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HEG Ltd.

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hegltd.comBSE: 509631NSE: HEG
Market Cap₹ 4,586 Cr.
Current Price
High / Low₹ 754 / 237
Stock P/E12.8
Book Value₹ 251
Price to Book2.20
Dividend Yield1.43 %
ROCE8.3 %
ROE7.3 %
Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Graphite: 98.6% • Power: 1.1% • Un-allocable items/Others: 0.3%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence
72%
View full sector analysis →

PROS

  • Company has consistently been profitable over the last 5 years
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.44x)
  • Company has delivered good sales growth of 15.4% CAGR over last 5 years
  • Stock looks reasonably valued - P/E of 12.8 is below its historical median
  • Company comfortably covers its interest (11.9x coverage)
  • Company generates healthy free cash flow

CONS

  • A large part of profit comes from other income (34.9% of PBT)
  • Company has a low return on capital employed of 7.0%
  • Company has a low return on equity of 5.7% over last 3 years
  • Operating margins have contracted to 15.5% from 29.4%
  • Total debt has risen sharply - up 35.6% year on year

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsElectrodes & Welding Equipment
Part ofNIFTY TOTAL MKTNIFTY 500NIFTY SMLCAP 250
S.No.Name
1.GRAPHITE824.2075.6016102.860.85171.0028.57842.0026.624.3917.10
2.ESABINDIA5885.40168.909059.411.2756.1437.13421.1219.6369.9718.80
3.HEG237.6512.784586.111.43122.3416.70680.7910.358.3426.60
4.ADOR1598.3524.502781.581.4427.60798.73309.4622.8822.3111.54
5.DIFFNKG450.3530.791685.490.3316.6835.97110.1136.4916.2716.90
6.DENORA794.5034.58421.770.506.3996.6235.27-15.969.6716.14
7.PANCARBON432.9010.82207.792.7742.57575.93111.01599.0616.8023.34
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
671614562547571568478537617699656603681
520512476504533471399587512581514752590
Operating Profit1511028743399780-51105118142-14891
OPM %22.51%16.58%15.41%7.82%6.77%17.02%16.69%-9.45%17.09%16.93%21.69%-24.58%13.37%
26282364204311248671121024044
Interest99109899128991110
Depreciation38384750484851555354545350
Profit before Tax130835348382132-69111168181-172165
Tax %25.21%26.19%29.86%28.02%21.84%24.78%26.75%15.79%20.37%18.99%21.65%15.22%25.89%
Net Profit00002308283-74105143207-114122
36.054.972.261.711.194.264.32-3.575.437.4310.72-6.166.34

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
8602,7506,5932,1491,2562,2022,4672,3952,1532,5692,640
7801,0511,9352,1551,3151,6741,8492,0121,8932,1702,436
Operating Profit801,6994,658-6-59527618382260398203
OPM %9.33%61.77%70.66%-0.27%-4.71%23.95%25.06%15.97%12.07%15.51%7.71%
83510914411380109142128141298
Interest555618371172636393739
Depreciation747372727379102175201213210
Profit before Tax-411,6054,67729-23560677395165404342
Tax %-22.74%32.61%34.78%-82.24%23.33%23.09%21.40%21.17%28.16%16.42%25.61%
Net Profit-501,0813,05053-18431532312119338255
EPS-11.03275.10757.5317.52-4.65111.68137.9580.765.9417.68—
Dividend Payout %0.00%29.08%10.20%142.67%-64.55%35.82%30.81%27.86%30.28%19.23%—

COMPOUNDED SALES GROWTH

10 Years:
11%
5 Years:
15%
3 Years:
1%

COMPOUNDED PROFIT GROWTH

10 Years:
54%
5 Years:
—
3 Years:
-14%

STOCK PRICE CAGR

10 Years:
21%
5 Years:
-12%
3 Years:
-11%
1 Year:
-54%

RETURN ON EQUITY

10 Years:
22%
5 Years:
8%
3 Years:
6%
Last Year:
7%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2026

Jul 22

₹ 1.70

Rs.3.4000 per share(170%)Final Dividend

2025

Aug 13

₹ 0.90

Rs.1.8000 per share(90%)Final Dividend

2024

Jul 31

₹ 2.25

Rs.22.5000 per share(225%)Final Dividend

2023

Aug 24

₹ 4.25

Rs.42.5000 per share(425%)Final Dividend

2022

Aug 24

₹ 4

Rs.40.0000 per share(400%)Final Dividend

2021

Jul 19

₹ 0.30

Rs.3.0000 per share(30%)Final Dividend

2020

Feb 17

₹ 2.50

Interim Dividend

2018

Jul 13

₹ 5

Rs.50.0000 per share(500%)Final Dividend

2018

Feb 15

₹ 3

Interim Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital40403939393939393939
9131,8683,7553,4733,4563,8754,2424,3874,4154,719
6863006695975981,334746626592801
Trade Payables86246380134257448412425399401
127285301196-106-260253224203206
Total Liabilities1,8532,7395,1444,4384,2445,4365,6925,7015,6486,166
8858307857416917551,3561,8091,9321,782
Capital Work in Progress121910137369647221271224
2312489421,2451,3581,1718591,2001,4001,478
2585111,3081,0055819781,4401,1941,2551,134
0000000508445500
Cash & Bank88557437551602690410147250
4701,1411,5349096911,234875368399799
Total Assets1,8532,7395,1444,4384,2445,4365,6925,7015,6486,166

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
1671,1173,115842718-12261612280213
Cash from Investing-1-9-676-275-417-183-21-184-208-320
Cash from Financing-153-588-788-460-310344-100-324-15997
3-3244-1120-8104-88-10

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
55.7855.7855.7855.7855.7856.1356.2856.28
6.937.077.187.297.978.5310.238.47
12.7912.0711.6311.5811.9712.138.629.26
Government0.000.000.000.000.000.000.000.00
24.5025.0725.4025.3424.2823.2124.8625.99

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-10
Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-10 - HEG Limited has informed the Exchange about Schedule of meet

2026-09-08
Updates

2026-09-08 - HEG Limited has informed the Exchange regarding 'Re-lodgement of Transfer Requests of Physical Shares for the month of August, 2026'.

2026-09-06
Updates

2026-09-06 - HEG Limited has informed the Exchange regarding 'change in the Company's website from www.hegltd.com to www.hegadvancedmaterials.com

2026-09-03
Press Release

2026-09-03 - HEG Limited has informed the Exchange regarding a press release dated September 03, 2026, titled "HEG Limited is now HEG Advanced Materials Limited".

2026-09-03
General Updates

2026-09-03 - HEG Limited has informed the Exchange about Assignment of ESG Score by NSE Sustainability Ratings & Analytics Limited

2026-09-02
Name Change

2026-09-02 - HEG Limited has informed the Exchange that the name has been changed from HEG Limited to HEG Advanced Materials Limited

2026-08-27
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-27 - HEG Limited has informed the Exchange about Schedule of meet

2026-08-25
Press Release

2026-08-25 - HEG Limited has informed the Exchange regarding a press release dated August 25, 2026, titled "HEG Demerger to Take Effect from September 1, 2026; Record Date Fixed for September 7, 2026; and Changes in leadership pursuant to the Scheme becoming effective from September 1, 2026".

2026-08-25
Resignation of Director/KMP/SMP

2026-08-25 - HEG Limited has informed the Exchange about Resignation of Director/KMP/SMP

News

Recent coverage and analyst commentary for HEG

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