---
title: "HEG (HEGAM) Share Price, Financials & Research"
symbol: "HEGAM"
company: "HEG Ltd"
canonical: "https://tapetide.com/stocks/HEGAM"
isin: "INE545A01024"
nse_symbol: "HEGAM"
bse_code: "509631"
sector: "Industrial Products"
industry: "Electrodes & Refractories"
generated_at: "2026-11-05T01:31:12.269Z"
---

# HEG (HEGAM)

Canonical page: https://tapetide.com/stocks/HEGAM

## Key Facts

- **Price:** ₹288.18 as of 4 Nov 2026, 15:57 IST
- **P/E (TTM):** 15.49 as of 4 Nov 2026
- **Revenue, Jun 2026 quarter:** ₹680.8 Cr, against ₹612.8 Cr in Jun 2025 (+11.10% year on year)
- **Net profit, Jun 2026 quarter:** ₹122.3 Cr, against ₹104.8 Cr in Jun 2025 (+16.70% year on year)
- **Promoter holding:** 60.72% in Sep 2026, a change of +4.44 percentage points from Jun 2026
- **Tapetide Score:** 51/100, Average band as of 4 Nov 2026

## Company

- **NSE symbol:** HEGAM
- **BSE code:** 509631
- **ISIN:** INE545A01024
- **Macro sector:** Industrials
- **Sector:** Industrial Products
- **Industry:** Electrodes & Refractories
- **In the F&O segment:** No

## Latest Price

- **Price:** ₹288.18
- **Change:** No trade today
- **Previous Close:** ₹288.18
- **As of:** 4 Nov 2026, 15:57 IST

## Key Fundamentals

Price-based figures as of 4 Nov 2026, 15:57 IST · EPS basis: Consolidated · TTM.

- **ROCE:** 8.35%
- **Debt to Equity:** 0.17
- **EPS (TTM):** ₹18.60
- **Book Value:** ₹145.10
- **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

## Peer Comparison

Classification: Industrials › Industrial Products › Electrodes & Refractories

| Company | Price | P/E | Market Cap | P/B | Div Yield | ROE | ROCE | Sales TTM | Net Profit TTM |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| [Graphite India Ltd (GRAPHITE)](https://tapetide.com/stocks/GRAPHITE) | ₹741.45 | 68.02 | ₹14,021 Cr | 2.42 | 0.93% | 3.11% | 4.58% | ₹3,029 Cr | ₹209 Cr |
| [HEG Ltd (HEGAM)](https://tapetide.com/stocks/HEGAM) (this company) | ₹288.18 | 15.49 | ₹8,779 Cr | 1.99 | 1.41% | 7.42% | 8.35% | ₹2,639 Cr | ₹358 Cr |
| [Raghav Productivity Enhancers Ltd (RPEL)](https://tapetide.com/stocks/RPEL) | ₹1,808.80 | 117.84 | ₹8,033 Cr | 29.50 | 0.06% | 24.30% | 30.30% | ₹315 Cr | ₹71 Cr |
| [Vesuvius India Ltd (VESUVIUS)](https://tapetide.com/stocks/VESUVIUS) | ₹370.30 | 29.37 | ₹7,540 Cr | 4.30 | 0.41% | 15.00% | 21.30% | ₹2,134 Cr | ₹257 Cr |
| [RHI Magnesita India Ltd (RHIM)](https://tapetide.com/stocks/RHIM) | ₹363.85 | — | ₹7,413 Cr | 2.11 | 0.70% | 2.83% | 6.46% | ₹4,074 Cr | -₹353 Cr |
| [Monolithisch India Ltd (MONOLITH)](https://tapetide.com/stocks/MONOLITH) | ₹1,336.90 | 100.97 | ₹2,745 Cr | 19.12 | 0.00% | 27.80% | 34.80% | ₹154 Cr | ₹29 Cr |
| [IFGL Refractories Ltd (IFGLEXPOR)](https://tapetide.com/stocks/IFGLEXPOR) | ₹172.54 | 30.38 | ₹1,228 Cr | 1.06 | 1.29% | 3.22% | 4.92% | ₹1,953 Cr | ₹41 Cr |
| Median of 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 4 Nov 2026.

- **Score:** 51/100 (Average)
- **Data confidence:** 100/100

### Category scores

| Category | Score | Band | Weight | Measures |
| --- | ---: | --- | ---: | --- |
| Quality | 39 | Weak | 22% | Returns, margins, earnings quality |
| Valuation | 73 | Strong | 24% | Cheap vs sector & own history |
| Growth | 56 | Good | 9% | Sales & profit trajectory |
| Financial Health | 56 | Good | 9% | Solvency, leverage, coverage |
| Momentum | 10 | Poor | 12% | Trend strength, vol-adjusted |
| Ownership | 51 | Average | 24% | FII/DII/promoter flows |

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

## Key Insights

### Strengths

- 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

- 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

As of 4 Nov 2026.

| Group | Signal | Bearish | Neutral | Bullish |
| --- | --- | ---: | ---: | ---: |
| Overall | Bullish | 4 | 9 | 6 |
| Oscillators | Bearish | 4 | 3 | 2 |
| Moving Averages | Bullish | 0 | 6 | 4 |

### Oscillators: Bearish

| Name | Value | Signal |
| --- | ---: | --- |
| RSI (14) | 68.16 | Neutral |
| MACD (12,26,9) | 3.98 | Bullish |
| Stochastic (14,3,3) | 93.25 | Bearish |
| ADX (14) | 17.70 | Neutral |
| Williams %R (14) | -0.63 | Bearish |
| ATR (14) | 14.92 | Neutral |
| ROC (12) | 28.24 | Bullish |
| Stoch RSI (14) | 100.00 | Bearish |
| UO (7,14,28) | 70.35 | Bearish |

### Moving Averages: Bullish

| Name | Value | Signal |
| --- | ---: | --- |
| SMA (10) | 230.94 | Bullish |
| EMA (10) | 241.63 | Bullish |
| SMA (20) | 230.07 | Bullish |
| EMA (20) | 235.53 | Bullish |
| SMA (50) | — | Neutral |
| EMA (50) | — | Neutral |
| SMA (100) | — | Neutral |
| EMA (100) | — | Neutral |
| SMA (200) | — | Neutral |
| EMA (200) | — | Neutral |

### Pivot Points

| Level | Classic | Fibonacci | Camarilla |
| --- | ---: | ---: | ---: |
| R3 | 337.43 | 313.11 | 298.30 |
| R2 | 313.11 | 299.06 | 294.92 |
| R1 | 300.64 | 290.37 | 291.55 |
| PP | 276.32 | 276.32 | 276.32 |
| S1 | 263.85 | 262.27 | 284.81 |
| S2 | 239.53 | 253.58 | 281.44 |
| S3 | 227.06 | 239.53 | 278.06 |

## Analyst Rating

Based on 3 analysts. 3 of 3 analysts rate Buy, 0 Hold, 0 Sell. As of 4 Nov 2026.

| Rating | Analysts | Share |
| --- | ---: | ---: |
| Buy | 3 | 100% |
| Hold | 0 | 0% |
| Sell | 0 | 0% |

## Growth Rate

Growth computed from the financial statements below. A window with no rate gives the reason instead of a figure.

| Metric | Window | Growth | What it compares |
| --- | --- | ---: | --- |
| Revenue | 10Y | 11.43% | compounded annual rate, Mar 2016 to Mar 2026 |
| Revenue | 5Y | 15.41% | compounded annual rate, Mar 2021 to Mar 2026 |
| Revenue | 3Y | 1.4% | compounded annual rate, Mar 2023 to Mar 2026 |
| Revenue | 1Y | 19.39% | fiscal year to Mar 2026 vs the year to Mar 2025 |
| Revenue | TTM | 20.17% | four quarters to Jun 2026 vs the four to Jun 2025 |
| Net profit | 10Y | 55.98% | compounded annual rate, Mar 2016 to Mar 2026 |
| Net profit | 5Y | Turned to profit | compounded annual rate, Mar 2021 to Mar 2026: -₹18.00 Cr to ₹341 Cr. A loss at the start and a profit at the end. A growth rate off a loss has no meaning. |
| Net profit | 3Y | -13.78% | compounded annual rate, Mar 2023 to Mar 2026 |
| Net profit | 1Y | 197% | fiscal year to Mar 2026 vs the year to Mar 2025 |
| Net profit | TTM | 82.65% | four quarters to Jun 2026 vs the four to Jun 2025 |
| Operating cash flow | 10Y | -1.55% | compounded annual rate, Mar 2016 to Mar 2026 |
| Operating cash flow | 5Y | -21.53% | compounded annual rate, Mar 2021 to Mar 2026 |
| Operating cash flow | 3Y | 23.53% | compounded annual rate, Mar 2023 to Mar 2026 |
| Operating cash flow | 1Y | -23.93% | fiscal year to Mar 2026 vs the year to Mar 2025 |
| Operating cash flow | TTM | — | four quarters to Jun 2026 vs the four to Jun 2025. Reported once a year, so there is no trailing-twelve-month figure. |
| Operating margin | 10Y | -0.21 pp | compounded annual rate, Mar 2016 to Mar 2026 |
| Operating margin | 5Y | +19.77 pp | compounded annual rate, Mar 2021 to Mar 2026 |
| Operating margin | 3Y | -9.59 pp | compounded annual rate, Mar 2023 to Mar 2026 |
| Operating margin | 1Y | +3.45 pp | fiscal year to Mar 2026 vs the year to Mar 2025 |
| Operating margin | TTM | +0.48 pp | four quarters to Jun 2026 vs the four to Jun 2025 |

## Analyst Forecasts

Consensus of analyst estimates, as of 4 Nov 2026. Low and High are the range of the estimates, not a confidence interval.

### EBITDA (annual)

FY27 consensus: ₹668 Cr (+23.8% vs ₹539 Cr in FY26).

| Period | Mean | Low | High |
| --- | ---: | ---: | ---: |
| FY27 | ₹668 Cr | ₹630 Cr | ₹697 Cr |
| FY28 | ₹915 Cr | ₹791 Cr | ₹995 Cr |

### EPS (annual)

FY27 consensus: ₹22.19.

Analyst consensus here uses a different definition from reported eps (they differ 1.8x on periods where both exist), so the forecast is shown on its own rather than joined to the reported line.

| Period | Mean | Low | High |
| --- | ---: | ---: | ---: |
| FY27 | ₹22.19 | ₹18.90 | ₹25.07 |
| FY28 | ₹30.57 | ₹27.40 | ₹36.20 |

### Net Income (annual)

FY27 consensus: ₹428 Cr.

Analyst consensus here uses a different definition from reported net income (they differ 1.8x on periods where both exist), so the forecast is shown on its own rather than joined to the reported line.

| Period | Mean | Low | High |
| --- | ---: | ---: | ---: |
| FY27 | ₹428 Cr | ₹364 Cr | ₹484 Cr |
| FY28 | ₹590 Cr | ₹529 Cr | ₹699 Cr |

### Price (quarterly)

Mar 2027 consensus: ₹710.00 (+198.8% vs ₹237.65 in Sep 2026).

| Period | Mean | Low | High |
| --- | ---: | ---: | ---: |
| Mar 2027 | ₹710.00 | ₹630.00 | ₹750.00 |

### Revenue (annual)

FY27 consensus: ₹3,028 Cr (+11.8% vs ₹2,710 Cr in FY26).

| Period | Mean | Low | High |
| --- | ---: | ---: | ---: |
| FY27 | ₹3,028 Cr | ₹2,876 Cr | ₹3,260 Cr |
| FY28 | ₹3,598 Cr | ₹3,402 Cr | ₹3,960 Cr |

### ROE (annual)

FY27 consensus: 8.9%.

Analyst consensus here uses a different definition from reported roe (they differ 1.6x on periods where both exist), so the forecast is shown on its own rather than joined to the reported line.

| Period | Mean | Low | High |
| --- | ---: | ---: | ---: |
| FY27 | 8.9% | 8.9% | 8.9% |
| FY28 | 10.1% | 10.1% | 10.1% |

## AI Analysis — Bull vs Bear

AI-generated opinion, based on fundamentals. Generated 29 Aug 2026. Not investment advice, and not a recommendation to buy, sell or hold. Statements that rate the stock or set a price target are left out of this copy.

- **Risk (AI assessment):** 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

- 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

- 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

AI-generated summary of recent news, generated 29 Aug 2026. Not investment advice, and not a recommendation to buy, sell or hold. Statements that rate the stock or set a price target are left out of this copy.

**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.

### Positives

- **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

- **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.

## Financial Statements

### Quarterly Results

Figures in ₹ crore unless the row name gives another unit.

| Item | 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 |
| Profit before tax | 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 |

### Profit & Loss

Figures in ₹ crore unless the row name gives another unit.

| Item | 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 |
| Profit before tax | 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 |
| Dividend Payout % | 33% | 0% | 0% | 29% | 10% | 143% | n/m | 36% | 31% | 28% | 30% | 19% | — |

n/m: 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.

### Balance Sheet

Figures in ₹ crore unless the row name gives another unit.

| Item | 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

Figures in ₹ crore unless the row name gives another unit.

| Item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash from Operating Activity | 276 | 249 | 157 | 594 | 1,488 | 739 | 716 | -141 | 113 | 612 | 280 | 213 |
| Cash from Investing Activity | -83 | -29 | -1 | -9 | -676 | -275 | -417 | -183 | -21 | -184 | -207 | -320 |
| Cash from Financing Activity | -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

| Item | 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% |

## Shareholding Pattern

### Quarterly Shareholding

Holdings in % of shares; shareholders as a count.

| Holder | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | 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 | Sep 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Promoters | 59.62% | 59.62% | 55.13% | 55.13% | 55.13% | 55.13% | 55.13% | 55.13% | 55.78% | 55.78% | 55.78% | 55.78% | 55.78% | 55.78% | 55.78% | 55.78% | 55.78% | 55.78% | 55.78% | 56.13% | 56.28% | 56.28% | 60.72% |
| FIIs | 9.43% | 11.27% | 14.29% | 13.38% | 8.90% | 6.81% | 5.68% | 4.98% | 6.25% | 6.73% | 6.81% | 6.86% | 6.86% | 6.05% | 6.92% | 7.08% | 7.19% | 7.30% | 7.96% | 8.53% | 10.24% | 8.47% | 3.61% |
| DIIs | 7.41% | 7.48% | 7.50% | 7.49% | 8.19% | 8.44% | 8.53% | 6.69% | 6.27% | 7.44% | 7.23% | 8.87% | 10.39% | 13.10% | 12.81% | 12.09% | 11.65% | 11.60% | 11.98% | 12.14% | 8.62% | 9.26% | 12.96% |
| Government | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Public | 18.14% | 21.62% | 23.08% | 23.99% | 19.00% | 29.61% | 30.65% | 33.20% | 23.60% | 30.05% | 30.18% | 28.49% | 18.15% | 16.61% | 16.10% | 17.04% | 17.33% | 16.95% | 15.99% | 15.37% | 16.57% | 17.81% | 13.08% |
| Others | 5.40% | n/m | n/m | n/m | 8.78% | n/m | n/m | n/m | 8.10% | n/m | n/m | n/m | 8.81% | 8.46% | 8.39% | 8.01% | 8.05% | 8.37% | 8.28% | 7.83% | 8.29% | 8.17% | 9.63% |
| No. of Shareholders | 1,38,975 | 1,42,607 | 1,26,009 | 1,27,059 | 1,43,578 | 1,45,488 | 1,47,246 | 1,52,118 | 1,48,269 | 1,35,519 | 1,37,342 | 1,32,662 | 1,29,905 | 1,19,399 | 1,18,471 | 1,52,166 | 1,53,063 | 1,48,036 | 1,41,576 | 1,32,314 | 1,37,675 | 1,39,601 | 1,34,276 |

n/m: Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

## Documents

### Concalls

Latest 12 of 66.

| Month | Call documents |
| --- | --- |
| Jul 2026 | [Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=6ce76ae2-2777-4f96-a8e5-2c03fd82f803.pdf), [PPT](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=393ba8bf-2ea2-45bb-9257-de3b5890e9e4.pdf) |
| Jul 2026 | [PPT](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=88bdd2bc-5c8c-4533-afa7-016ceccb8057.pdf) |
| May 2026 | [Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=cd4998c3-e9c9-4ec9-9546-8f6f47a1422c.pdf), [PPT](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=a3cf0704-ed2b-4bd3-9732-a1d29bb58ab7.pdf) |
| Feb 2026 | [Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=47dbaff4-39f7-4d04-b65a-c9e9b9476b06.pdf), [PPT](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=02937e39-6a9f-4cb0-bf5f-c8feea857650.pdf) |
| Jan 2026 | [Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=2212a48e-cf10-4d46-a0db-314fb805daad.pdf), [PPT](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=5318bdae-b736-4ccf-82b9-63850266467e.pdf), [Recording](https://youtu.be/tXkD44694bE) |
| Nov 2025 | [Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=ed1982be-1171-4433-be0e-2e1a958c0d25.pdf), [PPT](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=ef87502d-02e7-4ef8-a78f-d4a7f5d349c0.pdf) |
| Aug 2025 | [Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=22bf3956-af06-474e-88c4-f5f82781100e.pdf), [PPT](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=53bf7081-cf5f-4d38-b95d-65ea3698d531.pdf), [Recording](https://hegltd.com/wp-content/uploads/2025/08/Audio-Q1FY26-HEG.mp3) |
| May 2025 | [Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=809751f9-4a88-4141-84d5-bc211942a31d.pdf), [PPT](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=cf9e99ee-c9e5-45d8-a9ce-f3a039ac0e83.pdf) |
| Feb 2025 | [Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=f86acd65-6f99-453d-92b9-84225d10ce9d.pdf), [PPT](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=5583996e-e0b7-4f7a-909f-63cca1fa52ac.pdf) |
| Nov 2024 | [Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=b545eb87-4e02-4e6d-ad1e-be5f5a7dd65c.pdf), [PPT](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=0e6bc04c-c9c7-40d4-a19c-b0f84db2fff0.pdf) |
| Aug 2024 | [Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=800d4857-b9dc-4f91-a195-112f2f8ce7b8.pdf), [PPT](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=81f87b5b-b21b-4de0-bc80-8fcf215375b3.pdf) |
| Jun 2024 | [Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=522db175-2840-43f7-afdf-53665fe2d17f.pdf), [PPT](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=e32afebf-ae50-4082-bcfa-9f8dc61b6fcd.pdf) |

### Results

Latest 12 of 29.

| Date | Document |
| --- | --- |
| 3 Nov 2026 | [Unaudited Financial Results For The Quarter And Half Year Ended September 30 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=96ab4d32-07eb-4f12-82a3-ec9da2a41b74.pdf) |
| 22 Jul 2026 | [Un-Audited Financial Results (Standalone & Consolidated) For The Quarter Ended June 30 2026.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c277e0fa-827b-44a7-b99d-48ff58784220.pdf) |
| 29 Apr 2026 | [Audited Financial Results (Standalone & Consolidated) For The Quarter And Financial Year Ended March 31 2026.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=68a03545-4004-4565-99fb-a9dca2708d73.pdf) |
| 10 Feb 2026 | [Results- Financial Results For Quarter & Nine Months Ended 31St December 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=44774f30-295b-4cb2-8a94-fbdf2ca487e9.pdf) |
| 10 Nov 2025 | [Unaudited Financial Results For Quarter And Half Year Ended 30 September 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=11b33bf1-8405-4890-94c0-910d4e91f94b.pdf) |
| 30 Jul 2025 | [Financial Results For Quarter Ended June 30 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=de58bcb1-e00d-4ceb-a095-20af52164e67.pdf) |
| 19 May 2025 | [Audited Financial Results (Standalone & Consolidated) For The Quarter And Financial Year Ended March 31 2025.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=83b03cb5-cd39-456b-9431-69b56e50a316.pdf) |
| 11 Feb 2025 | [THE UN-AUDITED FINANCIAL RESULTS (STANDALONE AND CONSOLIDATED) OF THE COMPANY FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31 2024.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c87414ee-ec4e-4bb0-b312-46c910b78354.pdf) |
| 13 Nov 2024 | [The Un-Audited Financial Results (Standalone And Consolidated) Of The Company For The Quarter And Half Year Ended September 30, 2024.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=9c12b63f-c10d-40e8-b8b2-2028b9f9880a.pdf) |
| 13 Aug 2024 | [The Un-Audited Financial Results (Standalone And Consolidated) Of The Company For The Quarter Ended The 30Th June, 2024.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=32719f8f-073c-4167-8d08-c721b8d0df22.pdf) |
| 22 May 2024 | [Audited Financial Results (Standalone And Consolidated) For The Quarter And Financial Year Ended 31St March, 2024.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=3a93aefb-6a44-45e5-9325-1eb1a5990327.pdf) |
| 12 Feb 2024 | [Un-Audited Financial Results For Quarter And Nine Months Ended 31St December, 2023](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=fa67f13c-3c13-48bd-8a3f-38a80700171f.pdf) |

### Annual reports

Latest 12 of 15.

| Year | Report |
| --- | --- |
| FY2026 | [Annual report](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=1ee1b27d-6c24-4127-8901-e99deff90773.pdf) |
| FY2025 | [Annual report](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=aca8243e-4261-4a15-a98c-b08a404803d2.pdf) |
| FY2024 | [Annual report](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=fea699ae-8f4c-4de3-bdd9-9e1869e60241.pdf) |
| FY2023 | [Annual report](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=26a25528-75c0-4289-a01b-66b295b82ff4.pdf) |
| FY2022 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/509631/73858509631.pdf) |
| FY2021 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/509631/68655509631.pdf) |
| FY2020 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/509631/5096310320.pdf) |
| FY2019 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/509631/5096310319.pdf) |
| FY2018 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/509631/5096310318.pdf) |
| FY2017 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/509631/5096310317.pdf) |
| FY2016 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/509631/5096310316.pdf) |
| FY2015 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/509631/5096310315.pdf) |

### Credit ratings

| Date | Document |
| --- | --- |
| 27 May 2026 | [Credit rating update — India Ratings](https://www.indiaratings.co.in/pressrelease/83197) |
| 29 May 2025 | [Credit rating update — India Ratings](https://www.indiaratings.co.in/pressrelease/76757) |
| 11 Jul 2023 | [Credit rating update — India Ratings](https://www.indiaratings.co.in/pressrelease/62624) |
| 12 Jul 2022 | [Credit rating update — India Ratings](https://www.indiaratings.co.in/pressrelease/58941) |
| 13 Jul 2021 | [Credit rating update — India Ratings](https://www.indiaratings.co.in/pressrelease/55534) |
| 14 Jul 2020 | [Credit rating update — India Ratings](https://www.indiaratings.co.in/pressrelease/41802) |
| 24 Jun 2019 | [Credit rating update — India Ratings](https://www.indiaratings.co.in/pressrelease/37399) |

### Exchange filings

Latest 12 of 174.

| Date | Document | Category |
| --- | --- | --- |
| 4 Nov 2026 | [Announcement under Regulation 30 (LODR)-Press Release / Media Release](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=6836c1a5-0ed8-4f81-85e7-64ff8cca3aa9.pdf) | General announcements |
| 4 Nov 2026 | [Announcement under Regulation 30 (LODR)-Press Release / Media Release](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=b0d4c3a5-4e64-4226-aa15-b343a49b09ed.pdf) | General announcements |
| 4 Nov 2026 | [Announcement under Regulation 30 (LODR)-Amendments to Memorandum & Articles of Association](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=0d2f6cd5-2442-4dd4-a035-59e36ac1d5a2.pdf) | General announcements |
| 3 Nov 2026 | [Board Meeting Outcome for Outcome Of Board Meeting](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=236913ec-170a-45b8-a260-37e59f394f0e.pdf) | Outcome |
| 30 Oct 2026 | [Communication By HEG Graphite Limited (Renamed As HEG Limited) Resulting Company (As Per Composite Scheme Of Arrangement) Regarding Unaudited Financial Results For The Quarter And Half Year Ended September 30 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=debb7e8b-8477-4d81-a9ab-baca39cb5043.pdf) | General announcements |
| 29 Oct 2026 | [Intimation Regarding Change Of Corporate Identification Number (CIN) Of The Company](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=2dedb9bd-3179-4248-86a9-ee6e4720e1e6.pdf) | General announcements |
| 29 Oct 2026 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=cc85ca74-bfe1-4740-b55b-2f842836145e.pdf) | General announcements |
| 29 Oct 2026 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=7fe733d6-a04c-45f1-818e-4888d54d5188.pdf) | General announcements |
| 28 Oct 2026 | [Shareholder Meeting / Postal Ballot-Notice of Postal Ballot](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=f8aa89a0-c6bf-44b7-927b-15624db5524c.pdf) | Intimation |
| 26 Oct 2026 | [Announcement under Regulation 30 (LODR)-Press Release / Media Release](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=584c8d51-f9bd-464d-a598-826ee2c26866.pdf) | General announcements |
| 26 Oct 2026 | [Appointment/Reappointment/Change In Designation Of Directors By Malana Power Company Limited And AD Hydro Power Limited Subsidiaries Of The Company](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=5fc6d440-4bc6-4828-ba9b-2e1aa3795b8c.pdf) | General announcements |
| 22 Oct 2026 | [Board Meeting Intimation for Approval Of The Unaudited Financial Results Of The Company For The Quarter And Half Year Ended September 30 2026 Implementation Of HEG Advanced Materials Limited - Employee Stock Option Plan 2026 And Other Business Matter](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=5c5f7dcd-0a95-4cc3-bfea-9dfdab173966.pdf) | Intimation |

## 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. It is a part of LNJ Bhilwara Group which also has presence across IT Enabled services, power generation & textiles.

### Where is HEG Ltd (HEGAM) listed?

HEG Ltd trades as HEGAM 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 PE ratio of HEG Ltd?

HEG Ltd trades at a PE ratio of 15.49 as of 4 Nov 2026, on earnings per share of ₹18.6, against a book value of ₹145.1 per share.

### What is the 52-week high and low of HEG Ltd?

Over the last 52 weeks HEG Ltd has traded between ₹191.71 and ₹753.9 as of 4 Nov 2026.

### Does HEG Ltd pay dividends?

HEG Ltd has a dividend yield of 1.41%.

### What is the Return on Equity (ROE) of HEG Ltd?

HEG Ltd reported a return on equity of 7.42%. 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. It is a part of LNJ Bhilwara Group which also has presence across IT Enabled services, power generation & textiles.

- **Website:** https://hegadvancedmaterials.com/
- **CEO:** Mr. Ravi Jhunjhunwala B.Com (H), MBA
- **Employees:** 1,114
- **Listed:** 10 May 1995
- **Face Value:** ₹2

---

Negative figures use an ASCII hyphen-minus (-) so they parse as numbers. Amounts are in Indian rupees; "Cr" is crore (10 million). Dates are Indian Standard Time.

Financial statements, shareholding and filings are as reported by the company. Price, volume and 52-week levels are market data. Technical indicators are computed by Tapetide from daily prices. The Tapetide Score is Tapetide’s own analysis. Analyst ratings and forecasts are the published estimates of third-party analysts, not company statements. The AI sections are generated text.

For research and information only, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Generated 5 Nov 2026, 07:01 IST.