HEG Limited Q2 FY27 Revenue ₹740.4 Crore

HEG Advanced Materials Limited

Request from HEG Limited

HEG Limited, referred to as the "Resulting Company" from a Composite Scheme of Arrangement, is presently unlisted. Its process to obtain listing and trading approvals from stock exchanges is underway. To ensure appropriate disclosure to shareholders and investors, HEG Limited has requested HEG Advanced Materials Limited (the "Demerged Company") to arrange for the disclosure of its financial results to BSE Limited and the National Stock Exchange of India Limited. The request includes an appropriate covering intimation and is proposed as an interim measure. The financial results were duly approved by the Board of Directors of HEG Limited and are accompanied by a limited review report.

Auditor's Review Report

SCV & CO. LLP, Chartered Accountants, issued a limited review report on the unaudited financial results pursuant to Regulation 33 of the SEBI (LODR) Regulations, 2015. The review was conducted in accordance with Standard on Review Engagements (SRE) 2410. The auditor's conclusion is that nothing has come to their attention that causes them to believe the statement has not disclosed the required information or contains any material misstatement.

Emphasis of Matter: The auditor drew attention to Note 4 regarding the Scheme of Arrangement. The Scheme, approved by the NCLT vide order dated August 13, 2026, involved the transfer of the Graphite Business from HEG Advanced Materials Limited (Demerged Company) into HEG Limited (Resulting Company). The financial information for comparative periods includes results extracted from the books of HEG Advanced Materials Limited and were subjected to limited review/audit by the same auditors.

Unaudited Financial Results (₹ in Crores, except EPS)

Profit & Loss Statement:

Quarter Ended September 30, 2026 (Unaudited): Revenue from operations was ₹740.40; Other income was ₹62.51; Total Income was ₹802.91; Profit before tax was ₹192.47; Tax expense was ₹35.96; Profit for the period was ₹156.51.
Quarter Ended June 30, 2026 (Unaudited, restated): Revenue from operations was ₹680.91; Other income was ₹36.82; Total Income was ₹717.73; Profit before tax was ₹127.24; Tax expense was ₹32.08; Profit for the period was ₹95.16.
Quarter Ended September 30, 2025 (Unaudited, restated): Revenue from operations was ₹696.85; Other income was ₹95.23; Total Income was ₹792.08; Profit before tax was ₹151.23; Tax expense was ₹30.59; Profit for the period was ₹120.64.
Half Year Ended September 30, 2026 (Unaudited): Revenue from operations was ₹1,421.31; Other income was ₹99.33; Total Income was ₹1,520.64; Profit before tax was ₹319.71; Tax expense was ₹68.04; Profit for the period was ₹251.67.
Half Year Ended September 30, 2025 (Unaudited, restated): Revenue from operations was ₹1,309.63; Other income was ₹129.99; Total Income was ₹1,439.62; Profit before tax was ₹230.81; Tax expense was ₹48.22; Profit for the period was ₹182.59.
Year Ended March 31, 2026 (Audited, restated): Revenue from operations was ₹2,568.50; Other income was ₹56.59; Total Income was ₹2,625.09; Profit before tax was ₹200.88; Tax expense was ₹66.11; Profit for the year was ₹134.77.

Earnings Per Share (₹):

Basic & Diluted (Quarter Ended Sep 30, 2026): 8.11
Basic & Diluted (Quarter Ended Jun 30, 2026): 4.93
Basic & Diluted (Quarter Ended Sep 30, 2025): 6.25
Basic & Diluted (Half Year Ended Sep 30, 2026): 13.04
Basic & Diluted (Half Year Ended Sep 30, 2025): 9.46
Basic & Diluted (Year Ended Mar 31, 2026): 6.98

Paid-up Equity Share Capital: Remained constant at ₹38.60 crore (Face Value ₹2 per share) across all reported periods.

Segment-wise Performance (₹ in Crores)

For Quarter Ended September 30, 2026:

Graphite Segment: Revenue: ₹740.40; Result: ₹135.71; Assets: ₹4,681.32; Liabilities: ₹1,387.84.
Power Segment: Revenue: ~₹0; Result: (₹1.73); Assets: ₹17.47; Liabilities: ₹3.02.

Statement of Assets and Liabilities (₹ in Crores)

As at September 30, 2026 (Unaudited): Total Assets: ₹4,698.79; Total Equity: ₹3,307.93; Total Liabilities: ₹1,390.86.

As at March 31, 2026 (Audited, restated): Total Assets: ₹4,534.86; Total Equity: ₹3,156.19; Total Liabilities: ₹1,378.67.

Statement of Cash Flows (₹ in Crores)

Half Year Ended September 30, 2026 (Unaudited): Net Cash from Operating Activities: ₹368.44; Net Cash used in Investing Activities: (₹111.90); Net Cash from Financing Activities: (₹212.00); Net increase in Cash and Cash Equivalents: ₹44.54.

Notes to Accounts

Note 3 (Other Income/Expenses): Includes a gain of ₹55.03 crore on fair valuation of investments measured at FVTPL for Q2 FY27. For H1 FY27, the net gain was ₹56.91 crore. This primarily relates to equity shares of Graftech International Limited, USA.

Note 4 (Scheme of Arrangement): The Hon'ble NCLT approved a Composite Scheme of Arrangement between HEG Advanced Materials (Demerged Co.), HEG Limited (Resulting Co.), Bhilwara Energy Ltd (Transferor Co.), and their shareholders/creditors. The Scheme involved the demerger of the Graphite Business from HEG Advanced Materials into HEG Limited. The Scheme was made effective from the Appointed Date of April 1, 2025, and was recorded in the company's records on September 7, 2026. Consequently, HEG Limited allotted equity shares to the eligible shareholders of HEG Advanced Materials. The financial information for previous periods has been restated to include the results of the demerged business.

Note 5 (Power Plant Operations): Segment figures for power relate to the Hydro Power Plant at Tawa. The plant's operations are seasonal, typically working from the 2nd quarter based on irrigation requirements upon the onset of monsoon.

Compliance Statements

B. Statement on Deviation of Variation: Not Applicable.
C. Format for disclosing outstanding default: No default during the quarter ended September 30, 2026.
D. Format for disclosure of Related Party Transaction: Not applicable as the company is unlisted.
E. Statement on Impact of Audit Qualifications: Not Applicable.