG Ltd currently shows a neutral. The stock trades at a P/E of 37.4 with a market cap of ₹13,242 Cr. Investors should review the full earnings analysis for detailed insights.
Is HEG Ltd planning capital expenditure?
HEG Limited is executing projects in its Greentech business over the next two to four quarters, with associated debt requirements to be mobilized once project PPAs are signed (Page 15).
Keep HEG Ltd on your radar — track it to get its next earnings analysis in your feed.
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.