HEG Ltd

HEG Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

HEG Ltd

₹ 666 1.30%
03 Aug 4:01 p.m.
hegltd.com BSE: 509631 NSE: HEG
About

HEG Ltd is a leading manufacturer and exporter of graphite electrodes in India. It operates the largest single-site integrated graphite electrodes plant in the world.[1]

It is a part of LNJ Bhilwara Group which also has presence across IT Enabled services, power generation & textiles.[2]

Key Points

Product Offerings
The company produces graphite electrodes (GE), a key consumable for Electric Arc Furnaces (EAF) in steel manufacturing. It offers GE in various grades, including ultra-high power (UHP), high power (HP), and super-high power (SHP), with different lengths and diameters. The high-tech industry has significant entry barriers, with HEG being the most recent global entrant in 1976. [1] [2]

Website BSE NSE
  • Market Cap ₹ 12,848 Cr.
  • Current Price ₹ 666
  • High / Low ₹ 690 / 460
  • Stock P/E 58.8
  • Book Value ₹ 223
  • Dividend Yield 0.51 %
  • ROCE 6.04 %
  • ROE 4.50 %
  • Face Value ₹ 2.00
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Pros

  • Company has been maintaining a healthy dividend payout of 36.0%

Cons

  • Stock is trading at 2.98 times its book value
  • Company has a low return on equity of 4.50% over last 3 years.
  • Earnings include an other income of Rs.274 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Capital Goods Industrial Products Electrodes & Refractories

Part of BSE 500 Nifty 500 Nifty500 Shariah BSE Industrials BSE 250 SmallCap Index

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

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
671 614 562 547 571 568 477 537 613 697 656 603 681
520 512 476 504 533 471 397 585 507 578 513 746 520
Operating Profit 151 102 87 43 39 97 80 -49 106 119 143 -142 161
OPM % 23% 17% 15% 8% 7% 17% 17% -9% 17% 17% 22% -24% 24%
26 28 23 64 20 43 113 44 48 107 101 17 50
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 49 3 82 134 -72 92 163 180 -189 152
Tax % 25% 26% 30% 28% 21% 25% 26% -14% 22% 20% 22% -14% 28%
98 62 37 35 3 62 98 -62 72 131 141 -163 110
EPS in Rs 5.05 3.20 1.92 1.82 0.13 3.22 5.09 -3.20 3.72 6.78 7.32 -8.46 5.67
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
1,228 870 859 2,748 6,591 2,145 1,254 2,201 2,463 2,393 2,151 2,568 2,637
1,046 733 778 1,027 1,930 2,150 1,308 1,670 1,843 2,009 1,830 2,150 2,356
Operating Profit 182 137 81 1,721 4,662 -5 -53 530 620 384 321 419 280
OPM % 15% 16% 9% 63% 71% -0.2% -4.2% 24% 25% 16% 15% 16% 11%
15 4 7 12 106 143 107 77 109 142 67 78 274
Interest 77 60 55 56 18 37 11 7 26 36 39 37 39
Depreciation 75 79 74 73 72 72 73 79 102 175 201 213 210
Profit before tax 44 1 -41 1,605 4,677 29 -31 520 600 315 148 246 306
Tax % 12% 886% 23% 33% 35% -82% -18% 25% 24% 27% 31% 27%
39 -8 -50 1,081 3,050 53 -25 391 456 232 101 181 218
EPS in Rs 1.95 -0.38 -2.51 54.12 158.05 2.77 -1.31 20.24 23.60 12.00 5.25 9.36 11.31
Dividend Payout % 31% 0% 0% 30% 10% 181% -46% 40% 36% 38% 34% 36%
Compounded Sales Growth
10 Years: 11%
5 Years: 15%
3 Years: 1%
TTM: 20%
Compounded Profit Growth
10 Years: 36%
5 Years: 64%
3 Years: -25%
TTM: 28%
Stock Price CAGR
10 Years: 34%
5 Years: 7%
3 Years: 23%
1 Year: 25%
Return on Equity
10 Years: 17%
5 Years: 7%
3 Years: 5%
Last Year: 5%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 40 40 40 40 39 39 39 39 39 39 39 39
Reserves 901 881 832 1,769 3,680 3,384 3,360 3,738 4,039 4,106 4,121 4,265
917 782 684 297 667 594 298 665 743 621 586 794
315 176 216 534 684 332 451 730 668 651 600 596
Total Liabilities 2,173 1,878 1,772 2,640 5,070 4,350 4,148 5,171 5,488 5,417 5,346 5,694
907 932 889 833 788 745 694 763 1,363 1,782 1,901 1,748
CWIP 108 27 1 2 19 101 373 696 472 194 21 44
Investments 150 153 150 149 867 1,156 1,261 1,034 664 996 1,231 1,637
1,009 767 732 1,656 3,396 2,348 1,819 2,678 2,989 2,444 2,192 2,265
Total Assets 2,173 1,878 1,772 2,640 5,070 4,350 4,148 5,171 5,488 5,417 5,346 5,694

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
276 249 157 594 1,488 739 716 -141 114 615 319 355
-83 -29 -1 -9 -676 -275 -417 -183 -31 -205 -246 -453
-202 -219 -153 -588 -788 -460 -310 344 -100 -324 -159 97
Net Cash Flow -8 1 3 -3 24 4 -11 20 -17 86 -86 -2
Free Cash Flow 242 220 154 580 1,441 503 460 -499 -363 296 143 239
CFO/OP 155% 188% 205% 65% 67% -17,020% -1,349% -2% 42% 169% 114% 90%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 121 134 153 129 66 68 84 98 72 78 75 71
Inventory Days 238 342 216 391 428 226 262 431 574 379 507 389
Days Payable 76 48 73 188 124 30 116 197 164 135 161 133
Cash Conversion Cycle 282 428 297 332 370 264 230 331 483 321 420 327
Working Capital Days 13 -7 -3 120 86 235 93 75 107 111 139 110
ROCE % 6% 3% 1% 91% 143% -0% -0% 13% 14% 7% 5% 6%

Insights

In beta
Jan 2009 Jan 2012 Mar 2016 Mar 2017 Mar 2018 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 Jan 2028 (P)
Capacity Utilization
%

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Graphite Electrode Capacity
Tons
Sales Volume (Graphite Electrodes)
Tons
Ultra High Power (UHP) Product Mix
%
Export Share of Sales (GE Segmental)
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
55.77% 55.77% 55.77% 55.77% 55.77% 55.77% 55.77% 55.77% 55.77% 56.13% 56.27% 56.27%
6.81% 6.85% 6.86% 6.06% 6.93% 7.07% 7.18% 7.29% 7.97% 8.52% 10.23% 8.47%
7.21% 8.85% 10.38% 13.08% 12.79% 12.09% 11.65% 11.60% 11.99% 12.15% 8.63% 9.27%
30.21% 28.51% 26.98% 25.08% 24.51% 25.04% 25.38% 25.33% 24.27% 23.20% 24.86% 25.97%
No. of Shareholders 1,37,3421,32,6621,29,9051,19,3991,18,4711,52,1661,53,0631,48,0361,41,5761,32,3141,37,6751,39,601

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

Announcements

Annual reports

Credit ratings

Concalls