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The Statement has been subjected to limited review by the statutory auditors of the Company and have issued an unmodified review report. <br /> 2 The Group, majorly being in a hydro/wind power industry apart from consultancy & BESS, is highly dependent upon the weather/Wind/hydraulic conditions and thus seasonal in nature resulting majority of operations takes place from starting of summer season and upto the end of rainy season, usually within a period of half a year or less (i.e. April to September). Due to this reason, the Group’s financial performance are not directly comparable. <br /> 3 These financial results have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" (Ind AS 34") and other accounting principles generally accepted in India. <br /> 4 "The Hon’ble National Company Law Tribunal, Indore Bench, vide its Order dated August 13, 2026, approved the Composite Scheme of Arrangement amongst HEG Advanced Materials Limited (formerly “HEG Limited”) (the “Company or “Demerged Company”), HEG Limited (formerly “HEG Graphite Limited”) (“Resulting Company”) and Bhilwara Energy Limited (“Transferor Company”) and their respective shareholders and creditors under Sections 230 to 232 read with other applicable provisions of the Companies Act, 2013 (“Scheme”), inter alia, providing for: <br /> <br /> i. the demerger of the Graphite Undertaking (includes overseas investment and assets and liabilities pertaining to TAWA power plant) of the Company into the Resulting Company on a going concern basis and issue of equity shares by the Resulting Company to the shareholders of the Company in consideration thereof; and <br /> ii. amalgamation of the Transferor Company with the Company and issue of equity shares by the Company to the shareholders of the Transferor Company (except the Company itself) in consideration thereof. <br /> <br /> The Appointed Date for the Scheme is April 1, 2024 and the Board of Directors of the Company and the Resulting Company took on record the sanction of the Scheme and approved September 1, 2026 as “Effective Date” for the Scheme. <br /> <br /> Demerger of the Graphite Undertaking of the Company <br /> In accordance with the accounting treatment prescribed under the Scheme, the Company has given effect to the demerger of Graphite Undertaking on the Effective Date as follows: <br /> <br /> a. The assets, liabilities and reserves pertaining to the Graphite Undertaking and transferred to the Resulting Company have been derecognised from the books of accounts of the Company. <br /> <br /> b. Investment in equity share capital of the Resulting Company held by the Company shall stood cancelled. <br /> <br /> c. The surplus/deficit arising on account of the difference between the carrying amounts of the assets and liabilities and the reserves pertaining to the Graphite Undertaking transferred to the Resulting Company has been adjusted in capital reserve of the Company. <br /> <br /> d.The contingent liabilities pertaining to the Graphite Undertaking have been transferred to the Resulting Company. <br /> <br /> Further, in accordance with Ind AS 105 - Non-current Assets Held for Sale and Discontinued Operations, the results of Graphite Undertaking up to the Effective Date has been disclosed as “Discontinued Operations” in the Statement of profit and loss for the period ended September 30, 2026 and in all comparative financial information. <br /> <br /> Further, upon the Scheme becoming effective, the assets and liabilities pertaining to the Graphite Undertaking were derecognised from the books of account of the Company. Accordingly, the Balance Sheet as at September 30, 2026 is not directly comparable with the Balance Sheets as at the corresponding previous reporting dates. <br /> <br /> Amalgamation of Bhilwara Energy Limited (""Transferor Company"") with the Company <br /> Pursuant to the Scheme, the amalgamation of BEL (“Transferor Company”) with the Company has been accounted for using the pooling of interest method, in accordance with Appendix C to Ind AS 103, Business Combinations, and the accounting treatment prescribed under the Scheme. <br /> <br /> Accordingly, all assets, liabilities and reserves of the Transferor Company have been recognised at their respective carrying amounts w.e.f. the Appointed Date. In accordance with the share exchange ratio specified in the Scheme, upon the Scheme becoming effective, the Company issued fully paid-up equity shares of face value Rs.2 each, to the equity shareholders of the Transferor Company, other than the Company itself as per the scheme as on the record date, i.e., September 1, 2026. Consequent to the amalgamation, the equity shares of the Transferor Company held by the Company stood cancelled as on appointed dated. <br /> <br /> The difference between the carrying amount of the net assets of the Transferor Company, including reserves transferred pursuant to the Scheme, and the aggregate of (i) the carrying amount of the Company's investment in the Transferor Company cancelled pursuant to the Scheme and (ii) the face value of the equity shares issued by the Company pursuant to the Scheme, has been recognised in capital reserve, in accordance with the accounting treatment prescribed under the Scheme." <br /> <br /> <br /> 5 (a)"In case of Malana Power Company Limited (MPCL and it's subsidiary ADHPL):- 'The Company had filed insurance claims for damage of assets at plant and “Business Interruption” (""BI"") due to flash floods and landslides across many districts of H.P. including Kullu in July 2023, August 2024 and August 2025. <br /> <br /> During the half year, the Company has received adhoc payment of Rs. 22.45 crores (adhoc payment received till September 30, 2026 aggregates to Rs. 44.90 Crores) from the Insurance Company against the claim filed by the Company pertaining to the loss caused by floods in August 2024. The management is of the view, supported by confirmation from the insurance broker, that the adhoc payment received is part settlement of the claim and has accordingly disclosed the same as Other Income in the Statement of Unaudited Special Purpose Interim Consolidated Financial Results for the quarter and half year ended September 30, 2026. " <br /> (b)"During the previous year, the Government of Himachal Pradesh has made amendments to the Land Revenue Act, 1954 and its associated rules for special assessments whereby it brought Hydro Power Projects within the purview of Land revenue. <br /> <br /> Based on the above amendment, the revenue authorities had assessed annual land revenue of Rs. 12.76 Crores and Rs. 28.49 Crores of the Company and its subsidiary respectively with effect from February 2, 2026 for the Group. The resultant estimated exposure as at September 30, 2026 aggregates to Rs. 8.43 Crores and Rs. 18.81 Crores for the Company and its subsidiary respectively. <br /> <br /> The Group filed detailed objections against the assessment with the designated authority and has further filed a writ petition before the Hon’ble High Court of Himachal Pradesh challenging the validity of the amendments and the consequent demand raised by the State Government. In the hearing held on June 29, 2026, the Hon’ble High Court of Himachal Pradesh granted time to file rejoinder and instructed the state of Himachal Pradesh not to take any coercive action against the Group. <br /> Based on management’s assessment, supported by opinion of legal counsel, the management is of the view that the Group does not expect to incur any liability and accordingly no provision has been recognised in these financial results." <br /> <br /> (c)"The Income-Tax authorities had conducted survey during the month of August 2026 at the office premises of the Parent and Subsidiary Company. The Management of the respective Companies extended full cooperation to the Income-tax officials during the survey and provided required details, clarifications, and documents. As on the date, the Parent and Subsidiary Company have not received any written communication from the department regarding the outcome of the survey, therefore, the consequent impact on the results, if any, is not ascertainable. <br /> Based on the information available, records maintained and facts known to the Management, the Management is of the view that no material adverse impact is expected and, accordingly, no material adjustments are considered necessary in the results for the Unaudited Special Purpose Interim Consolidated Financial Results for the quarter and half year ended September 30, 2026, in this regard." <br /> 6.In Case of NJC Hydro Power Limited (NHPL):-The Nyamjang Chhu Hydro Project of the company is on hold for quite some time due to suspension of environment clearance by Hon’ble National Green Tribunal and thereafter Wildlife Institute of India (WII) in its report has mentioned that project could not be undertaken at the project site. As the project is not doable any more, the company decided not to implement the project and sought the refund of upfront premium of Rs.2,546.80 Lakhs from Govt of Arunachal Pradesh (GoAP) invoking the clauses of MoA and presently the matter is under Arbitation with GoAP. However, the mandate of Arbitration tribunal has expired on 30.07.2026 and accordingly arbitration adjuoured sine die. The parties to the proceeding may revive the arbitration provided the mandate of the Tribunal is extended by the Hon'ble Court. The management of the company is evaluating further course of action in this regard. <br /> 7."In case of Chango Yangthang Hydro Power Limited (CYHPL):- (a) The management of CYHPL is of the view that the upfront premium deposited at the time of allotment amounting to Rs.3,789.45 Lakhs would be refunded by the Directorate of Energy, Government of Himachal Pradesh on surrender of the project due to the events beyond the control of CYHPL. <br /> (b) During the previous period, the CYHPL has acquired 49% equity shareholding in Malana Power Company Limited (“MPCL”) a fellow subsidiary from Statkraft Holding Singapore Pte. Ltd. on 17 November 2025 pursuant to a Share Purchase Agreement dated 09 September 2025. The acquisition consideration has been funded through borrowings from banks and promotor entities, which have been drawn down during the period, and finance costs are being accrued thereon. <br /> <br /> The CYHPL is also contemplating the acquisition of the remaining 51% equity shareholding in MPCL from its holding company and, upon completion of such acquisition, the management intends to merge MPCL and ADHPL (wholly owned subsidiary of MPCL) with the CYHPL, in accordance with applicable laws and regulatory requirements. The proposed acquisition and merger is being done for consolidating the hydro power asstes of the group in the CYHPL in line with undertaking given by CYHPL to ICICI Bank." <br /> 8.Corresponding period figures have been regrouped/reclassified/recast wherever considered necessary, to make them comparable. <br /> 2026-04-012026-09-30UnauditedConsolidated72580000001449700000870770000030077000000-3900000072440000038800000028580000063460000050015000003706200000037062000001015900000-4000001015500000026907000002616100000692800000192330000004614000000-400000046100000004654000000-40000000-4000000065960000028.688.686.116.1114.7914.79other263800000Transmission Charges54200000other557400000Transmission Charges7720000012378700000669630000060000000113100000447200000484000001054400000470000064170000013448000003045600000138100000233800000231612000001005300000671600000192460000024441000001078430000053000003981000001622800000010450000038614000002119920000044360400000659600000243945000002505410000043800000250979000001035920000029200000103884000001817000002239800000066000001281650000095100000014220000032985000003440700000375400000476710000010017000003390000064330000064460000001926250000044360400000Other1344800000Other non-current assets233800000Other current financial assets398100000Other current assets3861400000lease Liabilities29200000Other non-current liabilities6600000Other current financial liabilities363500000Lease Liabilities11900000Other current liabilities1001700000Power2122000000Battery energy storage system (BESS)2155100000Consultancy16600000Unallocable items/others0Graphite5264500000Power3993800000Battery energy storage system (BESS)3262700000Consultancy32900000Unallocable items/others0Graphite12042200000955820000019331600000-57000000956390000019331600000Power1893700000Battery energy storage system (BESS)-18000000Consultancy-6900000Unallocable items/others58600000Graphite864200000Power3064900000Battery energy storage system (BESS)-152100000Consultancy-15300000Unallocable items/others0Graphite219480000027916000005092300000266700000557300000-1604200000-178740000041291000006322400000Power1609000000Battery energy storage system (BESS)21131400000Consultancy84700000Unallocable items/others8738700000Graphite031563800000031563800000Power2353000000Battery energy storage system (BESS)0Consultancy24400000Unallocable items/others1769100000Graphite0414650000004146500000Segment reporting includes both continuing operations and dis continuing operations 817500000-303700000-11543000000-1450600000-318900000-356300000-15400000010222000000-17060000023870000011170000000-126000000-214000001900000-11300000000-596500000059000002616100000209300000016170000005323200000-101000000-281100000706500000-710000043184000000000000004923700000000000000005008000004492300000000010200000166300000014500000-872420000000032500000000000404490000068900000137000006523000003942000000-535300000563050000012247000000122470000012194000002444100000Re-measurement gains/(losses) on defined benefit plans-3100000-3100000Re-measurement gains/(losses) on defined benefit plans-5400000-5400000-600000-1400000-2500000-4000000