---
title: "HEG Advanced Materials Ltd (HEGAM) — Share Price, Financials & Analysis"
symbol: "HEGAM"
company: "HEG Advanced Materials Ltd"
canonical: "https://tapetide.com/stocks/HEGAM"
nse_symbol: "HEGAM"
bse_code: "509631"
sector: "Industrials"
industry: "Industrial Products"
generated_at: "2026-09-23T00:53:19.837Z"
---

# HEG Advanced Materials Ltd (HEGAM)

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

## Company

- **NSE Symbol:** HEGAM
- **BSE Code:** 509631
- **Sector:** Industrials
- **Industry:** Industrial Products
- **Macro Sector:** Industrials
- **Face Value:** ₹2
- **F&O Eligible:** No
- **Website:** hegadvancedmaterials.com

## About

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]

## Latest Price

- **Price:** ₹232.9
- **Open:** ₹247
- **Day High:** ₹248
- **Day Low:** ₹229.5
- **Volume:** 1096045
- **As Of:** 2026-09-22T10:28:35+00:00

## Key Insights

### Strengths

- Stock is trading at 1.01 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.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | 80% | -14% | 46% |
| revenue growth | 20% | 1% | 15% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | 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 | 614 | 562 | 547 | 571 | 568 | 478 | 537 | 613 | 699 | 656 | 603 | 681 |
| Expenses | 512 | 476 | 506 | 533 | 471 | 411 | 598 | 507 | 581 | 513 | 752 | 530 |
| Operating Profit | 102 | 87 | 41 | 39 | 97 | 67 | -61 | 106 | 118 | 143 | -148 | 151 |
| OPM % | 17 | 15 | 8 | 7 | 17 | 14 | -11 | 17 | 17 | 22 | -25 | 22 |
| Other Income | 63 | 30 | 64 | 41 | 63 | 112 | 43 | 82 | 120 | 167 | 72 | 74 |
| Interest | 9 | 10 | 9 | 8 | 9 | 9 | 12 | 8 | 9 | 9 | 11 | 10 |
| Depreciation | 38 | 47 | 50 | 48 | 48 | 51 | 55 | 53 | 54 | 54 | 53 | 50 |
| Profit before tax | 118 | 59 | 46 | 24 | 103 | 119 | -85 | 126 | 175 | 246 | -140 | 165 |
| Tax % | 18 | 27 | 29 | 3 | 20 | 30 | -13 | 17 | 18 | 16 | -19 | 26 |
| Net Profit | 96 | 44 | 33 | 23 | 82 | 83 | -74 | 105 | 143 | 207 | -114 | 122 |
| EPS in Rs | 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

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 2748 | 6591 | 2145 | 1254 | 2201 | 2463 | 2393 | 2151 | 2568 | 2639 |
| Expenses | 1027 | 1930 | 2150 | 1308 | 1670 | 1844 | 2011 | 1891 | 2169 | 2376 |
| Operating Profit | 1721 | 4662 | -5 | -53 | 530 | 619 | 382 | 260 | 399 | 263 |
| OPM % | 63 | 71 | -0.2 | -4.2 | 24 | 25 | 16 | 12 | 16 | 10 |
| Other Income | 12 | 106 | 143 | 114 | 117 | 187 | 223 | 141 | 259 | 432 |
| Interest | 56 | 18 | 37 | 11 | 7 | 26 | 36 | 39 | 37 | 39 |
| Depreciation | 73 | 72 | 72 | 73 | 79 | 102 | 175 | 201 | 213 | 210 |
| Profit before tax | 1605 | 4677 | 29 | -23 | 560 | 677 | 395 | 162 | 408 | 446 |
| Tax % | 33 | 35 | -82 | -23 | 23 | 21 | 21 | 29 | 16 | — |
| Net Profit | 1099 | 3026 | 68 | -18 | 431 | 532 | 312 | 115 | 341 | 359 |
| EPS in Rs | 54.97 | 156.8 | 3.5 | -0.93 | 22.33 | 27.59 | 16.15 | 5.96 | 17.69 | 18.6 |
| Dividend Payout % | 29 | 10 | 143 | -65 | 36 | 31 | 28 | 30 | 19 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 40 | 40 | 39 | 39 | 39 | 39 | 39 | 39 | 39 | 39 |
| Reserves | 913 | 1868 | 3755 | 3473 | 3456 | 3875 | 4242 | 4387 | 4415 | 4719 |
| Borrowings | 684 | 297 | 667 | 594 | 298 | 665 | 743 | 623 | 588 | 796 |
| Other Liabilities | 216 | 534 | 684 | 332 | 451 | 730 | 668 | 653 | 607 | 612 |
| Total Liabilities | 1853 | 2739 | 5144 | 4438 | 4244 | 5308 | 5692 | 5701 | 5648 | 6166 |
| Fixed Assets | 889 | 833 | 788 | 745 | 694 | 763 | 1363 | 1816 | 1938 | 1788 |
| CWIP | 1 | 2 | 19 | 101 | 373 | 696 | 472 | 212 | 71 | 224 |
| Investments | 231 | 248 | 942 | 1245 | 1358 | 1171 | 859 | 1200 | 1400 | 1478 |
| Other Assets | 732 | 1656 | 3396 | 2348 | 1819 | 2678 | 2998 | 2474 | 2238 | 2676 |
| Total Assets | 1853 | 2739 | 5144 | 4438 | 4244 | 5308 | 5692 | 5701 | 5648 | 6166 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 157 | 594 | 1488 | 739 | 716 | -141 | 113 | 612 | 280 | 213 |
| Cash from Investing Activity | -1 | -9 | -676 | -275 | -417 | -183 | -21 | -184 | -207 | -320 |
| Cash from Financing Activity | -153 | -588 | -788 | -460 | -310 | 344 | -100 | -324 | -159 | 97 |
| Net Cash Flow | 3 | -3 | 24 | 4 | -11 | 20 | -8 | 104 | -86 | -10 |
| Free Cash Flow | 154 | 580 | 1441 | 503 | 460 | -499 | -364 | 244 | 102 | -35 |
| CFO/OP | 205 | 65 | 67 | -17020 | -1349 | -2 | 42 | 169 | 125 | 59 |

### Ratios

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

## Shareholding Pattern

### annual

| Category | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 58.79% | 61.04% | 61.24% | 59.62% | 59.62% | 55.13% | 55.77% | 55.77% | 55.77% | 56.27% | 60.72% |
| FIIs | 0.65% | 3.97% | 5.75% | 11.04% | 9.43% | 8.9% | 6.25% | 6.86% | 7.18% | 10.23% | 5.29% |
| DIIs | 10.49% | 11.78% | 9.54% | 7.42% | 7.41% | 8.19% | 6.26% | 10.38% | 11.65% | 8.63% | 12.77% |
| Public | 30.07% | 23.22% | 23.47% | 21.91% | 23.54% | 27.77% | 31.71% | 26.98% | 25.38% | 24.86% | 21.21% |
| No. of Shareholders | 29058 | 45615 | 176026 | 154693 | 138975 | 143578 | 148269 | 129905 | 153063 | 137675 | 134276 |

### Quarterly

| Category | 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 | 55.77% | 55.77% | 55.77% | 55.77% | 55.77% | 55.77% | 55.77% | 55.77% | 56.13% | 56.27% | 56.27% | 60.72% |
| FIIs | 6.85% | 6.86% | 6.06% | 6.93% | 7.07% | 7.18% | 7.29% | 7.97% | 8.52% | 10.23% | 8.47% | 5.29% |
| DIIs | 8.85% | 10.38% | 13.08% | 12.79% | 12.09% | 11.65% | 11.6% | 11.99% | 12.15% | 8.63% | 9.27% | 12.77% |
| Public | 28.51% | 26.98% | 25.08% | 24.51% | 25.04% | 25.38% | 25.33% | 24.27% | 23.2% | 24.86% | 25.97% | 21.21% |
| No. of Shareholders | 132662 | 129905 | 119399 | 118471 | 152166 | 153063 | 148036 | 141576 | 132314 | 137675 | 139601 | 134276 |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 21 Sep - LNJ Spark Advisory LLP acquired 4,05,36,893 shares (12.29%) on 12 Sept 2026 via scheme allotment. | [Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011 21 Sep - LNJ Spark Advisory LLP acquired 4,05,36,893 shares (12.29%) on 12 Sept 2026 via scheme allotment.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=2885618D_9FE6_4DA1_98E5_35D598FF4DAF_124233.pdf) |
| 18 Sep - Subsidiary Replus Engitech won Rs 217.56 crore order from Indus Towers for lithium-ion battery banks by March 31, 2027. | [Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 18 Sep - Subsidiary Replus Engitech won Rs 217.56 crore order from Indus Towers for lithium-ion battery banks by March 31, 2027.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=4ea82b19-c9d0-4a4e-b2b1-1042b4d7394a.pdf) |
| 18 Sep - Subsidiary Replus Engitech won Indus Towers order for lithium-ion battery banks worth Rs. 217.56 crore, due by March 31, 2027. | [Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 18 Sep - Subsidiary Replus Engitech won Indus Towers order for lithium-ion battery banks worth Rs. 217.56 crore, due by March 31, 2027.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=a257ccd9-7a30-4113-a113-c43c2fbfdd09.pdf) |
| — | [Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 21 Sep](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=AF56ED8E_BD82_401F_A441_036EB8DC9FAC_124410.pdf) |
| — | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 21 Sep](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=d3e61036-e702-49cd-8b21-cee838665d70.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Sep 2019 | [Concall - Sep 2019](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=430b0da9-cec8-4e8e-be6c-2375c5270a21.pdf) |
| Sep 2019 | [Concall - Sep 2019](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=a34d1499-08e9-46a0-a891-11c8874b7087.pdf) |
| Oct 2017 | [Concall - Oct 2017](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=158592d0-e8dd-4b98-a412-d7ef8bae21f5.pdf) |
| Nov 2025 | [Concall - Nov 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=ed1982be-1171-4433-be0e-2e1a958c0d25.pdf) |
| Nov 2024 | [Concall - Nov 2024](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=b545eb87-4e02-4e6d-ad1e-be5f5a7dd65c.pdf) |
| Nov 2023 | [Concall - Nov 2023](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=3f0bb8ac-97c6-49d5-8416-db2cfe299904.pdf) |
| Nov 2022 | [Concall - Nov 2022](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=b605a9ed-ccbe-43e3-8805-68b672fe44a4.pdf) |
| Nov 2021 | [Concall - Nov 2021](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=037fd269-bd66-4921-a7e8-b1aa95835775.pdf) |
| Nov 2020 | [Concall - Nov 2020](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=049722da-2948-429d-9549-ee31d8ca3da1.pdf) |
| Nov 2019 | [Concall - Nov 2019](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=e649bb53-88fc-4f53-b86b-57512fa16dfd.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| — | [Annual Report 2026](https://www.bseindia.com/xml-data/corpfiling/AttachHis/1ee1b27d-6c24-4127-8901-e99deff90773.pdf) |
| — | [Annual Report 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/aca8243e-4261-4a15-a98c-b08a404803d2.pdf) |
| — | [Annual Report 2024](https://www.bseindia.com/xml-data/corpfiling/AttachHis/fea699ae-8f4c-4de3-bdd9-9e1869e60241.pdf) |
| — | [Annual Report 2023](https://www.bseindia.com/xml-data/corpfiling/AttachHis/26a25528-75c0-4289-a01b-66b295b82ff4.pdf) |
| — | [Annual Report 2022](https://www.bseindia.com/bseplus/AnnualReport/509631/73858509631.pdf) |
| — | [Annual Report 2021](https://www.bseindia.com/bseplus/AnnualReport/509631/68655509631.pdf) |
| — | [Annual Report 2020](https://www.bseindia.com/bseplus/AnnualReport/509631/5096310320.pdf) |
| — | [Annual Report 2019](https://www.bseindia.com/bseplus/AnnualReport/509631/5096310319.pdf) |
| — | [Annual Report 2018](https://www.bseindia.com/bseplus/AnnualReport/509631/5096310318.pdf) |
| — | [Annual Report 2017](https://www.bseindia.com/bseplus/AnnualReport/509631/5096310317.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-23T00:53:19.837Z.