HEG Advanced Materials Releases Q2 FY27 Earnings Call Audio

HEG Advanced Materials Ltd released the audio recording of its Q2 and H1 FY27 earnings call held on November 5, 2026, following continuing-operations revenue of ₹430 crore in Q2 FY27 versus ₹176 crore a year earlier. The recording gives investors access to management's discussion of the quarter, the recent demerger, and expansion plans.

What did HEG Advanced Materials release?

HEG Advanced Materials released the audio recording of its earnings conference call covering unaudited Q2 and H1 FY27 results. The call was held at 14:00 IST on November 5, 2026, and the available recording runs for about 73 minutes.

The company had submitted an investor presentation on November 4 for the scheduled call. The management discussion covered financial performance for the quarter ended September 30, 2026, along with operational updates in the power, anode and graphene businesses. The call included 25 questions from 11 analysts, according to the available call summary.

The audio release is relevant because it allows investors to review management's explanations directly, particularly around the composition of quarterly income and timelines for new projects. The published transcript and call summaries indicated that some of the quarter's profitability was supported by one-time items in the power segment.

What were HEG Advanced Materials' Q2 FY27 financial figures?

HEG Advanced Materials reported Q2 FY27 consolidated revenue from continuing operations of ₹430 crore, compared with ₹176 crore in Q2 FY26. EBITDA from continuing operations rose to ₹313 crore from ₹129 crore, producing an EBITDA margin of 57%.

Profit after tax from continuing operations was ₹209 crore for the quarter, compared with ₹69 crore a year earlier. Total income for Q2 FY27 was ₹547 crore. Management noted that the prior-year comparative figures were reinstated to exclude the graphite business that was demerged from HEG Limited, allowing like-for-like comparison of continuing operations.

For H1 FY27, revenue from continuing operations stood at ₹726 crore against ₹329 crore in H1 FY26. EBITDA was ₹438 crore, compared with ₹270 crore, while the EBITDA margin was 50%. Profit after tax from continuing operations for the six-month period was ₹269 crore, against ₹168 crore in the corresponding prior-year period.

Why did Q2 profitability receive investor attention?

Q2 profitability received attention because management's reported figures included one-time transmission and insurance income in the power segment. Call summaries stated that around 40% of the segment's EBITDA was linked to such one-time items, which supported the reported quarterly margin.

Chief Financial Officer Neha Raghuvanshi said power segment revenue rose 15% quarter-on-quarter to ₹212 crore, while segment EBIT increased 64% to ₹190 crore, mainly because of one-time income. This context is important when assessing the 57% EBITDA margin reported for continuing operations in Q2.

The call discussion also referred to graphite electrode sales declining by 20% to 23% quarter-on-quarter. Available summaries said this point was not fully addressed during the discussion. Investors reviewing the audio can assess management's comments on the operating drivers behind the financial results and the extent to which exceptional income affected the period.

What did management say about the anode and graphene businesses?

HEG Advanced Materials said its anode and graphene businesses remain at the pre-commercial stage, even as it outlined expansion plans. The company targets commissioning of its 20,000-ton anode plant by June 2027, and call material indicated that the project was 61% complete.

Management has outlined a ₹5,500 crore expansion plan across anodes, graphene, storage and power. It has also cited a target to build anode capacity of 44,000 MT by March 2029. The company said it assumes 35% utilisation in the first year for the anode operation.

For graphene, management referred to orders and letters of intent for 90 tonnes against pilot capacity of 10 tonnes. In the anode business, management referred to more than 100,000 MT of memoranda of understanding under advanced discussions. These discussions were not described as signed agreements, and the revenue contribution from these newer businesses has not yet become commercial.

How does the audio release matter for HEG Advanced Materials investors?

The audio release gives investors a primary record of the questions raised by analysts and management's answers on earnings quality, project execution and demand visibility. It is particularly useful following the demerger of the graphite undertaking from HEG Limited, which changed the reporting basis for comparative financial information.

The company closed at ₹295.45 on November 4, 2026, up 2.43% on the next-day close basis cited in the event data. While the audio release itself does not change the reported financial results, it provides added disclosure around the factors behind the quarter and the assumptions used for planned capacity expansion.

The key operational issues remain the transition of anode and graphene initiatives from development to commercial operations, the execution of the stated capex plan, and the normalisation of earnings after one-time power-segment income. The call recording does not establish future financial outcomes, but it allows investors to compare management's stated targets with reported progress.

Conclusion

HEG Advanced Materials' Q2 and H1 FY27 call audio makes management's financial and operational discussion available after a quarter in which continuing-operations revenue reached ₹430 crore and EBITDA margin was 57%. The release also provides context on the role of one-time income in the power segment and the current pre-commercial status of anode and graphene operations.

Investors will watch the company's stated target of June 2027 for commissioning the 20,000-ton anode plant, progress toward 44,000 MT of anode capacity by March 2029, and further disclosures on project utilisation, customer agreements and the underlying performance of the power business.