HEG Advanced Materials arm bags ₹218 crore supply order from Indus Towers; check details

The supply order, worth ₹217.56 crore, inclusive of GST, is expected to be executed on or before March 31, 2027, or “such extended date as may be mutually agreed upon between the parties,” the company said in a regulatory filing.

Demerger

On September 1, HEG Ltd demerged into two separate entities. The scheme provides for the demerger of the company's graphite electrodes business into a separate firm (HEG Graphite Limited). HEG Graphite will be listed on NSE and BSE in 45 days, likely in the second half of October.

"The reorganisation gives each business an independent listing, focused management, and the flexibility to pursue its own growth path," the company said in an exchange filing.

Under the restructuring, the existing listed entity has been renamed HEG Advanced Materials Ltd and now houses the advanced materials, battery energy solutions, and green power businesses, along with the amalgamated Bhilwara Energy.

Meanwhile, the graphite electrode business has been transferred to HEG Graphite Ltd, which is proposed to be renamed HEG Ltd and separately listed as a pure-play graphite electrode company.

Shares of HEG Advanced Material closed 4.89% higher at ₹237.05 apiece on the National Stock Exchange (NSE) on Friday, September 18. However, the development was announced after the markets closed.

HEG Q1 results

The company reported its earnings for the April-June quarter of the 2026-27 financial year (Q1 FY27) in July, before its demerger came into effect.

It had posted a growth of 16% year-on-year (YoY) in its consolidated net profit at ₹122 crore in Q1 FY27, compared to ₹743 crore in the same period last year.

The company’s revenue from operations increased 11% YoY to ₹681 crore during the quarter under review, as against ₹613 crore in the June quarter of the 2025-26 fiscal year (Q1 FY26).

At an operational level, its EBITDA (earnings before interest, tax, depreciation, and amortisation), also known as operating profit, stood at ₹151 crore in Q1 FY27 as compared to ₹150 crore in the year-ago period.

The EBITDA margin, however, contracted to 22.17% in the reporting quarter, in contrast to 24.47% in Q1 FY26.

HEG Advanced Materials has a total market capitalisation of ₹4,574.53 crore as of September 18, 2026, according to data on the NSE.