HEG Ltd.
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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 GENERATEDCapital Goods
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.
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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| GRAPHITE | 824.20 | 75.60 | 16102.86 | 0.85 | 171.00 | 28.57 | 842.00 | 26.62 | 4.39 | 17.10 |
| ESABINDIA | 5885.40 | 168.90 | 9059.41 | 1.27 | 56.14 | 37.13 | 421.12 | 19.63 | 69.97 | 18.80 |
| HEG | 237.65 | 12.78 | 4586.11 | 1.43 | 122.34 | 16.70 | 680.79 | 10.35 | 8.34 | 26.60 |
| ADOR | 1598.35 | 24.50 | 2781.58 | 1.44 | 27.60 | 798.73 | 309.46 | 22.88 | 22.31 | 11.54 |
| DIFFNKG | 450.35 | 30.79 | 1685.49 | 0.33 | 16.68 | 35.97 | 110.11 | 36.49 | 16.27 | 16.90 |
| DENORA | 794.50 | 34.58 | 421.77 | 0.50 | 6.39 | 96.62 | 35.27 | -15.96 | 9.67 | 16.14 |
| PANCARBON | 432.90 | 10.82 | 207.79 | 2.77 | 42.57 | 575.93 | 111.01 | 599.06 | 16.80 | 23.34 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 671 | 614 | 562 | 547 | 571 | 568 | 478 | 537 | 617 | 699 | 656 | 603 | 681 | |
| 520 | 512 | 476 | 504 | 533 | 471 | 399 | 587 | 512 | 581 | 514 | 752 | 590 | |
| Operating Profit | 151 | 102 | 87 | 43 | 39 | 97 | 80 | -51 | 105 | 118 | 142 | -148 | 91 |
| 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% |
| 26 | 28 | 23 | 64 | 20 | 43 | 112 | 48 | 67 | 112 | 102 | 40 | 44 | |
| 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 |
| Profit before Tax | 130 | 83 | 53 | 48 | 3 | 82 | 132 | -69 | 111 | 168 | 181 | -172 | 165 |
| 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 Profit | 0 | 0 | 0 | 0 | 230 | 82 | 83 | -74 | 105 | 143 | 207 | -114 | 122 |
| 36.05 | 4.97 | 2.26 | 1.71 | 1.19 | 4.26 | 4.32 | -3.57 | 5.43 | 7.43 | 10.72 | -6.16 | 6.34 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 860 | 2,750 | 6,593 | 2,149 | 1,256 | 2,202 | 2,467 | 2,395 | 2,153 | 2,569 | 2,640 | |
| 780 | 1,051 | 1,935 | 2,155 | 1,315 | 1,674 | 1,849 | 2,012 | 1,893 | 2,170 | 2,436 | |
| Operating Profit | 80 | 1,699 | 4,658 | -6 | -59 | 527 | 618 | 382 | 260 | 398 | 203 |
| OPM % | 9.33% | 61.77% | 70.66% | -0.27% | -4.71% | 23.95% | 25.06% | 15.97% | 12.07% | 15.51% | 7.71% |
| 8 | 35 | 109 | 144 | 113 | 80 | 109 | 142 | 128 | 141 | 298 | |
| Interest | 55 | 56 | 18 | 37 | 11 | 7 | 26 | 36 | 39 | 37 | 39 |
| Depreciation | 74 | 73 | 72 | 72 | 73 | 79 | 102 | 175 | 201 | 213 | 210 |
| Profit before Tax | -41 | 1,605 | 4,677 | 29 | -23 | 560 | 677 | 395 | 165 | 404 | 342 |
| 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 | -50 | 1,081 | 3,050 | 53 | -18 | 431 | 532 | 312 | 119 | 338 | 255 |
| EPS | -11.03 | 275.10 | 757.53 | 17.52 | -4.65 | 111.68 | 137.95 | 80.76 | 5.94 | 17.68 | — |
| 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
| 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 |
| 913 | 1,868 | 3,755 | 3,473 | 3,456 | 3,875 | 4,242 | 4,387 | 4,415 | 4,719 | |
| 686 | 300 | 669 | 597 | 598 | 1,334 | 746 | 626 | 592 | 801 | |
| Trade Payables | 86 | 246 | 380 | 134 | 257 | 448 | 412 | 425 | 399 | 401 |
| 127 | 285 | 301 | 196 | -106 | -260 | 253 | 224 | 203 | 206 | |
| Total Liabilities | 1,853 | 2,739 | 5,144 | 4,438 | 4,244 | 5,436 | 5,692 | 5,701 | 5,648 | 6,166 |
| 885 | 830 | 785 | 741 | 691 | 755 | 1,356 | 1,809 | 1,932 | 1,782 | |
| Capital Work in Progress | 1 | 2 | 19 | 101 | 373 | 696 | 472 | 212 | 71 | 224 |
| 231 | 248 | 942 | 1,245 | 1,358 | 1,171 | 859 | 1,200 | 1,400 | 1,478 | |
| 258 | 511 | 1,308 | 1,005 | 581 | 978 | 1,440 | 1,194 | 1,255 | 1,134 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 508 | 445 | 500 | |
| Cash & Bank | 8 | 8 | 557 | 437 | 551 | 602 | 690 | 410 | 147 | 250 |
| 470 | 1,141 | 1,534 | 909 | 691 | 1,234 | 875 | 368 | 399 | 799 | |
| Total Assets | 1,853 | 2,739 | 5,144 | 4,438 | 4,244 | 5,436 | 5,692 | 5,701 | 5,648 | 6,166 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 167 | 1,117 | 3,115 | 842 | 718 | -12 | 261 | 612 | 280 | 213 | |
| Cash from Investing | -1 | -9 | -676 | -275 | -417 | -183 | -21 | -184 | -208 | -320 |
| Cash from Financing | -153 | -588 | -788 | -460 | -310 | 344 | -100 | -324 | -159 | 97 |
| 3 | -3 | 24 | 4 | -11 | 20 | -8 | 104 | -88 | -10 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-10 - HEG Limited has informed the Exchange about Schedule of meet
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 - HEG Limited has informed the Exchange regarding 'change in the Company's website from www.hegltd.com to www.hegadvancedmaterials.com
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 - HEG Limited has informed the Exchange about Assignment of ESG Score by NSE Sustainability Ratings & Analytics Limited
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 - HEG Limited has informed the Exchange about Schedule of meet
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 - HEG Limited has informed the Exchange about Resignation of Director/KMP/SMP
News
Recent coverage and analyst commentary for HEG
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