• Demerger timeline: Formal approval has been received, with the official demerger process expected to finish by the first week of September and the standalone graphite business relisting around October on a 1:1 share ratio.
• Electrode price hikes: Global peers have raised prices by $1,000–$1,200 per ton, and HEG is booking higher prices from September onwards to more than offset rising needle coke costs, expecting full-year margins to exceed Q1 levels of approximately 26%.
• Graphite capacity expansion: After finishing a 20,000-ton expansion and operating at around 95% utilization, HEG plans to reach 115,000 tons of capacity in approximately 15 months.
• Anode business projections: The upcoming 20,000-ton graphite anode plant is slated for completion by April 2027, projecting ₹1,000 crore in first-year revenue at 30–35% EBITDA margins and scaling to ₹1,800 crore at full capacity.
• Demerged entity finances: The core graphite business will remain completely debt-free, while the demerged company will house 300 MW of hydroelectric assets generating ~₹350 crore in EBITDA and start with a 60:40 debt-equity ratio.