HEG Advanced Materials Limited announced its financial results for the quarter and half year ended September 30, 2026, along with several strategic business approvals.

Financial Performance (Consolidated)

H1 FY27 Results:

  • Revenue from continuing operations: ₹725.80 crore
  • Total income: ₹870.77 crore
  • EBITDA: ₹438.00 crore
  • Profit after tax: ₹269.07 crore
  • Cash and bank balances as of September 30, 2026: ₹1322.84 crore

Q2 FY27 Results:

  • Revenue from continuing operations: ₹429.94 crore
  • Total income: ₹546.59 crore
  • EBITDA: ₹312.78 crore
  • Profit after tax: ₹208.89 crore

Board Approvals and Capital Expenditure

1. Anode Plant Expansion: Approved expansion of current 20,000 MT capacity anode plant to 44,000 MT at a capex of ₹1606 crore.

  • 20,000 MT to become operational by June 2027
  • Additional 24,000 MT to be operational by March 2029

2. Crucible Project: Approved backward integration project for cost optimization with the anode plant at a capex of ₹475 crore.

3. Graphene Project: Approved graphene project of 500 MTPA capacity at a capex of ₹500 crore.

4. ESOP Scheme: Implemented an Employee Stock Option Plan (details not quantified).

Business Highlights

Advanced Materials (TACC):

  • Global lithium-ion battery production expected to grow from 2.3 TWh in 2025 to 8 TWh by 2035
  • Non-China anode demand expected to exceed 1 million tons by 2030
  • Phase I 20,000 MT anode materials facility construction at 61% overall progress
  • Process building progress at 72.25%
  • Commercial Operation Date (COD) for Phase I planned for June 2027
  • Phase II (24,000 MT) targeting COD in March 2029
  • TACC's R&D pipeline includes silicon-doped and graphene-based anodes
  • Received CII Award for Excellence in R&D 2026 in Materials, Chemicals & Textiles - Large Enterprise category (October 2026)

Battery Energy Solutions (REPLUS Engitech):

  • Deployed over 1 GWh of energy storage capacity across BESS, electric mobility, telecom power, and hybrid energy applications
  • Operational 1 GWh Giga Factory in Pune
  • 5 GWh high-speed, fully automatic prismatic line expansion under construction
  • Total manufacturing capacity to reach 6 GWh upon completion

Green Power Businesses:

  • Combined hydroelectric installed capacity: 278 MW in Himachal Pradesh
  • 86 MW Malana Power Company Limited (MPCL)
  • 192 MW AD Hydro Power Limited
  • 14 MW wind power project in Maharashtra (under HEGAM)
  • All operating hydro projects and wind project are debt-free
  • Existing hydro assets generate stable annual cash flows of over ₹300 crore
  • 200 MWh BESS IPP in Gujarat for Gujarat Urja Vikas Nigam Limited
  • Total capex: ₹227.8 crore
  • Project progress: 64%
  • Targets commissioning in Q3 FY27

Corporate Restructuring

The HEG Composite Scheme became effective on September 1, 2026:

  • Graphite electrodes business transferred to HEG Limited (formerly HEG Graphite Limited)
  • Bhilwara Energy Limited amalgamated into HEG Advanced Materials Limited
  • Results present continuing and discontinued operations separately
  • Current financial figures are not comparable to previous periods due to demerger

Management Commentary

Mr. Riju Jhunjhunwala, Chairman, MD & CEO:

"Q2 FY27 reflects our continued progress towards building HEG Advanced Materials into a technology-led, globally competitive advanced materials platform. Our focus is on strengthening R&D, developing proprietary technologies and creating differentiated, scalable businesses across anode materials, graphene, battery energy storage and green power."

Ms. Neha Rajvanshi, President & CFO:

"Q2 and H1 FY27 performance reflects the evolving business mix and varying stages of development across our verticals, while our underlying fundamentals remain stable. Our Green Power Business, with its differentiated model, profitable operations, debt-free position and stable cash flows, provides a sound financial foundation for the Group."

Forward-looking Statements

The release contains forward-looking statements regarding proposed capacity expansions, timelines, capital expenditure plans, market and demand projections, and order pipelines. These statements are subject to risks and uncertainties, and actual results may differ materially. The company undertakes no obligation to publicly update or revise any forward-looking statement.

Contacts

Company Representatives:

  • Ravi Gupta, AVP - Finance, Legal & Company Secretary: +91120 4390300, ravi.gupta@lnjbhilwara.com
  • Indu Mehta, President - Brand Communications & Chief Sustainability Officer: +91120 4390007, indu.mehta@lnjbhilwara.com

PR Agency:

  • Minakshi Hase, Adfactors PR: +91 9819800294, minakshi.hase@adfactorspr.com