HEG Limited Holds Equity Shareholders and Creditors Meetings for Composite Scheme of Arrangement on May 5, 2026
May 05, 2026
HEG Limited convened three NCLT-directed meetings on May 5, 2026 — for equity shareholders (2:00–2:27 P.M.), secured creditors (3:30–3:57 P.M.), and unsecured creditors (4:30–4:55 P.M.) — all via VC/OAVM to consider the Composite Scheme of Arrangement amongst HEG Limited, HEG Graphite Limited, and Bhilwara Energy Limited under Sections 230 to 232 of the Companies Act, 2013. Mr. Ritesh Kumar Sharma chaired all meetings, with remote e-voting available from May 1 to May 4, 2026, and voting results along with the Scrutinizer's Report to be submitted separately.
HEG Limited convened three separate NCLT-directed meetings on Tuesday, May 5, 2026 — one for equity shareholders, one for secured creditors, and one for unsecured creditors — all held through Video Conferencing (VC) and Other Audio-Visual Means (OAVM), pursuant to the order of the Hon'ble National Company Law Tribunal, Indore Bench (NCLT) dated March 26, 2026. All meetings were held in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, with the venue deemed to be the Registered Office of the Company at Mandideep (Near Bhopal), Distt. Raisen - 462 046, Madhya Pradesh.
Purpose of the Meetings
All three meetings were convened for the purpose of considering, and if thought fit, approving, with or without modification(s), the proposed Composite Scheme of Arrangement amongst HEG Limited, HEG Graphite Limited, and Bhilwara Energy Limited and their respective shareholders and creditors under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013. The details of the Scheme were set out in the notice dated March 31, 2026.
Meeting Schedule
The three meetings were held sequentially on the same day, with the equity shareholders meeting held first, followed by the secured creditors meeting, and then the unsecured creditors meeting. The key scheduling details are as follows:
Parameter: Equity Shareholders Meeting Secured Creditors Meeting Unsecured Creditors Meeting Date: Tuesday, May 5, 2026 Tuesday, May 5, 2026 Tuesday, May 5, 2026 Start Time: 2:00 P.M. 3:30 P.M. 4:30 P.M. Conclusion Time: 2:27 P.M. 3:57 P.M. 4:55 P.M. Mode: VC / OAVM VC / OAVM VC / OAVM Post-Meeting E-Voting: 15 minutes 15 minutes 15 minutes
Meeting Proceedings
Mr. Ritesh Kumar Sharma, Advocate, chaired all three meetings, with Mr. Vivek Chaudhary, Company Secretary, assisting in their conduct. In each meeting, the Chairperson introduced the Directors, Auditors, and other dignitaries present, and welcomed the respective attendees. He briefed attendees on the background, rationale, and salient features of the Composite Scheme of Arrangement, and provided details regarding quorum, remote e-voting, and e-voting at the meeting. Pursuant to the NCLT order, Mr. S. Alam Khan, Practicing Company Secretary, was appointed as the Scrutinizer to oversee the remote e-voting and e-voting process at all three meetings.
Voting Details
The following resolution was placed before the equity shareholders, secured creditors, and unsecured creditors for consideration:
Item: Details Item No.: 1 Resolution: Approval for Composite Scheme of Arrangement amongst HEG Limited, HEG Graphite Limited, and Bhilwara Energy Limited Resolution Type: Special Resolution — Requisite majority as prescribed under Section 230(6) of the Companies Act, 2013 and SEBI Master Circular No. SEBI/HO/CFD/POD-2/P/CIR/2023/93 dated June 20, 2023
The Company provided remote e-voting facility to equity shareholders, secured creditors, and unsecured creditors to cast their votes electronically from 9:00 a.m. (IST) on Friday, May 1, 2026 to 5:00 p.m. (IST) on Monday, May 4, 2026. Additionally, the facility to vote through e-voting at the meeting was made available to all participants who attended the respective meetings but had not cast their votes through remote e-voting.
Conclusion
All three NCLT-convened meetings concluded with a vote of thanks by the Chairperson, each including 15 minutes allowed for e-voting post meeting proceedings. The details of voting results along with the Scrutinizer's Report are to be submitted separately.
HEG Limited has released its audited financial results for the quarter and year ended 31 March 2026, reporting a widened standalone net loss for Q4 despite revenue growth. The company subsequently held its Q4 FY26 earnings conference call on 4 May 2026, and the audio recording of the call is now available on the company's website under the Investor Section at www.hegltd.com .
Earnings Conference Call Recording
The audio recording of the Q4 FY26 earnings conference call, held on 4 May 2026 at 14:00 hrs IST, has been made available by HEG Limited in compliance with Regulation 30. The recording can be accessed via the link shared by the company and has also been uploaded on the company's official website under the Investor Section. The disclosure was communicated to both BSE Limited and the National Stock Exchange of India Limited by Company Secretary Vivek Chaudhary.
Financial Performance Overview
The Q4FY26 results present a challenging financial picture with losses expanding substantially year-on-year. While the top-line showed positive momentum, the bottom-line performance deteriorated considerably during the reporting period.
Financial Metric Q4FY26 Q4FY25 Change Standalone Net Loss ₹163.19 crore ₹61.68 crore Loss widened Revenue from Operations ₹603.21 crore ₹536.58 crore Growth Total Income ₹619.94 crore ₹580.21 crore Growth
Revenue Growth Amid Operational Challenges
Despite the widened losses, HEG Limited demonstrated resilience in its revenue generation capabilities. The company's quarterly revenue from operations increased to ₹603.21 crore from ₹536.58 crore in the corresponding quarter of the previous year, indicating sustained business activity and market engagement. For the full year FY26, revenue from operations reached ₹2,568.50 crore compared to ₹2,152.71 crore in FY25.
Loss Expansion Analysis
The standalone net loss figures reveal the extent of operational challenges faced by the company during Q4. The loss expanded from ₹61.68 crore in the previous year's corresponding quarter to ₹163.19 crore in the current reporting period, representing a significant deterioration in profitability metrics. The company reported negative EBITDA of ₹126 crore for Q4FY26, attributed to loss on fair valuation of investment in GrafTech.
Full-Year Performance
For the full year ended 31 March 2026, HEG reported a profit after tax of ₹180.72 crore, compared to ₹101.31 crore in the previous year. The following table summarises the key full-year financial metrics:
Financial Metric FY26 FY25 Total Income ₹2,660.46 crore ₹2,279.39 crore Revenue from Operations ₹2,568.50 crore ₹2,152.71 crore Profit After Tax ₹180.72 crore ₹101.31 crore EBITDA ₹497 crore ₹388 crore EBITDA Margin 19% 17%
Operational Highlights
The company continues to operate the world's largest single-site graphite electrode plant with a capacity of 100,000 tons per annum, completed in 2024. HEG is further expanding capacity to 115,000 tons by early 2028. The company exports approximately 65-70% of its production to about 35 countries globally.
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Purpose of the Meetings
All three meetings were convened for the purpose of considering, and if thought fit, approving, with or without modification(s), the proposed Composite Scheme of Arrangement amongst HEG Limited, HEG Graphite Limited, and Bhilwara Energy Limited and their respective shareholders and creditors under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013. The details of the Scheme were set out in the notice dated March 31, 2026.
Meeting Schedule
The three meetings were held sequentially on the same day, with the equity shareholders meeting held first, followed by the secured creditors meeting, and then the unsecured creditors meeting. The key scheduling details are as follows:
Parameter: Equity Shareholders Meeting Secured Creditors Meeting Unsecured Creditors Meeting Date: Tuesday, May 5, 2026 Tuesday, May 5, 2026 Tuesday, May 5, 2026 Start Time: 2:00 P.M. 3:30 P.M. 4:30 P.M. Conclusion Time: 2:27 P.M. 3:57 P.M. 4:55 P.M. Mode: VC / OAVM VC / OAVM VC / OAVM Post-Meeting E-Voting: 15 minutes 15 minutes 15 minutes
Meeting Proceedings
Mr. Ritesh Kumar Sharma, Advocate, chaired all three meetings, with Mr. Vivek Chaudhary, Company Secretary, assisting in their conduct. In each meeting, the Chairperson introduced the Directors, Auditors, and other dignitaries present, and welcomed the respective attendees. He briefed attendees on the background, rationale, and salient features of the Composite Scheme of Arrangement, and provided details regarding quorum, remote e-voting, and e-voting at the meeting. Pursuant to the NCLT order, Mr. S. Alam Khan, Practicing Company Secretary, was appointed as the Scrutinizer to oversee the remote e-voting and e-voting process at all three meetings.
Voting Details
The following resolution was placed before the equity shareholders, secured creditors, and unsecured creditors for consideration:
Item: Details Item No.: 1 Resolution: Approval for Composite Scheme of Arrangement amongst HEG Limited, HEG Graphite Limited, and Bhilwara Energy Limited Resolution Type: Special Resolution — Requisite majority as prescribed under Section 230(6) of the Companies Act, 2013 and SEBI Master Circular No. SEBI/HO/CFD/POD-2/P/CIR/2023/93 dated June 20, 2023
The Company provided remote e-voting facility to equity shareholders, secured creditors, and unsecured creditors to cast their votes electronically from 9:00 a.m. (IST) on Friday, May 1, 2026 to 5:00 p.m. (IST) on Monday, May 4, 2026. Additionally, the facility to vote through e-voting at the meeting was made available to all participants who attended the respective meetings but had not cast their votes through remote e-voting.
Conclusion
All three NCLT-convened meetings concluded with a vote of thanks by the Chairperson, each including 15 minutes allowed for e-voting post meeting proceedings. The details of voting results along with the Scrutinizer's Report are to be submitted separately.
HEG Limited has released its audited financial results for the quarter and year ended 31 March 2026, reporting a widened standalone net loss for Q4 despite revenue growth. The company subsequently held its Q4 FY26 earnings conference call on 4 May 2026, and the audio recording of the call is now available on the company's website under the Investor Section at www.hegltd.com .
Earnings Conference Call Recording
The audio recording of the Q4 FY26 earnings conference call, held on 4 May 2026 at 14:00 hrs IST, has been made available by HEG Limited in compliance with Regulation 30. The recording can be accessed via the link shared by the company and has also been uploaded on the company's official website under the Investor Section. The disclosure was communicated to both BSE Limited and the National Stock Exchange of India Limited by Company Secretary Vivek Chaudhary.
Financial Performance Overview
The Q4FY26 results present a challenging financial picture with losses expanding substantially year-on-year. While the top-line showed positive momentum, the bottom-line performance deteriorated considerably during the reporting period.
Financial Metric Q4FY26 Q4FY25 Change Standalone Net Loss ₹163.19 crore ₹61.68 crore Loss widened Revenue from Operations ₹603.21 crore ₹536.58 crore Growth Total Income ₹619.94 crore ₹580.21 crore Growth
Revenue Growth Amid Operational Challenges
Despite the widened losses, HEG Limited demonstrated resilience in its revenue generation capabilities. The company's quarterly revenue from operations increased to ₹603.21 crore from ₹536.58 crore in the corresponding quarter of the previous year, indicating sustained business activity and market engagement. For the full year FY26, revenue from operations reached ₹2,568.50 crore compared to ₹2,152.71 crore in FY25.
Loss Expansion Analysis
The standalone net loss figures reveal the extent of operational challenges faced by the company during Q4. The loss expanded from ₹61.68 crore in the previous year's corresponding quarter to ₹163.19 crore in the current reporting period, representing a significant deterioration in profitability metrics. The company reported negative EBITDA of ₹126 crore for Q4FY26, attributed to loss on fair valuation of investment in GrafTech.
Full-Year Performance
For the full year ended 31 March 2026, HEG reported a profit after tax of ₹180.72 crore, compared to ₹101.31 crore in the previous year. The following table summarises the key full-year financial metrics:
Financial Metric FY26 FY25 Total Income ₹2,660.46 crore ₹2,279.39 crore Revenue from Operations ₹2,568.50 crore ₹2,152.71 crore Profit After Tax ₹180.72 crore ₹101.31 crore EBITDA ₹497 crore ₹388 crore EBITDA Margin 19% 17%
Operational Highlights
The company continues to operate the world's largest single-site graphite electrode plant with a capacity of 100,000 tons per annum, completed in 2024. HEG is further expanding capacity to 115,000 tons by early 2028. The company exports approximately 65-70% of its production to about 35 countries globally.
We’re building Scanx - to help you express your trading & investing idea, to help you analyse the markets better.
Stock Markets are the true indicator of the growth of any country's economy. We are bullish on India, we are bullish on India's prospects to be one of largest economies of the world. We believe that Stock Markets provide an unique opportunity for all Indians to participate in the growth story of India. We are enabling the same for Indians.
As financial services are becoming more accessible, there is now a large set of Indians today who are financially aware and literate. They value time and seek high quality products & services. Most screening, trading, investing platforms available today are more or less similar to each other, and they have not evolved with time. While both traders & investors have gotten smart about how they make money and build wealth, as users they have continued to use the same products, features, and platforms that were available for years with little or no innovation.
We plan to change that - a technology-led and artificial intelligence enabled platform built for super traders and long term investors.
Disclaimer:
The data and information provided on this website is for general informational and research purposes only. While we strive to ensure that the content is accurate, up-to-date, and reliable, this platform utilizes artificial intelligence (AI) tools to generate, curate, and summarize information. As such, the content may occasionally contain errors, omissions, or outdated information. All users are therefore advised to cross verify the source of the data and information.
This website does not constitute professional, legal, financial, medical, or any other form of licensed advice. Users are encouraged to independently verify any information before relying on it, especially for decisions that may have legal, financial, or personal consequences.
The views, analyses, and summaries presented on this platform may be generated or assisted by AI and do not necessarily reflect the opinions of the website owners, operators, editors, or affiliates.
We make no warranties or representations, express or implied, regarding the completeness, accuracy, reliability, suitability, or availability of the information contained on this website. Any reliance you place on such information is strictly at your own risk.
This website may include links to third-party sources or content. We do not control or endorse the nature, accuracy, or availability of those external sites and are not responsible for any content or damages arising from their use.
By using this website, you acknowledge and agree that the use of AI-generated content involves inherent limitations, uncertainties and inaccuracies, and you accept full responsibility for how you interpret and use the information provided.
We reserve the right to modify, update, or remove content and this disclaimer at any time without prior notice.