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HEG Limited

HEG Limited

HEG.NS
HEG LimitedIN flagNational Stock Exchange of India
526.10
INR
-5.20
- -
101.53BMarket Cap
HEG Limited
HEG.NS
(National Stock Exchange of India)

Recent

price

526.10

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
51.99
70.11
80.95
73.02
61.42
43.52
41.7
133.32
322.24
108.92
63.97
112.62
126.2
123.32
110.76
132.23
133.48
Revenue per Share
6.02
2.82
5.03
4.04
1.82
0.22
-2.21
55.02
151.51
3.5
-0.93
22.34
27.59
16.15
5.96
17.69
17.69
Basic EPS, GAAP
-2.05
-8.39
-0.36
28.64
12.27
10.87
7.65
28.73
71.5
32.52
23.82
-25.92
-18.99
12.47
5.05
-2.05
- -
Free Cash Flow per Basic Share
2.32
1.93
1.6
1.2
0.6
- -
- -
6
16
15
- -
0.63
7.97
8.47
4.52
1.9
- -
Dividend per Share
42.51
17.88
21.33
23.53
27.42
26.76
20.75
68.55
183.53
175.39
174.46
196.19
215.23
222.89
224.33
240.09
240.11
Book Value per Share
42.44
41.75
47.26
50.02
50.49
49.84
47.68
95.46
189.91
181.96
181.1
202.8
221.82
229.29
230.66
246.42
246.44
Tangible Book Value per Share
214
203
200
200
200
200
200
200
200
193
193
193
193
193
193
193
193
Basic Weighted Avg Shares
11,136
14,240
16,174
14,589
12,272
8,695
8,332
26,637
64,363
21,019
12,344
21,732
24,353
23,798
21,373
25,518
25,757
Sales/Revenue/Turnover
14.61
13.44
14.42
12.85
9.97
6.44
1.26
61.58
71.51
-3.41
-9.08
20.88
21.49
11.04
9.32
12.21
31.11
Operating Margin (%)
573
579
626
727
734
793
739
726
724
721
731
793
1,023
1,747
2,006
2,133
2,133
Depreciation Expense
1,289
572
1,004
807
364
44
-441
10,993
30,262
676
-179
4,310
5,324
3,117
1,151
3,414
3,414
Net Income, GAAP
23.29
7.18
15.55
11.11
11.99
887.89
- -
32.61
34.78
- -
- -
23.09
21.4
21.17
28.16
16.42
16.71
Effective Tax Rate (%)
11.57
4.02
6.21
5.53
2.97
0.51
-5.29
41.27
47.02
3.22
-1.45
19.83
21.86
13.1
5.38
13.38
13.25
Profit Margin (%)
2,506
1,590
1,667
-549
512
-101
28
9,363
22,176
12,424
14,296
17,199
15,364
14,623
13,711
15,833
15,833
Working Capital
2,106
3,527
3,597
1,690
2,534
1,578
1,356
4
4
11
8
8
14
27
22
26
26
LT Debt
9,104
8,494
9,451
9,999
10,090
9,959
9,526
19,075
37,937
35,117
34,951
39,136
42,809
44,259
44,538
47,579
47,579
Total Equity
7.52
9.17
8.83
7.64
5.43
-23.75
- -
57.19
89.37
- -
- -
8.33
8.55
4.1
2.83
4.91
12.58
Return on Invested Capital (%)
8.76
5.61
8.92
8.73
6.94
-33.53
- -
82.21
101.26
- -
- -
10.76
11.83
6.92
2.8
6.99
7.2
Return on Capital (%)
14.79
8.99
25.44
18.01
7.16
0.82
-9.29
123.24
120.19
1.92
-0.53
12.05
13.41
7.37
2.67
7.62
7.62
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
6,422
- -
7,934
LT Borrowings
- -
- -
- -
LT Finance Leases
23
- -
26
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
193
- -
193
Market Capitalization
97,430
120,385
104,665

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
27,703
- -
28,934
Cash, Cash Equivalents & STI
8,596
- -
7,082
Accounts Receivable, Net
5,624
- -
4,995
Inventories
11,785
- -
11,337
Total Current Liabilities
11,509
- -
13,100
Payables & Accruals
- -
- -
- -
ST Debt
6,422
- -
7,934
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
21.91%
6.44%
6.83%
Free Cash Flow
-28.94%
-120.24%
-140.5%
Net Income, GAAP
-612.89%
-477.45%
196.7%
Sales/Revenue/Turnover
34.36%
19.01%
19.39%
Total Cash Common Dividend
- -
195.76%
-57.96%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
6,714
6,142
5,624
5,318
23,798
2025
5,715
5,676
4,784
5,366
21,373
2026
6,169
6,992
6,563
6,032
25,518

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
7.21
4.97
2.26
- -
16.15
2025
1.19
4.26
4.32
-3.82
5.96
2026
5.43
7.43
10.72
-5.9
17.69

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
8.47
2025
- -
- -
- -
- -
4.52
2026
- -
- -
- -
- -
1.9
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Business
HEG Limited manufactures and sells graphite electrodes and related carbon products primarily for electric arc furnaces in steel production; it also operates captive power generation facilities. The company, founded in 1972 and headquartered in Mandideep near Bhopal, Madhya Pradesh, India, belongs to the LNJ Bhilwara Group and runs the world's largest single-site integrated graphite electrode plant. Its core offerings include ultra-high power (UHP), high power (HP), and super-high power (SHP) graphite electrodes in various diameters and lengths; graphite electrodes and nipples; blocks and rounds; graphite and carbon specialties; mini-rods; flux and heat exchanger tubes; custom machined components; and activated carbon fabric products, with over 70% of production exported to more than 30 countries including North America and Europe. HEG generates power through thermal plants and a 76.5 megawatt hydroelectric facility to support its manufacturing operations. In recent developments, the company acquired an 8.23% stake in GrafTech International for Rs 248.62 crore in October 2024 to bolster its global graphite electrode position; it approved a demerger of its graphite business into a separate entity, with listing targeted for late 2025 following SEBI approval as of May 2025, enabling a strategic shift toward green energy including hydro, wind, and advanced carbon solutions; and its board greenlit a Rs 6.33 billion investment in TACC debentures in November 2025 alongside a stake sale in Texnere India. These moves come amid operational improvements, with Q4 FY25 showing strong EBITDA margins despite a reported net loss from mark-to-market effects on its GrafTech holding.