What is HEG Ltd (HEG) share price return in the past 10 years?

HEG Ltd share price has appreciated 32.2% annually (CAGR) over the past ten years.

What is the share price of HEG Ltd (HEG)?

Company share prices are keep on changing according to the market conditions. The current trading price of HEG Ltd (HEG) on 02-Jul-2026 16:59:59 at 16:59 is 521.85.

What is the P/E ratio of HEG?

The latest standalone P/E ratio of HEG as of 02-Jul-2026 is 55.73.

What is the P/B ratio of HEG Ltd (HEG)?

The latest standalone P/B ratio of HEG Ltd (HEG) as of 02-Jul-2026 is 2.34.

What is the 52-week high and low of HEG Ltd (HEG)?

The 52-week high of HEG Ltd (HEG) is Rs. 685.10 and the 52-week low is Rs. 459.85.

HEG Ltd (HEG) Share Analysis – Quality, Growth & Valuation Zone & DeciZen Rating

Name: HEG Ltd (HEG)
Brand: HEG

Key Metrics

Valuation Multiples

Market Cap

₹10,071 Cr.

Current Price

₹521.9

52-Week Low / High

₹460 / 685

TTM EPS

₹9.4

TTM Sales

₹2,569 Cr.

Book Value per Share

₹223

P/E Ratio

55.73

Higher than its 5-year historical median

Industry PE

43.1

Price to Book (P/B)

2.34

Higher than its 5-year historical median

Price to Sales (P/S)

3.92

Higher than its 5-year historical median

EV/EBITDA

21.73

Higher than its 5-year historical median

Dividend Yield

0.65%

Profitability Efficiency

Return on Equity (ROE)

4.27%

Underperforms industry median

Return on Capital Employed (ROCE)

5.76%

Underperforms industry median

Return on Assets (ROA)

3.27%

Operating Profit Margin

19.1%

Net Profit Margin

7.04%

Gross Profit Margin

17.9%

Growth Momentum
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

55.19%

Net Profit Growth (1 Year)

Improving versus 3-year growth rate

78.38%

Asset Quality

Promoter Holding

56.28%

Pledged shares (%) of Promoter's holding (%)

0.00%

Reserves

₹4,265 Cr.

Equity

₹38.6 Cr.

Face Value

₹2

All Time Low / High

₹2.54 / 990.00

HEG stock performance

Key Ratios

Check Before You Invest

Quality

Locked

Valuation

Locked

Price Trend

Locked

Q.1 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?

Q.1 Revenue growth of HEG Ltd vs industry peers?

HEG Ltd revenue CAGR is 0.03%, compared to the industry median CAGR of 7.29%, indicating slower growth and losing its market share.

Q.1 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.

Q.1 Stock return of HEG Ltd over the last decade?

Over the last 9 year(s), the stock has delivered a CAGR of 34% based on the current price.

10 Year X-Ray : Login to view analysis.

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 end

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	2,569
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	9.4
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	223
Adj Net Profit ⓘ	-50.1	1,069	3,060	43.3	-24.6	392	451	230	144	241	181
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	32.2%	3.5%	16.9%	3.2%

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	4.2
Op. Profit Mgn % ⓘ	9.4	61.8	70.9	-0.2	-4.2	24.1	25.1	16	15	19.1	8.8
Net Profit Mgn % ⓘ	-5.8	38.9	46.4	2	-2	17.8	18.3	9.6	6.7	9.4	7
Debt to Equity ⓘ	0.8	0.2	0.2	0.2	0.1	0.2	0.2	0.2	0.1	0.2	0
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

Profit And Loss

(All Figures are in Crores.)

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	1,848	2,011	1,892	2,164
Manufacturing Costs	384	509	385	316	288	495	565	538	579	631
Material Costs	244	284	1,116	1,622	810	830	916	1,151	904	1,063
Employee Cost	59	112	198	66	55	80	92	95	97	124
Other Costs ⓘ	93	146	236	151	163	270	275	227	312	346
Operating Profit ⓘ	80	1,699	4,658	-6	-59	527	620	384	261	405
Operating Profit Margin (%)	9.3%	61.8%	70.7%	-0.3%	-4.7%	23.9%	25.1%	16.0%	12.1%	15.8%
Other Income ⓘ +	8	35	109	144	113	80	109	142	127	92
Exceptional Items ⓘ	0	0	0	0	0	0	0	0	0	0
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	-31	520	600	315	148	246
Tax ⓘ	9	523	1,627	-24	-5	129	145	84	47	66
Profit After Tax	-50	1,081	3,050	53	-25	391	456	232	101	181
PAT Margin (%)	-5.8%	39.3%	46.3%	2.5%	-2.0%	17.7%	18.5%	9.7%	4.7%	7.0%
Adjusted EPS (₹)	-2.5	54.1	158.1	2.8	-1.3	20.2	23.6	12.0	5.3	9.4
Dividend Payout Ratio (%)	0%	29.60%	10.10%	180.80%	-45.80%	39.50%	36%	37.50%	34.30%	36.30%

Valuation of HEG - Standalone

YTD 1Y 3Y 5Y 10Y Max

Analyst's Notes

No data found!

Balance Sheet

(All Figures are in Crores.)

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 +	872	1,809	3,719	3,423	3,399	3,777	4,077	4,145	4,160	4,303
Share Capital ⓘ	40	40	39	39	39	39	39	39	39	39
Reserves ⓘ	832	1,769	3,680	3,384	3,360	3,738	4,039	4,106	4,121	4,265
Debt +	547	297	666	593	297	663	741	619	585	793
Long Term Debt	136	0	0	0	0	0	0	0	0	0
Short Term Debt	412	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	398	388
Others Liabilities ⓘ	266	288	304	200	195	411	258	227	203	209
Total Liabilities ⓘ	1,772	2,640	5,070	4,350	4,148	5,299	5,488	5,417	5,346	5,694
Fixed Assets
Net Fixed Assets ⓘ +	885	830	785	741	691	755	1,356	1,776	1,894	1,742
Gross Block	1,666	1,673	1,691	1,713	1,713	1,843	2,535	3,118	3,404	3,444
Accumulated Depreciation	781	844	907	972	1,022	1,088	1,180	1,343	1,510	1,701
CWIP ⓘ	1	2	19	101	373	696	472	194	21	44
Investments ⓘ	150	149	867	1,156	1,261	1,034	664	996	1,231	1,637
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	440	499
Cash Equivalents	8	8	557	437	551	602	682	383	118	68
Others Assets ⓘ	109	168	347	510	402	645	386	365	386	570
Total Assets ⓘ	1,772	2,640	5,070	4,350	4,148	5,299	5,488	5,417	5,346	5,694

Cash Flow

(All Figures are in Crores.)

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	114	615	319	355
PBT ⓘ	-41	1,605	4,677	29	-31	520	600	315	148	246
Adjustment ⓘ	133	120	-27	-31	0	22	52	101	252	282
Changes in Working Capital ⓘ	75	-607	-1535	844	749	-555	-390	234	-35	-153
Tax Paid ⓘ	-10	-523	-1,627	-104	-2	-128	-148	-35	-45	-20
Cash Flow From Investing Activity ⓘ +	-1	-9	-676	-275	-417	-183	-31	-205	-246	-453
Capex	-3	-14	-48	-110	-255	-359	-479	-320	-177	-116
Net Investments	-0	1	-666	-216	-44	145	419	127	-24	-313
Others ⓘ	1	4	38	50	-118	30	29	-12	-45	-24
Cash Flow From Financing Activity ⓘ +	-153	-588	-788	-460	-310	344	-100	-324	-159	97
Net Proceeds from Shares ⓘ	0	0	0	0	0	0	0	0	0	0
Net Proceeds from Borrowing ⓘ	10	-272	0	0	0	0	0	0	0	0
Interest Paid ⓘ	-55	-57	-18	-37	-12	-10	-23	-39	-34	-39
Dividend Paid ⓘ	0	-120	-320	-289	0	-12	-154	-163	-87	-37
Others ⓘ	-108	-139	-451	-134	-297	366	77	-122	-38	173
Net Cash Flow ⓘ	3	-3	24	4	-11	20	-17	86	-87	-2

Financial Ratio

PARTICULARS	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	Mar'26
Ratios
ROE (%)	-5.58	80.68	110.37	1.49	-0.74	10.89	11.6	5.63	2.44	4.27
ROCE (%)	0.86	90.73	144.65	1.57	-0.5	12.97	13.53	7.33	3.93	5.76
Asset Turnover Ratio	0.56	1.25	1.71	0.46	0.3	0.47	0.46	0.44	0.4	0.47
PAT to CFO Conversion(x)	N/A	0.55	0.49	13.94	N/A	-0.36	0.25	2.65	3.16	1.96
Working Capital Days
Receivable Days	114	88.20	59.80	134.70	100	72.80	79.60	75.80	79.70	66.60
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	166.30	135

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged ^*

0.00

* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

HEG Ltd FAQs

The current trading price of HEG on 02-Jul-2026 16:59 is ₹521.9.

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 01-Jul-2026 the market cap of HEG stood at ₹10,070.5 Cr

The latest P/E ratio of HEG as of 01-Jul-2026 is 55.73.

The latest P/B ratio of HEG as of 01-Jul-2026 is 2.34.

The 52-week high of HEG is ₹685.1 and the 52-week low is ₹459.9.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of HEG is ₹2,569 ( 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 Fair 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.

Name of the IA registered with SEBI:	The Alchemists Ark Pvt. Ltd.
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Trade/Brand Name of IA:	MoneyWorks4Me Investment Advisers
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SEBI Registration Number:	INA000013323 Validity – May 16, 2019 – Perpetual
Registration:	Non-Individual
BSE Enlistment No:	1187
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Compliance officer Details:	Name: Shrikant Jagtap Email: shrikant.jagtap@moneyworks4me.com Telephone: +919860359463 Address: Same as IA
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Principal Officer Details:	Name: Atharva Bhide Email: atharva.bhide@moneyworks4me.com Telephone: +91 91758 99463 Address: Same as IA
Standard Warning:	Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
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HEG Ltd (HEG)

HEG Ltd (HEG)

HEG stock performance

Check Before You Invest

Quality

Valuation

Price Trend

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Value Creation ⓘ

Growth Parameters ⓘ

CAGR ⓘ

Key Financial Parameters ⓘ

Profit And Loss

Valuation of HEG - Standalone

Price Calculator

Price Chart

Price to Earnings

Price to Sales

Price to Book

EV to EBITDA

Dividend History

Price Calculator

Price Chart

Price to Earnings

Enterprise Value to EBIT

Price to Book-Value

Price to Sales

Dividend History

Analyst's Notes

Balance Sheet

Equity and Liabilities

Fixed Assets

Cash Flow

Financial Ratio

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

HEG Ltd FAQs

What is the share price of HEG?

What is the market cap of HEG?

What is the P/E ratio of HEG?

What is the P/B ratio of HEG?

What is the 52-week high and low of HEG?

What is the TTM revenue of HEG?

Is HEG Ltd a good quality company?

Is HEG Ltd undervalued or overvalued?

Is HEG Ltd a good buy now?

About HEG Ltd

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