Bilal Pathan😎

HEG Ltd Operational Updates The company has reached its 85-90% utilization at the expanded capacity of 100k tons capacity and is expected to add an incremental 15k tons by Q2FY27E The company has significant cost advantage over the western and Japanese peers, typically operating fragmented facilities of avg just 40-50k tons per plant. Sector Tailwind With the decarbonization the steel industry is shifting to EAF capacity from traditional BOF capacity. The EAF steelmaking has grown from 40-42% to 47-48% over the past three years, with expectations to soon cross the 50% threshold. Management expects a massive pipeline of new EAF capacity that will directly drive graphite electrode demand with ~16 new EAF projects accounting to ~21 mn tons of capacity have become operational and 34 mn tons with ~60 mn tons are slated to come online over next 2-2.5 years. Geopolitical Tension Current shipping disruptions due to Hormuz-related issues have caused delays; customers in the region are seeking inventory but shipments are temporarily held, management sees this as a short-term disruption with orders already to when lines resume.

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