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HEG
HEG (HEG) investor relations material
HEG Investor update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor update summary19 Jan, 2026
Strategic rationale and structure of the demerger
The company is demerging its graphite electrode business into a new listed entity and forming HEG Greentech to focus on clean tech, aiming for sharper strategic focus and value unlock for shareholders.
Shareholders will receive shares in both the graphite and greentech companies, with a 1:1 share issue and renaming of entities post-approval, targeting completion by June–July 2026.
The merger of Bhilwara Energy Limited (BEL) into HEG Greentech brings two hydroelectric assets, with shares issued to BEL shareholders based on an independent swap ratio.
The structure is designed to ensure continuity, transparency, and improved capital allocation for each business.
Greentech platform, business pillars, and growth strategy
HEG Greentech will operate across advanced battery materials, battery energy solutions (RePlus), renewable energy IPP, and hydroelectric power generation, integrating hydro, solar, BESS, and advanced battery materials.
The platform has 278 MW hydro, 0.8 GWp solar, and 2.2 GWh BESS operational or under development, targeting 2.3 GWp solar and 5.9 GWh BESS by FY30.
A 20,000 TPA anode material plant is under construction, expandable to 60,000 TPA by FY32, leveraging 50+ years of graphite expertise and targeting both ESS and EV markets.
RePlus is expanding its cell-to-pack line to 6 GWh, serving marquee customers and developing smart battery and grid management solutions.
Over 100 MWh BESS commissioned and 2,000 MWh under execution across India and EMEA, with strong traction in utility, EV, telecom, and data center markets.
Financials, capital allocation, and funding
Planned CapEx of ₹4,300 crore by FY27 and ₹7,700 crore by FY30, with most investment in anode materials and RE power generation.
Asset recycling model will be used for IPP projects, selling stabilized assets to improve returns.
The company is well-capitalized for its growth plan, supported by internal accruals, hydro asset cash flows, and a ₹500 crore investment from Singularity in BEL.
Debt associated with the graphite business will remain with that entity, while HEG Greentech will start with minimal net debt.
Anode 20KTPA capacity: firm offtake status?
Explain RE IPP 'build and flip' model
Hydro cash flows support Greentech capex how?
Anode plant CapEx intensity vs. selling price economics?
Greentech's initial funding post-demerger?
RePlus's role in IPP asset recycling model?
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Next HEG earnings date
Q3 25/2613 Feb, 2026
HEG
Next HEG earnings date
Q3 25/2613 Feb, 2026
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Frequently asked questions
HEG Limited is an India-based company primarily engaged in the manufacturing of graphite electrodes, which are used in electric arc furnaces for steel production. The company operates one of the largest integrated graphite electrode plants in the world and serves both domestic and international markets. HEG’s operations include the production of graphite electrodes, related specialty products, and by-products. The company also has interests in power generation to support its energy-intensive manufacturing processes. HEG Limited is headquartered in Noida, India, and its shares are listed on the BSE.
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