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 hit the 5% upper circuit limit on Monday, rallying up to ₹248.90 on NSE after the announcement of the major contract win. As reported by The Economic Times, the company's stock surged sharply following the subsidiary's significant order from Indus Towers. The counter settled at ₹237.05 on the previous close and jumped to the upper circuit level of ₹248.90 during Monday's trading session. 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.
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 company's core graphite segment demonstrated robust performance, generating revenue of ₹677.7 crore compared with ₹609 crore in Q1 FY26. According to CNBC TV18, the power segment contributed ₹3.1 crore in revenue, down from ₹3.8 crore a year earlier. Segment profit from the business stood at ₹1.1 crore, compared with ₹1.6 crore in the corresponding quarter last year. Supported by stronger operating performance, total segment results from continuing operations nearly doubled to ₹149.8 crore versus ₹75.3 crore in the year-ago period.
The contract win comes after HEG completed a strategic demerger in September 2026 to separate its business into two entities. Under the demerger scheme, HEG Ltd has been renamed as HEG Advanced Materials Ltd, while the newly separated entity is named HEG Graphite Ltd, which is estimated to be listed on NSE and BSE in the second half of October 2026. Replus Engitech Private Limited, a subsidiary of Bhilwara Energy Limited, is a fast-growing, technology-driven manufacturer at the forefront of India's Battery Energy Storage System (BESS) and Electric Vehicle (EV) markets, specialising in advanced lithium-ion technology and delivering secure, intelligent and reliable energy storage solutions. As part of the demerger, HEG shareholders will receive one share with a face value of ₹2 each in the company being spun off for every share they hold in the existing HEG, with the demerger ratio fixed at 1:1.
