HEG Q1 FY27 results: key dates, guidance, estimates

Board meeting set for July 22, 2026

HEG Ltd has informed that its Board of Directors will meet on July 22, 2026 to consider and approve the unaudited financial results (standalone and consolidated) for the quarter ended June 30, 2026. The date matters because it fixes the immediate timetable for Q1 FY27 disclosures and the post-results re-opening of the trading window for designated persons. The same day is also relevant for shareholders due to the company’s declared dividend record date.

The company’s Q1 FY27 reporting comes after a volatile run in quarterly performance, including a loss in the March 31, 2026 quarter after three consecutive quarters of profits (as per consolidated financials cited in the note). Separately, management commentary and guidance updates from Q4 FY26 have placed EBITDA margins and restructuring milestones in focus for the first half of FY27.

Trading window closure: July 1 to July 24

In line with SEBI regulations, HEG said the trading window for designated persons and their immediate relatives will remain closed from July 1, 2026. The window will stay shut until 48 hours after the financial results are announced. Based on the disclosed schedule, the trading window is set to reopen on July 25, 2026.

This closure is a standard compliance step around price-sensitive disclosures. For investors, it is a clear indicator that the results process is underway and that formal updates should follow the board meeting.

Quick snapshot: valuation and last reported quarter

The note lists HEG’s market capitalisation at Rs 11,354.79 crore and a current market price (CMP) of Rs 588.4. It also captures the immediate prior quarter’s reported revenue at Rs 603 crore and profit after tax (PAT) at -Rs 163.19 crore. The previous quarter’s EBITDA margin is described as negative due to a fair-value loss.

This sets the base context for Q1 FY27: investors are watching whether earnings normalise and whether management’s margin guidance for early FY27 holds after the disruptions referenced in Q4 FY26.

Management guidance: margins and FY27 EBITDA

Management guidance highlighted in the note points to an EBITDA margin of approximately 20% for the first two quarters of FY27. This is also described as revised downward from an earlier 22% target, with the 20% level positioned as the primary benchmark for the near term.

Separately, the note mentions a guidance point of EBITDA margin greater than 20% for full FY27-28, characterised as a new guidance provided in Q4 FY26. It also states: “Stick to guidance of graphite electrode; EBITDA will be Rs 600-650 Cr in FY27.”

These disclosures anchor what investors may focus on in the Q1 FY27 commentary: the trajectory of margins in Q1 and Q2, and whether the company reiterates the FY27 EBITDA range.

Q1 FY27 estimate cited: Uniresearch projection

The material includes an external estimate for HEG’s Q1 FY27 results from Uniresearch. The estimate projects revenue of Rs 667 crore (+8.1% YoY) and PAT of Rs 158 crore (+50.0% YoY).

For comparison, the note provides the Q1 FY26 base figures as revenue of Rs 617 crore and PAT of Rs 105 crore. The estimate is framed as a projection based on trailing analysis of Q1 FY26 actuals.

Investors should treat this as a forecast rather than a company-reported number until HEG files its official unaudited results.

Restructuring update: NCLT order awaited, listing timeline discussed

A key corporate development referenced is the NCLT process. The note states: “NCLT Approval - Order reserved July 2, 2026 - Status: Awaiting final order for scheme effectiveness.”

In management commentary captured in the text, the company indicated it expects NCLT approval by July, and suggested listing could happen sometime in September, “latest by September.” The same commentary also mentions an expectation of “2 listed entities on bourses by Sep 2026.”

While the scheme details are not fully laid out in the provided material, the explicit takeaway is that the final NCLT order is a pending catalyst, and management has linked it to a September 2026 listing timeline.

Operations and regional demand: Middle East postponements and utilisation

The transcript segment included in the material notes that around 20% of sales are linked to the Middle East and MENA region. Management described the period as a postponement of Middle East orders, alongside bringing forward orders from other markets such as Europe, the US, and Southeast Asia.

The same commentary states the company did not see an impact on results “per se” from the Middle East situation because other markets contributed in the quarter. It also claims capacity utilisation was as high as 95% in Q4 and more than 90% for the year.

Separately, the note flags that it was a weak quarter for HEG in Q4, with EBITDA loss and net loss widening, and mentions that a mark-to-market (MTM) loss in a Graph Tech investment widened to Rs 194 crore.

Dividend: Rs 3.4 per share, record date July 22

The company announced a dividend of Rs 3.4 per share on April 29, 2026, with a record date of July 22, 2026. With the board meeting for Q1 FY27 results also scheduled on July 22, the date is important on both corporate action and results timelines.

The provided material does not specify the payment date or whether the dividend is interim or final. Investors typically track exchange filings for the detailed dividend timetable.

Share price moves cited across dates

The note includes multiple price snapshots. One data point says HEG’s share price moved up by 6.76% from its previous close of Rs 514.25, with the stock last traded at Rs 549.00.

Another snapshot states that as on July 10, 2026 at 09:27 AM IST, HEG share price was Rs 536.95, up 4.42% versus the previous close of Rs 526.65.

A separate line also references the stock being “down around 11% in trade today,” but the specific date and price level for that move is not provided in the excerpt.

Key facts table: dates, numbers, guidance

What to watch when HEG files Q1 FY27 results

When the Q1 FY27 results are released, the most verifiable checkpoints based on the disclosed material are: whether HEG reiterates the ~20% EBITDA margin stance for Q1 and Q2, and whether it repeats the Rs 600-650 crore FY27 EBITDA guidance tied to graphite electrodes.

Investors will also look for updates on the NCLT final order and any refined timeline for the expected listing of two entities by September 2026. Given the earlier quarter included fair-value losses and an MTM loss of Rs 194 crore in a Graph Tech investment, attention may also stay on the extent to which such items influence reported profitability.

The next confirmed milestone is the July 22, 2026 board meeting, followed by the trading window reopening on July 25, 2026 after the results announcement window closes.