HEG - HEG
📢 Recent Corporate Announcements
Redrose Vanijya LLP, a member of the promoter group of HEG Limited, has acquired 1,05,000 equity shares of the company through an open market transaction. The acquisition was executed on March 13, 2026, at an average price of Rs. 505.48 per share, involving a total consideration of approximately Rs. 5.31 crores. This purchase has marginally increased the promoter group entity's stake from 29.401% to 29.455%. Insider buying of this nature is generally perceived as a positive signal of management's confidence in the company's long-term value.
- Acquisition of 1,05,000 equity shares representing a 0.054% stake in the company
- Transaction executed on-market at an average price of Rs. 505.48 per share
- Total transaction value amounts to approximately Rs. 5.31 crores
- Promoter group entity's holding increased from 29.401% to 29.455% post-acquisition
HEG Limited has filed a routine compliance report regarding the re-lodgment of transfer requests for physical shares as mandated by SEBI. For the reporting period from February 5, 2026, to March 4, 2026, the company's Registrar and Share Transfer Agent (RTA) received zero requests. This disclosure is part of a special window provided by SEBI for physical share transfers. There is no material impact on the company's operations or financial standing.
- Reporting period covers February 5, 2026, to March 4, 2026.
- Zero requests were received for the re-lodgment of physical share transfers.
- Zero requests were processed, approved, or rejected during the month.
- Compliance is in accordance with SEBI Circular dated January 30, 2026.
HEG Limited has informed the exchanges that its senior management will be participating in the Bharat Connect Virtual Conference on March 11, 2026. The event is organized by Arihant Capital Markets Ltd and will be conducted in a group meeting format. The company has explicitly stated that the discussions will be based on publicly available information and previously submitted earnings presentations. No unpublished price sensitive information (UPSI) is expected to be shared during this interaction.
- Virtual group meeting scheduled for March 11, 2026.
- Organized by Arihant Capital Markets Ltd as part of the Bharat Connect series.
- Senior management to represent the company during the interaction.
- Discussions limited to publicly available data and existing earnings presentations.
- Compliance notification under Regulation 30 of SEBI Listing Obligations.
HEG Limited has announced its participation in the Bharat Connect Virtual Conference scheduled for March 11, 2026. The event is organized by Arihant Capital Markets Ltd and will involve senior management interacting with investors and analysts in a group meeting format. The company clarified that discussions will be limited to publicly available information and previously shared earnings presentations. No unpublished price sensitive information (UPSI) will be disclosed during the session.
- Virtual group meeting scheduled for March 11, 2026.
- Organized by Arihant Capital Markets Ltd as part of the Bharat Connect Virtual Conference.
- Senior management to represent the company during the interaction.
- Discussions will focus on existing public data and earnings presentations.
- Compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
HEG Limited's wholly owned subsidiary, TACC Limited, has entered into a long-term partnership with INOX Air Products (INOXAP) to secure nitrogen supply for its greenfield facility in Dewas, Madhya Pradesh. INOXAP will build, own, and operate a dedicated onsite nitrogen plant to support TACC's production of lithium-ion battery-grade graphite anode materials. This partnership is a strategic step in HEG's diversification into the electric vehicle (EV) and energy storage value chain. The assured supply of high-purity nitrogen is critical for maintaining global standards in advanced carbon material manufacturing.
- INOXAP to set up a dedicated onsite Nitrogen plant on a Build, Own, and Operate (BOO) basis.
- The facility at Dewas will produce lithium-ion battery-grade synthetic graphite anode material.
- Partnership supports TACC's expansion into graphene-based derivatives for industrial applications.
- Long-term agreement ensures consistent, high-purity nitrogen supply essential for precision manufacturing.
- Strategic move to strengthen India's domestic EV battery material ecosystem.
HEG Limited's wholly-owned subsidiary, TACC Limited, has entered into a long-term partnership with INOX Air Products (INOXAP) to secure nitrogen supply for its upcoming greenfield facility in Dewas, Madhya Pradesh. INOXAP will build, own, and operate a dedicated onsite nitrogen plant to support TACC's production of lithium-ion battery-grade graphite anode materials. This infrastructure is critical for the high-precision manufacturing required for electric vehicle and energy storage applications. The move marks a significant step in HEG's diversification into the advanced carbon materials and clean energy value chain.
- TACC Limited signs long-term agreement with INOX Air Products for high-purity nitrogen supply.
- INOXAP to set up a dedicated onsite Nitrogen plant on a Build, Own, and Operate (BOO) basis.
- The facility in Dewas, MP, will manufacture lithium-ion battery-grade synthetic graphite anode material.
- Partnership ensures reliable supply of industrial gases essential for high-performance carbon material production.
- Strategic alignment with India's growth in electric mobility and energy storage sectors.
HEG Limited has reported multiple violations of SEBI (Prohibition of Insider Trading) Regulations by three members of its promoter group: Mr. Nivedan Churiwal, Ms. Shubha Churiwal, and Ms. Sudha Churiwal. The violations involved trading in company shares on December 30, 2025, without mandatory pre-clearance and failing to disclose the transactions to the company. In response, the company has enforced strict corrective actions, including the disgorgement of entire sale proceeds to the SEBI Investor Protection and Education Fund (IPEF). So far, ₹20.97 lakhs and ₹8.07 lakhs have been deposited by the concerned individuals as part of the penalty process.
- Promoter group members executed trades on Dec 30, 2025, without pre-clearance, involving over 6,300 shares in total.
- Mr. Nivedan Churiwal bought 3,935 shares (₹23.64 lakhs) and executed a prohibited contra trade.
- Ms. Shubha Churiwal and Ms. Sudha Churiwal purchased 1,500 and 895 shares respectively without disclosure.
- Total disgorgement payments of ₹20.97 lakhs and ₹8.07 lakhs have been confirmed as paid to SEBI IPEF.
- The company has directed the immediate sale of all unauthorized shares and placed the individuals on a restricted trading list.
Three members of the HEG Limited promoter group—Nivedan Churiwal, Shubha Churiwal, and Sudha Churiwal—disposed of a total of 6,295 shares via market sales on February 18, 2026. The aggregate value of these transactions is approximately ₹33.87 lakhs. Nivedan Churiwal sold the largest portion of 3,900 shares, while Shubha and Sudha Churiwal sold 1,500 and 895 shares respectively. These sales represent a negligible percentage of the company's total equity and appear to be routine personal transactions.
- Total of 6,295 shares sold by three promoter group members on February 18, 2026
- Aggregate transaction value across all three sellers is approximately ₹33.87 lakhs
- Nivedan Churiwal sold 3,900 shares (0.0020% stake) for a value of ₹20.97 lakhs
- Shubha Churiwal and Sudha Churiwal sold 1,500 and 895 shares respectively
- All transactions were executed as open market sales on the National Stock Exchange (NSE)
Redrose Vanijya LLP, a member of the HEG Limited promoter group, purchased 1,90,000 equity shares through an open market transaction on February 18, 2026. The acquisition was valued at approximately Rs 10.14 crore, executed at an average price of Rs 533.84 per share. This transaction has increased the entity's total shareholding in the company from 29.30% to 29.40%. Promoter buying is often interpreted as a signal of internal confidence in the company's valuation and long-term growth.
- Purchase of 1,90,000 equity shares representing 0.10% of the company's total capital
- Transaction value of Rs 10.14 crore executed on the National Stock Exchange (NSE)
- Average acquisition price per share stood at Rs 533.84
- Post-transaction, Redrose Vanijya LLP's stake rose to 29.40% from 29.30%
HEG Limited reported a robust performance for 9M FY26, with consolidated PAT jumping 140% YoY to ₹455 crore and revenue rising 21.6% to ₹1,965 crore. Despite a 2% decline in global steel production, the company maintained a high capacity utilization of 85% in Q3, leveraging its expanded 100,000-ton facility. Management anticipates a significant demand surge for graphite electrodes, projecting an incremental 200,000 tons of demand by 2030 as the global steel industry shifts toward Electric Arc Furnaces (EAF). The company remains debt-free with a strong treasury of ₹1,155 crore and is progressing with a further 15,000-ton capacity expansion.
- Consolidated PAT for 9M FY26 rose to ₹455 Cr from ₹189 Cr in the previous year
- Maintained industry-leading capacity utilization of 89% for the first nine months of FY26
- Global EAF capacity expected to increase by 110 million tons by 2030, driving electrode demand
- Company remains long-term debt-free with a treasury surplus of ₹1,155 Cr as of Dec 2025
- Ongoing 15,000-ton capacity expansion is on track for completion by early 2028
HEG Limited has released the audio recording of its Q3 FY26 earnings conference call held on February 11, 2026. The recording provides the management's detailed commentary on the company's financial performance for the third quarter. Investors can access the audio file via the company's official website or the provided direct link. This is a routine regulatory disclosure following the announcement of quarterly results to ensure transparency for all stakeholders.
- Earnings conference call for Q3 FY26 was conducted on February 11, 2026, at 17:00 hrs IST.
- The audio recording has been made available to the public via the company's investor relations portal.
- The filing is in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations.
- Management commentary typically covers graphite electrode market trends and operational performance.
HEG Limited reported a strong performance for Q3 FY26 with consolidated PAT reaching ₹206.97 crore, a significant increase from ₹83.40 crore in the same quarter last year. Standalone EBITDA margins showed impressive expansion to 32%, up from 28% in the previous quarter and 17% in FY25. The company is currently operating at a 100,000-ton capacity and has announced further expansion to 115,000 tons by the end of 2027. While global steel production fell 2%, HEG is benefiting from India's 10.4% growth and the structural global shift toward Electric Arc Furnace (EAF) steelmaking.
- Consolidated PAT for Q3 FY26 rose 148% YoY to ₹206.97 crore compared to ₹83.40 crore.
- Standalone EBITDA margins expanded to 32% in Q3 FY26, showing consistent improvement from 23% in Q1 and 28% in Q2.
- Nine-month standalone revenue reached ₹1,965.29 crore, up from ₹1,616.13 crore in the previous year's corresponding period.
- Capacity expansion to 115,000 tons per annum is on track for completion by the end of 2027.
- Exporting 65-70% of production to 35 countries, maintaining its position as a top global graphite electrode producer.
HEG Limited reported a robust year-on-year performance for Q3 FY26, with standalone revenue increasing 37% to ₹655.66 crore. Standalone PAT grew 44% YoY to ₹141.25 crore, while EBITDA margins saw a significant sequential improvement from 28% in Q2 to 32% in Q3. The company is leveraging its expanded 100,000-ton capacity and has announced a further expansion to 115,000 tons by 2027. While global steel production remains under pressure, HEG is benefiting from India's 10.4% growth in crude steel production and the structural global shift toward Electric Arc Furnace (EAF) steelmaking.
- Standalone Revenue grew 37.4% YoY to ₹655.66 crore in Q3 FY26.
- Standalone EBITDA margins improved to 32% in Q3 FY26, up from 28% in Q2 FY26 and 17% in FY25.
- Consolidated PAT reached ₹206.97 crore, significantly aided by ₹65.14 crore share of profit from associates.
- Capacity expansion of 15,000 tons announced to reach a total of 115,000 tons by the end of 2027.
- India remains a growth engine with 10.4% YoY growth in crude steel production, supporting domestic electrode demand.
HEG Limited reported a robust year-on-year performance for the quarter ended December 31, 2025, with standalone net profit rising 43.7% to ₹141.25 crore. Revenue from operations grew significantly to ₹655.66 crore compared to ₹477.07 crore in the same quarter last year. The company is aggressively backing its subsidiary, TACC Limited, by subscribing to ₹400 crore worth of Optionally Convertible Debentures (OCDs) and providing corporate guarantees for its credit facilities. Furthermore, HEG is streamlining its portfolio by winding up the non-core medical transcription business of its subsidiary, Bhilwara Infotechnology.
- Standalone Net Profit for Q3 FY26 increased 43.7% YoY to ₹141.25 crore.
- Revenue from operations rose 37.4% YoY to ₹655.66 crore in the December quarter.
- Approved subscription of 4,00,00,000 OCDs of subsidiary TACC Limited totaling ₹400 crore.
- Nine-month FY26 net profit surged to ₹343.91 crore from ₹162.99 crore in the previous year.
- Winding up of the Medical Transcription business of Bhilwara Infotechnology Ltd effective March 1, 2026.
HEG Limited reported a robust performance for Q3 FY26, with standalone net profit rising 43.6% YoY to ₹141.25 crore. Revenue from operations grew significantly to ₹655.66 crore, up from ₹477.07 crore in the previous year's quarter. The company is aggressively funding its subsidiary, TACC Limited, through a ₹400 crore OCD subscription and a corporate guarantee for SBI credit facilities. Additionally, HEG is streamlining its portfolio by winding up the non-core medical transcription business of its subsidiary, Bhilwara Infotechnology.
- Standalone Net Profit for Q3 FY26 increased to ₹141.25 crore from ₹98.32 crore YoY.
- Revenue from operations grew 37.4% YoY to ₹655.66 crore in the December 2025 quarter.
- Approved a ₹400 crore investment in wholly-owned subsidiary TACC Limited via Optionally Convertible Debentures.
- Nine-month FY26 net profit surged to ₹343.91 crore, more than doubling from ₹162.99 crore in the prior year period.
- Board approved winding up the medical transcription business of Bhilwara Infotechnology effective March 1, 2026.
Financial Performance
Revenue Growth by Segment
Standalone revenue for Q2 FY26 grew 22.7% YoY to INR 697 Cr from INR 568 Cr. The Manufacturing of Graphite Electrodes segment is the primary driver, contributing 90.45% of total turnover.
Geographic Revenue Split
Exports contribute 66.53% of total turnover, serving 42 international countries. Domestic sales serve 25 states in India.
Profitability Margins
Standalone Net Profit margin for Q2 FY26 improved to 18.8% (INR 131 Cr) from 10.9% (INR 62 Cr) in the corresponding quarter of the previous year. Consolidated Net Profit grew 28% YoY to INR 105 Cr.
EBITDA Margin
Standalone EBITDA margin for Q2 FY26 was 32.4% (INR 226 Cr), a significant increase from 24.6% (INR 140 Cr) in Q2 FY25, representing a 780 basis point improvement in core profitability.
Capital Expenditure
The company maintains a strong treasury of INR 1,167 Cr as of September 30, 2025. Planned expansion includes increasing BESS capacity from 1.5 GWh to 6 GWh by Q1 FY27.
Credit Rating & Borrowing
HEG is long-term debt free. Finance costs for Q2 FY26 were INR 8.92 Cr, primarily related to working capital. Fitch ratings are updated annually to maintain credit transparency.
Operational Drivers
Raw Materials
Needle Coke is the primary raw material, with raw material consumption totaling INR 234.10 Cr in Q2 FY26, representing approximately 33.6% of total revenue.
Import Sources
Sourced from global markets to serve a footprint spanning 42 countries; specific country-wise import splits are not disclosed in available documents.
Capacity Expansion
Graphite Electrodes: Currently operating at 90%+ utilization. BESS: 1.5 GWh current capacity, expanding to 6 GWh by Q1 FY27. IPP: Targeting 1,000 MW/2,000 MWh by Q2 FY28.
Raw Material Costs
Raw material costs were INR 234.10 Cr in Q2 FY26 (33.6% of revenue). Needle coke prices have remained flattish between Q1 and Q2 FY26, supporting margin stability.
Manufacturing Efficiency
Maintains one of the highest utilization levels in the industry at 90%+ for the last two quarters, significantly outperforming industry peers.
Logistics & Distribution
Not specifically disclosed as a separate percentage of revenue in the provided documents.
Strategic Growth
Expected Growth Rate
15%
Growth Strategy
Growth will be achieved through volume expansion in the core graphite electrode business (90%+ utilization) and aggressive diversification into green energy via HEG Greentech. This includes expanding BESS capacity to 6GWh and participating in state/central tenders for 2000 MWh IPP projects by FY28.
Products & Services
Graphite Electrodes, Lithium-ion Battery Packs (BESS), Battery Management Systems (BMS), and Energy Management Systems (EMS).
Brand Portfolio
LNJ Bhilwara Group, HEG Limited, TACC Limited, HEG Greentech.
New Products/Services
BESS packs and IPP (Solar + BESS) projects; the first 200 MWh project is expected to be operational by Q2 FY27.
Market Expansion
Expanding into the BESS EPC segment and targeting C&I and B2B segments through state and central tenders.
Market Share & Ranking
Industry leader in capacity utilization (90%+) compared to global peers.
External Factors
Industry Trends
The industry is shifting toward EAF steelmaking, which requires graphite electrodes. CBAM regulations starting in 2026 will further drive demand for sustainable production methods.
Competitive Landscape
Major competitors have announced plant closures in Malaysia and China due to slow demand, while HEG maintains high utilization and operational resilience.
Competitive Moat
Cost leadership is sustained through massive single-site scale and 90%+ utilization, which allows for superior fixed-cost absorption compared to competitors who are closing plants.
Macro Economic Sensitivity
Highly sensitive to global steel production volumes and the industry transition toward Electric Arc Furnace (EAF) technology.
Consumer Behavior
Steel manufacturers are shifting toward EAF to meet green steel targets, creating a long-term demand tailwind for electrodes.
Geopolitical Risks
Trade barriers such as the 50% reciprocal duty in the U.S. and global demand slowdowns impact export volumes.
Regulatory & Governance
Industry Regulations
Subject to international trade tariffs (e.g., 50% US duty) and upcoming CBAM regulations in 2026 for steel-related exports.
Environmental Compliance
Formalized an enhanced sustainability roadmap in FY 2024-25; specific compliance costs in INR Cr are not yet available for reporting.
Taxation Policy Impact
Standalone effective tax rate for Q2 FY26 was approximately 19.6% (INR 31.89 Cr tax on INR 162.89 Cr PBT).
Legal Contingencies
Order CA No. NDL 1374/2025 dated December 11, 2025, was received regarding subsidiary Bhilwara Infotechnology Limited; management states there is no material impact on HEG's financial or operational activities.
Risk Analysis
Key Uncertainties
Impact of U.S. tariff barriers on export competitiveness and the potential for prolonged flattish pricing in the global electrode market.
Geographic Concentration Risk
66.53% of revenue is concentrated in export markets across 42 countries.
Third Party Dependencies
High dependency on needle coke suppliers; 100% of key suppliers are being assessed on ESG parameters to ensure supply chain sustainability.
Technology Obsolescence Risk
Mitigated by diversifying into the BESS and green energy sectors to capture the shift toward renewable energy storage.
Credit & Counterparty Risk
Strong liquidity position with a treasury size of INR 1,167 Cr as of September 30, 2025.