HEG Limited (HEG) — Announcement

📢 Key Event
India Ratings assigns IND A- rating to TACC's bank loan facilities

🔄 What Changed
Assigned IND A- rating to TACC's INR12,300 million bank loan facilities

🔮 What's Next
Commissioning of the under-construction synthetic anode project within time and cost estimates could lead to a positive rating action

💡 Investor Takeaway
The rating validates TACC's strategic importance and funding strength but highlights execution risks that could impact future performance.

⚠️ Risks
Project execution, technology and stabilisation risks; working capital intensity; raw material price volatility

HEG announced that its wholly owned subsidiary TACC received an 'IND A-' credit rating from India Ratings for its INR12,300 million bank loan facilities, with a Stable outlook. The rating reflects strong parental support from HEG, favourable demand for synthetic graphite anodes driven by EV growth and policy incentives, and adequate funding structure. However, project execution risks, technology complexity, and working capital intensity remain key concerns for investors assessing TACC's future performance and debt sustainability.

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