• Event Type: Q2 & H1 FY27 Earnings Conference Call hosted by 360 ONE Capital Market Private Limited.

• Date and Time: The call was held on Thursday, November 05, 2026, at 14:00 Hrs (IST).

• Stated Purpose: The primary purpose was to discuss the financial and operational performance of HEG Advanced Materials Limited for the second quarter and first half of the financial year 2026-27 (FY27), following its demerger from HEG Limited. The call also served to provide strategic updates on the company's three business pillars: Advanced Materials (TACC), Energy Storage (RePlus Engitech), and Green Power.

• Management Participants: The following management representatives participated in the call:

  • Mr. Riju Jhunjhunwala – Chairman, Managing Director and Chief Executive Officer
  • Mr. Om Prakash Ajmera – Joint Managing Director and Chief Executive Officer, Hydro Business and Director and Group Chief Financial Officer
  • Mr. Puneet Anand – Group Chief Strategy Officer
  • Ms. Neha Rajvanshi – Chief Financial Officer
  • Mr. Ravi Gupta – Company Secretary & Compliance Officer
  • Mr. Hiren Pravin Shah – Managing Director and Chief Executive Officer – RePlus Engitech Private Limited
  • Mr. Ankur Khaitan – Managing Director and Chief Executive Officer – TACC Limited

• Financial Period Discussed: The call focused on the results for Q2 (July-September) and H1 (April-September) of FY27. Comparative figures for FY26 have been restated to exclude the demerged graphite electrode business of HEG Limited to provide a like-for-like comparison.

• Key Financial Highlights (Consolidated):

  • Q2 FY27 Revenue (Continuing Operations): INR 430 crores (vs. INR 176 crores in Q2 FY26)
  • Q2 FY27 Total Income: INR 547 crores
  • Q2 FY27 EBITDA (Continuing Operations): INR 313 crores (vs. INR 129 crores in Q2 FY26)
  • Q2 FY27 EBITDA Margin: 57%
  • Q2 FY27 PAT (Continuing Operations): INR 209 crores (vs. INR 69 crores in Q2 FY26)
  • H1 FY27 Revenue (Continuing Operations): INR 726 crores (vs. INR 329 crores in H1 FY26)
  • H1 FY27 Total Income: INR 871 crores
  • H1 FY27 EBITDA (Continuing Operations): INR 438 crores (vs. INR 270 crores in H1 FY26)
  • H1 FY27 EBITDA Margin: 50%
  • H1 FY27 PAT (Continuing Operations): INR 269 crores (vs. INR 168 crores in H1 FY26)
  • Balance Sheet (as of Sept 30, 2026): Total Equity: INR 2,510 crores; Total Assets: INR 4,436 crores; Cash & Bank: INR 1,300 crores; Long-term Borrowings: INR 1,036 crores (Net Cash Positive).

• Business Updates and Forward-Looking Statements:

  • Demerger: The call celebrated the recent completion of the demerger, establishing HEGAM as a dedicated advanced materials and clean energy company.
  • TACC (Advanced Carbon & Anodes): The Phase 1 20,000 metric ton anode plant at Dewas is 61% complete, tracking for commercial commissioning by June 2027. Phase 2 expansion to 44,000 tons is planned by March 2029. The company is in advanced discussions for over 100,000 metric tons of customer MOUs.
  • Crucible Manufacturing: A backward integration project with a capex of INR 475 crores is planned for an 80,000-unit crucible facility to replace imports and generate external sales.
  • Graphene: A 10-ton pilot plant is operational. A 500-ton commercial plant is targeted for September 2028, with 90 tons of confirmed orders and LOIs in hand.
  • RePlus Engitech (BESS/EV): The company is scaling its operational 1 GWh footprint to 6 GWh total capacity and is in active execution of 1.5-2 GWh of solutions. The business is shifting focus from EPC to product manufacturing and supply.
  • Green Power Business: Noted as seasonal (75% of generation in H1), with a current normative production of ~1 billion units annually. A 300 MW solar C&I project requiring ~INR 1,200 crores capex is under consideration.
  • Capex Guidance: Total growth capex across all businesses is approximately INR 5,500 crores, with major outflows in FY27 (INR ~2,300 cr) and FY28 (INR ~1,600-1,700 cr).
  • Margin Guidance: Anode business EBITDA margins guided in the range of 28-33%, potentially reaching 35% with crucible integration. Graphene margins guided at >45%. RePlus margins are in double digits, varying by segment.
  • Long-Term Outlook: Management indicated a steady-state revenue run-rate of INR 7,500-8,200 crores by FY29-30, with group EBITDA margins of 25-28%.

• Availability of Materials: The transcript of the earnings call was made available on the company's website and filed with the stock exchanges pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015. The document is a transcript of the call, not a presentation deck.

• Compliance Statement: The moderator's opening remarks included a standard caution regarding forward-looking statements, noting they are subject to risks and uncertainties. The company did not explicitly state that no Unpublished Price Sensitive Information (UPSI) would be shared in this specific transcript.

Additional Notes Section

  • The disclosed document is the transcript of the earnings conference call, which was intimated to the exchanges via a letter dated October 29, 2026.
  • No new financial data beyond the reported Q2 & H1 FY27 results and the provided commentary was disclosed in this transcript.
  • The transcript includes a full Q&A session with analysts covering detailed operational and financial topics.