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HEG/SECTT/2026 July 28, 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: Transcript of Earnings Conference Call on Q1 FY27 of HEG Limited Dear Sir/Madam, Please refer to our Earnings Conference Call scheduled on July 24, 2026 intimated vide our letter dated July 21, 2026. Please find enclosed the transcript of the said Earnings Conference Call. The said transcript is also available under the Investors Section of the website of the Company i.e. www.hegltd.com. This is for your kind information and records. Thanking You, Yours faithfully, For HEG Limited Vivek Chaudhary Company Secretary A-13263 heg.investor@lnjbhilwara.com Encl: As Above “HEG Limited Q1 FY '27 Earnings Conference Call” July 24, 2026 MANAGEMENT: MR. RAVI JHUNJHUNWALA – CHAIRMAN, MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – HEG LIMITED MR. RIJU JHUNJHUNWALA – VICE CHAIRMAN – HEG LIMITED MR. MANISH GULATI – EXECUTIVE DIRECTOR – HEG LIMITED MR. OM PRAKASH AJMERA – GROUP CHIEF FINANCIAL OFFICER – HEG LIMITED MR. RAVI TRIPATHI – CHIEF FINANCIAL OFFICER – HEG LIMITED MR. PUNEET ANAND – GROUP CHIEF STRATEGY OFFICER – HEG LIMITED MR. ANKUR KHAITAN – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – TACC LIMITED MS. NEHA RAJVANSHI – CHIEF FINANCIAL OFFICER, HEG ADVANCED MATERIALS – HEG LIMITED MR. SALIL BAWA – GROUP HEAD, INVESTOR RELATIONS – HEG LIMITED MODERATOR: MR. RAJESH MAJUMDAR – 360 ONE CAPITAL Page 1 of 17 HEG Limited July 24, 2026 Moderator: Ladies and gentlemen, good day, and welcome to HEG Limited Q1 FY '27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your smartphone. Please note that this conference is being recorded. I now hand the conference over to Mr. Rajesh Majumdar from 360 ONE Capital. Thank you, and over to you, sir. Rajesh Majumdar: Yes. Good afternoon, everyone, and welcome to the Q1 FY '27 Earnings Call of HEG Limited. We have with us today Mr. Ravi Jhunjhunwala, Chairman, Managing Director and CEO; and Mr. Riju Jhunjhunwala, Vice Chairman; along with their colleagues, Mr. Manish Gulati:, Executive Director; Mr. Om Prakash Ajmera, Group CFO; Mr. Ankur Khaitan, MD and CEO, TACC Limited; I have Mr. Ravi Tripathi, CFO, HEG Limited; Mr. Puneet Anand:, Group CSO. Also on the call are Ms. Neha Rajvanshi, CFO, HEG Advanced Materials; and Mr. Salil Bawa, Group Head, Investor Relations. So first of all, sir, congratulations on a very good quarter on the first quarter. And without much ado, I would like to hand over the call for the opening remarks of the management. Ravi Jhunjhunwala: So good afternoon, everyone, and welcome to our conference call for the first quarter of financial year '26-'27. The year began in a shadow of an ongoing war in the Middle East, which materially impacted energy prices globally, besides disturbing world trade and pushing shipping costs disproportionately very high in some cases and also increased transit times. In this backdrop, let me give you a broader picture of the global steel industry and its resulted impact on our company. According to World Steel Association's data, global steel production during the first half of calendar year '26 showed signs of gradual stabilization, declining by a marginal 0.7% year-on-year to around 931 million tons. This indicates that the contraction is bottoming out and global steel demand is beginning to find its floor. Surprisingly, steel production outside of China remained highly resilient, expanding by 2.1% year-on-year to 431 million tons after many years. This positive momentum in the world steel, excluding China represents a supportive demand environment for our products. While HEG does not sell electrodes directly to China, Chinese domestic steel market dynamics continue to influence global pricing. A weak real estate sector in China has forced domestic mills to export surplus production of steel. While Chinese steel exports for the first half of 2026 eased slightly to 55 million tons, which is a 5.6% decline from the peak of 2025, they still remain at historically elevated levels. This sustained export pressure has prompted a broad wave of defensive trade measures, including antidumping and safeguard duties across key regions like the U.S., EU and India. Among key steel producing regions, India remained one of the strongest performing markets with crude steel output increasing by approximately 7.1% year-on-year to around 87 million Page 2 of 17 HEG Limited July 24, 2026 tons in the first half of 2026. This growth was supported by robust domestic demand for infrastructure development, construction and manufacturing activities. In matured economies, we saw a solid broad-based recovery. Steel production in the United States recorded an year-on-year growth of 6.3% in the first half of 2026 to reach 43 million tons. While Germany's output also rose to -- rose close to 9% to 18.6 million tons. We also saw an exceptional growth in Vietnam, which surged by as high as 27% year-on-year to over 15 million tons, cementing its position as a major Southeast Asian steel powerhouse. Various changes in the trade policy in several countries and the ongoing geopolitical tensions remain key sources of near-term uncertainty. Changes in U.S. trade policies, including tariffs and several country and product-specific measures are disrupting the established global trade channels. At the same time, tensions in the Middle East are affecting the oil and gas market, contributing to severely higher freight and energy costs and creating a challenging business environment across industries. These pressures are also being felt across all raw materials like needle coke and other key inputs in the supply chain, which are gradually getting reflected in our input costs. We continue to manage these developments through operational efficiencies. Despite all this, the medium- to long-term outlook for graphite electrodes demand remains highly positive. Decarbonization policies, including EU's carbon border adjustment mechanism, CBAM, are accelerating the global shift from carbon-heavy blast furnace steel to lower emission electric arc furnaces. This structural trend is heavily supported by latest OECD steel outlook, which highlights that approximately 71 million tons of new electric arc furnace steelmaking capacity is planned globally for completion between now and end of 2028. As graphite electrodes are indispensable for steelmaking -- electric arc furnace steelmaking, these planned capacity additions support a favorable long-term demand outlook for the industry and validate the strategic rationale for our recent expansion from 80,000 to 100,000 tons and a further expansion that we are currently undertaking to reach 115,000 tons, which is on track and should be in operation by early 2028. Against this backdrop, we remain confident of HEG's long-term growth prospects, and we believe that we are very well positioned to benefit from the continued transition towards electric arc furnace steelmaking, resulting into increase in demand for electrodes. Our plant with an installed capacity of 100,000 tons per annum remains by far the world's largest single location plant in the world. Its scale and cost-efficient operations place HEG among the most competitive producers globally. During the past quarter, we operated the plant at an average capacity utilization of more than 90%, reflecting strong operating efficiency and expect to continue operating at more than 90% in the forthcoming quarters as well. Further expansion that we undertook to reach 115,000 tons is likely to be commissioned by early 2028. T [Showing first 8,000 characters — download PDF for full document]