Detailed Summary

Financial Results (Standalone)

For Quarter Ended September 30, 2026:

  • Revenue from continuing operations: ₹7.59 crore
  • Other income: ₹42.42 crore
  • Total income: ₹50.01 crore
  • Profit before tax from continuing operations: ₹38.48 crore
  • Profit after tax from continuing operations: ₹36.47 crore
  • Revenue from discontinued operations (Graphite Undertaking): ₹526.57 crore
  • Profit after tax from discontinued operations: ₹96.79 crore
  • Total PAT (continuing + discontinued): ₹133.26 crore
  • EPS (basic) from continuing operations: ₹1.22
  • EPS (basic) from discontinued operations: ₹4.26
  • Total EPS (basic): ₹5.48

For Half Year Ended September 30, 2026:

  • Revenue from continuing operations: ₹10.68 crore
  • Other income: ₹76.57 crore
  • Total income: ₹87.25 crore
  • Profit before tax from continuing operations: ₹64.15 crore
  • Profit after tax from continuing operations: ₹52.60 crore
  • Revenue from discontinued operations: ₹1,207.48 crore
  • Profit after tax from discontinued operations: ₹192.45 crore
  • Total PAT (continuing + discontinued): ₹245.05 crore
  • EPS (basic) from continuing operations: ₹1.59
  • EPS (basic) from discontinued operations: ₹5.84
  • Total EPS (basic): ₹7.43

Balance Sheet Position (Standalone as of September 30, 2026)

  • Total assets: ₹2,146.43 crore (vs ₹6,317.00 crore as of March 31, 2026)
  • Equity share capital: ₹65.96 crore
  • Other equity: ₹2,040.56 crore
  • Total equity: ₹2,106.52 crore
  • Current liabilities: ₹17.98 crore
  • Non-current liabilities: ₹21.93 crore

Corporate Approvals

1. Financial Results: Approved unaudited standalone and consolidated financial results for quarter and half year ended September 30, 2026, along with limited review report by auditors SCV & Co. LLP.

2. ESOP Plan 2026: Formulated and adopted "HEG Advanced Materials Limited Employee Stock Option Plan 2026" for grant of up to 98,93,970 options to eligible employees of company and subsidiaries, subject to shareholder approval.

3. Senior Management Appointments: Based on Nomination & Remuneration Committee recommendation:

  • Shri Hiren Pravin Shah, MD & CEO of Replus Engitech Private Limited (subsidiary)
  • Shri Ankur Khaitan, MD & CEO of TACC Limited (wholly owned subsidiary)

Designated as Senior Management Personnel effective November 3, 2026.

4. Subsidiary Closure: Approved closure of LNJ Trading FZCO, Dubai (foreign wholly owned subsidiary) for rationalization of overseas corporate structure. Business interests to be pursued through another subsidiary.

5. Internal Auditor Changes:

  • Cessation of M/s. S.L. Chhajed & Co. Chartered Accountants
  • Appointment of M/s BGJC & Associates LLP (FRN.003304N/N500056) as Internal Auditor for FY 2026-27

6. MOA Alteration: Approved alteration of main object clause of Memorandum of Association to include objects related to anode, graphene, crucible, advanced carbon materials and other allied materials, subject to shareholder approval.

7. Subsidiary Loan: Approved grant of additional revolving loan of ₹50 crore to Replus Engitech Private Limited (subsidiary) for business activities and cash flow requirements. Terms: unsecured, repayable on demand, interest rate 9% p.a.

8. TACC Limited Approvals (wholly owned subsidiary):

  • Revised cost of completion of Phase-1 (20,000 MT anode project) to ~₹2,350 crore with target COD by June 2027
  • Expansion plan to increase capacity from 20,000 MT to 44,000 MT at estimated cost of ~₹1,606 crore with target COD by March 2029
  • New crucible manufacturing plant with capacity of 80,000 units P.A. at estimated cost of ~₹475 crore with target COD by September 2028

9. HEG Graphene Materials Limited Approvals (wholly owned subsidiary):

  • Setting up manufacturing plant of 500 MT graphene in two phases at estimated cost of ~₹500 crore with target COD by September 2028

Scheme of Arrangement

The National Company Law Tribunal, Indore Bench approved Composite Scheme of Arrangement with appointed date April 1, 2024 and effective date September 1, 2026:

  • Demerger of Graphite Undertaking (including overseas investment and TAWA power plant assets/liabilities) from HEG Advanced Materials into HEG Limited (formerly HEG Graphite Limited)
  • Amalgamation of Bhilwara Energy Limited (Transferor Company) with HEG Advanced Materials

Financial results have been restated to give effect to the merger from appointed date. Graphite operations classified as "Discontinued Operations" in accordance with Ind AS 105.

Audit Qualifications

Review report by SCV & Co. LLP contains emphasis of matter regarding the Scheme of Arrangement but is unmodified. Financial impact of the scheme has been appropriately accounted for.

Other Material Information

  • Board meeting duration: 2:30 PM to 8:30 PM on November 3, 2026
  • The company's operations are seasonal in nature (April to September) due to dependence on weather/wind conditions for power generation
  • No defaults on loans or debt securities during the quarter