WEBSITE BSE:509631 NSE: HEG LIMITED Inc. Year: 1972 Industry: Electrodes & Welding Equipment My Bucket: Add Stock
Last updated: 15:59
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 megaw...Read More
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. ...Read Less
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Market Cap ₹12215 Cr.
Stock P/E 106.2
P/B 2.5
Current Price ₹633
Book Value ₹ 249.1
Face Value 2
52W High ₹672.2
Dividend Yield 0.28%
52W Low ₹ 416.2
Price goes above X
Price falls below X
PE goes above X
PE falls below X
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| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 614 | 562 | 547 | 571 | 568 | 478 | 542 | 617 | 699 | 656 |
| Other Income | 28 | 23 | 64 | 20 | 43 | 112 | 48 | 67 | 112 | 102 |
| Total Income | 642 | 586 | 611 | 592 | 611 | 590 | 590 | 684 | 812 | 758 |
| Total Expenditure | 512 | 476 | 504 | 533 | 471 | 399 | 598 | 512 | 581 | 514 |
| Operating Profit | 130 | 110 | 107 | 59 | 140 | 191 | -7 | 172 | 231 | 244 |
| Interest | 9 | 10 | 9 | 8 | 9 | 9 | 12 | 8 | 9 | 9 |
| Depreciation | 38 | 47 | 50 | 48 | 48 | 51 | 55 | 53 | 54 | 54 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 83 | 53 | 48 | 3 | 82 | 132 | -74 | 111 | 168 | 181 |
| Provision for Tax | 22 | 16 | 13 | 1 | 20 | 35 | -11 | 23 | 32 | 39 |
| Profit After Tax | 61 | 37 | 35 | 2 | 62 | 96 | -63 | 88 | 136 | 142 |
| Adjustments | 35 | 7 | -2 | 21 | 20 | -13 | -11 | 16 | 7 | 65 |
| Profit After Adjustments | 96 | 44 | 33 | 23 | 82 | 83 | -74 | 105 | 143 | 207 |
| Adjusted Earnings Per Share | 5 | 2.3 | 1.7 | 1.2 | 0.9 | 4.3 | -3.8 | 5.4 | 7.4 | 10.7 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 1233 | 870 | 860 | 2750 | 6593 | 2149 | 1256 | 2202 | 2467 | 2395 | 2160 | 2514 |
| Other Income | 15 | 8 | 8 | 35 | 109 | 144 | 113 | 80 | 109 | 142 | 128 | 329 |
| Total Income | 1248 | 877 | 868 | 2785 | 6702 | 2293 | 1369 | 2281 | 2576 | 2537 | 2287 | 2844 |
| Total Expenditure | 1051 | 737 | 780 | 1051 | 1935 | 2155 | 1315 | 1674 | 1849 | 2012 | 1905 | 2205 |
| Operating Profit | 197 | 141 | 88 | 1734 | 4767 | 138 | 54 | 607 | 728 | 524 | 383 | 640 |
| Interest | 77 | 60 | 55 | 56 | 18 | 37 | 11 | 7 | 26 | 36 | 39 | 38 |
| Depreciation | 75 | 79 | 74 | 73 | 72 | 72 | 73 | 79 | 102 | 175 | 201 | 216 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 44 | 1 | -41 | 1605 | 4677 | 29 | -23 | 560 | 677 | 395 | 160 | 386 |
| Provision for Tax | 5 | 9 | 9 | 523 | 1627 | -24 | -5 | 129 | 145 | 84 | 45 | 83 |
| Profit After Tax | 39 | -8 | -50 | 1081 | 3050 | 53 | -18 | 431 | 532 | 312 | 115 | 303 |
| Adjustments | -3 | 12 | 6 | 18 | -24 | 14 | 0 | 0 | 0 | 0 | 0 | 77 |
| Profit After Adjustments | 36 | 4 | -44 | 1099 | 3026 | 68 | -18 | 431 | 532 | 312 | 115 | 381 |
| Adjusted Earnings Per Share | 1.8 | 0.2 | -2.2 | 55 | 156.8 | 3.5 | -0.9 | 22.3 | 27.6 | 16.2 | 6 | 19.7 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -10% | -1% | 0% | 6% |
| Operating Profit CAGR | -27% | -14% | 23% | 7% |
| PAT CAGR | -63% | -36% | 17% | 11% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 32% | 46% | 10% | 36% |
| ROE Average | 3% | 8% | 7% | 20% |
| ROCE Average | 4% | 9% | 8% | 25% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 1014 | 996 | 953 | 1908 | 3794 | 3512 | 3495 | 3914 | 4281 | 4426 | 4454 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 252 | 157 | 136 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 409 | 311 | 67 | 125 | 133 | 110 | 105 | 107 | 95 | 108 | 109 |
| Total Current Liabilities | 887 | 745 | 698 | 706 | 1218 | 817 | 644 | 1415 | 1316 | 1168 | 1085 |
| Total Liabilities | 2562 | 2209 | 1853 | 2739 | 5144 | 4438 | 4244 | 5436 | 5692 | 5701 | 5648 |
| Fixed Assets | 907 | 932 | 885 | 830 | 785 | 741 | 691 | 755 | 1356 | 1809 | 1932 |
| Other Non-Current Assets | 721 | 542 | 267 | 295 | 924 | 1638 | 1480 | 1546 | 1484 | 1263 | 1260 |
| Total Current Assets | 935 | 735 | 700 | 1615 | 3436 | 2059 | 2074 | 3135 | 2852 | 2630 | 2457 |
| Total Assets | 2562 | 2209 | 1853 | 2739 | 5144 | 4438 | 4244 | 5436 | 5692 | 5701 | 5648 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 12 | 4 | 5 | 8 | 5 | 29 | 33 | 21 | 41 | 33 | 137 |
| Cash Flow from Operating Activities | 276 | 249 | 157 | 594 | 1488 | 739 | 716 | -141 | 113 | 612 | 280 |
| Cash Flow from Investing Activities | -83 | -29 | -1 | -9 | -676 | -275 | -417 | -183 | -21 | -184 | -208 |
| Cash Flow from Financing Activities | -202 | -219 | -153 | -588 | -788 | -460 | -310 | 344 | -100 | -324 | -159 |
| Net Cash Inflow / Outflow | -8 | 1 | 3 | -3 | 24 | 4 | -11 | 20 | -8 | 104 | -88 |
| Closing Cash & Cash Equivalent | 4 | 5 | 8 | 5 | 29 | 33 | 21 | 41 | 33 | 137 | 51 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 1.82 | 0.22 | -2.21 | 55.02 | 156.81 | 3.5 | -0.93 | 22.34 | 27.59 | 16.15 | 5.96 |
| CEPS(Rs) | 5.72 | 3.59 | 1.19 | 57.75 | 161.82 | 6.5 | 2.86 | 26.45 | 32.89 | 25.2 | 16.36 |
| DPS(Rs) | 0.6 | 0 | 0 | 16 | 16 | 5 | 0.6 | 8 | 8.5 | 4.5 | 1.8 |
| Book NAV/Share(Rs) | 50.75 | 49.84 | 47.68 | 95.47 | 196.59 | 181.98 | 181.11 | 202.8 | 221.84 | 229.35 | 230.79 |
| Core EBITDA Margin(%) | 12.39 | 12.06 | 7.38 | 61.58 | 70.66 | -0.27 | -4.71 | 23.94 | 25.02 | 15.93 | 11.72 |
| EBIT Margin(%) | 8.28 | 5.56 | 1.28 | 60.22 | 71.21 | 3.06 | -0.96 | 25.79 | 28.46 | 17.95 | 9.17 |
| Pre Tax Margin(%) | 3.02 | 0.09 | -3.75 | 58.18 | 70.94 | 1.36 | -1.86 | 25.45 | 27.41 | 16.46 | 7.37 |
| PAT Margin (%) | 2.66 | -0.69 | -4.6 | 39.2 | 46.27 | 2.48 | -1.43 | 19.57 | 21.54 | 12.98 | 5.28 |
| Cash Profit Margin (%) | 7.8 | 6.51 | 2.2 | 41.83 | 47.37 | 5.84 | 4.39 | 23.17 | 25.68 | 20.25 | 14.5 |
| ROA(%) | 1.45 | -0.32 | -2.46 | 47.1 | 77.39 | 1.11 | -0.41 | 8.91 | 9.57 | 5.47 | 2.03 |
| ROE(%) | 3.87 | -0.75 | -5.14 | 75.62 | 107.01 | 1.46 | -0.51 | 11.64 | 12.99 | 7.16 | 2.59 |
| ROCE(%) | 6.14 | 3.3 | 0.82 | 86.49 | 140.89 | 1.54 | -0.3 | 13.57 | 14.66 | 8.56 | 3.96 |
| Receivable days | 115.7 | 119.91 | 114.02 | 88.22 | 59.78 | 134.71 | 99.97 | 72.81 | 79.63 | 75.8 | 79.87 |
| Inventory Days | 111.54 | 128.05 | 105.58 | 50.89 | 50.38 | 196.47 | 230.14 | 129.14 | 178.56 | 200.2 | 205.25 |
| Payable days | 158.55 | 156.7 | 103.39 | 213.89 | 102.44 | 57.82 | 88.13 | 155.15 | 171.39 | 132.71 | 166.51 |
| PER(x) | 23.89 | 126.04 | 0 | 11.56 | 2.67 | 27.67 | 0 | 12.3 | 6.67 | 22.83 | 81.13 |
| Price/Book(x) | 0.86 | 0.56 | 0.93 | 6.66 | 2.13 | 0.53 | 1.62 | 1.36 | 0.83 | 1.61 | 2.1 |
| Dividend Yield(%) | 1.38 | 0 | 0 | 2.51 | 3.82 | 5.16 | 0.2 | 2.91 | 4.62 | 1.22 | 0.37 |
| EV/Net Sales(x) | 1.45 | 1.53 | 1.82 | 4.73 | 1.24 | 0.94 | 4.3 | 2.44 | 1.46 | 3.06 | 4.52 |
| EV/Core EBITDA(x) | 9.06 | 9.48 | 17.82 | 7.5 | 1.72 | 14.69 | 100.45 | 8.84 | 4.95 | 13.98 | 25.54 |
| Net Sales Growth(%) | -15.94 | -29.48 | -1.09 | 219.76 | 139.73 | -67.4 | -41.54 | 75.26 | 12.07 | -2.93 | -9.82 |
| EBIT Growth(%) | -28.45 | -49.55 | -77.24 | 0 | 182.64 | -98.6 | -118.28 | 4821.62 | 23.85 | -38.71 | -53.71 |
| PAT Growth(%) | -54.98 | -119.36 | -562.88 | 2260.73 | 182.1 | -98.25 | -133.61 | 2502.94 | 23.52 | -41.46 | -63.09 |
| EPS Growth(%) | -54.87 | -87.88 | -1098.95 | 2593.71 | 185 | -97.77 | -126.52 | 2502.96 | 23.52 | -41.46 | -63.09 |
| Debt/Equity(x) | 0.9 | 0.78 | 0.72 | 0.16 | 0.18 | 0.17 | 0.08 | 0.17 | 0.17 | 0.14 | 0.13 |
| Current Ratio(x) | 1.05 | 0.99 | 1 | 2.29 | 2.82 | 2.52 | 3.22 | 2.22 | 2.17 | 2.25 | 2.26 |
| Quick Ratio(x) | 0.6 | 0.49 | 0.63 | 1.56 | 1.75 | 1.29 | 2.32 | 1.52 | 1.07 | 1.23 | 1.11 |
| Interest Cover(x) | 1.57 | 1.02 | 0.25 | 29.42 | 261.29 | 1.8 | -1.06 | 75.85 | 27.04 | 12.06 | 5.09 |
| Total Debt/Mcap(x) | 1.05 | 1.41 | 0.77 | 0.02 | 0.08 | 0.32 | 0.05 | 0.13 | 0.21 | 0.09 | 0.06 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 55.78 | 55.78 | 55.78 | 55.78 | 55.78 | 55.78 | 55.78 | 55.78 | 56.13 | 56.28 |
| FII | 6.86 | 6.86 | 6.05 | 6.92 | 7.08 | 7.19 | 7.3 | 7.96 | 8.53 | 10.24 |
| DII | 8.86 | 10.38 | 13.09 | 12.8 | 12.08 | 11.64 | 11.59 | 11.97 | 12.13 | 8.62 |
| Public | 28.51 | 26.98 | 25.08 | 24.5 | 25.07 | 25.4 | 25.33 | 24.28 | 23.21 | 24.86 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 2.15 | 2.15 | 2.15 | 2.15 | 10.76 | 10.76 | 10.76 | 10.76 | 10.83 | 10.86 |
| FII | 0.26 | 0.26 | 0.23 | 0.27 | 1.37 | 1.39 | 1.41 | 1.54 | 1.65 | 1.98 |
| DII | 0.34 | 0.4 | 0.51 | 0.49 | 2.33 | 2.25 | 2.24 | 2.31 | 2.34 | 1.66 |
| Public | 1.1 | 1.04 | 0.97 | 0.95 | 4.84 | 4.9 | 4.89 | 4.69 | 4.48 | 4.8 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 3.86 | 3.86 | 3.86 | 3.86 | 19.3 | 19.3 | 19.3 | 19.3 | 19.3 | 19.3 |
* The pros and cons are machine generated.
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