Key Metrics 
Check Before You Invest 
10 Yrs X-Ray 
Valuation 
Analyst Note 
Qtr. Results 
Financials 
News 
About
HEG Ltd (HEG)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 509631 NSE: HEG Electrodes & Welding Equipment | Small Cap | HEG Share Price
₹237.65 -12.50 (-5.00%)
As on 11-Sep'26 16:59
HEG Ltd (HEG)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 509631 NSE: HEG Electrodes & Welding Equipment | Small Cap | HEG Share Price
₹237.65 -12.50 (-5.00%)
As on 11-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹4,586 Cr.
Current Price
₹237.7
52-Week Low / High
₹238 / 754
TTM EPS
₹18.6
TTM Sales
₹2,640 Cr.
Book Value per Share
₹251.3
P/E Ratio
12.78
Lower than its 5-year historical median
Industry PE
37.7
Price to Book (P/B)
0.95
Lower than its 5-year historical median
Price to Sales (P/S)
1.74
Lower than its 5-year historical median
EV/EBITDA
9.15
Lower than its 5-year historical median
Dividend Yield
1.43%
Profitability Efficiency
Return on Equity (ROE)
7.34%
Underperforms industry median
Return on Capital Employed (ROCE)
8.34%
Underperforms industry median
Return on Assets (ROA)
5.72%
Operating Profit Margin
19.1%
Net Profit Margin
13.16%
Gross Profit Margin
19.5%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
19.31%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
53.31%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
184.97%
Asset Quality
Promoter Holding
56.28%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹4,811 Cr.
Equity
₹38.6 Cr.
Face Value
₹2
All Time Low / High
₹2.54 / 990.00
Check Before You Invest
Quality
Somewhat GoodValuation
Somewhat UndervaluedCheck Valuation charts
Price Trend
Weak
Is HEG Ltd a good quality company?
HEG Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does HEG Ltd performance compare with that of its Peers?
Revenue growth of HEG Ltd vs industry peers?
HEG Ltd revenue CAGR is 15.38%, compared to the industry median CAGR of 0.00%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of HEG Ltd?
Promoters hold 56.28% of the HEG Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of HEG Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 21% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
HEG Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 0.9% | 90.7% | 144.7% | 1.6% | -0.5% | 13% | 13.5% | 7.3% | 3.9% | 5.8% | - |
| Value Creation Index ⓘ | -0.9 | 5.7 | 9.7 | -0.9 | -1.0 | -0.1 | 0.0 | -0.5 | -0.7 | -0.6 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 860 | 2,750 | 6,593 | 2,149 | 1,256 | 2,202 | 2,467 | 2,395 | 2,153 | 2,569 | 2,637 |
| Sales YoY Gr. | - | 219.8% | 139.7% | -67.4% | -41.5% | 75.3% | 12.1% | -2.9% | -10.1% | 19.3% | - |
| Adj EPS ⓘ | -2.5 | 53.5 | 158.6 | 2.2 | -1.3 | 20.3 | 23.4 | 11.9 | 7.5 | 12.5 | 11.3 |
| YoY Gr. | - | NA | 196.5% | -98.6% | -157.1% | NA | 15.1% | -49.1% | -37.1% | 67% | - |
| BVPS (₹) ⓘ | 43.6 | 90.5 | 192.7 | 177.4 | 176.1 | 195.7 | 211.3 | 214.8 | 215.5 | 223 | 228.7 |
| Adj Net Profit ⓘ | -50.1 | 1,069 | 3,060 | 43.3 | -24.6 | 392 | 451 | 230 | 144 | 241 | 218 |
| Cash Flow from Ops. ⓘ | 157 | 594 | 1,488 | 739 | 716 | -141 | 114 | 615 | 319 | 355 | - |
| Debt/CF from Ops. ⓘ | 4.4 | 0.5 | 0.5 | 0.8 | 0.4 | -4.7 | 6.5 | 1 | 1.8 | 2.2 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 12.9% | 15.4% | 1.4% | 19.3% | ||||
| Adj EPS ⓘ | NA | NA | -18.8% | 67% | ||||
| BVPSⓘ | 19.9% | 4.8% | 1.8% | 3.5% | ||||
| Share Price | 21% | -12% | -12% | -54.2% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -5.6 | 79.8 | 110.7 | 1.2 | -0.7 | 10.9 | 11.5 | 5.6 | 3.5 | 5.7 | 5 |
| Op. Profit Mgn % ⓘ | 9.4 | 61.8 | 70.9 | -0.2 | -4.2 | 24.1 | 25.1 | 16 | 15 | 19.1 | 10.6 |
| Net Profit Mgn % ⓘ | -5.8 | 38.9 | 46.4 | 2 | -2 | 17.8 | 18.3 | 9.6 | 6.7 | 9.4 | 8.3 |
| Debt to Equity ⓘ | 0.8 | 0.2 | 0.2 | 0.2 | 0.1 | 0.2 | 0.2 | 0.2 | 0.1 | 0.2 | - |
| Working Cap Days ⓘ | 292 | 157 | 124 | 403 | 461 | 288 | 333 | 332 | 348 | 303 | 181 |
| Cash Conv. Cycle ⓘ | 193 | 94 | 59 | 288 | 266 | 129 | 188 | 202 | 208 | 170 | 96 |
Valuation of HEG - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 860 | 2,750 | 6,593 | 2,149 | 1,256 | 2,202 | 2,467 | 2,395 | 2,153 | 2,569 |
| Operating Expenses ⓘ + | 780 | 1,051 | 1,935 | 2,155 | 1,315 | 1,674 | 1,849 | 2,012 | 1,893 | 2,170 |
| Operating Profit ⓘ | 80 | 1,699 | 4,658 | -6 | -59 | 527 | 618 | 382 | 260 | 398 |
| Operating Profit Margin (%) | 9.3% | 61.8% | 70.7% | -0.3% | -4.7% | 23.9% | 25.1% | 16.0% | 12.1% | 15.5% |
| Other Income ⓘ + | 8 | 35 | 109 | 144 | 113 | 80 | 109 | 142 | 128 | 141 |
| Interest ⓘ | 55 | 56 | 18 | 37 | 11 | 7 | 26 | 36 | 39 | 37 |
| Depreciation ⓘ | 74 | 73 | 72 | 72 | 73 | 79 | 102 | 175 | 201 | 213 |
| Profit Before Tax ⓘ | -41 | 1,605 | 4,677 | 29 | -23 | 560 | 677 | 395 | 165 | 404 |
| Tax ⓘ | 9 | 523 | 1,627 | -24 | -5 | 129 | 145 | 84 | 47 | 66 |
| Profit After Tax | -50 | 1,081 | 3,050 | 53 | -18 | 431 | 532 | 312 | 119 | 338 |
| PAT Margin (%) | -5.8% | 39.3% | 46.3% | 2.5% | -1.4% | 19.6% | 21.6% | 13.0% | 5.5% | 13.2% |
| Adjusted EPS (₹) | -2.2 | 55.0 | 156.8 | 3.5 | -0.9 | 22.3 | 27.6 | 16.2 | 5.9 | 17.7 |
| Dividend Payout Ratio (%) | 0% | 29.10% | 10.20% | 142.70% | -64.60% | 35.80% | 30.80% | 27.90% | 30.30% | 19.20% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 953 | 1,908 | 3,794 | 3,512 | 3,495 | 3,914 | 4,281 | 4,426 | 4,454 | 4,758 | |
| Debt + | 547 | 297 | 666 | 593 | 297 | 663 | 741 | 619 | 585 | 793 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 86 | 246 | 380 | 134 | 257 | 448 | 412 | 425 | 399 | 401 | |
| Others Liabilities ⓘ | 266 | 288 | 304 | 200 | 195 | 411 | 258 | 231 | 210 | 214 | |
| Total Liabilities ⓘ | 1,853 | 2,739 | 5,144 | 4,438 | 4,244 | 5,436 | 5,692 | 5,701 | 5,648 | 6,166 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 885 | 830 | 785 | 741 | 691 | 755 | 1,356 | 1,809 | 1,932 | 1,782 | |
| CWIP ⓘ | 1 | 2 | 19 | 101 | 373 | 696 | 472 | 212 | 71 | 224 | |
| Investments ⓘ | 231 | 248 | 942 | 1,245 | 1,358 | 1,171 | 859 | 1,200 | 1,400 | 1,478 | |
| Inventories | 258 | 511 | 1,308 | 1,005 | 581 | 978 | 1,440 | 1,194 | 1,255 | 1,134 | |
| Trade Receivables | 361 | 973 | 1,187 | 399 | 289 | 589 | 489 | 508 | 445 | 500 | |
| Cash Equivalents | 8 | 8 | 557 | 437 | 551 | 602 | 690 | 410 | 147 | 250 | |
| Others Assets ⓘ | 109 | 168 | 347 | 510 | 402 | 645 | 386 | 368 | 398 | 798 | |
| Total Assets ⓘ | 1,853 | 2,739 | 5,144 | 4,438 | 4,244 | 5,436 | 5,692 | 5,701 | 5,648 | 6,166 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 157 | 594 | 1,488 | 739 | 716 | -141 | 113 | 612 | 280 | 213 |
| Cash Flow From Investing Activity ⓘ + | -1 | -9 | -676 | -275 | -417 | -183 | -21 | -184 | -208 | -320 |
| Cash Flow From Financing Activity ⓘ + | -153 | -588 | -788 | -460 | -310 | 344 | -100 | -324 | -159 | 97 |
| Net Cash Flow ⓘ | 3 | -3 | 24 | 4 | -11 | 20 | -8 | 104 | -88 | -10 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -5.14 | 75.62 | 107.01 | 1.46 | -0.51 | 11.64 | 12.99 | 7.16 | 2.67 | 7.34 |
| ROCE (%) | 0.82 | 86.49 | 140.89 | 1.54 | -0.3 | 13.57 | 14.66 | 8.56 | 4.05 | 8.34 |
| Asset Turnover Ratio | 0.54 | 1.2 | 1.67 | 0.45 | 0.29 | 0.46 | 0.44 | 0.42 | 0.38 | 0.44 |
| PAT to CFO Conversion(x) | N/A | 0.55 | 0.49 | 13.94 | N/A | -0.33 | 0.21 | 1.96 | 2.35 | 0.63 |
| Working Capital Days | ||||||||||
| Receivable Days | 114 | 88.20 | 59.80 | 134.70 | 100 | 72.80 | 79.60 | 75.80 | 80.10 | 67 |
| Inventory Days | 105.60 | 50.90 | 50.40 | 196.50 | 230.10 | 129.10 | 178.60 | 200.20 | 205.90 | 169.40 |
| Payable Days | 103.40 | 213.90 | 102.40 | 57.80 | 88.10 | 155.20 | 171.40 | 132.70 | 166.50 | 137.30 |
Top 5 Mutual Funds Holding
Last Visited Stocks
Announcements
HEG Ltd FAQs
The current trading price of HEG on 11-Sep-2026 16:59 is ₹237.7.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of HEG stood at ₹4,586.1 Cr
The latest P/E ratio of HEG as of 10-Sep-2026 is 21.00.
The latest P/B ratio of HEG as of 10-Sep-2026 is 1.04.
The 52-week high of HEG is ₹753.9 and the 52-week low is ₹237.7.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of HEG is ₹2,637 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that HEG Ltd is a average quality company.
The key valuation ratios of HEG Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of HEG Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About HEG Ltd
HEG incorporated in 1972 is a public limited company incorporated. HEG, a premier company of the LNJ Bhilwara group, is India’s leading graphite electrode manufacturer. It has one of the largest integrated Graphite Electrode plants in the world, processing sophisticated UHP (Ultra High Power) Electrodes. The position the company enjoys in India and abroad is largely due to its commitment to constant upgradation of its product quality to match international standards and to meet new challenges to win and excel in all situations.
Business area of the company
HEG is a leading manufacturer and exporter of graphite electrodes in India and operates world's largest single-site integrated graphite electrodes plant.
Divisions
Graphite Electrodes: The main business of HEG is graphite which accounts for 80% of the revenue. Set up in 1977, in technical and financial collaboration with Societe Des Electrodes Et Refractaires Savoie (SERS), a subsidiary of Pechiney of France, HEG is now the largest integrated graphite plant in the world. Spread over an area of about 170 acres, HEG (graphite division) has facilities for production of Graphite Electrodes and Graphite Specialities. Its plant is located at Mandideep near Bhopal (MP).
Power Division: One of the major bottlenecks plaguing the Indian industry has been the shortage of power. At HEG Limited, it realized this as early as 1995 and overcame this problem by setting up the group’s first hydropower project of 13.5 MW rated capacity in Tawanagar, district Hoshanabad (M.P.) which was commissioned in 1997. The power generated at this unit is wheeled to the graphite plant at Mandideep. This not only ramped up the efficiency of the graphite plant but also opened a window of opportunity in power generation.
Carbon Speciality: HEG also makes Fine Grain Carbon Blocks for various applications on special orders. These blocks are used by the customers to make value added products like Heat Exchangers, etc.
Reward & Recognitions
- Awarded ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 certifications.
- Winner of the country’s top export award instituted by the Chemical & Allied Products Export Promotion Council (CAPEXIL) for outstanding exports for 19 consecutive years. For 2001-02, HEG was awarded the ‘Highest’ Export Award.
- HEG has been regularly exporting electrodes since 1981 and today exports more than 70% of its production.
- HEG’s graphite electrodes are exported to 30 countries around the world, including developed countries like USA, Canada, Germany, France, Italy, South Korea, Australia etc. - a reward for its commitment to World winning Quality and Performance.
You have 48 views remaining as a Guest User. To get DeciZen Rating of 3,500+ Stocks based on their Quality, Valuation and Price Trend Login Now
