HEG Ltd logo

HEG Ltd

HEG NSE

Key Fundamentals

MicrocapElectrodes & RefractoriesIndustrial Products
Market Cap
₹13,516 Cr
Volatility
High Risk
P/E Ratio
39.74
EBITDA
₹539 Cr
Return on Equity
7.1%
Debt to Equity
0.17
Book Value
₹246.55
EPS
₹50.68
52W High
₹711.2
52W Low
₹459.8

Insights

Beta

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

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47 extracted metrics + investor summaries across FY13–FY27.

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Tapetide Score

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

Technical Indicators

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 25.8%

Weaknesses

3
  • Stock is trading at 2.83 times its book value
  • 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% ↗
Net Income Growth
184.99% ↘
Cash Flow Change
-23.78% ↘
ROE
166.92% ↗
ROCE
102.90% ↗
EBITDA Margin (Avg.)
17.13% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
AI opinion · based on fundamentals
Risk high

HEG Ltd, a graphite electrode manufacturer, trades at a market cap of Rs.13,554 Cr with a PE of 37x and PB of 2.79x. The company posted strong TTM profit growth of 80% but carries a low 3-year average ROE of approximately 5.73%, with earnings quality diluted by Rs.432 Cr in other income.

Bull Case 8
  • TTM compounded profit growth of 80% indicates a sharp earnings recovery cycle in the graphite electrode business
  • TTM sales growth of 20% signals improving demand and pricing environment for graphite electrodes
  • 10-year compounded profit CAGR of 63% demonstrates the company's ability to generate outsized returns during upcycles
  • Stock has delivered 36% CAGR over 1 year and 26% CAGR over 3 years, reflecting improving market sentiment
  • Healthy dividend payout ratio of 25.8% provides income return alongside capital appreciation potential
  • 10-year sales CAGR of 11% shows sustained long-term revenue compounding through multiple cycles
  • 10-year ROE average of 17% demonstrates strong long-term capital efficiency when sector conditions are favorable
  • 5-year compounded profit growth of 46% shows the company can scale earnings meaningfully over medium-term horizons
Bear Case 8
  • 3-year average ROE of only 5.73% is significantly below cost of equity, indicating poor recent capital efficiency
  • Earnings include Rs.432 Cr in other income, raising concerns about the quality and sustainability of core operating profit
  • PE of 37x is elevated for a cyclical industrial company, leaving limited margin of safety if earnings disappoint
  • 3-year compounded sales growth of just 1% highlights the deeply cyclical and volatile nature of the graphite electrode market
  • 3-year compounded profit decline of -14% shows earnings were contracting until the recent TTM recovery
  • PB ratio of 2.79x prices in significant goodwill above tangible asset value for a commodity-linked manufacturer
  • Dividend yield of only 0.49% offers minimal income cushion against potential capital loss in a downturn
  • Last year ROE of 7% remains well below the 10-year average of 17%, suggesting the business has not yet returned to peak profitability

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2d ago
Headwinds 2
  • U.S. preliminary countervailing duty Jul 28

    U.S. Department of Commerce set a preliminary 6.99% countervailing duty rate on HEG citing unfair subsidies. Final decision due December 8, 2026, potentially impacting U.S. export competitiveness.

  • Needle coke prices rising 10-15% Jul 23

    HEG signaled needle coke prices expected to rise 10-15%, squeezing margins on its key raw material for graphite electrode manufacturing.

Positives 2
  • Independent directors buying shares Aug 11

    Independent Director Sandip Somany bought 30,000 shares on Aug 11 and Dr. Nand Gopal Khaitan bought 5,000 shares worth ₹33.31 lakh on Aug 3, signaling insider confidence.

  • ₹3.40 final dividend declared Jul 29

    Shareholders approved ₹3.40 per share final dividend for FY25-26 at the 54th AGM on July 29, 2026.

Neutral 4
  • Active investor engagement roadshows Aug 4

    HEG scheduled multiple investor meets including Dubai/Abu Dhabi roadshow (Aug 12-13), Motilal Oswal conference (Aug 19), Mumbai NDR (Aug 3-4), and analyst plant visit at Mandideep (Aug 7).

  • Adfactors PR partnership signed Aug 13

    HEG formalised a media and public relations engagement with Adfactors PR to support communications requirements.

  • Graphite spin-off demat advisory Jul 29

    HEG urged physical shareholders to dematerialize shares and update KYC before the Record Date to receive HEG Graphite Limited equity under the Composite Scheme of Arrangement.

  • Q1 FY27 earnings call held Jul 21

    HEG held its Q1 FY27 earnings conference call on July 24, 2026, at 14:00 IST with audio recording published subsequently.

TL;DR: HEG is actively engaging investors through roadshows and conferences while insiders are buying shares, suggesting management confidence. Key risks include a preliminary 6.99% U.S. countervailing duty (final ruling Dec 2026) and 10-15% needle coke cost inflation pressuring margins. The Graphite spin-off scheme and dividend payout reflect shareholder-friendly actions, but the trade and input cost headwinds bear monitoring into H2 FY27.

Quarterly Results

  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
10.73
-5.9
6.34
Figures in ₹ Crores

Profit & Loss

  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
-2.21
55.02
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

  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

  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

  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%

Shareholding Pattern

As of Jun 2026
Promoters 56.28%
Public 17.81%
DIIs 9.26%
FIIs 8.47%
Others 8.17%
Total 99.99%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
6.86%
6.05%
6.92%
7.08%
7.19%
7.30%
7.96%
8.53%
10.24%
8.47%
DIIs
7.40%
7.48%
7.50%
7.49%
8.19%
8.44%
8.46%
6.69%
6.27%
6.81%
6.50%
8.09%
10.39%
13.10%
12.81%
12.09%
11.65%
11.60%
11.98%
12.14%
8.62%
9.26%
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%
Public
18.14%
17.06%
14.47%
15.32%
19.00%
20.91%
22.16%
24.34%
23.60%
21.70%
21.79%
19.21%
18.15%
16.61%
16.10%
17.04%
17.33%
16.95%
15.99%
15.37%
16.57%
17.81%
Others
14.83%
15.83%
22.90%
22.05%
17.68%
15.51%
14.24%
13.84%
14.35%
15.70%
15.93%
16.91%
8.81%
8.46%
8.39%
8.01%
8.05%
8.37%
8.28%
7.83%
8.29%
8.17%
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

Documents

Frequently Asked Questions about HEG Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: HEG and BSE: 509631. You can view its live share price, financials, and ratios on Tapetide.
Which sector does HEG Ltd belong to?
HEG Ltd operates in the Industrial Products sector within the Electrodes & Refractories industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of HEG Ltd?
HEG Ltd has a market capitalisation of approximately ₹13516.15 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of HEG Ltd?
The Price-to-Earnings (PE) ratio of HEG Ltd is 39.74. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of HEG Ltd?
Over the past 52 weeks, HEG Ltd has traded between a low of ₹459.8 and a high of ₹711.2. This range helps investors understand the stock's price volatility and recent trading levels.
Does HEG Ltd pay dividends?
Yes, HEG Ltd has a dividend yield of 0.49%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of HEG Ltd?
HEG Ltd has a Return on Equity (ROE) of 7.10%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research HEG Ltd on Tapetide?
On Tapetide, you can view HEG Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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 hegltd.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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