HEG Advanced Materials’ arm bags ₹127 crore battery order from Indus Towers

Noida-based HEG Advanced Materials’ subsidiary Replus Engitech has received orders worth ₹127.35 crore from Indus Towers, formerly known as Bharti Infratel, for the supply of lithium-ion battery banks, the company said in a regulatory filing on Thursday, October 1.

The orders were placed by a domestic entity and are scheduled to be executed by May 31, 2027, or a later date mutually agreed by the two parties.

The filing does not disclose the number of battery banks to be supplied or provide details of the individual purchase orders.

 

Order follows BESS collaboration plan

The order comes a day after HEG Advanced Materials said Replus Engitech had signed a memorandum of understanding (MoU) with Indus Towers to explore collaboration on battery energy storage system (BESS) solutions for telecom infrastructure in India.

Under the proposed collaboration, Replus plans to make 1.5 GWh of dedicated BESS production capacity available over two years to meet the energy storage requirements of telecom infrastructure.

Replus also plans to expand its telecom energy storage portfolio, including higher-capacity battery systems, while exploring technologies such as sodium-ion batteries for telecom applications.

Separately, Replus received a ₹217.56 crore order from Indus Towers earlier this month for the supply of lithium-ion battery banks. That order is due to be executed by March 31, 2027, with scope for an extension if mutually agreed by the two companies.

 

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Q1 performance

In the first quarter of FY26, HEG Advanced Materials reported revenue of ₹680 crore, up 12.86% quarter-on-quarter and 10.35% year-on-year. Net profit stood at ₹91 crore, up 3.79% year-on-year.The company’s filing said net profit declined on a quarter-on-quarter basis, although the reported 165.35% decline appears inconsistent with the stated profit figure and should be checked against the original financial results before publication.

Indus Towers, meanwhile, reported a 0.5% year-on-year increase in consolidated net profit to ₹1,746 crore for the quarter ended June 30, 2026, from ₹1,737 crore a year earlier. Revenue rose 4.6% to ₹8,431 crore, while consolidated EBITDA increased 3% to ₹4,521 crore.

Its EBITDA margin stood at 53.6%, compared with 54.5% in the year-ago quarter.

Shares of Indus Towers were trading at ₹374.85, up 0.44%, while HEG Advanced Materials shares were at ₹236.69, down 0.40%.