HEGAMHEG Advanced Materials Ltd.
HEG Advanced Materials Q2 FY27 Results: Consolidated Net Profit ₹209 Crore on Total Income of ₹547 Crore
- Earnings
- graphite electrodes and power
Reviewed byKeshav SehgalBlacklitt Research
HEG Advanced Materials (NSE: HEGAM) reported total income of ₹546.59 crore and consolidated net profit of ₹208.89 crore for the quarter ended 30 Sep 2026, it said in a filing on 03 Nov 2026. Standalone total income for the quarter was ₹50.01 crore and standalone net profit was ₹36.47 crore.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹546.59 crore, up 141.5% YoY and 68.6% QoQ
- Net profit: ₹208.89 crore, up 202.0% YoY and 247.1% QoQ; ₹306.66 crore attributable to owners
- EPS: ₹6.64 basic for continuing operations; ₹9.73 for continuing and discontinued operations
- Finance costs: ₹19.71 crore, against ₹1.21 crore a year earlier
Standalone
The company on its own, without its subsidiaries
- Total income: ₹50.01 crore, down 55.1% YoY and up 34.3% QoQ
- Net profit: ₹36.47 crore, down 45.9% YoY and up 126.2% QoQ
- EPS: ₹5.48 basic for continuing and discontinued operations
- Other income: ₹42.42 crore, 84.8% of total income
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 546.59 | 226.31 | +141.5% | 324.18 | +68.6% | |
| Revenue from operations | 429.94 | 175.94 | +144.4% | 295.86 | +45.3% |
| Other income | 116.65 | 50.37 | +131.6% | 28.32 | +311.9% |
| 208.89 | 69.18 | +202.0% | 60.19 | +247.1% | |
| Profit before tax | 278.53 | 114.53 | +143.2% | 92.10 | +202.4% |
| Finance costs | 19.71 | 1.21 | n/a | 19.09 | +3.2% |
| Depreciation | 14.54 | 13.10 | +11.0% | 14.04 | +3.6% |
| Tax expense | 69.64 | 45.35 | +53.6% | 31.91 | +118.2% |
| Net profit margin | 38.22% | 30.57% | +7.65 pp | 18.57% | +19.65 pp |
| EPS, basic (₹) | 6.64 | 2.37 | +180.2% | 2.09 | +217.7% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Net profit grew faster than total income, and the gap between them sits mainly in other income. Consolidated net profit rose 202.0% to ₹208.89 crore while total income rose 141.5% to ₹546.59 crore. Other income of ₹116.65 crore is 41.9% of profit before tax of ₹278.53 crore, against ₹50.37 crore a year earlier. Revenue from operations rose 144.4% to ₹429.94 crore, so other income is 21.3% of total income this quarter.
Finance costs rose from ₹1.21 crore to ₹19.71 crore, which is 3.6% of total income this quarter. The filing does not state the reason for the rise. Tax expense of ₹69.64 crore is 25.0% of profit before tax, up 53.6% on the year-earlier ₹45.35 crore.
Profit attributable to owners of HEG Advanced Materials is ₹306.66 crore for the quarter, against ₹151.11 crore a year earlier. The statement also shows profit after tax from discontinued operations of ₹97.18 crore for the quarter, reported under the demerged Graphite Undertaking. The results are restated for the merger of Bhilwara Energy Limited with an appointed date of 1 Apr 2024.
The battery energy storage system segment reported revenue of ₹215.51 crore in the quarter, against ₹37.14 crore a year earlier. Auditors SCV & Co. LLP issued an unmodified review conclusion, with emphasis of matter on the scheme and on upfront premium refunds sought by NJC Hydro Power (₹25.47 crore) and expected by Chango Yangthang Hydro Power (₹37.89 crore).
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 50.01 | 111.30 | -55.1% | 37.24 | +34.3% | |
| Revenue from operations | 7.59 | 6.85 | +10.8% | 3.09 | +145.6% |
| Other income | 42.42 | 104.45 | -59.4% | 34.15 | +24.2% |
| 36.47 | 67.46 | -45.9% | 16.12 | +126.2% | |
| Profit before tax | 38.48 | 88.54 | -56.5% | 25.67 | +49.9% |
| Finance costs | 1.11 | -0.13 | n/a | 1.22 | -9.0% |
| Depreciation | 1.44 | 1.14 | +26.3% | 1.59 | -9.4% |
| Tax expense | 6.89 | 21.08 | -67.3% | 9.55 | -27.9% |
| Net profit margin | 72.93% | 60.61% | +12.31 pp | 43.29% | +29.64 pp |
| EPS, basic (₹) | 5.48 | 3.03 | +80.9% | 3.68 | +48.9% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone revenue from operations rose 10.8% to ₹7.59 crore, while other income fell 59.4% to ₹42.42 crore from ₹104.45 crore a year earlier. Total income therefore fell 55.1%, and net profit fell 45.9% to ₹36.47 crore. Other income is 84.8% of standalone total income this quarter.
Standalone net profit is 72.9% of total income. Standalone results reflect revenue from continuing operations, which the filing says is primarily from sale of power to a single customer.
Standalone net profit rose 126.2% from the June quarter, faster than total income, which rose 34.3%. The standalone statement also shows profit after tax from discontinued operations of ₹96.79 crore.
Inference
The filing reports the equity issue of ₹325.00 crore in the half year, with paid-up equity share capital rising to ₹65.96 crore from ₹38.60 crore. The filing does not state the share issue price or the allottees.
The board approved a Phase-1 revised cost of about ₹2,350 crore for the 20,000 MT anode project, an expansion to 44,000 MT at about ₹1,606 crore, a crucible plant at about ₹475 crore and a graphene plant at about ₹500 crore. The filing does not state how these projects will be funded beyond the stated costs.
The Income-tax survey in August 2026 has no written outcome yet, and the filing says its impact is not ascertainable. The filing does not state the reason for the rise in consolidated finance costs.
Filed with BSE on . Reference: Original filing (PDF)
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