---
title: "Hi-Green Carbon Ltd (HIGREEN) — Share Price, Financials & Analysis"
symbol: "HIGREEN"
company: "Hi-Green Carbon Ltd"
canonical: "https://tapetide.com/stocks/HIGREEN"
isin: "INE0PIC01017"
nse_symbol: "HIGREEN"
sector: "Utilities"
industry: "Waste Management"
market_cap_cr: 304.75
generated_at: "2026-09-13T20:16:19.824Z"
---

# Hi-Green Carbon Ltd (HIGREEN)

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

## Company

- **NSE Symbol:** HIGREEN
- **ISIN:** INE0PIC01017
- **Sector:** Utilities
- **Industry:** Waste Management
- **Macro Sector:** Utilities
- **Stock Type:** EQUITY
- **Listed Since:** 2023-09-28
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** higreencarbon.com

## About

Incorporated in 2011, Hi-Green Carbon 
Ltd manufactures and recycles waste 
rubber and to produce hydro carbon 
fuel[1]

## Latest Price

- **Price:** ₹120.15
- **Change:** -1.85 (-1.52%)
- **Open:** ₹122
- **Day High:** ₹122
- **Day Low:** ₹119.35
- **Previous Close:** ₹122
- **Volume:** 12000
- **As Of:** 2026-09-11T09:27:19+00:00

## Key Fundamentals

Observed at 2026-09-11T04:45:57.125337Z.

- **Market Cap:** ₹304.75 Cr
- **Classification:** SME
- **P/E (reported):** 89.1
- **Book Value:** ₹36.05
- **Price to Book:** 3.38
- **Dividend Yield:** 0%
- **ROE:** 12.84%
- **ROCE:** 12.61%
- **Debt to Equity:** 0.7
- **Revenue (yearly):** ₹138.68 Cr
- **Net Income:** ₹2.4 Cr
- **EBITDA:** ₹17.31 Cr
- **52-Week High:** ₹232.2
- **52-Week Low:** ₹101.2
- **RSI (14):** 39.97

## Tapetide Score

- **Score:** 44 / 100
- **Score date:** 2026-09-04
- **Archetype:** Losing Momentum
- **What it means:** A capable business whose price trend has turned while the multiple is still demanding. Often a re-rating in progress rather than a broken company — watch whether earnings stay resilient.
- **Pillar profile:** Quality: Good · Valuation: Expensive · Momentum: Falling
- **Percentile:** 25 (of 4473 scored stocks)
- **Confidence:** 86%
- **Data coverage:** 71%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 42.95 | 9% |
| growth | 81.82 | 9% |
| momentum | 43.85 | 12% |
| ownership | 34.71 | 24% |
| quality | 62.87 | 22% |
| valuation | 22.15 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Debtor days have improved from 30.8 to 19.6 days.
- Company's working capital requirements have reduced from 63.9 days to 21.9 days

### Weaknesses

- Stock is trading at 3.33 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 11.6% over last 3 years.
- Company might be capitalizing the interest cost

## Growth Rates

| Metric | 1Y | 3Y |
| --- | --- | --- |
| cash flow growth | 775.41% | 25.35% |
| ebitda margin growth | -42.84% | -52.59% |
| net income growth | -78.38% | -25% |
| revenue growth | 40.22% | 21% |
| roce | -25.16% | -79.12% |
| roe | -5.66% | 25.78% |

## Financial Statements

### Quarterly Results

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

| Item | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 44 | 34 | 33 | 37 | 36 | 61 | 69 | 70 |
| Expenses | 34 | 24 | 25 | 27 | 29 | 49 | 58 | 57 |
| Operating Profit | 10 | 10 | 8 | 10 | 7 | 12 | 11 | 12 |
| OPM % | 22 | 31 | 25 | 26 | 20 | 20 | 15 | 18 |
| Other Income | 0 | 0 | 0 | 0 | 1 | 2 | 1 | -5 |
| Interest | 1 | 1 | 1 | 1 | 0 | 1 | 1 | 1 |
| Depreciation | 2 | 2 | 1 | 2 | 1 | 5 | 5 | 5 |
| Profit before tax | 8 | 8 | 6 | 8 | 6 | 8 | 6 | 2 |
| Tax % | 24 | 22 | 16 | 35 | 7 | 25 | 21 | 182 |
| Net Profit | 6 | 7 | 5 | 5 | 5 | 6 | 5 | -1 |
| EPS in Rs | 3.04 | 3.46 | 2.08 | 2.04 | 2.12 | 2.33 | 1.89 | -0.52 |

### Profit & Loss

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

| Item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- |
| Sales | 78 | 70 | 97 | 139 |
| Expenses | 58 | 52 | 77 | 116 |
| Operating Profit | 20 | 18 | 19 | 23 |
| OPM % | 26 | 25 | 20 | 17 |
| Other Income | 0 | 0 | 2 | -3 |
| Interest | 1 | 1 | 2 | 2 |
| Depreciation | 3 | 3 | 6 | 11 |
| Profit before tax | 16 | 14 | 14 | 8 |
| Tax % | 23 | 27 | 18 | 55 |
| Net Profit | 12 | 10 | 11 | 3 |
| EPS in Rs | 6.5 | 4.11 | 4.45 | 1.37 |
| Dividend Payout % | 0 | 0 | 0 | 0 |

### Balance Sheet

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

| Item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- |
| Equity Capital | 19 | 25 | 25 | 25 |
| Reserves | 5 | 51 | 62 | 65 |
| Borrowings | 14 | 24 | 47 | 63 |
| Other Liabilities | 8 | 6 | 7 | 20 |
| Total Liabilities | 45 | 105 | 141 | 173 |
| Fixed Assets | 18 | 22 | 69 | 68 |
| CWIP | 2 | 8 | 9 | 52 |
| Investments | 0 | 0 | 0 | 0 |
| Other Assets | 26 | 75 | 64 | 54 |
| Total Assets | 45 | 105 | 141 | 173 |

### Cash Flow

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

| Item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- |
| Cash from Operating Activity | 10 | -2 | 12 | 16 |
| Cash from Investing Activity | -6 | -38 | -44 | -30 |
| Cash from Financing Activity | -4 | 50 | 22 | 14 |
| Net Cash Flow | 0 | 10 | -10 | 0 |
| Free Cash Flow | 4 | -15 | -40 | -37 |
| CFO/OP | 50 | 18 | 70 | 83 |

### Ratios

| Item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- |
| Debtor Days | 26 | 41 | 32 | 20 |
| Inventory Days | 93 | 98 | 113 | 93 |
| Days Payable | 33 | 6 | 22 | 49 |
| Cash Conversion Cycle | 86 | 133 | 123 | 63 |
| Working Capital Days | 20 | 101 | 69 | 22 |
| ROCE % | — | 22 | 12 | 10 |

## Shareholding Pattern

### Quarterly

| Category | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 100% | 100% | 71.83% | 71.85% | 71.86% | 71.86% | 71.88% | 71.87% | 71.91% | 71.91% | 71.92% | 71.92% |
| FIIs | 0% | 0% | 6.4% | 5.87% | 3.67% | 3.03% | 2.22% | 2.04% | 1.75% | 0.92% | 0.23% | 0.23% |
| DIIs | 0% | 0% | 0.27% | 0% | 0% | 0% | 0% | 0% | 2.46% | 0.28% | 0.28% | 0% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 0% | 0% | 16.26% | 16.91% | 17.8% | 17.57% | 17.22% | 17.17% | 17.42% | 19.45% | 19.95% | 20.11% |
| Others | 0% | 0% | 5.24% | 5.37% | 6.67% | 7.54% | 8.68% | 8.92% | 6.46% | 7.45% | 7.63% | 7.75% |
| No. of Shareholders | 7 | 7 | 1544 | 1679 | 2270 | 2168 | 2004 | 2012 | 2061 | 2209 | 2185 | 2096 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 2 / 5 / 12

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 123.4 | Sell |
| EMA (10) | 123.01 | Sell |
| SMA (20) | 126.11 | Sell |
| EMA (20) | 125.96 | Sell |
| SMA (50) | 133.5 | Sell |
| EMA (50) | 130.87 | Sell |
| SMA (100) | 135.76 | Sell |
| EMA (100) | 134.73 | Sell |
| SMA (200) | 137.04 | Sell |
| EMA (200) | 145.86 | Sell |

### Oscillators — summary: **Neutral**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 37.7 | Neutral |
| MACD (12,26,9) | -3.74 | Sell |
| Stochastic (14,3,3) | 8.03 | Buy |
| ADX (14) | 14.68 | Neutral |
| Williams %R (14) | -92.34 | Buy |
| ATR (14) | 4.24 | High Volatility |
| ROC (12) | -5.76 | Sell |
| Stoch RSI (14) | 30.78 | Neutral |
| UO (7,14,28) | 45.83 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 9 January 2026 - RTA MUFG Intime confirms securities dematerialisation for quarter ended December 31, 2025. | [Certificate under SEBI (Depositories and Participants) Regulations, 2018 9 January 2026 - RTA MUFG Intime confirms securities dematerialisation for quarter ended December 31, 2025.](https://nsearchives.nseindia.com/corporate/HIGREEN_09012026183223_HIGREEN_DP_Certificate.pdf) |
| 9 February 2026 - Board approved sale of Green Valley Hydrocarbon Pvt Ltd for Rs.51,000; completion within 30 days (Feb 9, 2026). | [Sale or disposal 9 February 2026 - Board approved sale of Green Valley Hydrocarbon Pvt Ltd for Rs.51,000; completion within 30 days (Feb 9, 2026).](https://nsearchives.nseindia.com/corporate/HIGREEN_09022026175052_HIGREENOUTCOME.pdf) |
| 9 February 2026 - Board approved sale of Green Valley Hydrocarbon for Rs.51,000; completion within 30 days; subsidiary non-material. | [Outcome of Board Meeting 9 February 2026 - Board approved sale of Green Valley Hydrocarbon for Rs.51,000; completion within 30 days; subsidiary non-material.](https://nsearchives.nseindia.com/corporate/HIGREEN_09022026174607_HIGREENOUTCOME.pdf) |
| 8 May 2026 - Board approved secretarial and internal auditor appointments for FY2025-26 and FY2026-27 on May 8, 2026. | [Outcome of Board Meeting 8 May 2026 - Board approved secretarial and internal auditor appointments for FY2025-26 and FY2026-27 on May 8, 2026.](https://nsearchives.nseindia.com/corporate/HIGREEN_08052026180100_HIGREENOUTCOME.pdf) |
| 8 May 2026 - Board appointed secretarial and internal auditors for FY2025-26 and FY2026-27 on May 8, 2026. | [Appointment 8 May 2026 - Board appointed secretarial and internal auditors for FY2025-26 and FY2026-27 on May 8, 2026.](https://nsearchives.nseindia.com/corporate/HIGREEN_08052026181245_HIGREENOUTCOME.pdf) |
| 8 Jun - Transcript of June 2, 2026 investor call on half-year and FY2026 financial results available on website. | [Analysts/Institutional Investor Meet/Con. Call Updates 8 Jun - Transcript of June 2, 2026 investor call on half-year and FY2026 financial results available on website.](https://nsearchives.nseindia.com/corporate/HIGREEN_08062026155023_Concall_Transacript.pdf) |
| 7 Sep - Board approved migration from NSE Emerge to Main Board, subject to approvals; postal ballot notice approved. | [Outcome of Board Meeting 7 Sep - Board approved migration from NSE Emerge to Main Board, subject to approvals; postal ballot notice approved.](https://nsearchives.nseindia.com/corporate/HIGREEN_07092026170639_Outcome_Hi-Green.pdf) |
| 4 Sep - 15th AGM notice and e-voting ad published Sept. 4; AGM on Sept. 29, 2026 at 11:00 AM. | [Copy of Newspaper Publication 4 Sep - 15th AGM notice and e-voting ad published Sept. 4; AGM on Sept. 29, 2026 at 11:00 AM.](https://nsearchives.nseindia.com/corporate/HIGREEN_04092026141904_HIGREENNEWSPAPER.pdf) |
| 4 May 2026 - Hi-Green Carbon Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, … | [Disclosure under SEBI Takeover Regulations 4 May 2026 - Hi-Green Carbon Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, …](https://nsearchives.nseindia.com/corporate/team_sandeshc_30042026125217_25.pdf) |
| 31 Aug - Subsidiary Shantol begins 60 TPD sodium silicate plant; commercial production targeted for January 2027. | [General Updates 31 Aug - Subsidiary Shantol begins 60 TPD sodium silicate plant; commercial production targeted for January 2027.](https://nsearchives.nseindia.com/corporate/HIGREEN_31082026164013_Intimation_Dhar_Plant.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/SME_AR_31202_HIGREEN_2025_2026_A_2266138_03092026130223.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_28465_HIGREEN_2024_2025_A_4780817_04092025185827.pdf) |
| from nse | [Annual Report 2024 from nse](https://archives.nseindia.com/annual_reports/SME_AR_26239_HIGREEN_2023_2024_19092024165234.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Nov 2025 | [Concall - Nov 2025](https://nsearchives.nseindia.com/corporate/HIGREEN_21112025152943_HiGREEN_CONCALL_OUTCOME.pdf) |
| Jun 2025 | [Concall - Jun 2025](https://nsearchives.nseindia.com/corporate/HIGREEN_12062025154921_HiGREEN_CONCALL_OUTCOME.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 2026-09-13T20:16:19.824Z.