# H.E.G. Ltd (HEG) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/heg

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹248.5
- Change: -65.88%
- As of: 2026-09-23
- 1D return: +0.00%
- 5D return: +0.00%
- 1M return: +0.00%
- Latest complete quarter: fy27_q1

## Faxioms Analysis

_As of 2026-09-25_

### Technical Outlook

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 exhibits a strong upward technical stance across daily, weekly, and monthly timeframes as of September 23, 2026.
- The stock is positioned near the upper end of its 20-day, 50-day, and 252-day ranges, indicating strong upward momentum.
- Current drawdown is at +0.0%, with no recent pullbacks observed.
- Nearest resistance is at ₹248.9 (+0.2% from current price), and nearest support is at ₹240.9 (-3.0% from current price).
- A break above ₹248.9 could confirm continued upside, while a break below ₹240.9 might signal a potential reversal.

### News Context

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 subsidiary Replus Engitech received a ₹217.56 crore order from Indus Towers for lithium-ion battery banks, to be executed by March 31, 2027.
- HEG shares rose 5% on September 21, 2026, following the order announcement.
- HEG Advanced Materials shares opened at ₹243.85 on September 21, 2026, compared to ₹237.05 on the prior Friday.
- The company is progressing with its demerger into graphite electrodes and advanced materials businesses.

- [Private capex takes centre stage as India’s new project pipeline jumps 28%: HSBC](https://www.moneycontrol.com/news/business/markets/private-capex-takes-centre-stage-as-india-s-new-project-pipeline-jumps-28-hsbc-14037277.html)
- [HEG shares rally 5% after receiving Rs 217.56 crore order from Indus Towers for lithium-ion battery banks](https://economictimes.indiatimes.com/markets/stocks/news/heg-shares-rally-5-after-receiving-rs-217-56-crore-order-from-indus-towers-for-lithium-ion-battery-banks/articleshow/134380584.cms)
- [HEG Advanced Materials share price rises on new order from Indus Towers | Do you own?](https://www.livemint.com/market/stock-market-news/heg-advanced-materials-share-price-rises-on-new-order-from-indus-towers-do-you-own-11789968527065.html)
- [Buzzing Stocks: Nibe surges 8% on Naval Group MoU; VIP Industries gains on ₹500-cr fundraise](https://www.moneycontrol.com/news/business/stocks/buzzing-stocks-nibe-surges-8-on-naval-group-mou-vip-industries-gains-on-500-cr-fundraise-14030711.html)
- [HEG arm bags Rs 217-cr order from Indus Towers](https://www.business-standard.com/markets/capital-market-news/heg-arm-bags-rs-217-cr-order-from-indus-towers-126091900198_1.html)

### Official Filings

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.

- Company name change to HEG Advanced Materials Limited and symbol change to HEGAM effective September 22, 2026.
- Subsidiary Replus Engitech Private Limited received orders worth ₹217.56 crore for Lithium-Ion Battery Banks from Indus Towers Limited, with execution by March 31, 2027.
- LNJ Spark Advisory LLP's shareholding increased beyond 5%, raising the Promoter Group's stake to 60.72% following a Composite Scheme of Arrangement.
- Mr. Salil Bawa resigned as President - Investor Relation, effective September 14, 2026.

- [HEG Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/HEGAM_21092026210502_STEXInvestorCallPhysical28092026.pdf)
- [HEG LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1202_WebXMLFile_20260921_211110754.xml)
- [HEG Limited has informed the Exchange about Receipt of orders by Replus Engitech Private Limited, a subsidiary of the Company |SUBJECT: Bagging/Receiving of orders/contracts](https://nsearchives.nseindia.com/corporate/HEGAM_18092026171222_StEX_Order_REPlus.pdf)
- [HEG Limited has informed the Exchange about Receipt of orders by Replus Engitech Private Limited, a subsidiary of the Company (Revised Disclosure) |SUBJECT: Bagging/Receiving of orders/contracts](https://nsearchives.nseindia.com/corporate/HEGAM_18092026183630_StEX_Order_REPlus_revised18092026.pdf)
- [HEG Limited has informed the Exchange about Bagging/Receiving of orders/contracts (Sub-para 4-Para B) |SUBJECT: Bagging/Receiving of orders/contracts (Sub-para 4-Para B)](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_1202_WebXMLFile_20260918_184857457.xml)
- [LNJ Spark Advisory LLP has submitted to the Exchange a copy of Disclosures under Regulation 10(6)-Report to stock Exchange in respect of any acquisition made in reliance upon exemption provided for in regulation 10 of SEBI (SAST) Regulations, 2011. |SUBJECT: Disclosure under SEBI Takeover Regulations](https://nsearchives.nseindia.com/corporate/team_bbodade_17092026193201_HEG.pdf)
- [HEG: Members of the Exchange are hereby informed that the name of HEG Limited will be changed to HEG Advanced Materials Limited and symbol will be changed to HEGAM w.e.f. September 22, 2026. |SUBJECT: Name and Symbol Change](https://nsearchives.nseindia.com/corporate/smamodia_16092026174640_CML76359.pdf)
- [HEG Limited has informed the Exchange regarding Resignation of Mr Salil Bawa, President - Investor Relation, forming part of the Senior Management Personnel w.e.f. September 14, 2026. |SUBJECT: Resignation](https://nsearchives.nseindia.com/corporate/HEGAM_14092026180948_StEX_SMP_Cessation_SalilBawa.pdf)
- [HEG Limited has informed the Exchange about Resignation of Director/KMP/SMP |SUBJECT: Resignation of Director/KMP/SMP](https://nsearchives.nseindia.com/corporate/HEG_ROID_98380_KMP_Doc.zip)
- [HEG Advanced Materials Limited (Formerly HEG Limited) has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_1202_WebXMLFile_20260914_181926404.xml)

### Fundamentals

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.

- Revenue from operations increased sequentially to ₹680.79 crore in Q1 FY2026-27 from ₹603.21 crore in Q4 FY2025-26.
- Profitability turned positive, with Net Profit at ₹122.34 crore in Q1 FY2026-27 compared to a loss of ₹113.77 crore in Q4 FY2025-26, aided by lower expenses.
- The company maintains zero borrowings and stable equity capital of ₹3.83 crore, with investments projected to grow.
- Monitoring the sustainability of profit margins and the trend in projected negative free cash flow for March 2025 and March 2026 is crucial.

### Bull Case

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.

- Replus Engitech, a subsidiary of HEG, received an order worth ₹217.56 crore from Indus Towers.
- The order is for the supply of lithium-ion battery banks and is to be executed by March 31, 2027.
- HEG shares saw a rally subsequent to the announcement of this new order.

- [Private capex takes centre stage as India’s new project pipeline jumps 28%: HSBC](https://www.moneycontrol.com/news/business/markets/private-capex-takes-centre-stage-as-india-s-new-project-pipeline-jumps-28-hsbc-14037277.html)
- [HEG shares rally 5% after receiving Rs 217.56 crore order from Indus Towers for lithium-ion battery banks](https://economictimes.indiatimes.com/markets/stocks/news/heg-shares-rally-5-after-receiving-rs-217-56-crore-order-from-indus-towers-for-lithium-ion-battery-banks/articleshow/134380584.cms)
- [HEG Advanced Materials share price rises on new order from Indus Towers | Do you own?](https://www.livemint.com/market/stock-market-news/heg-advanced-materials-share-price-rises-on-new-order-from-indus-towers-do-you-own-11789968527065.html)
- [Buzzing Stocks: Nibe surges 8% on Naval Group MoU; VIP Industries gains on ₹500-cr fundraise](https://www.moneycontrol.com/news/business/stocks/buzzing-stocks-nibe-surges-8-on-naval-group-mou-vip-industries-gains-on-500-cr-fundraise-14030711.html)
- [HEG arm bags Rs 217-cr order from Indus Towers](https://www.business-standard.com/markets/capital-market-news/heg-arm-bags-rs-217-cr-order-from-indus-towers-126091900198_1.html)
- [HEG Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/HEGAM_21092026210502_STEXInvestorCallPhysical28092026.pdf)
- [HEG LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1202_WebXMLFile_20260921_211110754.xml)
- [HEG Limited has informed the Exchange about Receipt of orders by Replus Engitech Private Limited, a subsidiary of the Company |SUBJECT: Bagging/Receiving of orders/contracts](https://nsearchives.nseindia.com/corporate/HEGAM_18092026171222_StEX_Order_REPlus.pdf)
- [HEG Limited has informed the Exchange about Receipt of orders by Replus Engitech Private Limited, a subsidiary of the Company (Revised Disclosure) |SUBJECT: Bagging/Receiving of orders/contracts](https://nsearchives.nseindia.com/corporate/HEGAM_18092026183630_StEX_Order_REPlus_revised18092026.pdf)
- [HEG Limited has informed the Exchange about Bagging/Receiving of orders/contracts (Sub-para 4-Para B) |SUBJECT: Bagging/Receiving of orders/contracts (Sub-para 4-Para B)](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_1202_WebXMLFile_20260918_184857457.xml)

### Bear Case

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.

- HEG subsidiary Replus Engitech received a ₹217.56 crore order for lithium-ion battery banks from Indus Towers, with execution due by March 31, 2027.
- The closing price on September 23, 2026, was ₹248.5, a significant decrease from the previous close of ₹728.25.
- Year-to-date and return since start are reported as 0.0%.
- Current and maximum drawdowns are reported as +0.0%.

- [Private capex takes centre stage as India’s new project pipeline jumps 28%: HSBC](https://www.moneycontrol.com/news/business/markets/private-capex-takes-centre-stage-as-india-s-new-project-pipeline-jumps-28-hsbc-14037277.html)
- [HEG shares rally 5% after receiving Rs 217.56 crore order from Indus Towers for lithium-ion battery banks](https://economictimes.indiatimes.com/markets/stocks/news/heg-shares-rally-5-after-receiving-rs-217-56-crore-order-from-indus-towers-for-lithium-ion-battery-banks/articleshow/134380584.cms)
- [HEG Advanced Materials share price rises on new order from Indus Towers | Do you own?](https://www.livemint.com/market/stock-market-news/heg-advanced-materials-share-price-rises-on-new-order-from-indus-towers-do-you-own-11789968527065.html)
- [Buzzing Stocks: Nibe surges 8% on Naval Group MoU; VIP Industries gains on ₹500-cr fundraise](https://www.moneycontrol.com/news/business/stocks/buzzing-stocks-nibe-surges-8-on-naval-group-mou-vip-industries-gains-on-500-cr-fundraise-14030711.html)
- [HEG arm bags Rs 217-cr order from Indus Towers](https://www.business-standard.com/markets/capital-market-news/heg-arm-bags-rs-217-cr-order-from-indus-towers-126091900198_1.html)
- [HEG Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/HEGAM_21092026210502_STEXInvestorCallPhysical28092026.pdf)
- [HEG LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1202_WebXMLFile_20260921_211110754.xml)
- [HEG Limited has informed the Exchange about Receipt of orders by Replus Engitech Private Limited, a subsidiary of the Company |SUBJECT: Bagging/Receiving of orders/contracts](https://nsearchives.nseindia.com/corporate/HEGAM_18092026171222_StEX_Order_REPlus.pdf)
- [HEG Limited has informed the Exchange about Receipt of orders by Replus Engitech Private Limited, a subsidiary of the Company (Revised Disclosure) |SUBJECT: Bagging/Receiving of orders/contracts](https://nsearchives.nseindia.com/corporate/HEGAM_18092026183630_StEX_Order_REPlus_revised18092026.pdf)
- [HEG Limited has informed the Exchange about Bagging/Receiving of orders/contracts (Sub-para 4-Para B) |SUBJECT: Bagging/Receiving of orders/contracts (Sub-para 4-Para B)](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_1202_WebXMLFile_20260918_184857457.xml)

### FAQs

**What is the value and execution timeline of the recent order received by HEG's subsidiary?**

On September 18, 2026, HEG Advanced Materials Limited announced that its subsidiary, Replus Engitech Private Limited, received domestic orders from Indus Towers Limited for the supply of Lithium-Ion Battery Banks. The contract is valued at ₹217.56 crore, inclusive of GST, and is to be executed on or before March 31, 2027, with a possibility of mutual extension.

**What is the recent share price movement and the context provided by the news?**

HEG shares rallied 5% following the announcement of the Rs 217.56 crore order from Indus Towers for lithium-ion battery banks. The company's shares opened at ₹243.85 apiece on the day of the 'HEG Advanced Materials share price rises on new order from Indus Towers' report, compared to a previous close of ₹237.05.

**What upcoming investor interactions has HEG Limited scheduled?**

HEG Limited has scheduled physical one-to-one meetings with investors/analysts. Senior management is set to meet an investor/analyst on September 28, 2026, at 12:30 PM. The company has also informed the exchange about a schedule of Analysts or Institutional Investors Meet.

- [Private capex takes centre stage as India’s new project pipeline jumps 28%: HSBC](https://www.moneycontrol.com/news/business/markets/private-capex-takes-centre-stage-as-india-s-new-project-pipeline-jumps-28-hsbc-14037277.html)
- [HEG shares rally 5% after receiving Rs 217.56 crore order from Indus Towers for lithium-ion battery banks](https://economictimes.indiatimes.com/markets/stocks/news/heg-shares-rally-5-after-receiving-rs-217-56-crore-order-from-indus-towers-for-lithium-ion-battery-banks/articleshow/134380584.cms)
- [HEG Advanced Materials share price rises on new order from Indus Towers | Do you own?](https://www.livemint.com/market/stock-market-news/heg-advanced-materials-share-price-rises-on-new-order-from-indus-towers-do-you-own-11789968527065.html)
- [Buzzing Stocks: Nibe surges 8% on Naval Group MoU; VIP Industries gains on ₹500-cr fundraise](https://www.moneycontrol.com/news/business/stocks/buzzing-stocks-nibe-surges-8-on-naval-group-mou-vip-industries-gains-on-500-cr-fundraise-14030711.html)
- [HEG arm bags Rs 217-cr order from Indus Towers](https://www.business-standard.com/markets/capital-market-news/heg-arm-bags-rs-217-cr-order-from-indus-towers-126091900198_1.html)
- [HEG Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/HEGAM_21092026210502_STEXInvestorCallPhysical28092026.pdf)
- [HEG LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1202_WebXMLFile_20260921_211110754.xml)
- [HEG Limited has informed the Exchange about Receipt of orders by Replus Engitech Private Limited, a subsidiary of the Company |SUBJECT: Bagging/Receiving of orders/contracts](https://nsearchives.nseindia.com/corporate/HEGAM_18092026171222_StEX_Order_REPlus.pdf)
- [HEG Limited has informed the Exchange about Receipt of orders by Replus Engitech Private Limited, a subsidiary of the Company (Revised Disclosure) |SUBJECT: Bagging/Receiving of orders/contracts](https://nsearchives.nseindia.com/corporate/HEGAM_18092026183630_StEX_Order_REPlus_revised18092026.pdf)
- [HEG Limited has informed the Exchange about Bagging/Receiving of orders/contracts (Sub-para 4-Para B) |SUBJECT: Bagging/Receiving of orders/contracts (Sub-para 4-Para B)](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_1202_WebXMLFile_20260918_184857457.xml)
## Technical analytics

- As of: 2026-09-23
- Daily trend: Insufficient History
- Weekly trend: Insufficient History
- Pivot point: —
- Risk regime: Not Enough History To Assess Price Risk

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_since_start | +0.00% |
| return_ytd | +0.00% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | insufficient_history |
| label | Not enough history to assess price risk |
| summary | There is not enough history to make a reliable risk assessment. |
| maximum_drawdown | +0.00% |

## Quarterly financials

- Latest complete quarter: fy27_q1

# Revenue Rebounds and Profitability Restored After Quarterly Loss

The quarter ended 30 June 2026 marked a return to profitability for HEG Limited following a loss in the preceding quarter. Revenue from operations rose 12.86% compared to the prior quarter, while total expenses fell 27.62%. Together, these movements swung the result from a loss before tax of ₹171.71 crore to a profit before tax of ₹134.58 crore. Profitability recovered above the year-ago level but remained below the peaks seen in the middle of the previous fiscal year.

## Revenue Performance and Trend

Revenue from operations for the quarter stood at ₹680.79 crore. This was an increase of ₹77.58 crore, or 12.86%, from the ₹603.21 crore recorded in the quarter ended 31 March 2026. On a year-over-year basis, revenue grew 10.35%, rising from ₹616.93 crore in the quarter ended 30 June 2025.

The current quarter’s revenue was lower than the peak of ₹699.22 crore achieved in the quarter ended 30 September 2025. However, the movement from the low of ₹603.21 crore in the immediately preceding quarter indicates a recovery in top-line performance.

## Profitability and Expense Normalization

Total expenses for the quarter were ₹589.77 crore, a decrease of ₹225.04 crore, or 27.62%, from the ₹814.81 crore reported in the quarter ended 31 March 2026. The combination of higher revenue and lower expenses resulted in a profit before tax of ₹134.58 crore, compared to a loss before tax of ₹171.71 crore in the prior quarter.

Compared to the year-ago period, total expenses increased by 2.98%, from ₹572.73 crore to ₹589.77 crore. Revenue grew 10.35% over the same period, so the faster revenue growth led to a higher profit before tax.

The following expense components were reported for the quarter:
- Cost of Materials Consumed: ₹265.17 crore
- Changes in Inventories: -₹14.11 crore
- Employee Benefit Expense: ₹32.69 crore
- Finance Costs: ₹9.97 crore
- Depreciation, Depletion and Amortisation: ₹49.59 crore

The sum of these components was ₹343.31 crore. Total expenses for the quarter were ₹589.77 crore.

## Tax and Net Income Reconciliation

Profit before tax was ₹134.58 crore and the reported tax expense was ₹42.74 crore. Subtracting the tax expense from profit before tax gives ₹91.84 crore. However, the reported profit for the period was ₹122.34 crore, a difference of ₹30.50 crore. A similar difference was observed in the quarter ended 31 December 2025, when profit for the period exceeded profit before tax minus tax expense by ₹65.14 crore.

## Balance Sheet Structure

The balance sheet as of 30 June 2026 showed growth in asset and liability bases.

Net segment assets increased by 2.73% quarter-on-quarter to ₹6,333.97 crore. Unallocable assets grew by 6.86% to ₹2,595.95 crore. On a year-over-year basis, unallocable assets rose 37.33% from ₹1,890.29 crore.

Net segment liabilities increased by 3.26% to ₹1,453.78 crore. Unallocable liabilities increased by 71.53%, moving from ₹126.05 crore to ₹216.21 crore, a rise of ₹90.16 crore.

## Key Takeaway

The quarter ended 30 June 2026 saw a return to profitability driven by a 12.86% sequential increase in revenue and a 27.62% decline in total expenses. Profit before tax reached ₹134.58 crore, above the year-ago figure but below the mid-year peaks of the prior fiscal year. Profit for the period of ₹122.34 crore exceeded the amount obtained by subtracting the reported tax expense from profit before tax by ₹30.50 crore. The balance sheet reflected continued growth in both segment and unallocable assets and liabilities.

### Ratios

## Official filings

- 2026-09-21 — Generic Announcement: HEG Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HEGAM_21092026210502_STEXInvestorCallPhysical28092026.pdf)
- 2026-09-21 — Generic Announcement: HEG Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1202_WebXMLFile_20260921_211110754.xml)
- 2026-09-18 — Generic Announcement: HEG Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HEGAM_18092026171222_StEX_Order_REPlus.pdf)
- 2026-09-18 — Generic Announcement: HEG Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HEGAM_18092026183630_StEX_Order_REPlus_revised18092026.pdf)
- 2026-09-18 — Generic Announcement: HEG Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_1202_WebXMLFile_20260918_184857457.xml)
- 2026-09-17 — Shareholding Disclosure: HEG Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/team_bbodade_17092026193201_HEG.pdf)
- 2026-09-16 — Generic Announcement: HEG Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/smamodia_16092026174640_CML76359.pdf)
- 2026-09-14 — Management Change: HEG Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HEGAM_14092026180948_StEX_SMP_Cessation_SalilBawa.pdf)
- 2026-09-14 — Management Change: HEG Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HEG_ROID_98380_KMP_Doc.zip)
- 2026-09-14 — Generic Announcement: HEG Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_1202_WebXMLFile_20260914_181926404.xml)
- 2026-09-10 — Generic Announcement: HEG Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HEG_10092026220227_STEXInvestorCall10092026.pdf)
- 2026-09-10 — Generic Announcement: HEG Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1202_WebXMLFile_20260910_220544496.xml)
- 2026-09-08 — Generic Announcement: HEG Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HEG_08092026202937_STEXRElodgement08092026.pdf)
- 2026-09-06 — Generic Announcement: HEG Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HEG_06092026210633_HEGAM_STEX_Website.pdf)
- 2026-09-03 — Generic Announcement: HEG Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HEG_03092026153248_HEGAM_ESGRating.pdf)
- 2026-09-03 — Press Release: HEG Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HEG_03092026165419_HEGAM_PR.pdf)
- 2026-09-02 — Generic Announcement: HEG Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HEG_02092026194518_HEGAM_STEX.pdf)
- 2026-08-27 — Generic Announcement: HEG Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HEG_27082026203227_Stxintimation270826SS.pdf)
- 2026-08-27 — Generic Announcement: HEG Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1202_WebXMLFile_20260827_203716873.xml)
- 2026-08-25 — Management Change: HEG Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HEG_ROID_97046_KMP_Doc.zip)
- 2026-08-25 — Press Release: HEG Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HEG_25082026170347_HEG_Final_Press_Realease_Intimation.pdf)
- 2026-08-24 — Generic Announcement: HEG Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HEG_24082026184256_FinalOutcome24082026.pdf)
- 2026-08-24 — Generic Announcement: HEG Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HEG_24082026182611_FinalOutcome24082026.pdf)
- 2026-08-24 — Management Change: HEG Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HEG_24082026184410_FinalOutcome24082026.pdf)
- 2026-08-24 — Generic Announcement: HEG Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HEG_24082026182755_FinalOutcome24082026.pdf)

## News and market events

- 2026-09-27 — Economic Times: **Ahead of Market: 10 things that will decide stock market action on Monday** — Indian equity benchmarks Sensex and Nifty ended higher on Friday, bouncing back to close at 73,896 and 23,140.50 respectively. Geojits Vinod Nair cited strong domestic liquidity holding Nifty above 23,000, while elevated crude prices and persistent foreign outflows continue to cap near-term market upside ahead of Monday's trade. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/ahead-of-market-10-things-that-will-decide-stock-market-action-on-monday/articleshow/134518822.cms)
- 2026-09-24 — MONEYCONTROL: **Private capex takes centre stage as India’s new project pipeline jumps 28%: HSBC** — HSBC, india, power, capex, private, government — [Source](https://www.moneycontrol.com/news/business/markets/private-capex-takes-centre-stage-as-india-s-new-project-pipeline-jumps-28-hsbc-14037277.html)
- 2026-09-21 — Economic Times: **HEG shares rally 5% after receiving Rs 217.56 crore order from Indus Towers for lithium-ion battery banks** — HEG shares rose sharply on Monday after subsidiary Replus Engitech received a Rs 217.56 crore order from Indus Towers for lithium-ion battery banks. The order is to be executed by March 31, 2027. The development comes as HEG progresses with its demerger into separate graphite electrodes and advanced materials businesses. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/heg-shares-rally-5-after-receiving-rs-217-56-crore-order-from-indus-towers-for-lithium-ion-battery-banks/articleshow/134380584.cms)
- 2026-09-21 — Mint: **HEG Advanced Materials share price rises on new order from Indus Towers | Do you own?** — HEG Advanced Materials shares opened at  ₹243.85 apiece today, as compared to previous close of  ₹237.05 last week on Friday. — [Source](https://www.livemint.com/market/stock-market-news/heg-advanced-materials-share-price-rises-on-new-order-from-indus-towers-do-you-own-11789968527065.html)
- 2026-09-21 — MONEYCONTROL: **Buzzing Stocks: Nibe surges 8% on Naval Group MoU; VIP Industries gains on ₹500-cr fundraise** — Buzzing Stocks — [Source](https://www.moneycontrol.com/news/business/stocks/buzzing-stocks-nibe-surges-8-on-naval-group-mou-vip-industries-gains-on-500-cr-fundraise-14030711.html)
- 2026-09-19 — BUSINESS: **HEG arm bags Rs 217-cr order from Indus Towers** — HEG announced that its subsidiary, Replus Engitech, has received an order from Indus Towers for the supply of lithium-ion battery banks. — [Source](https://www.business-standard.com/markets/capital-market-news/heg-arm-bags-rs-217-cr-order-from-indus-towers-126091900198_1.html)
- 2026-09-18 — CNBC-TV18: **HEG Advanced Materials arm Replus Engitech gets ₹218 crore Indus Towers order** — Shares of HEG Advanced Materials Ltd ended at ₹238.55, up by ₹11.35, or 5.00%, on the BSE. — [Source](https://www.cnbctv18.com/market/stocks/heg-advanced-materials-share-price-arm-replus-engitech-gets-rs-218-crore-indus-towers-order-19993763.htm)
- 2026-09-15 — MONEYCONTROL: **Momentum Stocks: Tata Chemicals, Tata Investment, eMudhra gain up to 14% on sheer momentum** — buzzing stocks — [Source](https://www.moneycontrol.com/news/business/markets/momentum-stocks-tata-chemicals-tata-investment-emudhra-gain-up-to-14-on-sheer-momentum-14029856.html)
- 2026-09-10 — CNBC-TV18: **IRB Infra, Ola Electric lead Nifty 500 gainers; HEG, Craftsman Automation fall at market open** — Monthly toll revenue data was among the reasons that moved a stock over 5% on the Nifty 500 at market open, while one stock extending its decline toward a fresh 52-week low — here's a look at today's top gainers and losers. — [Source](https://www.cnbctv18.com/market/stocks/irb-infrastructure-ola-electric-nifty-500-gainers-heg-craftsman-automation-sai-life-sciences-share-price-19988093.htm)
- 2026-09-09 — The Hindu: **Graphite India rallies near 8-year high, HEG surges as GrafTech announces 30% price hike** — Graphite India shares jumped 18.4% to ₹870 on Wednesday, nearing an eight-year high. At 12:53 pm, the stock was up 17% at ₹858 — [Source](https://www.thehindubusinessline.com/markets/stock-markets/graphite-india-rallies-near-8-year-high-heg-surges-as-graftech-announces-30-price-hike/article71446271.ece)
- 2026-09-09 — Mint: **Graphite India share price soars 18% to touch 52-week high; here’s what’s behind the sudden rally** — Graphite India shares soared 18%, reaching a 52-week high, following GrafTech International's announcement of a 30% price increase. Analysts see this as a potential sign of a recovery in global electrode prices, benefiting Indian manufacturers like Graphite India enhancing earnings visibility. — [Source](https://www.livemint.com/market/stock-market-news/graphite-india-share-price-soars-18-to-touch-52-week-high-here-s-what-s-behind-the-sudden-rally-11788928498043.html)
- 2026-09-09 — BUSINESSTODAY: **Graphite India shares rise over 18%, hit fresh 52-week high; here's why** — Graphite India share price, Graphite electrode price rises, Graphite India share price rises, Graphite India share price today order, Graphite India, Graphite India, GrafTech International — [Source](https://www.businesstoday.in/markets/stocks/story/graphite-india-shares-rise-over-18-percent-hit-fresh-52-week-high-heres-why-554146-2026-09-09)
- 2026-09-09 — CNBC-TV18: **Here's why Graphite India shares may see a reaction on Wednesday** — As per rough calculations, GrafTech's average Graphite Electrode realization stood at $4,100 per tonne. Analysts expect that figure to reach $6,250 per tonne by financial year 2028. — [Source](https://www.cnbctv18.com/market/graphite-india-share-price-graftech-international-electrode-price-increase-positive-read-through-impact-realization-19987072.htm)
- 2026-09-07 — MONEYCONTROL: **Edelweiss Financial promoter sells over half a percent stake; HDFC MF buys 0.51% stake in HEG** — Bulk deals,Edelweiss Financial Services,HEG,GMM Pfaudler,Kopran,RPP Infra Projects — [Source](https://www.moneycontrol.com/news/business/markets/edelweiss-financial-promoter-sells-over-half-a-percent-stake-hdfc-mf-buys-0-51-stake-in-heg-14024644.html)
- 2026-09-07 — The Hindu: **HEG trades ex-Graphite business, gains 3% on debut** — The stock closed at ₹273 on the NSE, valuing the company (ex-graphite) at ₹5,300 crore — [Source](https://www.thehindubusinessline.com/markets/stock-markets/heg-trades-ex-graphite-business-gains-3-on-debut/article71439721.ece)
- 2026-09-07 — Economic Times: **Did HEG shares really crash 64% in one day? Here’s how the demerger math works** — HEG shares opened nearly 64% lower on Monday as the stock adjusted for the companys demerger, which split its businesses into two separately listed entities. The graphite electrodes business will move to HEG Graphite, while the existing listed company will retain advanced materials, battery energy solutions and green power businesses and be renamed HEG Advanced Materials. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/did-heg-shares-really-crash-64-in-one-day-heres-how-the-demerger-math-works/articleshow/133866176.cms)
- 2026-09-07 — CNBC-TV18: **HEG Advanced Material shares see discovered price of ₹260 on the bourses; Here's what you need to know** — Existing shareholders will get one share of the new graphite company, for every one share they own as on the record date. Bhilwara Energy shareholders will receive eight shares of HEG Advanced Materials for every 10 shares of Bhilwara Energy. All the shares, barring those of Bhilwara Energy, carry a face value of ₹2. — [Source](https://www.cnbctv18.com/market/heg-advanced-material-share-price-stock-market-debut-demerger-shareholder-entitlement-graphite-electrode-entity-timeline-business-19985309.htm)
- 2026-09-07 — The Hindu: **Sensex today | Stock Market LIVE: Stock to buy today: HEG (₹729.05)** — Sensex, Nifty, Share Prices Live: BSE Sensex settled 362.57 pts or 0.48% higher at 76,515.43. Nifty 50 was up 24.25 pts or 0.10% to 23,897.70. For the week, the benchmarks lost 1.2% and 1%, marking their fourth ‌consecutive weekly decline and their longest losing streak in ‌five ⁠months. — [Source](https://www.thehindubusinessline.com/markets/sensex-nifty50-today-stock-market-live-updates-7th-september-2026/article71437259.ece)
- 2026-09-07 — The Hindu: **Stocks to buy today, HEG Ltd** — Buy HEG stock at ₹729, accumulate at ₹700, with a stop-loss at ₹650; potential rise to ₹850. — [Source](https://www.thehindubusinessline.com/portfolio/technical-analysis/stock-to-buy-today-heg72905/article71431198.ece)
- 2026-09-04 — CNBC-TV18: **Sensex rises 363 points, Nifty gains 24 points: 3 reasons why stocks ended mixed** — Broader markets underperformed, with the Nifty Midcap index falling 156 points to 63,079, while several stocks moved sharply on company-specific developments. — [Source](https://www.cnbctv18.com/market/sensex-rises-363-points-nifty-gains-24-points-3-reasons-why-stocks-ended-mixed-19984343.htm)
- 2026-09-04 — The Hindu: **Stocks in focus: IEX, PowerGrid, RVNL, APSEZ, Bharat Forge, HEG, brokerage stocks,Cipla among dozen stocks will be in focus** — IEX logs record August volumes; HEG renamed as scheme takes effect — [Source](https://www.thehindubusinessline.com/markets/stocks-in-focus-iex-powergrid-rvnl-apsez-bharat-forge-heg-brokerage-stockscipla-among-dozen-stocks-will-be-in-focus/article71426821.ece)
- 2026-08-25 — Economic Times: **Stocks in news: TCS, ICICI Bank, Hindustan Copper and Piramal Finance** — The Indian equity markets experienced a downturn today, with the Nifty50 index finishing slightly above 24,200. Traders brace for heightened volatility amidst forthcoming US sanctions and the impending expiry of monthly futures and options. Key companies, such as Hindustan Copper and Tata Consultancy Services, are capturing market attention due to notable corporate news. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/stocks-in-news-tcs-icici-bank-hindustan-copper-and-piramal-finance/articleshow/133475143.cms)
- 2026-08-20 — Economic Times: **Stocks in news: Hyundai Motor India, BSE, HEG, Hexaware Tech and Oil India** — Indian equity markets extended their losing streak to a seventh consecutive session, with the Nifty50 closing lower at 24,078.30. Key corporate developments are expected to influence Thursday's trade, including Hyundai Motor India's planned price increase, Aditya Infotech's fundraising approval, and BSE's agreement with MSCI for index futures and options. Other companies like HEG, Ceigall India, and HDFC Life Insurance also saw significant announcements. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/stocks-in-news-hyundai-motor-india-bse-heg-hexaware-tech-and-oil-india/articleshow/133353448.cms)
- 2026-08-20 — The Hindu: **18  stocks including  BSE, LIC, HDFC Bank, Aditya Infotech, Ramco Systems, Titagarh Rail, Gravita, Strides, Dr Lal Path in focus today** — Focus will also be on Autoline, Tata Motors, NIS, Quint Digital, HEG, Cellar Gadgets, Ceigall, EMS, Mukund — [Source](https://www.thehindubusinessline.com/markets/18-stocks-including-bse-lic-hdfc-bank-aditya-infotech-ramco-systems-titagarh-rail-gravita-strides-dr-lal-path-in-focus-today/article71367601.ece)
- 2026-08-19 — Mint: **HEG receives NCLT approval for demerger scheme; shareholders to get 1:1 shares in HEG Graphite** — HEG has received approval from the NCLT for its demerger plan, creating two independent companies. Shareholders will receive one HEG Graphite share for each HEG share. The restructuring aims to offer differentiated exposure to graphite electrodes and advanced materials, enhancing long-term value. — [Source](https://www.livemint.com/market/stock-market-news/heg-receives-nclt-approval-for-demerger-scheme-shareholders-to-get-1-1-shares-in-heg-graphite-11787157686872.html)

## Business profile

**Strategic vision:** Manufactures and exports graphite electrodes and carbon products.

### Business segments
- **Graphite Electrodes Manufacturing:** Manufactures and exports graphite electrodes, with a focus on Ultra High Power (UHP) grade for Electric Arc Furnace applications. The product range includes various sizes and larger diameter electrodes.
- **Carbon Products:** Produces carbon products, flexible graphite, and carbon cloth as part of its diversified offerings.

### Competitive strengths
- Operates a large single-site integrated graphite electrode plant.
- Possesses captive power generation facilities to support manufacturing.
- Adheres to international quality and environmental standards.

## Freshness and sources

- Data as of: 2026-09-23
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/heg
Markdown representation: https://faxioms.com/stocks/heg?render=md