HEG Graphite Limited has changed its name to HEG Limited with effect from October 12, 2026. The change follows approval from the Registrar of Companies, Ministry of Corporate Affairs.

The company operates as a resulting entity under a Composite Scheme of Arrangement. HEG Advanced Materials Limited , formerly known as HEG Limited, disclosed this regulatory update to the stock exchanges on October 13, 2026.

Regulatory Compliance

The disclosure was made under Regulation 30 of the SEBI Listing Regulations. A fresh Certificate of Incorporation pursuant to the change of name has been issued by the Central Processing Centre in Manesar, Haryana.

The new Corporate Identification Number (CIN) for the entity is U23994MP2024PLC071568. The company is required to display its old name alongside the new name for a period of two years at all places where the name is required to be displayed.

Corporate Details

The registered office of HEG Limited is located in Mandideep, near Bhopal, Madhya Pradesh. The corporate office remains in Noida, Uttar Pradesh.

Heg Advanced Materials has received a confirmed work order worth Rs 127.35 crore from Indus Towers Limited (formerly Bharti Infratel Limited) for the supply of Lithium-Ion Battery Banks. The delivery schedule is set on or before May 31, 2027, as per the regulatory filing.

ORDER IN FINANCIAL CONTEXT

The new Rs 127.35 crore order brings the total disclosed order book for the last three fiscal quarters to Rs 435.12 crore across three orders. This total represents 0.57 quarters of the company's average quarterly revenue of Rs 767.83 crore, or 0.14 years of annual revenue at the current run-rate. The order value is inclusive of tax.

COMPANY ORDER TRACK RECORD

Note: The pre-computed summary lists 2 orders for Q2FY27 totaling Rs 435.12 crore. The current filing adds a third distinct disclosure event, but the provided summary table remains the reference for quarterly aggregation.

ORDER DETAILS

The transaction does not fall under related party transactions, and no promoter interest has been disclosed in connection with this order.

EXECUTION AND REVENUE QUALITY

Recent quarterly results show volatility in profitability. Q4FY26 recorded a net loss of Rs 113.80 crore and a negative OPM of -24.58%. Q1FY27 recorded a net profit of Rs 122.30 crore and an OPM of 22.12%.

ANNUAL REVENUE AND PROFITABILITY

Heg's annual revenue grew from Rs 2280.30 crore in FY25 to Rs 2709.50 crore in FY26, a YoY increase of +18.8%. Net profit rose by +185.0% in FY26 compared to FY25, reaching Rs 338.00 crore.

WORKING CAPITAL AND EXECUTION CAPACITY

The balance sheet shows a current ratio of 2.21x and total liabilities/equity of 0.30x (a proxy figure that includes trade payables and other non-debt liabilities). Operating cashflow in FY26 was Rs 213.20 crore. Free cashflow was -Rs 39.50 crore in FY26, reflecting capex of Rs 252.70 crore.

KEY OBSERVATIONS

• New Order: Rs 127.35 crore order from Indus towers limited received on Oct 1, 2026.
• Order book coverage: Total disclosed order book of Rs 435.12 crore represents 0.57 quarters of average quarterly revenue.
• Quarterly profitability: Net loss of Rs 113.80 crore in Q4FY26; net profit of Rs 122.30 crore in Q1FY27.
• Valuation context: Stock P/E of 12.8x against ROCE of 9.09% and ROE of 7.1%, as of Oct 1, 2026.
• Balance sheet: Current ratio of 2.21x and reserve and surplus of Rs 4719.30 crore as of FY26.