HEG Advanced Materials shares locked at a 20% upper circuit after reporting a 202% profit jump and announcing a major ₹1,606 crore expansion plan. Meanwhile, Saregama India stock climbed 15% following a 37% rise in quarterly revenue, driven by strong growth in its music and artist management segments.
Investors reacted strongly to the second-quarter results of HEG Advanced Materials and Saregama India on November 4, 2026, leading to sharp rallies in both stocks. Both companies outperformed market expectations, with their share prices reflecting optimism regarding future growth and strategic expansion plans.
HEG Advanced Materials saw its stock price hit a 52-week high of ₹288.90, locking at the 20% upper circuit. The company reported a stellar performance for the quarter ending September 2026, with revenue from operations growing 144% year-on-year to ₹429.94 crore. Its profit after tax surged 202% to ₹208.89 crore. Beyond the quarterly numbers, the board’s approval for a significant capacity expansion has caught investor attention. The company plans to increase its anode plant capacity from 20,000 MT to 44,000 MT, involving a capital investment of ₹1,606 crore. Additionally, the company has earmarked ₹475 crore for a crucible project and ₹500 crore for graphene development. While these plans position the company for the energy transition market, investors should track the execution of such large-scale capital projects, as they involve significant spending and timelines that could impact cash flows if delayed.
Saregama India shares also gained momentum, rising 15% to reach ₹647.20. The company reported a 37% year-on-year increase in operating revenue to ₹314.3 crore, while net profit grew 46% to ₹64.17 crore. The growth was largely supported by the music segment, which generated ₹251.3 crore, and a doubling of revenue from the artist management business to ₹50.55 crore. In a move to simplify its corporate structure, the board also approved the closure of its subsidiary, Saregama FZE, and the voluntary liquidation of Kolkata Metro Networks Limited. While the market remains optimistic about the company’s push into paid music streaming, investors should note the competitive nature of the digital entertainment sector and the lumpy nature of revenue from its video content segment, which can lead to volatility in quarterly performance.
Moving forward, shareholders will likely monitor the commissioning timelines for HEG Advanced Materials’ new anode and crucible facilities. For Saregama India, the focus will remain on the company's ability to convert free music users into paid subscribers and how it navigates the competitive digital landscape to maintain its revenue growth trajectory.