General Updates

HEG/SECTT/2026 25th June, 2026 1 BSE Limited 2 National Stock Exchange of India Limited P J Towers Exchange Plaza, 5th Floor Dalal Street Plot No.C/1, G Block, Bandra - Kurla Complex MUMBAI - 400 001. Bandra (E), MUMBAI - 400 051. Scrip Code : 509631 Scrip Code : HEG Subject: Regulation 34 - Notice of 54th Annual General Meeting (AGM) & Annual Report for the Financial Year 2025-26. Dear Sir/Madam, This is in continuation to our earlier letter dated 22nd June, 2026 with regard to intimation for 54th Annual General Meeting (“AGM”) scheduled to be held on Wednesday, 29th July, 2026 at 12:00 Noon (IST) through Video Conferencing /Other Audio Visual Means (“VC/OAVM”) only, pursuant to Regulation 30 and 34(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed a copy of the 54th AGM Notice along with the Annual Report of Financial Year 2025-26 being sent through electronic mode to those Members whose e-mail address is registered with the Company or the Depository Participant(s). Further, pursuant to the Regulation 36(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please also find enclosed a copy of the letter providing web- link/path and QR Code for accessing the Annual Report of the Company for the Financial Year ended 31st March, 2026 which is being sent to all the members who have not registered their email address with the Company/Depository Participant(s). The Notice of the AGM along with the Annual Report for the financial year 2025-26 is also uploaded on the Company’s website at www.hegltd.com. Kindly take the same on your record. Thanking you, Yours faithfully, For HEG Limited (Vivek Chaudhary) Company Secretary M.No. A-13263 heg.investor@lnjbhilwara.com Encl: As above HEG Limited 54th Annual Report 2025-26 CONTENT CORPORATE OVERVIEW Page No Every industry has its survivors. Forging Ahead 001 Few have its shapers. About HEG Limited 010 Statement from the Chairman's Desk 012 We arrived last. Every decade since, Key Performance Indicators 016 we have chosen to shape. Management Discussion and Analysis 018 Corporate Social Responsibility 038 What follows is the story of a Board of Directors 048 conviction held through long STATUTORY REPORTS winters: that endurance, practised Corporate Information 049 deliberately, becomes an advantage. Board's Report 050 Corporate Governance Report 078 Business Responsibility & THREE TRAITS. Sustainability Report 106 FINANCIAL STATEMENTS ONE COMPANY. Standalone Financial Statements 161 Consolidated Financial Statements 253 FORGING AHEAD. Forward Looking Statement In our reporting, we may include forward-looking statements that reflect our expectations, projections, and plans for future performance and growth. These statements are based on current assumptions, estimates, and forecasts, and may involve inherent risks and uncertainties. While we endeavour to provide accurate and reliable information, actual results may differ materially from those expressed or implied in these statements due to various factors beyond our control. We encourage stakeholders to review our disclosures alongside the cautionary statements and risk factors outlined in our reports and filings with regulatory authorities. Corporate Overview Statutory Reports Financial Statements WE ARE WE ARE DIFFERENT VISIONARIES. FROM THE REST. We stepped into a high-technology space which the world kept In our business, cost competitiveness and logistics are the key. zealously guarded. Where most saw a roadblock, we saw an opening While global majors spread their plants across geographies, we chose to keep — a moat not to be feared, but to be earned. We strove. We learned. expanding at one site to master scale, placing every incremental capacity at a single We built. We endured. home: Mandideep (near Bhopal). We remain the last entrant to the graphite electrode industry anywhere in the world (except A contrarian bet became a competitive moat. Today we sit in the lowest-cost quartile of China) — and we have never once looked back. Across nearly five decades, we have climbed the our industry — a discipline, compounded over decades, that is not easy to replicate. global rankings until the very barrier meant to keep us out became the one that sets us apart. The world chose to spread out. We were the last to enter. We chose to dig in. We aim to be the longest-lasting. 002 » «« 000033 HEG LIMITED AAnnnnuuaall RReeppoorrtt 22002255--2266 Corporate Overview Statutory Reports Financial Statements WE ARE HARDENED WE ARE GO-GETTERS. FORGING AHEAD. Ours is an industry that bleeds, for years at a FY26 tested our endurance for the nth time. stretch. Across a long span, the graphite electrode The dull spell in our sector held — steel demand world endured a punishing downturn, relieved only remained muted, weighed down by geopolitical by the brief, brilliant flare. While the industry bled, upheaval worldwide. It was a year that asked, again, we held our ground by force of will. whether we would merely stay afloat. When competitors decided the pain had gone on long enough and We chose to aim higher. While the entire electrode sector ran its assets began to cut their losses, we chose to climb. We expanded into the at roughly 60-65%, we sweated ours at 90%, even after further capacity teeth of the downturn, ready for the day the super-cycle arrives. As additions — turning a hard year into deeper output, and deeper output peers reduced capacity, we added it. into stronger partnerships. Today, we operate the world's largest single-location graphite electrode We are further investing in another brownfield expansion, readying for plant. Every other large plant sits well behind ours. an upcycle expected over the coming five years — demand holding as supply recedes. We are not waiting for the tide. We are positioning to The industry learned to survive its winters. meet it. We learned to grow in them. The cycle tested us, as it has so many times before. And once again, we answered by forging ahead. 004 » «« 000055 HEG LIMITED AAnnnnuuaall RReeppoorrtt 22002255--2266 Corporate Overview Statutory Reports Financial Statements WORLD’S LARGEST SINGLE SITE UHP GRAPHITE ELECTRODE PLANT 006 » «« 000077 HEG LIMITED AAnnnnuuaall RReeppoorrtt 22002255--2266 Corporate Overview Statutory Reports Financial Statements OUR OPTIMISM FORGING PREMISE AHEAD Scaling Leadership Creating a Dual Growth Engine 115,000 TPA Demerger into HEG Greentech: 20 60 y Anode Materials in sight. mmt mmt y 278 MW Hydropower Assets y BESS EPC (scaling to 6 GWh) New Greenfield Electric Arc New Greenfield Field Electric Arc Phase II expansion underway with Furnace-based steel plants have Furnace-based steel plants are at y Solar + BESS IPP solutions already come into production in various stages of implementation, K650 Two focused platforms. One Crore the last 12-18 months with production expected by 2028. integrated vision. investment. Capital-efficient. High-return. Completion targeted by Q4 FY2028. ~30 200,000 mmt tpa New Greenfield Electric Arc Approximate incremental graphite Furnace-based steel plants likely electrode demand by 2030, to be operational by 2030. excluding China. Entering the Battery Materials Space Our transition Through TACC Limited, our wholly- owned subsidiary, we are building From Electrodes to Energy Materials a next-generation graphite anode From Steel Decarbonisation to platform—extending our carbon Energy Management expertise into the fast-growing 15,000 energy storage ecosystem. From Capacity Expansion to Capability Expansion 20,000 HEG’s capacity addition by 2028. ton We are not just growing bigger. We are becoming Anode Facility. future-ready. Commissioning by March 2027. 008 » «« 000099 HEG LIMITED AAnnnnuuaall RReeppoorrtt 22002255--2266 Corporate Overview Statutory Reports Financial Statements WE ARE HEG LIMITED We are the flagship company of the LNJ Bhilwara Group and one of the world's leadin [Showing first 8,000 characters — download PDF for full document]