HEG's Q1 FY26 PBT surged 437.13% YoY as expenses dipped; the board cleared major graphite electrode capacity expansion.

• Total expenses dropped 2.72% YoY, while employee costs jumped and finance costs marginally declined.
• Rs 650 crore expansion adds 15,000 TPA capacity, funded via internal accruals and debt.
• Expansion driven by rising electrode demand and structural industry changes, ensuring strong returns.