HEG Advanced Materials Ltd

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HEG Advanced Materials Ltd

₹ 293 -0.17%
08 Nov - close price
hegadvancedmaterials.com BSE: 509631 NSE: HEGAM
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 ₹ 9,697 Cr.
  • Current Price ₹ 293
  • High / Low ₹ 318 / 172
  • Stock P/E 26.8
  • Book Value ₹ 76.0
  • Dividend Yield 1.16 %
  • ROCE 8.35 %
  • ROE 7.42 %
  • Face Value ₹ 2.00
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Pros

  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 25.8%
  • Promoter holding has increased by 4.45% over last quarter.

Cons

  • Stock is trading at 3.86 times its book value
  • Company has a low return on equity of 5.73% over last 3 years.
  • Company might be capitalizing the interest cost
  • Earnings include an other income of Rs.576 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 BSE Industrials BSE 250 SmallCap Index BSE 400 MidSmallCap Index

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026 Sep 2026
614 562 547 571 568 478 537 613 176 656 603 296 430
512 476 506 533 471 411 598 507 97 513 752 199 234
Operating Profit 102 87 41 39 97 67 -61 106 78 143 -148 97 196
OPM % 17% 15% 8% 7% 17% 14% -11% 17% 45% 22% -25% 33% 46%
63 30 64 41 63 112 43 82 174 167 72 123 214
Interest 9 10 9 8 9 9 12 8 1 9 11 19 20
Depreciation 38 47 50 48 48 51 55 53 13 54 53 14 15
Profit before tax 118 59 46 24 103 119 -85 126 239 246 -140 187 376
Tax % 18% 27% 29% 3% 20% 30% -13% 17% 19% 16% -19% 17% 19%
96 44 33 23 82 83 -74 105 193 207 -114 155 306
EPS in Rs 4.97 2.26 1.71 1.19 4.26 4.32 -3.82 5.43 7.83 10.72 -5.89 8.23 9.30
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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 1,985
1,046 733 778 1,027 1,930 2,150 1,308 1,670 1,844 2,011 1,891 2,169 1,697
Operating Profit 182 137 81 1,721 4,662 -5 -53 530 619 382 260 399 287
OPM % 15% 16% 9% 63% 71% -0.2% -4.2% 24% 25% 16% 12% 16% 14%
15 4 7 12 106 143 114 117 187 223 141 259 576
Interest 77 60 55 56 18 37 11 7 26 36 39 37 59
Depreciation 75 79 74 73 72 72 73 79 102 175 201 213 135
Profit before tax 44 1 -41 1,605 4,677 29 -23 560 677 395 162 408 669
Tax % 12% 886% 23% 33% 35% -82% -23% 23% 21% 21% 29% 16%
36 4 -44 1,099 3,026 68 -18 431 532 312 115 341 555
EPS in Rs 1.82 0.22 -2.20 54.97 156.80 3.50 -0.93 22.33 27.59 16.15 5.96 17.69 22.36
Dividend Payout % 33% 0% 0% 29% 10% 143% -65% 36% 31% 28% 30% 19%
Compounded Sales Growth
10 Years: 11%
5 Years: 15%
3 Years: 1%
TTM: 10%
Compounded Profit Growth
10 Years: 63%
5 Years: 46%
3 Years: -14%
TTM: 115%
Stock Price CAGR
10 Years: 37%
5 Years: 14%
3 Years: 36%
1 Year: 46%
Return on Equity
10 Years: 17%
5 Years: 8%
3 Years: 6%
Last Year: 7%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 Sep 2026
Equity Capital 40 40 40 40 39 39 39 39 39 39 39 39 66
Reserves 974 956 913 1,868 3,755 3,473 3,456 3,875 4,242 4,387 4,415 4,719 2,439
917 782 684 297 667 594 298 665 743 623 588 796 1,135
315 176 216 534 684 332 451 730 668 653 607 612 796
Total Liabilities 2,246 1,953 1,853 2,739 5,144 4,438 4,244 5,308 5,692 5,701 5,648 6,166 4,436
907 932 889 833 788 745 694 763 1,363 1,816 1,938 1,788 1,305
CWIP 108 27 1 2 19 101 373 696 472 212 71 224 670
Investments 223 227 231 248 942 1,245 1,358 1,171 859 1,200 1,400 1,478 173
1,009 767 732 1,656 3,396 2,348 1,819 2,678 2,998 2,474 2,238 2,676 2,289
Total Assets 2,246 1,953 1,853 2,739 5,144 4,438 4,244 5,308 5,692 5,701 5,648 6,166 4,436

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

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 -141 113 612 280 213
-83 -29 -1 -9 -676 -275 -417 -183 -21 -184 -207 -320
-202 -219 -153 -588 -788 -460 -310 344 -100 -324 -159 97
Net Cash Flow -8 1 3 -3 24 4 -11 20 -8 104 -86 -10
Free Cash Flow 249 218 154 580 1,441 503 460 -499 -364 244 102 -35
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit 155% 188% 205% 65% 67% -17,020% -1,349% -2% 42% 169% 125% 59%

Ratios

Consolidated / View Standalone

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 30 116 197 164 135 161 138
Cash Conversion Cycle 282 428 297 332 370 264 230 331 483 321 421 323
Working Capital Days 13 -7 -3 120 86 134 93 75 107 111 141 132
ROCE % 6% 3% 1% 86% 139% -0% -2% 14% 15% 9% 4% 8%

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Shareholding Pattern

Numbers in percentages

3 Recently
Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
55.77% 55.77% 55.77% 55.77% 55.77% 55.77% 55.77% 55.77% 56.13% 56.27% 56.27% 60.72%
6.85% 6.86% 6.06% 6.93% 7.07% 7.18% 7.29% 7.97% 8.52% 10.23% 8.47% 3.61%
8.85% 10.38% 13.08% 12.79% 12.09% 11.65% 11.60% 11.99% 12.15% 8.63% 9.27% 12.96%
28.51% 26.98% 25.08% 24.51% 25.04% 25.38% 25.33% 24.27% 23.20% 24.86% 25.97% 22.69%
No. of Shareholders 1,32,6621,29,9051,19,3991,18,4711,52,1661,53,0631,48,0361,41,5761,32,3141,37,6751,39,6011,50,544

* 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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