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Consolidated Standalone

HEG

₹2394.5 20.2 | 0.9%

Market Cap ₹9242 Cr.

Stock P/E 24.4

P/B 2.1

Current Price ₹2394.5

Book Value ₹ 1136.4

Face Value 10

52W High ₹2557.3

Dividend Yield 1.77%

52W Low ₹ 1111.8

Edit Ratio

HEG Research see more...

Overview Inc. Year: 1972Industry: Electrodes & Welding Equipment

HEG Ltd is engaged in manufacturing and exporting graphite electrodes. The Company's segments include Graphite electrodes (along with other carbon products) and Power. The Graphite electrodes are used in steelmaking via the Electric Arc Furnace (EAF) course that is in metallic making about 1.5-2.0 kg of graphite electrode. The Power generation is made out of two thermal electricity plants and a hydroelectric power facility for its graphite electrode. It also operates three power generation facilities with a total rated capacity of over 77 megawatt (MW). Its energy plants are positioned in Tawanagar, District Hoshangabad, Madhya Pradesh, and it additionally operates about 12.8-MW waste heat recovery power plant in District Durg, Chhattisgarh.

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HEG Share Price

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Peer Comparison

HEG Quarterly Results

#(Fig in Cr.) Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
Net Sales 518 597 673 722 598 530 617 671 614 562
Other Income 25 15 17 21 20 37 31 26 28 23
Total Income 543 612 690 743 618 567 648 698 642 586
Total Expenditure 376 441 516 538 419 398 493 520 512 476
Operating Profit 167 171 174 205 198 169 155 177 130 110
Interest 1 4 1 4 7 8 7 9 9 10
Depreciation 18 21 21 21 23 25 33 38 38 47
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 148 146 152 180 168 136 114 130 83 53
Provision for Tax 35 37 39 47 38 34 25 33 22 16
Profit After Tax 113 109 113 134 130 102 89 97 61 37
Adjustments 19 5 16 25 39 3 11 42 35 7
Profit After Adjustments 132 113 129 159 169 105 100 139 96 44
Adjusted Earnings Per Share 34.1 29.4 33.5 41.2 43.8 27.1 25.8 36 24.9 11.3

HEG Profit & Loss

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
Net Sales 1623 1467 1233 870 860 2750 6593 2149 1256 2202 2467 2464
Other Income 14 22 15 8 8 35 109 144 113 80 109 108
Total Income 1636 1489 1248 877 868 2785 6702 2293 1369 2281 2576 2574
Total Expenditure 1330 1221 1051 737 780 1051 1935 2155 1315 1674 1849 2001
Operating Profit 307 268 197 141 88 1734 4767 138 54 607 728 572
Interest 64 72 77 60 55 56 18 37 11 7 26 35
Depreciation 63 73 75 79 74 73 72 72 73 79 102 156
Exceptional Income / Expenses -55 -25 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 125 97 44 1 -41 1605 4677 29 -23 560 677 380
Provision for Tax 19 11 5 9 9 523 1627 -24 -5 129 145 96
Profit After Tax 106 87 39 -8 -50 1081 3050 53 -18 431 532 284
Adjustments -5 -6 -3 12 6 18 -24 14 0 0 0 95
Profit After Adjustments 100 81 36 4 -44 1099 3026 68 -18 431 532 379
Adjusted Earnings Per Share 25.1 20.2 9.1 1.1 -11 275.1 784.1 17.5 -4.6 111.7 137.9 98

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 12% 5% -2% 4%
Operating Profit CAGR 20% 74% -16% 9%
PAT CAGR 23% 116% -13% 18%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 98% 1% 8% 27%
ROE Average 13% 8% 27% 21%
ROCE Average 15% 9% 34% 26%

HEG Balance Sheet

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Shareholder's Funds 945 1000 1014 996 953 1908 3794 3512 3495 3914 4281
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 360 169 252 157 136 0 0 0 0 0 0
Other Non-Current Liabilities 361 394 409 311 67 125 133 110 105 107 95
Total Current Liabilities 1329 1258 887 745 698 706 1218 817 644 1415 1463
Total Liabilities 2995 2820 2562 2209 1853 2739 5144 4438 4244 5436 5839
Fixed Assets 718 941 907 932 885 830 785 741 691 755 1356
Other Non-Current Assets 781 677 721 542 267 295 924 1638 1480 1546 1484
Total Current Assets 1495 1203 935 735 700 1615 3436 2059 2074 3135 2999
Total Assets 2995 2820 2562 2209 1853 2739 5144 4438 4244 5436 5839

HEG Cash Flow

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Opening Cash & Cash Equivalents 18 15 12 4 5 8 5 29 33 21 41
Cash Flow from Operating Activities 115 773 276 249 157 594 1488 739 716 -141 113
Cash Flow from Investing Activities -145 -294 -83 -29 -1 -9 -676 -275 -417 -183 -21
Cash Flow from Financing Activities 26 -482 -202 -219 -153 -588 -788 -460 -310 344 -100
Net Cash Inflow / Outflow -3 -3 -8 1 3 -3 24 4 -11 20 -8
Closing Cash & Cash Equivalent 15 12 4 5 8 5 29 33 21 41 33

HEG Ratios

# Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Earnings Per Share (Rs) 25.13 20.2 9.12 1.1 -11.03 275.12 784.07 17.52 -4.65 111.68 137.95
CEPS(Rs) 42.15 39.86 28.62 17.96 5.97 288.77 809.12 32.52 14.3 132.23 164.45
DPS(Rs) 8 6 3 0 0 80 80 25 3 40 42.5
Book NAV/Share(Rs) 236.51 250.24 253.76 249.22 238.38 477.37 982.93 909.88 905.57 1014.01 1109.18
Core EBITDA Margin(%) 15.68 14.5 12.39 12.06 7.38 61.58 70.66 -0.27 -4.71 23.94 25.02
EBIT Margin(%) 10.1 10.01 8.28 5.56 1.28 60.22 71.21 3.06 -0.96 25.79 28.46
Pre Tax Margin(%) 6.7 5.74 3.02 0.09 -3.75 58.18 70.94 1.36 -1.86 25.45 27.41
PAT Margin (%) 5.66 5.11 2.66 -0.69 -4.6 39.2 46.27 2.48 -1.43 19.57 21.54
Cash Profit Margin (%) 9.01 9.39 7.8 6.51 2.2 41.83 47.37 5.84 4.39 23.17 25.68
ROA(%) 3.72 2.98 1.45 -0.32 -2.46 47.1 77.39 1.11 -0.41 8.91 9.44
ROE(%) 11.79 8.91 3.87 -0.75 -5.14 75.62 107.01 1.46 -0.51 11.64 12.99
ROCE(%) 8.47 7.77 6.14 3.3 0.82 86.49 140.89 1.54 -0.3 13.57 14.66
Receivable days 106.34 120.75 115.7 119.91 114.02 88.22 59.78 134.71 99.97 72.81 79.63
Inventory Days 119.73 118.52 111.54 128.05 105.58 50.89 50.38 196.47 230.14 129.14 178.56
Payable days 74.67 131.71 158.55 156.7 103.39 213.89 102.44 57.82 88.13 155.24 171.47
PER(x) 6.8 9.96 23.89 126.04 0 11.56 2.67 27.67 0 12.3 6.67
Price/Book(x) 0.72 0.8 0.86 0.56 0.93 6.66 2.13 0.53 1.62 1.36 0.83
Dividend Yield(%) 4.68 2.98 1.38 0 0 2.51 3.82 5.16 0.2 2.91 4.62
EV/Net Sales(x) 1.27 1.24 1.45 1.53 1.82 4.73 1.24 0.94 4.3 2.44 1.46
EV/Core EBITDA(x) 6.73 6.79 9.06 9.48 17.82 7.5 1.72 14.69 100.45 8.84 4.95
Net Sales Growth(%) 13.9 -9.6 -15.94 -29.48 -1.09 219.76 139.73 -67.4 -41.54 75.26 12.07
EBIT Growth(%) 75.17 -10.13 -28.45 -49.55 -77.24 0 182.64 -98.6 -118.28 4821.62 23.85
PAT Growth(%) 69.76 -18.13 -54.98 -119.36 -562.88 2260.73 182.1 -98.25 -133.61 2502.94 23.52
EPS Growth(%) 75.47 -19.62 -54.87 -87.88 -1098.95 2593.71 185 -97.77 -126.52 2502.96 23.52
Debt/Equity(x) 1.48 1.03 0.9 0.78 0.72 0.16 0.18 0.17 0.08 0.17 0.17
Current Ratio(x) 1.13 0.96 1.05 0.99 1 2.29 2.82 2.52 3.22 2.22 2.05
Quick Ratio(x) 0.67 0.56 0.6 0.49 0.63 1.56 1.75 1.29 2.32 1.52 1.07
Interest Cover(x) 2.97 2.35 1.57 1.02 0.25 29.42 261.29 1.8 -1.06 75.85 27.04
Total Debt/Mcap(x) 2.04 1.28 1.05 1.41 0.77 0.02 0.08 0.32 0.05 0.13 0.21

HEG Shareholding Pattern

# Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Promoter 55.13 55.13 55.13 55.13 55.13 55.78 55.78 55.78 55.78 55.78
FII 13.38 8.9 6.81 5.68 4.98 6.25 6.73 6.81 6.86 6.86
DII 7.5 8.2 8.45 8.52 6.68 6.26 7.43 7.21 8.86 10.38
Public 23.99 27.77 29.61 30.68 33.22 31.71 30.06 30.2 28.51 26.98
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Company is almost debt free.

Cons

  • Company has a low return on equity of 8% over the last 3 years.
  • Debtor days have increased from 155.24 to 171.47days.
  • The company has delivered a poor profit growth of -13% over past five years.

* 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.

HEG News

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