Bhilwara Energy Secures ₹500 Crore to Accelerate Energy Transition

11 Mar 2025 , 02:08 PM

Bhilwara Energy Ltd (BEL) said it has approved a fundraise of up to ₹500 crore to fast track its energy transition initiatives. The investment will be led by Singularity AMC, an asset management company supported by Madhusudan Kela and led by Yash Kela.

The investment, which was formalized through the signing of definitive agreements, represents a cornerstone in BEL’s strategic vision for growth. The proceeds would be used to build HEG Greentech, an integrated platform for energy transition.

BEL said it would use these funds to expand its activities across multiple sectors, including power assets, battery-grade anode materials, bottle-to-bottle recycling, graphene technology and advanced battery systems for energy storage and electric vehicles (EVs).

HEG, a leading graphite electrode manufacturer, demerged its graphite business into a new entity as part of its restructuring in 2024. The company also merged Bhilwara Energy Ltd with itself, aligning with its long-term corporate strategy.

In 2024, HEG, one of the largest graphite electrode players, demerged its graphite vertical into a separate entity. Additionally, the company consolidated Bhilwara Energy Ltd into itself as part of it’s long-term corporate strategy.

For the December quarter, HEG posted a net profit of ₹83.4 crore versus ₹43.7 crore a year ago, a growth of 90.9%. For Q3 FY25, revenues from operations decreased 14.9% YoY to ₹478.4 crore. EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortization) declined 7.7% at ₹79.9 crore, down from ₹86.6 crore in Q3 FY24. The EBITDA margin improved to 16.7% for Q3 FY25 from 15.4% in the year-ago quarter, suggesting better operational efficiency.