H.E.G. Ltd. announces an acquisition

The continuing entity, now HEG Advanced Materials Limited, retains the non-graphite growth platform; the Graphite Electrode business is transferred to HEG Graphite Limited. The scheme was sanctioned by the NCLT, Indore Bench, on 13 August 2026, became effective on 1 September 2026, and the name change took effect on 2 September 2026. ^[1]

Practical reading: HEG Advanced Materials is not the post-demerger home of the legacy graphite-electrode operations. Its retained perimeter is the advanced-materials and energy platform, including battery materials/solutions, renewable and green power, storage, hydro and CNI-related activities. HEG Graphite receives the established graphite-electrode business and its associated operating plant. ^[3]

The cited name-change filing does not provide an asset-by-asset schedule allocating items such as the treasury portfolio, GrafTech investment, captive-power assets or each subsidiary. Those should not be assigned to either entity without the detailed scheme schedules or post-effective-date financial statements.

The cited disclosure confirms the business transfer, but does not disclose the balance-sheet allocation of debt, reserves, or net worth.

• The continuing entity, formerly HEG Limited and now HEG Advanced Materials Limited, retains the advanced-materials business.
• The demerged undertaking, comprising the Graphite Electrode business, has been transferred to HEG Graphite Limited under the NCLT-sanctioned Composite Scheme of Arrangement. The scheme became effective on September 1, 2026. ^[3]
• The filing does not report the rupee amount, percentage, or schedule by which borrowings, reserves, or net worth are to be distributed between the two entities. Accordingly, it is not possible to confirm from this disclosure whether debt and reserves were allocated based on specific assets, liabilities, or another scheme-defined basis. ^[3]

Implication: The confirmed impact is structural separation of the graphite-electrode undertaking from the continuing advanced-materials entity; the post-demerger balance-sheet composition remains unquantified in the cited corporate-action filing. A definitive answer requires the scheme’s clauses or an implementation-date balance-sheet statement setting out the transferred assets, liabilities, debt, reserves, and resulting net worth of each entity.

The pro-forma revenue and margin comparison cannot be quantified from the cited excerpts. They establish the business perimeter—graphite electrodes were transferred to HEG Graphite Limited, while the retained entity was renamed HEG Advanced Materials Limited—but do not reproduce the segment-level pro-forma revenue, EBITDA/PBIT, or margin figures required for comparison. ^[3]

Analytical implication: the scheme changes the reported business identity, but the available disclosure does not support a conclusion that Advanced Materials is either higher- or lower-margin than graphite electrodes. A proper comparison requires the pro-forma statement of profit and loss for each resulting entity, including revenue, operating expenses, EBITDA or PBIT, and the corresponding denominators. Revenue share should also be distinguished from profit share; a smaller segment could still represent a disproportionate share of operating profit if its margin is higher.