Board approves MOA change adding anode, graphene, crucible objects; clears Rs. 2,350 crore anode cost
Board approves altering the main object clause of the MOA to insert objects relating to Anode, Graphene, crucible, advanced carbon materials and other allied material — subject to shareholder approval.
By ScoutQuest · · 3 min read
- Revised Phase-1 Anode Project Cost
- ~ Rs. 2,350 crore for Phase-1 of the 20,000 MT anode project
- Anode Capacity Expansion
- from 20,000 MT to 44,000 MT at ~ Rs. 1606 crore
- New Plant Outlays
- crucible plant 80,000 units P.A. at ~ Rs. 475 crore; 500 MT graphene plant at ~ Rs. 500 crore
What was approved on the objects clause
The Board of Directors, at its meeting held on November 3, 2026, approved an alteration of the main object clause of the Memorandum of Association of the company by inserting objects relating to Anode, Graphene, crucible, advanced carbon materials and other allied material. The alteration is subject to the approval of shareholders.
Why the objects are being widened
In the same meeting, the Board approved capital spending in precisely these lines of business — anode, crucible and graphene — through the company and its wholly owned subsidiary. Widening the objects clause aligns the stated scope of the company with the businesses it is now funding.
The projects the Board approved
- Phase-1 of the 20,000 MT anode project: revised estimated cost of ~ Rs. 2,350 crore, with target COD by June 27.
- Expansion of anode capacity from 20,000 MT to 44,000 MT: estimated cost of ~ Rs. 1606 crore, with target COD by March 2029.
- A new plant to manufacture crucible with capacity of 80,000 units P.A.: estimated cost of ~ Rs. 475 crore, with target COD by September 2028.
- At HEG Graphene Materials Limited, a wholly owned subsidiary: a manufacturing plant of 500 MT graphene in two phases at an estimated cost of ~ Rs. 500 crore, with target COD by September 2028.
All of the above are stated as estimated costs and target dates of commencement of commercial operation; the words used are "estimated" and "target".
Other items taken on record at the same meeting
- Additional loan of Rs. 50 crore (revolving) to Replus Engitech Private Limited, a subsidiary.
- Formulation, adaption and implementation of the "HEG Advanced Materials Limited Employee Stock Option Plan 2026" for eligible employees of the company and its subsidiaries, subject to shareholder and regulatory approval.
- Closure of LNJ Trading FZCO, a foreign wholly owned subsidiary in Dubai, as part of rationalisation of the group's overseas corporate structure; business in the jurisdiction will continue through another subsidiary.
- Cessation of M/s. S.L. Chhajed & Co. as Internal Auditor and appointment of M/s BGJC & Associates LLP as Internal Auditor for Financial Year 2026-27.
- Shri Hiren Pravin Shah and Shri Ankur Khaitan, Managing Directors & CEOs of Replus Engitech Private Limited and TACC Limited respectively, designated as Senior Management Personnel.
The results backdrop in the same update
- For the quarter ended September 30, 2026, profit after tax from continuing and discontinued operations was 133.26 (₹ in Crores), against 188.09 in the quarter ended September 30, 2025.
- Earnings per share (face value ₹ 2 per share) for continuing and discontinued operations was 5.48 for the quarter, against 8.22 a year earlier.
- The graphite undertaking has been demerged into HEG Limited (formerly HEG Graphite Limited) with an effective date of September 1, 2026; its results are shown as discontinued operations, and the balance sheet as at September 30, 2026 is not directly comparable with earlier reporting dates.
- The company states that, being in the wind power industry, its operations are seasonal, with most activity between April and September.
What a retail reader may want to track
- The objects clause change and the ESOP plan both require shareholder approval before taking effect.
- The anode, crucible and graphene outlays are large and multi-year, with commercial operation targets spread between June 27 and March 2029.
- The company describes the revised anode Phase-1 cost as approximately Rs. 2,350 crore, against a Phase-1 capacity of 20,000 MT.
Also from HEG Advanced Materials
Q2 FY27 results, anode plant expansion to 44,000 MT, graphene and crucible projects approved
4 Nov 2026
Q2 and H1 FY27 results, anode capacity expansion to 44,000 MT, crucible and graphene projects approved
4 Nov 2026
Board approves Q2 results, Rs. 2,350 crore Anode Phase-1 cost, Crucible and Graphene plants
3 Nov 2026
More numbers
- Revised estimated cost, Phase-1 of 20,000 MT anode project~ Rs. 2,350 crore
- Estimated cost, anode expansion from 20,000 MT to 44,000 MT~ Rs. 1606 crore
- Estimated cost, new crucible plant of 80,000 units P.A.~ Rs. 475 crore
- Estimated cost, 500 MT graphene plant in two phases~ Rs. 500 crore
- Additional revolving loan approved to Replus Engitech Private LimitedRs. 50 crore
- Phase-1 anode capacity20,000 MT
- Proposed expanded anode capacity44,000 MT
- Crucible plant capacity80,000 units P.A.
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