HEG Advanced Materials509631Board key decisions

Board approves Q2 results, Rs. 2,350 crore Anode Phase-1 cost, Crucible and Graphene plants

Unaudited standalone and consolidated results for Q2/H1 ended Sept 30, 2026 approved; auditor SCV & Co. LLP's conclusion is unmodified, with an Emphasis of Matter on the Graphite demerger and Bhilwara Energy merger.

By ScoutQuest · Tue 3 Nov 2026, 11:25 PM IST · 3 min read

Anode Phase-1 (20,000 MT) revised cost: about Rs. 2,350 crore
Anode expansion to 44,000 MT cost: about Rs. 1606 crore
Graphene plant (500 MT) cost: about Rs. 500 crore

Results and the demerger

The board approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026. Statutory auditors SCV & Co. LLP issued a limited review report with an unmodified conclusion.

The report carries an Emphasis of Matter that does not modify the conclusion. It refers to the Composite Scheme of Arrangement under which the Graphite Undertaking (including overseas investment and the TAWA power plant assets and liabilities) was demerged into HEG Limited (formerly HEG Graphite Limited), and Bhilwara Energy Limited was amalgamated into the company. Appointed date: April 1, 2024; effective date: September 1, 2026. The demerger is accounted for in the current quarter and the Graphite results are shown as discontinued operations.

Standalone numbers for the quarter (Rs. in crore)

Revenue from operations: 7.59
Profit/(loss) after tax from continuing operations: 36.47
Profit/(loss) after tax from discontinued operations: 96.79
Profit/(loss) for the period from continuing and discontinued operations: 133.26

For the half year ended September 30, 2026, the same lines read 10.68, 52.60, 192.45 and 245.05.

A note in the statement says the company is in the wind power industry, which depends on weather and wind, so performance within a year is seasonal and not strictly comparable.

Capex approved for TACC Limited, a wholly owned subsidiary

Revised cost of completion of Phase-1 of the 20,000 MT Anode project is about Rs. 2,350 crore, with target COD by June 27.
Expansion plan increasing Anode capacity from 20,000 MT to 44,000 MT at an estimated cost of about Rs. 1606 crore, with target COD by March 2029.
New plant to manufacture Crucible with capacity of 80,000 units P.A. at an estimated cost of about Rs. 475 crore, with target COD by September 2028.

Capex approved for HEG Graphene Materials Limited, a wholly owned subsidiary

Manufacturing plant of 500 MT Graphene in two phases at an estimated cost of about Rs. 500 crore, with target COD by September 2028.

Other board decisions

The HEG Advanced Materials Limited Employee Stock Option Plan 2026 was formulated for grant of options to eligible employees of the company and its subsidiaries, subject to shareholder approval and other regulatory approvals.
Approval for an additional revolving loan of Rs. 50 crore to Replus Engitech Private Limited, a subsidiary.
Alteration of the main object clause of the Memorandum of Association to insert objects relating to Anode, Graphene, crucible, advanced carbon materials and other allied material, subject to shareholder approval.
Hiren Pravin Shah, Managing Director & CEO of Replus Engitech Private Limited, and Ankur Khatlan, Managing Director & CEO of TACC Limited, have been designated as Senior Management Personnel.
Closure of LNJ Trading FZCO, a foreign wholly owned subsidiary in Dubai, as part of rationalising the group's overseas corporate structure; business interests and opportunities in the jurisdiction will be pursued through another subsidiary.
Cessation of S.L. Chhajed & Co. as Internal Auditor; BJGC & Associates LLP appointed as Internal Auditor for the Financial Year 2026-27 on the Audit Committee's recommendation.

Points to note

The decisions combine a large project pipeline with target commissioning dates running to March 2029, a revolving loan to a subsidiary, and a share-based employee plan that still needs shareholder approval.
Reported profit is split between continuing operations and discontinued operations following the scheme, and the two are shown as separate line items in the statement.

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