HEG
- P/E
- 15.49
Key Fundamentals
MicrocapIndustrial ProductsCapital GoodsPrice-based figures as of · EPS basis: Consolidated · TTM
- ROCE
- 8.35%
- Debt to Equity
- 0.17
- EPS (TTM)
- ₹18.60
- Book Value
- ₹145.10
- Market Cap
- —
- P/E (TTM)
- 15.49
- P/B
- 1.99
- ROE
- 7.42%
- Dividend Yield
- 1.41%
- EBITDA
- ₹539 Cr
- 52W High
- ₹753.90
- 52W Low
- ₹191.71
- Day Range
- ₹252.00 – ₹288.79
- Volume
- 2,15,24,795
Peer Comparison
Industrials › Industrial Products › Electrodes & Refractories
| ₹741.45 | 68.02 | ₹14,021 Cr | 2.42 | 0.93% | 3.11% | 4.58% | ₹3,029 Cr | ₹209 Cr | |
| ₹288.18 | 15.49 | ₹8,779 Cr | 1.99 | 1.41% | 7.42% | 8.35% | ₹2,639 Cr | ₹358 Cr | |
| ₹1,808.80 | 117.84 | ₹8,033 Cr | 29.50 | 0.06% | 24.30% | 30.30% | ₹315 Cr | ₹71 Cr | |
| ₹370.30 | 29.37 | ₹7,540 Cr | 4.30 | 0.41% | 15.00% | 21.30% | ₹2,134 Cr | ₹257 Cr | |
| ₹363.85 | — | ₹7,413 Cr | 2.11 | 0.70% | 2.83% | 6.46% | ₹4,074 Cr | −₹353 Cr | |
| ₹1,336.90 | 100.97 | ₹2,745 Cr | 19.12 | 0.00% | 27.80% | 34.80% | ₹154 Cr | ₹29 Cr | |
| ₹172.54 | 30.38 | ₹1,228 Cr | 1.06 | 1.29% | 3.22% | 4.92% | ₹1,953 Cr | ₹41 Cr | |
| Median 7 companies | ₹370.30 | 49.20 | ₹7,540 Cr | 2.42 | 0.70% | 7.42% | 8.35% | ₹2,134 Cr | ₹71 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.
Tapetide Score
Data-driven rating, 0–100, as of . How it works →
Overall score
Data confidence 100/100
Category scores
- Quality
- 39
- Weak
- Returns, margins, earnings quality 22% weight
- Valuation
- 73
- Strong
- Cheap vs sector & own history 24% weight
- Growth
- 56
- Good
- Sales & profit trajectory 9% weight
- Financial Health
- 56
- Good
- Solvency, leverage, coverage 9% weight
- Momentum
- 10
- Poor
- Trend strength, vol-adjusted 12% weight
- Ownership
- 51
- Average
- FII/DII/promoter flows 24% weight
The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.
Key Insights
Strengths
3- Stock is trading at 0.96 times its book value
- Company has been maintaining a healthy dividend payout of 25.8%
- Promoter holding has increased by 4.45% over last quarter.
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.
Technical Indicators
| Group | Signal | Bearish | Neutral | Bullish |
|---|---|---|---|---|
| Overall | Bullish | 4 | 9 | 6 |
| Oscillators | Bearish | 4 | 3 | 2 |
| Moving Averages | Bullish | 0 | 6 | 4 |
Oscillators
Bearish
Overall
Bullish
Moving Averages
Bullish
Key readings
- RSI (14)
- 68.16
- Neutral
- MACD (12,26,9)
- 3.98
- Bullish
- SMA (50)
- —
- Neutral
- SMA (200)
- —
- Neutral
As of
Analyst Rating
3 of 3 analysts rate Buy, 0 Hold, 0 Sell.
As of
Growth Rate
From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.
Revenue
| 10Y | +11.43% |
|---|---|
| 5Y | +15.41% |
| 3Y | +1.40% |
| 1Y | +19.39% |
| TTM | +20.17% |
Net profit
| 10Y | +55.98% |
|---|---|
| 5Y | Turned to profit |
| 3Y | −13.78% |
| 1Y | +196.52% |
| TTM | +82.65% |
Operating cash flow
| 10Y | −1.55% |
|---|---|
| 5Y | −21.53% |
| 3Y | +23.53% |
| 1Y | −23.93% |
| TTM | — |
TTM: Reported once a year, so there is no trailing-twelve-month figure.
Operating margin· change in pp
| 10Y | −0.21 pp |
|---|---|
| 5Y | +19.77 pp |
| 3Y | −9.59 pp |
| 1Y | +3.45 pp |
| TTM | +0.48 pp |
Revenue by year
| Mar 2017 | ₹859 Cr |
|---|---|
| Mar 2018 | ₹2,748 Cr |
| Mar 2019 | ₹6,591 Cr |
| Mar 2020 | ₹2,145 Cr |
| Mar 2021 | ₹1,254 Cr |
| Mar 2022 | ₹2,201 Cr |
| Mar 2023 | ₹2,463 Cr |
| Mar 2024 | ₹2,393 Cr |
| Mar 2025 | ₹2,151 Cr |
| Mar 2026 | ₹2,568 Cr |
Net profit by year
| Mar 2017 | −₹44.00 Cr |
|---|---|
| Mar 2018 | ₹1,099 Cr |
| Mar 2019 | ₹3,026 Cr |
| Mar 2020 | ₹68.00 Cr |
| Mar 2021 | −₹18.00 Cr |
| Mar 2022 | ₹431 Cr |
| Mar 2023 | ₹532 Cr |
| Mar 2024 | ₹312 Cr |
| Mar 2025 | ₹115 Cr |
| Mar 2026 | ₹341 Cr |
Analyst Forecasts
AI Analysis — Bull vs Bear
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.
- 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
- 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
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.
- 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.
- 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.
Quarterly Results
₹ Cr| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 (₹) | 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 |
Profit & Loss
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 (₹) | 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% | Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number. | 36% | 31% | 28% | 30% | 19% | — |
Balance Sheet
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Cash Flow
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view HEG insights
63 extracted metrics across FY11–FY27.
Documents
- Q1 FY27 concall · Jul 2026Transcript PPT
- Concall · Jul 2026PPT
- Concall · May 2026Transcript PPT
- Q3 FY26 concall · Feb 2026Transcript PPT
- Concall · Jan 2026Transcript PPT Recording
- 27 May 2026
- 29 May 2025
- 11 Jul 2023
- 12 Jul 2022
- 13 Jul 2021
- General announcements 4 Nov 2026
- General announcements 4 Nov 2026
- General announcements 4 Nov 2026
Frequently Asked Questions about HEG
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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. It is a part of LNJ Bhilwara Group which also has presence across IT Enabled services, power generation & textiles.
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