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HEG

HEG NSE

Key Fundamentals

MicrocapElectrodes & RefractoriesIndustrial Products
Market Cap
₹4,594 Cr
Volatility
Moderate
P/E Ratio
12.75
EBITDA
₹539 Cr
Return on Equity
7.1%
Debt to Equity
0.17
Book Value
₹246.55
52W High
₹753.9
52W Low
₹168.09

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Stock is trading at 0.96 times its book value
  • Company has been maintaining a healthy dividend payout of 25.8%

Weaknesses

2
  • Company has a low return on equity of 5.73% over last 3 years.
  • Earnings include an other income of Rs.432 Cr.

Growth Rate

Revenue Growth
18.82% higher than 3Y
Net Income Growth
185% higher than 3Y
Cash Flow Change
-23.78% higher than 3Y
ROE
167% higher than 3Y
ROCE
103% higher than 3Y
EBITDA Margin (Avg.)
17.13% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 15d ago
AI opinion · based on fundamentals
Risk high

HEG Ltd, a graphite electrode manufacturer with a market cap of Rs.14,144 Cr, trades at a PE of 38.2x and has delivered 60% stock returns over the past year. However, 3-year ROE remains subdued at 5.73%, and earnings quality is diluted by Rs.432 Cr of other income.

Bull Case 7
  • TTM sales growth of 20% signals a recovery in graphite electrode demand after a period of stagnation (3-year sales CAGR was just 1%)
  • TTM profit growth of 80% demonstrates significant operating leverage as the upcycle gains momentum
  • Stock has delivered 60% returns over the past 1 year, reflecting improving market sentiment around the EAF steelmaking cycle
  • 10-year compounded profit growth of 63% shows the company can generate exceptional returns during upcycles
  • Healthy dividend payout ratio of 25.8% provides some return to shareholders even during volatile earnings periods
  • 10-year ROE average of 17% indicates strong long-term capital efficiency when the cycle turns favorably
  • 10-year stock CAGR of 35% reflects long-term wealth creation through multiple graphite electrode cycles
Bear Case 8
  • PE of 38.2x is elevated for a cyclical industrial company, leaving limited margin of safety if the cycle turns
  • 3-year ROE of just 6% and last year ROE of 7% indicate the company has struggled to generate adequate returns on equity in recent years
  • Earnings include Rs.432 Cr of other income, raising concerns about the quality and sustainability of reported profits
  • Trading at 2.99x book value despite low recent returns on equity suggests the stock prices in a full recovery already
  • 3-year compounded profit growth is negative at -14%, showing earnings have been volatile and unreliable
  • 3-year sales CAGR of just 1% indicates the business faced a prolonged demand downturn before the current recovery
  • Dividend yield of only 0.48% offers minimal income cushion for investors during potential downturns
  • Highly cyclical business tied to global EAF steel production means earnings can collapse rapidly as seen in the 3-year profit decline

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 15d ago
Positives 3
  • NCLT sanctions HEG demerger scheme Aug 19

    NCLT Indore Bench sanctioned HEG's demerger on Aug 18, splitting the company into a graphite electrodes entity and an advanced materials/green energy entity. Shareholders receive shares in the new entity at a 1:1 ratio.

  • Insider buying by two directors Aug 11

    Independent Director Sandip Somany bought 30,000 shares on Aug 11, raising his holding to 101,250 shares. Dr. Nand Gopal Khaitan separately purchased 5,000 shares worth ₹33.31 lakh on Aug 3.

  • Rise in price bookings reported Aug 20

    HEG reported a rise in price bookings, signaling improved demand or pricing power in its graphite electrode business. No specific figures were disclosed.

Neutral 3
  • Analyst visit at REPLUS Giga Factory Aug 27

    HEG scheduled a closed-group analyst and investor plant visit at the REPLUS Giga Factory in Pune on Sep 3, 2026, organized by 360 ONE Capital Market.

  • Adfactors PR agreement signed Aug 13

    HEG signed a formal agreement with Adfactors PR for media and public relations services, professionalizing its communications function.

  • Investor engagement roadshows Aug 4

    HEG management planned physical investor meetings in Dubai and Abu Dhabi on Aug 12-13 and participation in the Motilal Oswal 22nd Annual Global Investor Conference on Aug 19 in Mumbai.

TL;DR: HEG is in an active corporate transformation phase, with the NCLT-sanctioned demerger creating two focused listed entities — one for graphite electrodes and another for advanced materials and green energy. Insider buying by two independent directors and rising price bookings signal management confidence and improving demand. No material headwinds emerged in the period. The demerger execution and post-split performance of both entities will be the key near-term catalyst to watch.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
671
614
562
547
571
568
478
537
613
699
656
603
681
Expenses
520
512
476
506
533
471
411
598
507
581
513
752
530
Operating Profit
151
102
87
41
39
97
67
-61
106
118
143
-148
151
OPM %
23%
17%
15%
8%
7%
17%
14%
-11%
17%
17%
22%
-25%
22%
Other Income
68
63
30
64
41
63
112
43
82
120
167
72
74
Interest
9
9
10
9
8
9
9
12
8
9
9
11
10
Depreciation
38
38
47
50
48
48
51
55
53
54
54
53
50
PBT
172
118
59
46
24
103
119
-85
126
175
246
-140
165
Tax %
19%
18%
27%
29%
3%
20%
30%
-13%
17%
18%
16%
-19%
26%
Net Profit
139
96
44
33
23
82
83
-74
105
143
207
-114
122
EPS in Rs
7.21
4.97
2.26
1.71
1.19
4.26
4.32
-3.82
5.43
7.43
10.72
-5.89
6.34
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,228
870
859
2,748
6,591
2,145
1,254
2,201
2,463
2,393
2,151
2,568
2,639
Expenses
1,046
733
778
1,027
1,930
2,150
1,308
1,670
1,844
2,011
1,891
2,169
2,376
Operating Profit
182
137
81
1,721
4,662
-5
-53
530
619
382
260
399
263
OPM %
15%
16%
9%
63%
71%
-0.2%
-4.2%
24%
25%
16%
12%
16%
10%
Other Income
15
4
7
12
106
143
114
117
187
223
141
259
432
Interest
77
60
55
56
18
37
11
7
26
36
39
37
39
Depreciation
75
79
74
73
72
72
73
79
102
175
201
213
210
PBT
44
1
-41
1,605
4,677
29
-23
560
677
395
162
408
446
Tax %
12%
886%
23%
33%
35%
-82%
-23%
23%
21%
21%
29%
16%
—
Net Profit
36
4
-44
1,099
3,026
68
-18
431
532
312
115
341
359
EPS in Rs
1.82
0.22
-2.2
54.97
157
3.5
-0.93
22.33
27.59
16.15
5.96
17.69
18.6
Div. Payout %
33%
0%
0%
29%
10%
143%
-65%
36%
31%
28%
30%
19%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
40
40
40
40
39
39
39
39
39
39
39
39
Reserves
974
956
913
1,868
3,755
3,473
3,456
3,875
4,242
4,387
4,415
4,719
Borrowings
917
782
684
297
667
594
298
665
743
623
588
796
Other Liabilities
315
176
216
534
684
332
451
730
668
653
607
612
Total Liabilities
2,246
1,953
1,853
2,739
5,144
4,438
4,244
5,308
5,692
5,701
5,648
6,166
Fixed Assets
907
932
889
833
788
745
694
763
1,363
1,816
1,938
1,788
CWIP
108
27
1
2
19
101
373
696
472
212
71
224
Investments
223
227
231
248
942
1,245
1,358
1,171
859
1,200
1,400
1,478
Other Assets
1,009
767
732
1,656
3,396
2,348
1,819
2,678
2,998
2,474
2,238
2,676
Total Assets
2,246
1,953
1,853
2,739
5,144
4,438
4,244
5,308
5,692
5,701
5,648
6,166
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
276
249
157
594
1,488
739
716
-141
113
612
280
213
Investing
-83
-29
-1
-9
-676
-275
-417
-183
-21
-184
-207
-320
Financing
-202
-219
-153
-588
-788
-460
-310
344
-100
-324
-159
97
Net Cash Flow
-8
1
3
-3
24
4
-11
20
-8
104
-86
-10
Free Cash Flow
249
218
154
580
1,441
503
460
-499
-364
244
102
-35
CFO/OP
155
188
205
65
67
-17,020
-1,349
-2
42
169
125
59
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
121
134
153
129
66
68
84
98
72
78
75
71
Inventory Days
238
342
216
391
428
226
262
431
574
379
507
389
Days Payable
76
48
73
188
124
30
116
197
164
135
161
138
Cash Conversion Cycle
282
428
297
332
370
264
230
331
483
321
421
323
Working Capital Days
13
-7
-3
120
86
134
93
75
107
111
141
132
ROCE %
6%
3%
1%
86%
139%
0%
-2%
14%
15%
9%
4%
8%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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63 extracted metrics + investor summaries across FY11–FY27.

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Shareholding Pattern

Others8.17%Promot.56.28%FIIs8.47%DIIs9.26%Public17.81%As ofJun 2026

Documents

Frequently Asked Questions about HEG

What does HEG Ltd do?
HEG Ltd is a leading manufacturer and exporter of graphite electrodes in India. It operates the largest single-site integrated graphite electrodes plant in the world.[1] It is a part of LNJ Bhilwara Group which also has presence across IT Enabled services, power generation & textiles.[2]
Where is HEG Ltd (HEG) listed?
HEG Ltd trades as HEG on the NSE and under code 509631 on the BSE.
Which sector does HEG Ltd belong to?
HEG Ltd is classified under the Industrial Products sector, in the Electrodes & Refractories industry.
What is the market capitalisation of HEG Ltd?
HEG Ltd has a market capitalisation of ₹4,594 Cr, which places it in the Small Cap band.
What is the PE ratio of HEG Ltd?
HEG Ltd trades at a PE ratio of 12.75, against a book value of ₹246.55 per share.
What is the 52-week high and low of HEG Ltd?
Over the last 52 weeks HEG Ltd has traded between ₹168.09 and ₹753.9.
Does HEG Ltd pay dividends?
HEG Ltd has a dividend yield of 1.36%.
What is the Return on Equity (ROE) of HEG Ltd?
HEG Ltd reported a return on equity of 7.10%. Its debt-to-equity ratio is 0.17.

Company Information

HEG Ltd is a leading manufacturer and exporter of graphite electrodes in India. It operates the largest single-site integrated graphite electrodes plant in the world.[1] It is a part of LNJ Bhilwara Group which also has presence across IT Enabled services, power generation & textiles.[2]

Website hegadvancedmaterials.com
CEO Mr. Ravi Jhunjhunwala B.Com (H), MBA
Employees 1,114
Listed 1995-05-10
Face Value ₹ 2
Issued Size 19,29,77,530

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