HEG Advanced Materials subsidiary wins Rs 217.56 crore Indus Towers battery-bank order

HEG Advanced Materials Limited has expanded its presence in the energy-storage supply chain after its subsidiary, Replus Engitech Private Limited, received domestic orders worth Rs 217.56 crore from Indus Towers Limited for lithium-ion battery Banks. The order value includes GST, and the supplies are to be completed on or before March 31, 2027, unless the parties mutually agree to extend the timeline. Indus Towers, previously known as Bharti Infratel, is a telecom infrastructure company.

The contract is for the supply of lithium-ion battery banks under the general conditions specified in the purchase orders. HEG Advanced Materials said the customer is a domestic entity and clarified that neither its promoters, promoter group nor group companies have any interest in Indus Towers. It added that the transaction is not a related-party transaction.

On the disclosed gross value, the order is equivalent to about 8.5 per cent of HEG Advanced Materials’ FY26 consolidated revenue from operations of Rs 2,568.50 crore. The comparison is indicative because the new order value includes GST, while revenue is generally reported net of such Taxes.

The development is strategically relevant because it adds a commercial order in battery-energy systems alongside the group’s wider push into advanced battery materials. HEG’s traditional business has been graphite electrodes used in electric arc furnace steelmaking, with exports accounting for a major part of revenue. The group has also been building an energy-transition platform through TACC Limited, which is developing synthetic graphite anodes for lithium-ion batteries.

Management has previously said TACC’s 20,000-tonne graphite-anode project is expected to begin commercial production in Q1 FY28. Replus Engitech’s order, however, relates to the supply of battery banks rather than the manufacture of battery-anode material. It nevertheless provides exposure to a downstream energy-storage application, where battery backup systems are increasingly relevant for telecom infrastructure.
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The core graphite-electrode business has shown improving momentum in the latest reported quarter. HEG Advanced Materials reported standalone net sales of Rs 680.79 crore in Q1 FY27, up 12.86 per cent sequentially and 10.35 per cent from a year earlier. Profit after tax stood at Rs 91.84 crore, compared with Rs 88.49 crore in the corresponding quarter of the previous year.

Its graphite-electrode operations remain the main earnings driver. The company has 100,000 tonnes of annual electrode capacity and is executing a 15,000-tonne brownfield expansion that is targeted to take capacity to 115,000 tonnes by 2028. The battery-material and energy-storage businesses will therefore need to demonstrate execution and commercial scale independently of the established electrode operation.

For the Indus Towers order, the key monitorable will be timely execution through March 2027, particularly since the announcement does not disclose the supply schedule, product volumes, margins or payment terms. The order is governed by the conditions specified in the purchase orders.

As of 3:55 PM on September 18, 2026, HEG Advanced Materials shares were trading at Rs 238.55, up 5 per cent from the previous close of Rs 227.20. The stock remained about 67.7 per cent below its 52-week high of Rs 739.30 and around 10.2 per cent above its 52-week low of Rs 216.40. Over the past year, the shares have declined 53.73 per cent, compared with a 3.73 per cent fall in the BSE 500.

Disclaimer: The article is for informational purposes only and not investment advice.