• Middle East operations: While the MENA region accounts for roughly 20% of sales and saw order postponements due to regional tensions, volumes were redirected to other regions, maintaining capacity utilization at 95% in Q4 and over 90% for the full year.
• Product pricing outlook: Price realizations and needle coke costs remained stable over the past three to four quarters, but HEG plans to follow peers with price hikes of around $200 to $300 per ton in the second half to offset elevated freight and energy expenses.
• Graphite electrode EBITDA: Operating margins held steady at 20% alongside 20% volume growth, with management reaffirming it is on track to achieve its FY27 EBITDA target of ₹600 crore to ₹650 crore, excluding MTM losses.
• Demerger listing timeline: The corporate restructuring to separate HEG Graphite and HEG GreenTech is expected to receive NCLT approval by July, with listing anticipated by September.