Minerva Capital Research Solutions

HEG

NSE: HEGAMBSE: 509631
Compare with peers
₹ 228.10▲ 13.3 (+6.19%)28 Oct, 03:29 pm IST
Market cap
₹ 3,848 Cr.
P/E
18.5x
P/B
0.83x
52-week range
191.71 – 256.47
ROE
7%
ROCE
8%
Dividend yield
1.7%
Debt / equity
0.17
Sector
Industrial Products
Industry
Electrodes & Refractories
Listed on
NSE, BSE

About

HEG Limited is an India-based manufacturer and exporter of graphite electrodes in India and operates a single-site integrated graphite electrodes plant. It also operates thermal and hydro power generation facilities with a total capacity of about 76.5 megawatts (MW). The Company's segments include Graphite electrodes and Power. The Graphite segment comprises the manufacturing of graphite electrodes and has facilities for production of graphite electrodes and graphite specialties. The Power Segment comprises of generation of power for sale. Also it comprised of two Thermal Power Plants having total capacity of 63 MW at Mandideep, Bhopal (Madhya Pradesh) and a Hydro Power Plant having capacity of 13.5 MW at Tawa Nagar, District Hoshangabad (Madhya Pradesh). Its wholly owned subsidiary, TACC Limited, HEG Graphite Limited, Bhilwara Infotechnology Limited.

Quick check

The five things to look at first. Open one for more.

Compared with its industry

Electrodes & Refractories: 16 companies →

HEG against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.

  • Valuation (P/E)18.5 against a typical 28.7: cheaper than most peers (1st = cheapest).7th of 16
  • Sales growth+11.1% against a typical +5.7% from a year earlier.6th of 14
  • Profit growth+16.2% against a typical +55.8% from a year earlier.10th of 14
  • Size₹ 3,848 Cr. market value against a typical ₹ 971.8 Cr. (1st = largest).5th of 15

Latest announcements

Exchange filings and their impact on the company.

  • 15 Oct 2026UpdatesLow impactPositivePrice −1% on 16 Oct
    FY20-21 GST proceedings against group company dropped with no payout.

    HEG Advanced Materials said the GST authority has dropped proceedings under Section 74 of the CGST/MPGST Acts against HEG Limited, the resulting company under the composite scheme, for FY 2020-21. The order dated October 15, 2026 was passed on the basis of information on record and mentions no tax demand, interest or penalty. It removes a potential tax overhang but has no disclosed financial impact.

    Filing

Credit ratings

Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates

High safety

Rated AA- by India Ratings
AA-
DefaultRiskyModerateSafeVery safe
  • No warnings from the agency.
AgencyCurrent ratingOutlookAs of
India RatingsIND AA-; IND A1+Rating Watch27 May 2026
Credit rating actions
RatingDetails
27 May 2026
Rating action
IND AA-—India Ratings₹ 1,600 Cr.

Board meetings

Results dates and other board meetings. Full calendar

Details
3 Nov 2026UpcomingFinancial Results/Fund Raising/Other business mattersTo consider and approve the financial results for the period ended September 30, 2026, Implementation of HEG Advanced Materials Limited - Employee Stock Option Plan 2026 and other business matters
22 Jul 2026Financial ResultsTo consider and approve the financial results for the period ended Jun 30, 2026
29 Apr 2026Financial Results/DividendTo consider and approve the financial results for the period ended March 31, 2026 and dividend
10 Feb 2026Financial ResultsTo consider and approve the financial results for the period ended December 31, 2025
10 Nov 2025Financial ResultsTo consider and approve the financial results for the Quarter and Half Year ended September 30, 2025
30 Jul 2025Financial ResultsTo consider and approve the financial results for the period ended Jun 30, 2025
19 May 2025Financial Results/DividendTo consider and approve the financial results for the period ended March 31, 2025 and dividend

Share price

1Y change −8.21%
0 of 1 filing day came with a big price move
Volume (shares)Price (₹)
Close price

Financials

Consolidated figures in ₹ crore.

Quarterly results
₹ Cr.Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales614562547571568478537613699656603681
Expenses512476506533471411598507581513752530
Operating Profit1028741399767−61106118143−148151
OPM %17%15%8%7%17%14%−11%17%17%22%−25%22%
Other Income633064416311243821201677274
Interest9109899128991110
Depreciation384750484851555354545350
Profit before tax118594624103119−85126175246−140165
Tax %18%27%29%3%20%30%−13%17%18%16%−19%26%
Net Profit964433238283−74105143207−114122
EPS in Rs4.972.261.711.194.264.32−3.825.437.4310.73−5.96.34

Growth and returns

Compounded yearly rates over each period.

Compounded Sales Growth
10 Years
11%
5 Years
15%
3 Years
1%
TTM
20%
Compounded Profit Growth
10 Years
63%
5 Years
46%
3 Years
−14%
TTM
80%
Stock Price CAGR
10 Years
36%
5 Years
10%
3 Years
26%
TTM
—
Return on Equity
10 Years
17%
5 Years
8%
3 Years
6%
TTM
—

Shareholding

Latest: Jun 2026.

Promoters
56.27%
+0.5 pts in a year
FIIs
8.47%
+1.18 pts in a year
DIIs
9.27%
−2.33 pts in a year
Public
25.97%
+0.64 pts in a year

P/E and EPS over time

Daily P/E and trailing 12-month EPS. EPS updates with each result.

P/E 18.5xEPS (12 months) ₹ 18.35Median P/E 3.9x
P/E (times)EPS (₹)

Peers

Listed companies in the same business.

Peer comparison
HEG₹ 228.10₹ 3,848 Cr.18.5x0.8x7%—
ABB India₹ 6,140.00₹ 1,29,936 Cr.95.2x20.3x—11.6%
Hitachi Energy India₹ 26,250.00₹ 1,17,002 Cr.139x27.6x21%12.1%
CG Power and Industrial Solutions₹ 814.95₹ 1,24,592 Cr.114.8x17.9x20.4%9.6%
Polycab India₹ 7,415.00₹ 1,11,738 Cr.50x11.1x25.4%9.3%
Siemens₹ 3,250.00₹ 1,15,739 Cr.—9.4x11.7%8.5%

Management

Ravi Jhunjhunwala
Executive Chairman of the Board, Chief Executive Officer, Managing Director
Puneet Anand
President and Group Chief Strategy Office
Ravi Kant Tripathi
Chief Financial Officer
Vivek Chaudhary
Compliance Officer, Company Secretary
Manish Gulati
Executive Director, Chief Sustainability Officer

Prices are delayed and for information only. Nothing on this page is investment advice.