Multibagger HEG Advanced Materials shares hit 20% upper circuit in biggest 1-day gain in 8 years; what drove the rally?
A Ksheerasagar
Multibagger small-cap stock HEG Advanced Materials closed Wednesday's trading session locked in the 20% upper circuit at ₹289 apiece, as investors cheered the company's upbeat performance in the September quarter.
The rally also marked the stock's biggest single-day gain since October 2018 and lifted its returns in 2026 to 27.35%, putting it on track to post gains for the fourth consecutive year.
Part of the LNJ Bhilwara Group, HEG Advanced Materials is a new-age platform spanning advanced battery materials, backed by a strong manufacturing, research and development (R&D), and innovation foundation. The company is also engaged in battery energy solutions and green power.
For the quarter ended September 2026, the company reported consolidated revenue from continuing operations of ₹430 crore and total income of ₹546 crore. EBITDA stood at ₹ ₹313 crore, while profit after tax (PAT) came in at ₹209 crore.
For H1 FY27, consolidated revenue from continuing operations stood at ₹726 crore, while total income was ₹871 crore. EBITDA came in at ₹438 crore and PAT at ₹269 crore.
Riju Jhunjhunwala, Chairman, Managing Director, and CEO of HEG Advanced Materials Limited, said Q2 FY27 reflected the company's continued progress towards building HEG Advanced Materials into a technology-led, globally competitive advanced materials platform. He said the company's focus was on strengthening R&D, developing proprietary technologies, and creating differentiated, scalable businesses across anode materials, graphene, battery energy storage, and green power.
“Our motto remains—research to revenue! As we move forward, our priorities remain disciplined capital allocation, timely execution, customer development, and improving the long-term competitiveness of each business. We believe these initiatives will strengthen our growth potential, create multiple avenues for value creation and deliver sustainable returns for our shareholders over the long term,” he added.
Global lithium-ion battery production is expected to grow from around 2.3 TWh in 2025 to approximately 8 TWh by 2035. Meanwhile, non-China anode demand is projected to exceed 1 million tonnes by 2030 as cell manufacturers diversify their supply chains.
To cater to this demand, construction of the company's Phase I anode materials facility, with a capacity of 20,000 MT, has achieved 61% overall progress, while the process building is 72.25% complete. Commercial operations date (COD) is planned for June 2027.
Phase II involves an additional 24,000 MT plant, with COD targeted for March 2029. The facility will leverage the existing infrastructure, power connection, and land at the Dewas site, taking the company's total anode materials capacity to 44,000 MT.
Shareholders of the company have reason to cheer the stock's performance, as it extended its winning run for the third consecutive year in 2026, even as the broader market came under renewed selling pressure. So far this year, the stock has gained 28%.
From its 2016 low of ₹8.30, the stock has surged 3,369% to trade at its current market price of ₹283 apiece.
A Ksheerasagar
Ksheera Sagar has been working as a Market Research Analyst at LiveMint for the past four years, covering stocks, commodities, and broader financial markets. In this role, he closely tracks daily market movements, corporate earnings, sector trends, and macroeconomic developments. <br><br> He has over a decade of experience in the financial services industry and has previously worked with multiple organisations, including global investment bank J.P. Morgan, bringing strong research experience into the newsroom. <br><br> During his career, he has gained extensive exposure to equity research, market analysis, and financial data interpretation, strengthening his expertise across asset classes and market cycles. <br><br> He is known for his data-driven analysis and crisp, listicle-style market stories that break down complex financial developments across key markets for a wide audience. His strong research skills enable him to write detailed and insightful stories on stocks and sectors, focusing on the underlying factors driving market movements. <br><br> His work combines quantitative insights with clear storytelling, presenting financial developments in a clear and structured manner. Moreover, he enjoys writing multibagger and listicle-style copies. Outside of work, Ksheera enjoys playing the piano and exploring new places. He has a keen interest in travel, music, and continuously learning about global markets and economic trends.
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HomeMarketsStock MarketsMultibagger HEG Advanced Materials shares hit 20% upper circuit in biggest 1-day gain in 8 years; what drove the rally?
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