Replus Engitech Pvt Ltd, a subsidiary of HEG Advanced Materials Ltd, has secured a significant order worth ₹217.56 crore from Indus Towers Ltd for the supply of lithium-ion battery banks. According to the latest exchange filing, the domestic order is to be executed on or before March 31, 2027, with the deadline potentially extendable if mutually agreed between parties. The orders are inclusive of Goods and Services Tax (GST) and have been awarded by a domestic entity. HEG clarified that the transaction does not fall under related party transactions and no promoter/ promoter group/group companies have any interest in the entity that awarded the order.
Shares of HEG Advanced Materials Ltd surged nearly 15% over three trading sessions, rising from ₹215 on September 17 to ₹248 on September 21 on NSE. As reported by The Hindu BusinessLine, the company's stock has benefited from both the major contract win and upcoming demerger benefits. The counter opened at ₹243.85 compared to the previous close of ₹237.05 last week on Friday, touching an intraday high of ₹248.90 before paring some gains to trade more than 2% higher. HEG Advanced Materials has a total market capitalisation of ₹4,574.53 crore as of September 18, 2026, according to data on the NSE. With trading volumes surging over 400K across NSE and BSE combined, investors were powering the buying momentum with no sell orders in sight after the trading halt at the upper price band.
Replus Engitech provides lithium-ion energy storage solutions for stationary storage, telecom and e-mobility applications, operating a 1 GWh automated battery manufacturing facility in Pune that is scalable to 6 GWh. According to Business Standard, the company has deployed 100 MWh of battery energy storage system (BESS) projects across India. Replus Engitech is part of HEG Advanced Materials's battery energy solutions business, which focuses on advanced battery materials, graphene, battery energy solutions and green power. The company's businesses span research, product development and commercialisation across the EV, BESS and energy-storage ecosystem.
HEG Advanced Materials reported strong financial results for Q1 FY27, with consolidated net profit increasing 16.7% year-on-year to ₹122.3 crore compared with ₹104.8 crore in the corresponding period last year. As reported by CNBC TV18 and Business Standard, revenue from operations rose 11.1% to ₹680.8 crore, up from ₹612.8 crore a year ago. Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) climbed 42.5% year-on-year to ₹150.6 crore, with EBITDA margin expanding to 22.1% from 17.3% in the year-ago quarter.
The contract win comes after HEG completed a strategic demerger in September 2026 to separate its business into two entities. Under the composite scheme of arrangement sanctioned by the NCLT, HEG's graphite electrodes business was demerged into HEG Graphite, while Bhilwara Energy was amalgamated into the existing listed entity. The scheme became effective on September 1, 2026, with September 7, 2026 set as the record date for shareholder entitlement. The current listed company, HEG Advanced Materials, retains its advanced materials, battery energy solutions and green power businesses. Shareholders who held the shares on the record date of September 7 will receive one share in the graphite company for every one share held of HEG Advanced Materials. Ravi Jhunjhunwala has been leading the graphite company as Chairman, MD and CEO from September 1, and will continue on the advanced materials company's board in a non-executive capacity, while Riju Jhunjhunwala was appointed Chairman, MD and CEO of HEG Advanced Materials for a five-year term, subject to shareholder approval.
