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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/E21.0
Book Value₹ 229
Price to Book2.43
Dividend Yield1.43 %
ROCE5.8 %
ROE4.3 %
Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Graphite: 98.9% • Power: 1.1%

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

  • Latest quarter profit grew 52.5% YoY, showing strong momentum
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.51x)
  • Company has delivered good sales growth of 15.4% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 36.3%
  • Stock looks reasonably valued - P/E of 21.0 is below its historical median
  • Working capital cycle has improved - days down from 216 to 175

CONS

  • A large part of profit comes from other income (37.3% of PBT)
  • Company has a low return on capital employed of 5.7%
  • Company has a low return on equity of 4.1% over last 3 years
  • Operating margins have contracted to 15.7% from 29.5%
  • 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

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
671614562547571568477537613697656603681
520512476504533471397585507578513746579
Operating Profit1511028743399780-49106119143-142102
OPM %22.55%16.68%15.42%7.93%6.79%17.06%16.85%-9.07%17.29%17.01%21.78%-23.61%14.94%
26282364204311344481071011750
Interest99109899128991110
Depreciation38384750484851555354545350
Profit before Tax130835349382134-7292163180-189152
Tax %25.16%26.00%29.81%27.69%20.86%24.72%26.45%13.85%22.31%19.66%21.57%13.66%27.86%
Net Profit9862373536298-6272131141-163110
25.283.201.921.820.133.225.09-3.203.726.787.32-8.465.67

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
8602,7506,5932,1491,2562,2022,4672,3952,1532,5692,637
7801,0511,9352,1551,3151,6741,8482,0111,8922,1642,416
Operating Profit801,6994,658-6-59527620384261405221
OPM %9.33%61.77%70.66%-0.27%-4.71%23.95%25.11%16.03%12.12%15.76%8.37%
8351091441138010914212792274
Interest555618371172636393739
Depreciation747372727379102175201213210
Profit before Tax-411,6054,67729-31520600315148246306
Tax %-22.74%32.61%34.78%-82.24%17.75%24.89%24.14%26.55%31.46%26.66%28.57%
Net Profit-501,0813,05053-25391456232101181218
EPS-12.52270.61763.6013.83-6.56101.20118.0259.995.259.36—
Dividend Payout %0.00%29.56%10.12%180.79%-45.77%39.53%36.01%37.50%34.29%36.31%—

COMPOUNDED SALES GROWTH

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

COMPOUNDED PROFIT GROWTH

10 Years:
—
5 Years:
—
3 Years:
-27%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:
22%
5 Years:
7%
3 Years:
4%
Last Year:
4%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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
8321,7693,6803,3843,3603,7384,0394,1064,1214,265
6863006695975981,334746625591799
Trade Payables86246380134257448412425398388
127285301196-106-260253222197203
Total Liabilities1,7722,6405,0704,3504,1485,2995,4885,4175,3465,694
8858307857416917551,3561,7761,8941,742
Capital Work in Progress12191013736964721942143
1501498671,1561,2611,0346649961,2311,637
2585111,3081,0055819781,4401,1941,2551,134
0000000508440499
Cash & Bank8855743755160268238311868
4701,1411,5349096911,234875365386571
Total Assets1,7722,6405,0704,3504,1485,2995,4885,4175,3465,694

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
1671,1173,115842718-12262615319355
Cash from Investing-1-9-676-275-417-183-31-205-246-453
Cash from Financing-153-588-788-460-310344-100-324-15997
3-3244-1120-1786-87-2

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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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