H.E.G. Ltd. — Q1 FY27 earnings call

My first question is on revenue mix. How much was the share of Middle East in Q1 and which region did we divert lost volumes?

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Sorry, Amit, can you repeat this for us? Actually, the voice was echoing. Go ahead. Please repeat it.

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Yes. So my question was on revenue mix. How much was the share of Middle East? And to which region did we divert lost volumes due to war?

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Sir, your voice is not clear.

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But, I have understood the question anyway. We understood the question. So Amit is asking what was our share in Middle East. See, over the year, it's around 20%. And it hardly matters because we are so well diversified across countries. Some temporary delay in shipping, etcetera, was easily spread over to the rest of 30 countries we operate.

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Okay. So did we not lose any volumes in Q1?

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No, no. We didn't lose any volume. As you can see, we still operated in excess of 91%.

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Okay. And my second question is on implied price realizations, which I calculate using the revenue and the volumes. So it appears that the benefit of any recent price hike is yet to flow into earnings. So how much of price increase can we expect in the coming quarters?

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See, in -- for companies like us in this electrode business, normally, we are always booked 3, 4 months ahead. So whoever is announcing a price hike and we also -- I mean, we have to start raising prices will only happen October onwards because we anyway committed up to HEG Limited July 24, 2026 Page 6 of 17 September. So whatever price hikes which will come in, will come in later, will actually start showing up later in the year. However, in our existing markets, whether it's India or elsewhere, whatever new business we are booking are at higher prices. So we continue to gradually raise prices and our input costs are increasing and also needle coke prices are increasing.

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The next question is from the line of Ahmed from Unifi Capital.

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Congratulations on great set of numbers and execution in the tough environment. Same follow- up question to what Amit was asking. If we have had 20% roughly volumes from Middle East market over the years, then can you elaborate a little bit which markets we have diverted those volumes to where you see the better demand and has absorbed your balance volumes? And also, you can quantify, if possible, how much the Middle East volumes have de-grown by?

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Ahmed, it is not the right forum to talk in so much of details. I mean, obviously, it's a listed company. We have competitors all over the world. So we should not be divulging these kinds of numbers. But suffice it to say that our exports continue to be in the region of 70%, 75%, which has been the case for not now, but last 25, 30 years. And we are practically exporting our electrodes to each part of the world to the smallest countries sometimes in Africa, to Latin America, to the largest consuming country, which is U.S. and Europe. So more than that, I mean, we should not be talking in public about how much we are selling to whom, how much has our market share come up or come down. And it happens from quarter- to-quarter. It's nothing so special about this particular quarter. The world is large enough to take a small piece of drop in one region to some other region.

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Sure, sir, I understand it. The question why I was coming from was, if we look at whatever the regulatory action being planned in the U.S. market, so in terms of both CVD and ADD. So in that case, what rate in your internal assumptions you would have considered so that the U.S. volumes for us continue to hold or grow? My question was coming from that angle.

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Okay. Let me try and take this question. See first, when we talk about Middle East, we're not talking about 1 or 2 countries or Strait of Hormuz or whatever. We are talking about the bigger MENA region, Middle East, North America. So only 3, 4 countries are impacted. Rest of the business is still ongoing. And they just postponements. I mean, of course, if they don't take it this one, they will take it next one. So there is no connect between this and the U.S. business per se. The CVDs and ADs, which you are mentioning, that thing will keep ongoing, and we will see what results come and we'll see. I mean, right now, of course, as we are -- as Chairman said, we are very -- we have very well diversified markets. So it remains to be seen. Maybe we'll come to around September, what was the final result of the CVDs and antidumpings.

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In terms of the pricing, obviously, you would have had some all committed volumes and you are saying from October onwards, there will be price hike. And there will be -- I'm assuming there will be proportionate hike in the needle coke as well. So how would you assume in terms of your net EBITDA expansion, whether the price hike will be much higher than the cost increase we have seen? Any sort of sense you can give? HEG Limited July 24, 2026 Page 7 of 17

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We have seen 2 of our colleagues announcing fairly steep increases, the American company and a Japanese company. And obviously, their costs have also gone up, so have our costs gone up. And I think one of them has announced a price increase of between $600 to $1,200, depending on the size and quality. The other one has given one number of $930. So they have just been talking about these in the last 6, 7 weeks. And as Manish said, we are more or less booked. Each one of it is more or less booked at least for the next 1 quarter or 2 quarters. So the trend is -- it's a very favorable trend that -- and it had to happen in any case. I mean the world has seen so much -- so many different kinds of problems relating to several price increases in raw material, oil, shipments, this, that, that like anything else, I mean, prices are going up for everything. So, we will obviously follow and we are following. There are only 3, 4 of us in the world. So 2 of them have already announced their intent. They have given the numbers. They are all available in the public domain. So apart from these 2, 3 companies that we spoke about, then there is only we and our Indian colleagues. So obviously, so we will follow suit. But nothing substantial is going to happen in the next 1 quarter or next 2 quarters because more or less, everybody is booked more or less fully, if not fully, more or less fully for the next 2 quarters. So is the case with -- so is the case with our raw material. I mean whatever prices of raw material will go up like needle coke and all, the impact of that product will only come by November, December, January. Everybody is covered or everybody has ordered needle coke at the old price.

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Sure. Just one accounting question. If I look at the -- our other income number, that's close to INR43 crores, and there will be about INR7 crores, INR8 crores interest income, which you have disclosed in the segmental numbers. So CFO, sir, if you can explain what the balance component is? Is it forex gain or anything else?

Sorry, can you come again, please?

The next question is from the line of Akhilesh Kumar from Emkay Global.

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First of all, congratulations on the good set of numbers. So I have a couple of questions. So my first question is on the EAF capacity commissioning. So we were talking about 30 million tons of capacity commissioning in CY '26. So now since 1H is already passed, so how much of that has already been kind of commissioned? Or what's the status on that as of now?

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You see a lot of this has been in operation and balance is going to be in operation in the next 2, 3 quarters. We are tracking each and every new facility. And whatever we have been talking about in terms of new capacity for the last 2 years, we are very happy to say that they're all happening. I mean these are all $1 billion, $2 billion kind of a greenfield expansion. So a couple HEG Limited July 24, 2026 Page 8 of 17 of weeks or a couple of months delay or in some cases, early implementation is very, very practical. But between 25 million, 30 million tons has already come in the last 3, 4, 5 quarters. And from all our conversations with our existing customers, and from whatever we hear from the market, we are seeing that whatever numbers that we have been talking about, about new electric arc furnaces coming up in the next 2, 3 years and then, let's say, in '29, '30 is more or less correct. It could be out by 10%, 15%, 20% plus/minus here and there, but they are all on the anvil and they're all coming.

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Right. So is it fair to say since 2025, close to 18 million tons of capacity got commissioned. So first half should be somewhere around 8 million to 10 million tons already being commissioned now?

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Yes. Between these 2 years '25 and '26 -- sorry, '24 and '25 about 20 million, 21 million metric tons has certainly come up. I have the name if you would like to know offline. And then in these 3 years, '26, '27, '28, we are talking about almost 60 million metric tons to come. And during the year, half year has gone by, I think, 8 million, 10 million metric tons has already come up. So if you really want -- really very interested in knowing which customer where, I'll be happy to provide, but offline.

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Sure, sure. My second question is on price hike. So there were a lot of concerns which were coming up regarding the GrafTech's price hike that it is not getting absorbed in the market. So what's the status on that since now Tokai Carbon has also come up with big price hike. So how does the situation improves for us from Q3 to Q4? And do we see that sustenance of price hikes in further years also FY '28 and FY '29, for example?

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We would not like to really comment upon the GrafTech and Tokai pricing, except sharing with you what we have seen in the public domain. So this is an intent to raise prices. How much gets eventually absorbed by the steelmakers, that remains to be seen, and that will be known in next 1 or 2 quarters. But yes, these are the announcements. And of course, we also have to raise prices because in our case, the energy cost, the ocean freights and even needle coke is now going to go so far, it was not, but now going to go up. So I think as an industry, we all need a price increase. Now how much actually gets translated and what is anybody's basket is every company thing, how much is already booked, now being booked, something like that. So we can't really say about if GrafTech prices getting absorbed or not absorbed, it is not good for us to comment and neither we are aware.

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Got it. Got it. Fair point. My another question is on Greentech. So how much of that 20,000 tons of anode volumes is already contracted or let's say, in the advanced stages of the contracts so that, because FY '28 is now only 8 months away. So any clarity on that?

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Ankur? HEG Limited July 24, 2026 Page 9 of 17

So when we say 70% of the contracts, that would be how much percentage of our capacity?

Okay. 70% of the capacity?

Okay. And my second question is on the BEL. How much of the debt do we have as of FY '26 in BEL as of FY '26? And how do we see it progressing for FY '27 and '28?

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See, there is no BEL, there is no debt in the company.

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It's 0. It's basically zero.

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It's a debt-free company right now.

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And it has been like this for a number of years.

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Okay. So if we talk about then in the case of Greentech, so let's talk about Greentech as an entity. How much of that debt would be coming to Greentech and how much would be with the graphite?

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That would be INR1,500 crores.

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INR1,500 crores of debt. Gross debt or net debt?

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It's a gross debt.

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Okay.

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So just to explain you, till date, we haven't drawn any much money for TACC as a debt. It's just started. So when this entire demerger exercise will completed and when you see 31st March '27 balance sheet, then there will be approximately around INR1,500 crores of debt lying on the company on a gross basis.

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Okay. And consecutively, we'll take debt for TACC in FY '28, '29 because 70-30 kind of project financing will be there. So this INR1,500 crores would go up eventually, right? Is my understanding correct?

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So TACC -- no, TACC debt, what we have secured till date is INR1,240 crores from SBI and balance is from our own capital and the internal accruals. FY '29, we will see how we have to go about the additional debt if it is required for the additional capacity per se. HEG Limited July 24, 2026 Page 10 of 17

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Okay. So out of INR3,100 crores of debt which -- out of INR1,300 crores of capex which is there for TACC, earlier our plan was that 70-30, we will do. So INR2,100 crores of debt would be...

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So when you're talking about INR3,100 crores of capex, that is for 30,000 ton capacity, which the management have given a time line that will be coming in the next few years. So if you talk about in that phase, then INR3,100 crores, 70% will be through the financing. Yes, the debt will increase for that.

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The next question is from the line of Rohan from Arihant Capital.

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Congratulations for the good set of numbers. My question was, sir, you recently on the yesterday, you had announced that needle coke prices is expected to rise by another like 10% to 15%. So given the coverage cycle of our roughly... Am I audible?

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Yes. Go ahead.

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So like given the coverage cycle of roughly 45 days of shipping and 45 days of processing, in which quarter do we expect this higher cost material to actually flow into our P&L side? And what would be the spread per ton we can expect on this, sir?

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See, just to clarify the 10% to 15%, what Rijuji said yesterday was the of the total -- our cost of making electrodes. That was roughly 10% to 15%. Left to needle coke itself, then it has gone up by a higher amount. And this will start taking effect in I think towards the end of the year because, of course, because it's a long process cycle, it takes 1.5 months to make electrodes, stocks, etcetera, etcetera. So the rise will start taking effect towards the end of the year. And as we are unbooked for that quarter, we will be raising prices for the end of the year to cover the rise in cost.

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Got it, sir. And we -- like a run rate of around like 24,000 tons annualized to roughly around like 96,000 tons, sir, so against 100,000 capacity. So how much headroom we can expect to have like on the overall utilization level, what we can expect for the FY '27 level, sir?

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See, production varies quarter-to-quarter. So I think there's no more headroom beyond 94% or 95%. That's about the peaking. We are running in excess of 90% at present. So quarter-on- quarter, it varies a little bit, and we think we'll close the year between 90% to 95%, something like that. But I don't think there's any more headroom because then you have to create ideal conditions to reach 100% and conditions are never ideal.

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Sorry, sir. One last question is, sir, like in the recent media interview, we said around 7% to 8% price improvement we had in the first quarter. So in last quarter con call, you've guided for like $300 to $500 per ton price increase we expect for FY '27. So what have you contracted on the new bookings in dollar-per-ton basis? And what percentage of your second half volumes is now booked at this level, sir?

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Okay. So we cannot speak in terms of specific numbers or dollars. What I remember in the last con call, we said that this is the kind of which we definitely required to cover our cost. So right HEG Limited July 24, 2026 Page 11 of 17 now, we have booked up to September or even, I would say, up to October. And we are trying various markets, what market, what customer, what price. So it's still a little while away. We'll know in next 1 or 2 months, what kind of price increase average we are able to get from various markets. Can't say, but surely, we would definitely like to cover our cost and increase margins, if possible.

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Got it, sir. And sir, if time is allowed, one last...

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I'm sorry to interrupt you, Mr. Rohan, can you please rejoin the queue? The next question is from the line of Chirag from SKP Securities.

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So actually, my question was, so our total annual project cost, which has been guided for about INR2,200 crores, INR2,300 crores. So what can the phasing look like over the years to come?

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You're talking about green project or what?

Anode project, the capex, INR2,200 Crores, INR2,300 crores we guided, right?

No, no. So I was asking what our phasing would look like? How much our spend would be for -- how much have we spent for Q1 and for the rest of the year? '27, '28 basically?

You are asking how much capex we have spent in FY '26, '27, right? FY '27, '28, but my plant is coming on live. I'm not able to understand your question.

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Yes. I'm asking for the anode project, how much have we spent in Q1 and in Q1 FY '27? And for how much we will spend for the rest of the year and for '28?

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Okay. So out of the entire INR2,200 crores, 40% is already been spent. The larger amount will be spent in next 3 quarters. And we are hoping that the entire 95% -- 90% payment will be done by FY '27 and balance 10% will be done in FY '28, first quarter.

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The next question is from the line of Deepak Poddar from Sapphire Capital.

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Am I audible, sir?

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Yes.

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Sir, just wanted to understand on the pricing front, you mentioned that all the new business we are booking at higher prices, right? And already, we have taken a price hike of 5% to 7%. And you would like to maintain the margins. So the balance price hike could take in the range of 5% to 10% more because you mentioned your cost of production is increasing by 10% to 15%. So HEG Limited July 24, 2026 Page 12 of 17 just wanted to understand what's the price hike we are expecting? And what is the sustainable margins we want to keep, I mean, given the scenario?

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Rather than going into the specific number, and all, which is very risky on a call, we will -- I can only tell you that we'll be able to maintain the margins that we are now talking about. And we will have a higher margin than anybody else.

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Okay. So when we say maintain the margins, we are talking about this first quarter margin?

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Yes. Last quarter, this quarter, I mean, not much difference.

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Yes. I mean, yes, I mean, that 28%, 29%, including other income, right? I mean that's what we are talking about.

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Yes.

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Okay. Fair point. And my second question is on your Greentech business. So can you throw some light on the potential of revenue from the anode capex that we are doing in TACC and plus the Bhilwara Energy, what sort of potential we are looking at? So I'm not aware much on this Greentech part. So if you can just throw some light, it would be very helpful, yes. So what's the potential we are looking at in each of the segment in Greentech, yes?

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So I can take that question quickly. For the anode project, it will start commercial production Q1 of next year. So we hope to operate at around 40% to 50% capacity utilization, which should give us a revenue of around INR600 crores to INR700 crores in the first year, which would ramp up to more than INR1,200 crores in year 2. And in year 3, crossing around INR1,500 crores, INR1,600 crores. And again, the margins that we are looking at without getting into more details, roughly an EBITDA margin of 35% for -- under all these 3 numbers. As far as Bhilwara Energy is concerned, we've got 2 hydro plants, which are totaling around 300 megawatts and they give us a free cash flow of between INR320 crores to INR350 crores of cash flow per year because both the projects are debt-free and these are the free cash flow that will come in from these 2 projects. Apart from that, we plan to put up one more hydro project, which will start operations by 2030 and one solar project, which will start operation in the next 18 months. Both of them combined should add another INR200 crores of EBITDA over here. So basically, in a nutshell HEG Greentech, we can safely say by the year 2030, we should be aiming at a 4-digit EBITDA between all the businesses combined.

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4-digit EBITDA. And this solar project is coming in 18 months and one more hydro project is coming by 2030?

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Yes, 2.5 years from today.

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2.5 years, okay. So close to '29 maybe yes.

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Right. HEG Limited July 24, 2026 Page 13 of 17

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Yes. And what is the capacity of this hydro project?

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This is 75 megawatts, and we've actually acquired this project from our previous partner, Statkraft. So a lot of work around 30% of the work has already been done. That's why I'm saying 2.5 years. Otherwise, the normal time for a hydro plant would be anywhere between 4 to 5 years. But we are saving on that 1 year because a lot of the tunneling, etcetera, work has already been done from before.

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And the solar project capacity?

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Solar project, if it comes up, it's a 300-megawatt C&I project, which will just be a plain vanilla solar project of 300-megawatt DC capacity.

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Okay. And then all these hydro projects are IPP, right?

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Yes. The hydro projects are run of the river IPPs with around 30% to 40% peak power. So average rate of selling, we've assumed that around INR5.5, which is very -- which surely we are going to attain this year because 30% to 40% of the power is sold as peaking power, which goes up as high as INR10, INR7, INR8. And the regular power that you sell most of the time is around INR4. So a weighted average would be around INR5.5 plus.

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Okay. I got it. That would be it from my side. Just one last thing, the anode capex of INR2,200 crores is for 20,000 capacity, right?

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Yes, that's for 20,000 capacity.

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And this 1 lakh, the expansion towards 1 lakh that any plan we have formed up or we have not formed up any plan as of now?

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No, no. It's -- right now, the land that we have is capable of taking around 30,000 tons. And so as soon as we complete this particular project of 20,000 tons, we'll quickly take a decision of expanding it to 10,000 tons more, and that would be done at a capex of around INR800 crores.

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Okay. Okay. That would be from my side.

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That facility would come up by 2029, not before that.

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No. But this 20,000 ton is coming by first quarter of '28. So it will hit your P&L FY '29 entire year, right?

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Yes, yes. FY '29 will be 100% there. And FY '28, it would be kind of 40% capacity utilization.

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Yes. I think that's very useful sir.

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Yes, we can send you all the details on Greentech on a separate call if you -- whenever you can touch such base...

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The next question is from the line of Kirtan Mehta from Baroda BNP. HEG Limited July 24, 2026 Page 14 of 17

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Since the start of the Middle East disruptions, what kind of needle coke price increase that we have seen happening in the industry?

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See, so far, I can't give a specific figure, but you can just take a ballpark number of between anywhere between $200, $250 or $300. That's the kind of increase we are now seeing because of this rise in oil prices and also increase in demand. And going forward, we really can't comment because it is done quarter-by-quarter. Can't really say what happens next. It all depends. We are just concluding quarter-by-quarter and accordingly, pricing our products.

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But just to clarify, it will not have a very immediate effect. I mean everybody carry stock of at least 3, 4 months and then the process of converting needle coke to electrode itself is 3- to 4- months process. So the impact will not be there for, let's say, at least the next 3 to 4 months, 5 months.

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Understood. And in terms of sort of our improvement in EBITDA from INR14 million -- sorry, the segmental profit from INR14 million to around INR140 million in this quarter. Is it primarily because of the improvement in the realization? Or are there any cost elements which has also reduced, which has helped in this improvement?

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Yes, there is improvement in realization. So as we carry old stocks of needle coke, needle coke prices remains there and there's improvement in realization.

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Would you be able to comment on regional trend in terms of are this improvement coming in any specific regions?

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No, no, no. It is actually -- it's coming from everywhere, wherever -- I mean, because these are global prices. So whichever market, it's not that one market increasing and one market is not increasing at all. So proportion -- I mean, the quantum matters differs from market to market. But when the price increase happens, it happens globally.

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Right. Just second follow-up question was on the U.S. regulatory actions. There is a potential that the preliminary results can come by July and final could be come by September. So what is our exposure to that market? How much volume we sell into U.S. at this point of time?

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Hardly, I would say, less than about 10%...

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About 10%.

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But that because as a company like HEG, we are very well entrenched in so many countries, all the major steelmaking nations, HEG is present and U.S. is hardly 10% of our business. So it's fine. I mean we'll see what comes, as you rightly said, and let me explain -- tell you a little more specific. CVD is by end July. Dumping is by end September. So we'll see what they come up with. We know that we have not done dumping. That is for sure.

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Understood. And in terms of the outlook on the prices is primarily -- would you be able to...

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Sorry to interrupt you, Mr. Mehta, can you please rejoin the queue? The next question is from the line of Ahmed from Unifi Capital. HEG Limited July 24, 2026 Page 15 of 17

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If I try to understand the structure of Bhilwara Energy, the hydropower plant owning entity, it owns 51% stake in the Malana Power entity and the balance was the Statkraft, which we bought in. So to buy that stake, we have paid around INR1,200 crores -- how did we fund that amount?

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Ahmed sir, your voice...

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Yes, I'll come back again. Is it clear?

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Yes, continue.

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Yes. I was saying that we bought 49% stake of Statkraft in Malana Power. How did we fund that?

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We borrowed money 50% from the commercial banks and 50% coming from -- partly coming from the family office and partly from BEL.

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Yes. So when you merge it with the Greentech entity, will any of that debt come on the books is my question?

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No. Actually, INR600 crores is already there in the books of BEL through subsidiaries. So that will be there. By that time, I think by that time, we will be retiring all these debts.

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Okay. Got it. And second question is post all the consolidation and when the Greentech business list separately, what will be the outstanding shares?

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So it will be around 39 crores -- sorry, 32.9 crores shares.

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32.9 crores -- and if we add -- got it. 32.9 crores and then there will be one more tranche of Singularity, which is left to be used, I'm assuming.

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Which, no.

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Okay. After everything, it is 32.9%.

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I'll explain you today, HEG share -- number of shares are around 19.7, 19.8. So there will be around 13 crores shares, which are being issued additionally, which is to be given to Singularity for their investment and to the other shareholders, which are promoter and RSWM Limited, who is our shareholder in BEL. So after this, there is no fresh issuance of shares once this has been routed.

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Understood. My only question was that there were 2 tranches of Singularity. So in 32.9%, both tranches are covered.

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Yes, yes, yes. So it already been done.

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The next question is from the line of Ronak Agarwal from iThought PMS.

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Congratulations. Am I audible? HEG Limited July 24, 2026 Page 16 of 17

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Yes.

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Congratulations on a great set of number. One I just want to understand a bit about America putting ADD and CVD. So let's say, if ADD comes just in a hypothetical scenario, how are we looking to derisk the volumes? Like I think we sell around 20% of our revenue in America. So how are we looking to derisk the same? And like what kind of contracts do we have with the players that we are selling?

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First of all, it's not 20%, it was 10, I said 10. And with the kind of presence we have in the other markets, God forbid, if it happens and if something comes, which is totally unreasonable, it will not be difficult for us to absorb that volume elsewhere. So we will cross the bridge when we come to it. Right now, it's just speculation what will come, what will not come. We'll see if it makes sense, yes, we'll be there. We would love to be there. And if it doesn't, we have alternate markets.

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Okay. So you are confident of the same that you will be able to ship it to some other countries?

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Totally, totally.

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The next question is from the line of Kirtan Mehta from Baroda BNP Paribas.

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One question on the graphite electrode market. The way -- if I understand the market, I think it's -- global market is around 600 Kt for the UHP electrodes and roughly 1/3 is supplied by the Chinese. Amongst the balance market, I think 2 Indian players and a couple of larger Western players operate. While we operate it at around 90% utilization, the Western capacity utilization is still in the range of 60%, 65%. So what gives us the confidence that the pricing can improve when the market is still sort of in a supply surplus?

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Okay. Now you see if you look at the figures since that COVID times, if you look at steel production of major steel producing countries, they have been quite stagnating. So today, I can safely say that steel industry utilization is even less than 75%. The moment there is the production starts to increase and ex China is more than 50% from electric arc furnace, the graphite electrode demand will grow. And the figures which you gave that the market of 600,000 and 200,000 is supplied by China, I tend to differ. It's not that number. It is much less, maybe half of that. So -- and we are operating at high capacity utilization, as you rightly said. So that means we have markets. We have market presence to be able to sell our product. So we are all looking at the return of demand. We are looking at the new electric arc furnaces. Please tell me if you have ever heard of a new blast furnace coming up in Europe or U.S., no. whatever capacities are coming are coming in electric arc furnaces. So there will be increase of demand. One, by the production increasing and second, that new EAFs coming, which will add to that steelmaking capacity.

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Right. So primarily, I think it's tied to the return of demand or new EAF as and when it comes through. HEG Limited July 24, 2026 Page 17 of 17

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That's true.

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If U.S. market sort of levies the ADD or something that market could become sort of relatively less lucrative for us. So then would we be more dependent on the demand coming up in Europe, which will decide where the prices would move and whether we can benefit from it.

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Not just Europe, there is other than Europe. Steel is produced in all parts of the world.

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It's Middle East, Turkey...

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And believe me, I mean, we will retain America. I mean American prices are higher than most of the others. We might lose some sort of a market share, but we're not going to leave that country.

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The next question is from the line of Kaushal Sharma from Equinox Capital.

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My question has been answered.

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Due to time constraints, that was the last question for today. I now hand the conference over to the management for closing comments.

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Thank you. Thank you for a large presence today and some very, very probing questions, which obviously means that you guys are really focusing on HEG and the graphite industry. So I look forward to speaking to you in 3 months' time with maybe some better information, more knowledge. And I can only tell you that we will produce at 90%, 95% capacity utilization come what may. Thank you.

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Thank you. On behalf of 360 ONE Capital Market, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.

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