H.E.G

As of September 23, 2026, HEG's technical setup indicates a strong upward bias across daily, weekly, and monthly timeframes, with the stock trading near the upper end of its recent trading ranges. The price is positioned at ₹248.5, showing a significant gain from its previous close of ₹728.25, suggesting a substantial shift or adjustment in valuation. The stock is consistently near the upper end of its 20-day, 50-day, and 252-day ranges, indicating strong upward momentum and participation. Current drawdown metrics are at +0.0%, suggesting no recent pullbacks from the prevailing price level.

The stock's positioning near the upper end of its multi-period ranges, specifically at +95.0% for the 20-day, 50-day, and 252-day periods, points to a sustained upward trend. The lack of current drawdown (+0.0%) further supports this bullish posture. Key levels to monitor include the nearest resistance, which would be the high of the current trading session at ₹248.9, a break above which could signal further upside. Conversely, support would be indicated by the low of the session at ₹240.9, a break below which might suggest a pause or reversal in the current upward momentum.

HEG's subsidiary, Replus Engitech, secured a significant order valued at ₹217.56 crore from Indus Towers for lithium-ion battery banks. This order is scheduled for execution by March 31, 2027. The announcement on September 21, 2026, led to a rally in HEG shares, with one report noting a 5% increase. Another report from the same day highlighted HEG Advanced Materials shares opening at ₹243.85, up from the previous Friday's close of ₹237.05. This development coincides with HEG's ongoing demerger process into separate graphite electrodes and advanced materials businesses.

HEG Limited is undergoing a name change to HEG Advanced Materials Limited, effective September 22, 2026, with its stock symbol changing to HEGAM. This change signifies a potential strategic shift or rebranding for the company. In a separate development, the company's subsidiary, Replus Engitech Private Limited, secured domestic orders from Indus Towers Limited for the supply of Lithium-Ion Battery Banks. The total value of these orders is ₹217.56 crore, inclusive of GST, with an execution deadline of March 31, 2027, subject to mutual extension. This contract is not a related party transaction. Additionally, LNJ Spark Advisory LLP reported an increase in its shareholding in HEG Advanced Materials Limited, crossing the 5% threshold following a share allotment under a Composite Scheme of Arrangement. This resulted in the overall Promoter Group's stake rising from 56.28% to 60.72%. The acquirers were exempted from making an open offer under specific SEBI (SAST) Regulations, 2011. The company also announced the resignation of Mr. Salil Bawa, President - Investor Relation, effective September 14, 2026.

H.E.G. Ltd. has reported a sequential improvement in its financial performance. For the quarter ending Q1 FY2026-27, the company posted revenue from operations of ₹680.79 crore, an increase from ₹603.21 crore in Q4 FY2025-26. This top-line growth was accompanied by a significant turnaround in profitability. Profit Before Tax (PBT) moved from a loss of ₹171.71 crore in the prior quarter to a profit of ₹134.58 crore in Q1 FY2026-27. Consequently, Net Profit also shifted from a loss of ₹113.77 crore to a profit of ₹122.34 crore over the same period. The company's expenses decreased sequentially from ₹814.81 crore in Q4 FY2025-26 to ₹589.77 crore in Q1 FY2026-27, contributing to the improved profit margins. Earnings Per Share (EPS) also reflects this recovery, moving from a loss of ₹5.90 per share in Q4 FY2025-26 to a gain of ₹6.34 per share in Q1 FY2026-27.

Looking at the balance sheet, the company shows no borrowings and no Capital Work-in-Progress (CWIP) as of March 2024, with these figures projected to remain at zero through March 2026. Equity Capital has remained stable at ₹3.83 crore. Investments are projected to increase from ₹24.02 crore in March 2024 to ₹32.23 crore by March 2026, while Fixed Assets are expected to decline from ₹0.06 crore to ₹0.03 crore over the same period. Cash flow from operating activities was ₹0.2 crore in March 2024, but is projected to turn negative in the following two years (-₹0.51 crore in March 2025 and -₹0.11 crore in March 2026). Cash from investing activities has been positive and is projected to increase slightly, while cash from financing activities has been zero. Free Cash Flow is projected to be negative for March 2025 and March 2026.

The most important checkpoint for investors will be the sustainability of the recent profit recovery and the management of cash flows, particularly the projected negative free cash flow in the upcoming periods.

HEG's subsidiary, Replus Engitech, has secured a significant order valued at ₹217.56 crore from Indus Towers for the supply of lithium-ion battery banks. This order is slated for execution by March 31, 2027. The company's shares experienced a notable rally following this announcement. This development occurs as HEG proceeds with its strategic demerger into separate graphite electrodes and advanced materials businesses.

The company's recent performance shows a significant disparity in share price movements. While HEG shares rallied 5% following a ₹217.56 crore order for lithium-ion battery banks from Indus Towers, to be executed by March 31, 2027, the technical summary indicates a closing price of ₹248.5 on September 23, 2026, compared to a previous close of ₹728.25. This suggests a substantial decline from a prior period, despite the new order. The technical data also shows a return year-to-date and since the start of 0.0%, with current and maximum drawdowns at +0.0%, which may not reflect the full extent of prior price movements given the large difference between the reported closing prices.