Shares of HEG Advanced Materials surged nearly 8 per cent in Tuesday’s trading session on the back of recent order wins and the potential value gain from the demerger into two separate entities that will operate in the graphite electrode and advanced materials segments.
The company’s shares opened at ₹235.60 on the NSE and surged as much as 8 per cent, touching an intraday high of ₹256.47.
The rally comes on the back of the company’s subsidiary – Replus Engitech – receiving orders worth ₹218 crore from Indus Towers for supply of Lithium-Ion Battery Banks in September.
On October 1, Replus further said it received another order from Indus Towers for Lithium-Ion Battery Banks worth ₹127 crore, to be executed on or before May 31, 2027.
Replus Engitech and Indus Towers also signed a Memorandum of Understanding to explore collaboration on Battery Energy Storage System (BESS) solutions for telecom infrastructure.
Under the MoU, Replus intends to make available dedicated BESS production capacity of 1.5 GWh over a two-year period to support the telecom infrastructure market. It also plans to expand its portfolio of telecom energy storage solutions, as well as explore emerging technologies such as sodium-ion batteries.
Expectations of value unlocking from the ongoing demerger have also lent support to the stock. Under the scheme, the graphite electrodes business is being carved out into HEG Graphite, which will list as a standalone graphite electrodes company by October-end.
The entitlement is on a mirror basis. For every equity share of HEG Advanced Materials held on the record date of September 7, shareholders will receive one fully paid-up equity share of the graphite company.
Ravi Jhunjhunwala leads the graphite company as Chairman, Managing Director and Chief Executive Officer with effect from 1 September 2026, and also continues on the board of the advanced materials company in a non-executive capacity. On the other hand, Riju Jhunjhunwala is the Chairman, Managing Director and Chief Executive Officer of HEG Advanced Materials for a five-year term, subject to shareholder approval.
Post demerger, HEG Advanced Materials will focus on anode materials and graphene, and is also building a large-scale anode materials business as well as future materials, including silicon-based anodes.
Published on October 6, 2026
