Heg Limited · NSE:HEG
Heg — Investor Presentation (January 2026)
32 slides from Heg's investor presentation, Jan 16, 2026
Slide 1: Cover letter to stock exchanges on investor presentation
HEG/SECTT/2026 16th January, 2026 1 BSE Limited 2 National Stock Exchange of India Limited P J Towers Exchange Plaza, 5th Floor Dalal Street Plot No.C/1, G Block, Bandra - Kurla Complex MUMBAI - 400 001. Bandra (E), MUMBAI - 400 051. Scrip Code : 509631 Scrip Code : HEG Sub: Investors presentation r
Slide 2: HEG Limited Investor Presentation: Update on the Composite Scheme of Arrangement
HEG LIMITED Investor Presentation Update on the Composite Scheme of Arrangement and Greentech Business Overview 1
Slide 3: Composite Scheme of Arrangement
Composite Scheme of Arrangement 2
Slide 4: Composite Scheme of arrangement: current structure and proposed mechanics
HEG Limited – Composite Scheme of arrangement Current structure and proposed mechanics Promoter & promoter Key proposed steps (subject to group Public regulatory approvals): shareholders 1. Demerger of the Graphite Business 4 2 through a NCLT approved Composite 55.78% Scheme of Arrangement (‘Scheme’
Slide 5: Scheme of arrangement: resultant structure
HEG Limited – Scheme of arrangement Resultant structure Promoter & promoter group 61.92% 55.78% HEG Greentech Public – (Listed) 38.08% Public HEG Limited 44.22% (Listed) 100% 100% Others: 26% 74% 100% Graphite Electrode Solar + BESS (incl CPP) +10% strategic Malana Power RePlus IPP TACC investment i
Slide 6: Holding structure of the Greentech platform
Holding structure of the Greentech platform Integrated platform of high growth businesses in clean tech domain HEG Greentech Wind Assets & Treasuries Shareholding: Promoters ~61.92%; Public ~38.08% 100% 74% 100% (26% with founder) 100% Hydro Power Advanced Battery Materials Battery Energy Solution S
Slide 7: Hands-on experienced team in place to set up and execute each business
Hands-on experienced team in place to setup and execute each business backed with strength of strong corporate leadership Business Leadership Hiren Pravin Riju Basant Jain O.P. Ajmera Ankur Khaitan Shah, CEO Jhunjhunwala CEO, Group CFO & CEO- CEO, Advanced Battery Energy CMD, Greentech Greentech Hyd
Slide 8: Bhilwara group is building India's first technology-led integrated Greentech platform
Bhilwara group is building India 1st Technology lead integrated Greentech Platform Advanced Battery Materials Starting with Anode active material RE Power generation Battery Energy Solutions manufacturing Hydro power generation Compounding on HEG's graphite expertise Strategic forward integration as
Slide 9: Advanced Battery Materials
Advanced Battery Materials 8
Slide 10: Anode Materials: Global demand growth and TACC's positioning
Anode Materials | Global Demand Growth & TACCs Positioning Global Demand Growth (2025–2035) • Global battery graphite demand grows from: • 1.6 Million T (2025) to 4.5 Million T (2035) ~11% CAGR • Energy Storage Systems (ESS) are the fastest-growing segment, ~1 Million T of anode material demand by 2
Slide 11: Indian cell manufacturers announced capacity plans of 120-140 GWh by 2030
Indian cell manufacturers have announced massive capacity plans of 120-140 GWh by 2030 which will lead to a demand of 130 – 150 kTPA anode Capacity (GWh) 3-5 8-12 Large Global Customer 150 4-9 Pool for TACC ~30 4-5 2027 Capacity 5-10 120-140 Key Players (GWh) 2-4 7-8 2-5 USA 100 6 Panasonic 67 90-10
Slide 12: Anode Materials: uniquely positioned to establish market leadership
Anode Materials | We are uniquely positioned to establish market leadership in anode manufacturing business 50+ yrs exp. in Strong RM Well Established Product Future Ready and graphitization sourcing Manufacturing Process readiness Innovation The anode material made Existing synergies with Leverage
Slide 13: Anode Materials: in-house R&D and advancements driving future growth
Anode Materials | In-house R&D and advancements are driving future growth 200 TPA Demo plant already operational for the past 12 months. • Operational pilot facility: A 200 TPA anode pilot plant is operational at Mandideep, Madhya Pradesh, running on the same process flow and technology as the plann
Slide 14: Anode Materials: strong development of high-end grade anode
Anode Materials | Strong Development high-end grade anode Si-doped anode for High-Capacity Anode • Silicon-doped anodes enables higher energy density (>20%) and improved performance, supporting higher capacity and charging rate for premium high end applications. • Successful results validate the tec
Slide 15: Production scale-up targeted to reach 60 KTPA by FY32
Anode Materials | Production scale-up targeted to reach 60 KTPA by FY32, to emerge as one of the largest global player Construction underway for Phase I - 20 kTPA Expansion to 60 kTPA by FY32 • SOP: 1st April 2027 60,000 • Land acquisition complete (100 acre), approvals secured. • 80% Procurement co
Slide 16: GTM: strong momentum with major global players and Indian cell manufacturers
GTM | Strong momentum seen with major global players and Indian cell manufacturers Key Total Expected No Region Engagement Status of Key Customers & Highlights Customers* Capacity (GWh) Strong Momentum with Customer 1 - in the process of finalizing LOI for 25,000 tonnes over period of 3 years. Custo
Slide 17: Graphene "Wonder Material": TACC building 4000 MT+ graphene derivatives facility
Graphene “Wonder Material” | TACC is building 4000 MT+ graphene derivatives facility, enabling scalable applications across multiple industries With our inhouse technology capability, we have prioritized 5 target Graphene is a Magic Material application areas based on addressable volume and tech rea
Slide 18: Battery Energy Solutions
Battery Energy Solutions 17
Slide 19: BESS container and cabinet portfolio to capture India's growing BESS market
Battery Energy Solutions | With BESS Container & Cabinet Product portfolio, we are well positioned to capture India's growing BESS market Market Scenario ESS ≥200 GWh Utility-scale batteries demand till 2030 Market Enabling Factors: RE5K - Battery Container Outdoor Cabinet Solution 5 MWh 100KWh to 1
Slide 20: Expanding business operations in EMEA
Battery Energy Solutions | Expanding Business Operations in EMEA (Europe, Middle East & Africa) Market Scenario ESS ≥285 GWh BESS demand till 2030 Market Enabling Factors: • BESS market in the Middle East & Africa is expected to expand rapidly as well, estimated to grow from about USD 2.39 billion i
Slide 21: Battery energy solutions gaining strong traction across India and beyond
Our Battery energy solutions are gaining strong traction across India and beyond 100 MWh commissioned, ~2000 MWh under execution India Saudi Arabia 5 x 1MW/3.7MWh Noida 2MW/2.5MWh Haryana 500KW/368KWh Gurugram Gurugram 500KW/250KWh 100KW/145KWh Modhera Khirsara 6MW/19MWh Atara 1.3MWh xxMW/0.50MWh Ah
Slide 22: Certified EV battery products to capture EV battery demand
Battery Energy Solutions | With Certified EV Battery Products, we are well positioned to capture the EV Battery Demand Market Scenario EV ≥127 GWh Electric Vehicle batteries demand till 2030 Market Enabling Factors: • PLI Schemes for EV & Battery Manufacturing for EV component manufacturing, includi
Slide 23: Product portfolio for India's telecom and data-center market
Battery Energy Solutions | With a comprehensive product portfolio, we are well positioned to capture India's growing telecom & data-center market Market Scenario Hybrid, Aerospace & Defense ≥30 GWh Telecom, Home Residential & Date-Centre Battery demand till 2030 Market Enabling Factors: 1. PM Surya
Slide 24: RE Power generation – Solar & BESS
RE Power generation – Solar & BESS 23
Slide 25: Market shift from vanilla RE to firm power
Market Shift I From Vanilla RE to Firm Power Power Procurement Paradigm – 2020–22 vs 2026 onwards Real-Time Market (RTM) Source: MERC Tariff order, IEX Parameter 2020–22 (Old) 2026 onwards (New) During solar hours, the In contrast, the average RTM price Lowest solar/wind tariff during non-solar hour
Slide 26: C&I storage demand poised to grow led by market economics and policy push
C&I storage demand I poised to grow led by market economics and policy push Tightening regulatory landscape and superior economics driving BESS adoption Tightening DSM Mechanism & Grid Costs Superior Economics: Solar + BESS Firm Power Solar=3.25 C&I Grid Tariffs (Select States) DSM Penalty Exposure
Slide 27: RE IPP business positioned to become top-3 storage-led RE platform in India
RE IPP Business is uniquely positioned to become top-3 storage led RE Platform in India Utility Storage Market Opportunity Right to Win: Competitive Advantages Strong IPP Execution team Cumulative Tendered • Dedicated in-house team for end-to-end project MARKET SIZE (FY30E) ANNUAL ADDITION delivery
Slide 28: RE Power generation - Hydro
RE Power generation - Hydro 27
Slide 29: HEG's Hydropower Journey
HEG’s Hydropower Journey Building Stable Green Cash Flows Global Partnership Joint Venture with RSW Canada, leveraging expertise from 55,000 MW of global hydropower projects 1995 Malana HP commisioning 86 MW Malana HEP commissioned and Implementation Agreement signed First Success 1997 2001 for 192
Slide 30: Hydro: two hydropower projects deliver stable, high-margin cash flows
Hydro | Two hydropower projects operational in Himanchal Pradesh deliver stable, high-margin cash flows that de-risk growth capex Malana (86 MW) AD Hydro Power Ltd.(192 MW) Commissioned in record time of 30 months in 2001. First merchant power-based hydroelectric project financed by IFC Operational
Slide 31: Strong growth and expansion roadmap for the HEG Greentech platform
FY 27 FY30 Immediate Expansion Cumulative Cumulative Commercial Scale in Capex capex FY28-30 Capex (₹ Cr) scale in We have a strong (₹ Cr) SOP FY272 (₹ Cr) till FY302 FY302 growth and expansion Anode roadmap for the HEG Materials 2,250 Apr'27 20 KTPA ~850 ~3,100 30 KTPA Greentech platform, supported
Slide 32: Thank You
Thank You For any queries, please contact: HEG Limited Contact No.: +91 9911123411 /+91 9978644008 Email: Puneet.anand@Lnjbhilwara.com / Salil.bawa@Lnjbhilwara.com 31