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HEG/SECTT/2026 August 4, 2026 BSE Limited 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 Sub: Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Assignment / Review of ESG Rating by CRISIL ESG Ratings & Analytics Limited (ISIN: INE545A01024) Dear Sir/Madam, Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with relevant SEBI Master Circulars, this is to inform you that CRISIL ESG Ratings & Analytics Limited (Crisil ESG Ratings), a SEBI-registered Category-1 ESG Ratings Provider, has reviewed the ESG rating of the Company and assigned an ESG rating score of ‘Crisil ESG 57’ to the Company. Name of the Rating Agency CRISIL ESG Ratings & Analytics Limited (Crisil ESG Ratings) Rating Assigned Crisil ESG 57 Base Data Period Disclosures for Fiscal 2026 and other publicly available data Nature of Engagement Unsolicited / Independent Evaluation Company Engagement Status The Company has not engaged CRISIL ESG Ratings for the said rating. The rating has been independently prepared by CRISIL ESG Ratings based on information available in the public domain. The ESG Rating rationale is attached herewith. You are requested to kindly take the above information on record. Thanking you, Yours faithfully, For HEG Limited (Vivek Chaudhary) Company Secretary M.No. A-13263 heg.investor@lnjbhilwara.com Encl: as above ESG Rating Rationale HEG Limited Sector: Electrodes and refractories Sector category: Low risk Medium risk High risk Primary business: Manufacturing of graphite electrodes Scoring period: Fiscal 2026 Updated on: August 4 2026 For more details on Crisil ESG Ratings’ ESG methodology, please refer to our website Confidential document – not to be published Below Rating Weak Adequate Strong Leader average Crisil ESG 57* category 0-40 41-50 51-60 61-70 71-100 *On a rating scale of 0-100, with 100 being the highest and 0 the lowest Note: None of the Directors on Crisil ESG Ratings & Analytics Ltd’s (Crisil ESG Ratings’) Board are members of the ESG Rating Committee and, thus, do not participate in the discussions or assignments of any ESG ratings. The Board of Directors also does not discuss any ESG ratings at its meetings. ESG rating history Assessment based on data for the Date of rating publication ESG rating^ Rating category year ended March 31, 2023 September 6, 2024 Crisil ESG 55 Adequate March 31, 2024 January 13, 2025 Crisil ESG 53 Adequate March 31, 2025 August 18, 2025 Crisil ESG 53 Adequate ^ESG ratings are different from credit ratings. An ESG rating is an assessment of an entity’s exposure and ability to manage ESG-related risks and opportunities. A credit rating represents the rating agency's opinion on the likelihood of a rated debt obligation being repaid in full and on time. ESG ratings are provided by Crisil ESG Ratings and credit ratings are provided by Crisil Ratings Ltd. Crisil Ltd launched its ESG scoring business in June 2021 using a robust India-specific framework on the environmental, social and governance aspects. Pursuant to the receipt of ERP registration by Crisil ESG Ratings from the SEBI on April 25, 2024, Crisil Ltd transferred its ESG scoring business to Crisil ESG Ratings on May 3, 2024. Consequently, Crisil's outstanding ESG scores for equity and debt-listed entities have been migrated to Crisil ESG Ratings w.e.f. May 3, 2024, the date of commencement of its operations. Summary The overall ESG rating of HEG Limited (HEG) improved to ‘Crisil ESG 57’ from‘Crisil ESG 53’, driven by improvements in key environmental and social parameters, including lower emissions, energy consumption, non-hazardous waste generation and water withdrawal intensity, as well as nil LTIFR for employees and workers and improved domestic sourcing. The company also strengthened its sustainability profile through initiatives focused on resource efficiency, and investments in battery materials and green technologies. However, the rating remains constrained by the energy-intensive nature of graphite electrode manufacturing, very low renewable energy consumption relative to peers, higher-than-peer emissions, energy and water intensity metrics, low worker gender diversity, and significant loans and investments in related parties. HEG was assessed based on public disclosures on ESG parameters at the standalone level and other information available in the public domain. The final E and S scores are a combination of the company’s performance relative to its peers as well as the respective sector’s impact on the environment and society. The G score, on the other hand, is sector-agnostic and, hence, has no sectoral performance attached to it. This approach allows Crisil ESG Ratings the flexibility to bring nuanced sector- specific parameters into the assessment of a specific company while retaining the cross-sector comparability of the final ratings. Pillar-wise ESG scores Environmental (35%) 49 Social (25%) 60 Governance (40%) 64 0 10 20 30 40 50 60 70 On a scale of 0-100, with 100 being the highest and 0 the lowest Key strength areas • Relatively low hazardous and non-hazardous waste generation intensities • Nil LTIFR for employees and workers Key focus areas • Reduction of scope 1 and 2 emissions intensity • Increase in renewable energy share in the total energy mix • Relatively higher women representation on the company board Rating sensitivity factors Upward factors • An increase in the proportion of renewable energy within the overall energy consumption mix. • Category wise disclosure on Scope 3 emissions Downward factors • Any material controversy or regulatory non-compliance on ESG parameters • Workplace safety incidents leading to an increase in LTIFR. • Decline in the average attendance of independent directors at the Board and committee meetings to less than Note: Data on the composition of the Board and various committees as on 26 June, 2026 Compliance lapses, regulatory action and controversies There were no material controversies as on 26 June 2026. DISCLAIMER This disclaimer is part of and applies to each ESG rating rationale (’rating rationale’) provided by Crisil ESG Ratings & Analytics Limited ('Crisil ESG Ratings'). For the avoidance of doubt, the term ‘rating rationale’ includes the information, ratings and other content forming part of the rating rationale. The rating rationale is intended for use only within the jurisdiction of India. Without limiting the generality of the foregoing, nothing in the rating rationale is to be construed as Crisil ESG Rating’s provision or intention to provide any services in a jurisdiction where Crisil ESG Ratings does not have the necessary licenses and/or registration to carry out business activities. Access or use of this rating rationale does not create a client-service provider relationship between Crisil ESG Ratings and the user. The rating rationale is a statement of opinion and is not intended to and does not constitute investment advice. The rating rationale is not an offer to sell or an offer to purchase or subscribe for any investment in any securities, instruments, facilities or solicitation of any kind to enter into any deal or transaction with the entity to which the rating rationale pertains. The recipients of the rating rationale should rely on their own judgment and take their own professional advice before acting on rating rationale in any way. Crisil ESG Ratings or its associates may have other commercial transactions with the entity to which the rating rationale pertains. Crisil ESG Ratings are subject to revision or withdrawal at any time by Crisil ESG Ratings. Crisil ESG Ratings shall be under no obligation to update the information in the Crisil ESG materials following its publication. Crisil ESG R [Showing first 8,000 characters — download PDF for full document]