Heg wins Rs 127.35 crore order from Indus Towers for battery supply
- Heg Advanced Materials secured a new Rs 127.35 crore order from Indus Towers for Lithium-Ion Battery Banks.
- The new order has an execution deadline of May 31, 2027.
- Total disclosed order book for the last three quarters stands at Rs 435.12 crore.
- The order book coverage is 0.57 quarters of average quarterly revenue.
- Q1FY27 net profit was Rs 122.30 crore with an OPM of 22.12%.
*this image is generated using AI for illustrative purposes only.
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
| Quarter | Total Order Inflow (Rs Cr) | Order Count | Key Awarding Entities |
|---|---|---|---|
| Q2FY27 (Jul-Sep 2026) | 435.12 | 2 | Indus towers limited (formerly Bharti Infratel Limited) |
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
| Order Date | Awarding Entity | Order Value (Rs Cr) | Classification | Terms | Execution Deadline |
|---|---|---|---|---|---|
| 01 Oct 2026 | Indus towers limited (formerly Bharti Infratel Limited) | 127.35 | Large | Supply of Lithium-Ion Battery Banks | On or before May 31, 2027 |
| 18 Sep 2026 | Indus towers limited (formerly Bharti Infratel Limited) | 217.56 | Large | Supply of Lithium-Ion Battery Banks | On or before March 31, 2027 |
| 18 Sep 2026 | Indus towers limited (formerly Bharti Infratel Limited) | 217.56 | Large | Supply of Lithium-Ion Battery Banks | On or before March 31, 2027 |
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%.
| Quarter | Revenue (Rs Cr) | Net Profit (Rs Cr) | OPM (%) |
|---|---|---|---|
| Q1FY27 | 754.80 | 122.30 | 22.12% |
| Q4FY26 | 674.90 | -113.80 | -24.58% |
| Q3FY26 | 822.80 | 207.00 | 21.70% |
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.
| Metric | FY26 | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Revenue (Rs Cr) | 2709.50 | 2280.30 | 2536.60 | 2576.40 |
| Net Profit (Rs Cr) | 338.00 | 118.60 | 311.70 | 532.40 |
| OPM (%) | 15.51 | 12.07 | 15.97 | 25.06 |
| EPS (Rs) | 17.69 | 5.96 | 16.15 | 137.95 |
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.
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