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Replus Engitech provides lithium-ion energy storage solutions for stationary storage, telecom and e-mobility applications. It operates a 1 GWh automated battery manufacturing facility in Pune, scalable to 6 GWh, and has deployed 100 MWh of battery energy storage system (BESS) projects across India.
Replus Engitech is part of HEG Advanced Materials' battery energy solutions business. Under the composite scheme of arrangement sanctioned by the NCLT, HEG's graphite electrodes business was demerged into HEG Graphite, while Bhilwara Energy was amalgamated into the existing listed entity. The scheme became effective on 1 September 2026, with 7 September 2026 set as the record date for shareholder entitlement.
The restructuring provides for two separately listed entities, with HEG Advanced Materials retaining its advanced materials, battery energy solutions and green power businesses.
HEG Advanced Materials is focused on advanced battery materials, graphene, battery energy solutions and green power. Its businesses span research, product development and commercialisation across the EV, BESS and energy-storage ecosystem.
The company clarified that the transaction does not fall under related party transactions.
HEG is India's leading graphite electrode manufacturer. It has one of the largest integrated graphite electrode plants in the world, processing sophisticated UHP (ultra high power) electrodes.
The company’s consolidated net profit climbed 16.71% to Rs 122.34 crore on 11.1% increase in revenue from operations to Rs 680.79 crore in Q1 FY27 over Q1 FY26.
The counter hit 5% upper circuit to settle at Rs 238.55 on the BSE.
However, the impact on HEG needs to be viewed in the context of its ongoing demerger. The currently listed company, HEG Advanced Materials, no longer houses the graphite electrode business, which has been transferred to HEG Graphite. HEG Graphite is proposed to be renamed HEG and separately listed as a pure-play graphite electrode company. Any benefit from higher graphite electrode prices would therefore accrue to the graphite electrode business housed in the new entity.
GrafTech said the increase builds on its pricing action announced in March 2026 and is aimed at restoring graphite electrode prices to sustainable levels. The company noted that prices have declined considerably over the past three years, while certain raw material, energy and logistics costs have increased.
The company has taken measures to reduce costs and improve operational efficiency, including workforce reductions, capacity idling and the planned closure of its graphite electrode manufacturing facility in Monterrey, Mexico. However, GrafTech said these measures alone were not sufficient to restore sustainable economics.
Graphite India is one of India's leading graphite electrode manufacturers, with the company stating on its website that it has 98,000 tonnes of graphite electrode capacity. Graphite electrodes are key consumables in electric arc furnace steelmaking, where they conduct high electrical currents to generate the heat required to melt steel scrap.
GrafTech manufactures graphite electrodes used primarily in electric arc furnace steelmaking and the production of other ferrous and non-ferrous metals. The company is also substantially vertically integrated into petroleum needle coke, its key raw material for graphite electrode manufacturing.
HEG has cleared the final operative steps of its Composite Scheme of Arrangement (Scheme), which will result in the creation of two strong independent listed entities.
The Board has approved Tuesday, 01 September 2026, as the Effective Date and Monday, 07 September 2026, as the Record Date for shareholder entitlement.
Under the demerger, shareholders of HEG as on the Record Date will receive one fully paid-up equity share of face value Rs 2 in the resulting company for every one equity share of face value Rs 2 held in HEG, a 1:1 entitlement.
As part of the same Scheme, Bhilwara Energy will be amalgamated into HEG, with HEG issuing eight equity shares of face value Rs 2 for every seven equity shares of face value Rs 10 held in Bhilwara Energy.
On the Scheme taking effect:
- The Company's graphite electrodes business will move into the resulting company, HEG Graphite, which is proposed to be renamed HEG and taken forward as a separately listed, pure-play graphite electrodes company.
- The existing listed entity (BSE: 509631, NSE: HEG) will retain the advanced materials, battery energy solutions and green power businesses and is proposed to be renamed HEG Advanced Materials.
Pursuant to the scheme, Ravi Jhunjhunwala will lead HEG Graphite as Chairman, Managing Director and Chief Executive Officer with effect from 01 September 2026. He will also continue on the board of HEG Advanced Materials.
Similarly, Riju Jhunjhunwala has been elevated to the positions of Chairman, Managing Director, and Chief Executive Officer of HEG Advanced Materials for a five-year term, subject to shareholder approval.
Profit before tax (PBT) increased 28.18% to Rs 134.58 crore during the June quarter compared with the year-ago period.
On the operational front, revenue from the graphite segment, the company's core business, grew 11.27% year-on-year to Rs 677.65 crore in Q1 FY27, accounting for the bulk of total revenue.
while, revenue from the power segment declined 16.93% year-on-year to Rs 3.14 crore during the quarter.
Meanwhile, the company's board also noted that it has applied to the Ministry of Corporate Affairs (MCA) for the reservation of the proposed name HEG Advanced Materials as part of the planned change in the company's name from HEG. The MCA has approved and reserved the proposed name for a period of 60 days from the date of approval.
The board of HEG at its meeting held on 22 July 2026 has noted that the Company has applied to the Ministry of Corporate Affairs (MCA) for reservation of the proposed name 'HEG Advanced Materials' in connection with the proposed change of its name from HEG Limited and the proposed name has been reserved by the Ministry of Corporate Affairs for a period of 60 days from the date of its approval.
While the Company's post-restructuring focus was earlier described broadly as 'Greentech', the management has re-evaluated its long-term strategy to better align with the Company's core strengths in advanced manufacturing, specialized capabilities and value-added materials. The proposed name is intended to more accurately reflect the Company's business, strategic direction and corporate identity to its customers, investors and other stakeholders globally.
In terms of Clause 27 of the Composite Scheme of Arrangement, the proposed change of name is conditional upon, and shall become effective concurrently with, the Scheme becoming fully effective. Upon the Scheme becoming effective, the Company shall undertake the necessary statutory and regulatory compliances for effecting the change of its name from HEG to HEG Advanced Materials and shall make the requisite disclosures to the Stock Exchanges in accordance with applicable laws.