HEG Limited (HEG) Q1 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

HEG Limited faces a critical Q1 FY27 as it balances a major demerger process against the backdrop of persistent logistical disruptions in the Middle East. Investors will be focused on whether the company's EBITDA margin hit the guided 20% mark and if global price increases are finally gaining traction for its graphite electrode business.

HEG Limited Q1 Results Date and Time

The board meeting is scheduled for July 22, 2026, to approve the unaudited Q1 FY27 results.

What to expect from HEG Limited's Q1 FY27 results

Management has guided for an EBITDA margin of approximately 20% for the first two quarters of FY27, a target that remains the primary benchmark for this print following the disruptions seen in Q4 FY26. While needle coke supply costs are locked under fixed-price contracts through September 2026, the ongoing Strait of Hormuz geopolitical tensions continue to pose a headwind for the ~20% of sales typically destined for the Middle East. Global steel production trends remain mixed, with India's output growing 7.8% YoY through May 2026, which may provide some support against the soft ex-China demand environment. Investors should look for updates on whether uncommitted volume pricing has begun to reflect the $600–$1,200 per ton increases announced by competitors earlier this year. The upcoming call will likely focus on the status of the demerger process following the NCLT order reservation on July 2, 2026, and the progress of the TACC anode project construction.

Key Things To Watch

Performance vs Guidance Tracking

• EBITDA Margin — ~20% for Q1-Q2 FY27 — Status: Revised downward from 22% target
• EBITDA Margin — >20% for full FY27-28 — Status: New guidance provided in Q4 FY26
• Anode Project — Operational by April 2027 — Status: 30% construction complete as of Q3 FY26

Graphite Electrode Pricing & Volume

• GrafTech price increases of $600-$1,200/ton — Status: HEG negotiating for uncommitted volumes
• Middle East order status — Postponed in Q4 due to Hormuz disruption — Status: Update on shipment recovery in Q1
• Capacity Utilization — 95% in Q4 FY26 — Status: Monitoring for Q1 production and sales volume alignment

Demerger & Strategic Execution

• NCLT Approval — Order reserved July 2, 2026 — Status: Awaiting final order for scheme effectiveness
• TACC Credit Facilities — Rs. 1,230 Cr for anode project — Status: IND A-/Stable rating assigned July 14, 2026