HEG Advanced Materials, part of the LNJ Bhilwara Group, today announced its financial results for the quarter and half year ended 30 September 2026.
For H1 FY27, consolidated revenue from continuing operations stood at ₹725.80 crore and total income at ₹870.77 crore, with EBITDA of ₹438.00 crore and profit after tax of ₹269.07 crore. As on 30 September 2026, consolidated cash and bank balances stood at ₹1322.84 crore.
For Q2 FY27, the Company reported consolidated revenue from continuing operations of ₹429.94 crore, total income of ₹546.59 crore, EBITDA of ₹312.78 crore and profit after tax of ₹208.89 crore.
Riju Jhunjhunwala, Chairman, MD & CEO, HEG Advanced Materials, said, “Q2 FY27 reflects our continued progress towards building HEG Advanced Materials into a technology-led, globally competitive advanced materials platform. Our focus is on strengthening R&D, developing proprietary technologies and creating differentiated, scalable businesses across anode materials, graphene, battery energy storage and green power. Our motto remains – research to revenue! As we move forward, our priorities remain disciplined capital allocation,
timely execution, customer development and improving the long-term competitiveness of each business. We believe these initiatives will strengthen our growth potential, create multiple avenues for value creation and deliver sustainable returns for our shareholders over the long term”
Neha Rajvanshi, President & CFO, HEG Advanced Materials, said, “Q2 and H1 FY27 performance reflects the evolving business mix and varying stages of development across our verticals, while our underlying fundamentals remain stable. Our Green Power Business, with its differentiated model, profitable operations, debt-free position and stable cash flows, provides a sound financial foundation for the Group. REPLUS is strengthening its presence in Battery Energy Storage Systems (BESS) and EV solutions, enabling the Group to participate in the evolving energy transition. We are particularly excited about the upcoming anode expansion, graphene and crucible projects, which will further strengthen our product portfolio and reinforce our position in the advanced materials industry. Our focus remains on building HEG Advanced Materials into a globally competitive company, diversifying revenues and creating sustainable value.”
Business highlights
- Advanced Materials (TACC): Global lithium-ion battery production is expected to grow from about 2.3 TWh in 2025 to about 8 TWh by 2035, with non-China anode demand set to exceed 1 Mn tons by 2030 as cell makers diversify their supply chains.
To serve this demand, construction of the Phase I 20,000 MT anode materials facility has reached 61% overall progress, with the process building at 72.25 COD planned for June 2027.
Phase II, an additional 24,000 MT plant targeting COD in March 2029 on the existing infrastructure, power connection and land at the Dewas site, will take total anode capacity to 44,000 MT. TACC’s R&D pipeline includes next-generation silicon-doped and graphene-based anodes for higher energy density and faster charging. TACC received the CII Award for Excellence in R&D 2026 in the Materials, Chemicals & Textiles – Large Enterprise category in October 2026.
Battery Energy Solutions (REPLUS Engitech): REPLUS has deployed over 1 GWh of energy storage capacity across BESS, electric mobility, telecom power solutions and hybrid energy applications. Alongside its operational 1 GWh Giga Factory in Pune, a 5 GWh high-speed, fully automatic prismatic line expansion facility is under construction, which will take total manufacturing capacity to 6 GWh on completion.
- Green Power Businesses: The Green Power Businesses have a combined hydroelectric installed capacity of 278 MW in Himachal Pradesh, through the 86 MW Malana Power Company project (MPCL) and the 192 MW AD Hydro Power project, along with a 14 MW wind power project in Maharashtra (under HEGAM). Both operating hydro projects and the wind project are debt-free, and the existing hydro assets generate annually stable cash flows of over ₹300 crore. The 200 MWh BESS IPP in Gujarat for Gujarat Urja Vikas Nigam, with a total capex of ₹227.8 crore, has reached 64% project progress and targets commissioning in Q3 FY27.
The HEG Composite Scheme became effective on 1 September 2026. Under the Scheme, the graphite electrodes business was transferred to HEG (earlier known as HEG Graphite), and Bhilwara Energy was amalgamated into the Company. The results accordingly present continuing and discontinued operations separately. Current financial figures are not comparable to previous financial figures owing to demerger of HEG.
