Is HEG Ltd (HEG) a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that HEG Ltd is a average quality company .

Is HEG Ltd (HEG) undervalued or overvalued?

The key valuation ratios of HEG Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone .

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

HEG Ltd share price has appreciated 35.7% annually (CAGR) over the past ten years.

Is HEG Ltd (HEG) a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of HEG Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

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 17-Apr-2026 16:59:59 at 16:59 is 632.55.

What is the P/E ratio of HEG?

The latest standalone P/E ratio of HEG as of 17-Apr-2026 is 43.25.

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

The latest standalone P/B ratio of HEG Ltd (HEG) as of 17-Apr-2026 is 2.73.

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

The 52-week high of HEG Ltd (HEG) is Rs. 672.20 and the 52-week low is Rs. 416.15.

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

Name: HEG Ltd (HEG)
Brand: HEG

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

HEG Ltd (HEG)

BSE: 509631 NSE: HEG

Key Metrics

Market Cap

₹12,207 Cr.

P/E Ratio

43.25

Price to Book (P/B)

2.73

Price to Sales (P/S)

4.88

EV/EBITDA

20.61

Return on Capital Employed (ROCE)

3.93%

Current Price

₹632.6

Return on Equity (ROE)

2.44%

Return on Assets (ROA)

1.88%

Operating Profit Margin

14.9%

Net Profit Margin

4.71%

Gross Profit Margin

16.1%

Book Value per Share

₹231.5

Sales Growth (YoY)

-10.11%

Sales Growth (3 Years)

-0.75%

Operating Profit Growth (1 Year)

-32.06%

Operating Profit Growth (3 Years)

-20.91%

Net Profit Growth (1 Year)

-56.25%

52-Week Low / High

₹416 / 672

Net Profit Growth (3 Years)

-36.23%

Dividend Yield

0.37%

Promoter Holding

56.28%

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

0.00%

Check Before You Invest

Q.1 Revenue growth of HEG Ltd?

HEG Ltd revenue growth is -10.1% for FY-2025 , which is below its 5 year CAGR of 0% , indicating slower growth.

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 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 Which industry/sub-sector does HEG Ltd belong to?

HEG Ltd belongs to the Capital Goods & Industrial Consumables sector, operating specifically within the Electrodes & Welding Equipment segment.

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

Over the last 9 year(s), the stock has delivered a CAGR of 35.7% based on the current price.

DeciZen - make an informed investing decision on HEG

Based on:

Data

Overall Rating ⓘ
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1. Quality

2. Valuation ⓘ

3. Price Trend

HEG stock performance

Key Ratios

Is HEG Ltd an attractive stock to invest in?

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 ⓘ

Value Creation Index Colour Code Guide ⓘ

	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
ROCE % ⓘ	3.4%	0.9%	90.7%	144.7%	1.6%	-0.5%	13%	13.5%	7.3%	3.9%	-
Value Creation Index ⓘ	-0.8	-0.9	5.7	9.7	-0.9	-1.0	-0.1	0.0	-0.5	-0.7	-
Growth Parameters ⓘ Growth Parameters Colour Code Guide ⓘ
Sales ⓘ	870	860	2,750	6,593	2,149	1,256	2,202	2,467	2,395	2,153	2,502
Sales YoY Gr.	-	-1.1%	219.8%	139.7%	-67.4%	-41.5%	75.3%	12.1%	-2.9%	-10.1%	-
Adj EPS ⓘ	-0.5	-2.5	53.5	158.6	2.2	-1.3	20.3	23.4	11.9	7.4	14.6
YoY Gr.	-	NA	NA	196.5%	-98.6%	-157.1%	NA	15.1%	-49.1%	-37.7%	-
BVPS (₹) ⓘ	46.1	43.6	90.5	192.7	177.4	176.1	195.7	211.3	214.8	215.5	231.5
Adj Net Profit ⓘ	-9.8	-50.1	1,069	3,060	43.3	-24.6	392	451	230	143	282
Cash Flow from Ops. ⓘ	249	157	594	1,488	739	716	-141	114	615	319	-
Debt/CF from Ops. ⓘ	3.1	4.4	0.5	0.5	0.8	0.4	-4.7	6.5	1	1.8	-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

	9 Years	5 Years	3 Years	1 Years
Sales ⓘ	10.6%	0%	-0.8%	-10.1%
Adj EPS ⓘ	NA	27%	-28.5%	-37.7%
BVPSⓘ	18.7%	4%	3.3%	0.3%
Share Price	35.7%	8.1%	44.2%	31.7%

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
Return on Equity % ⓘ	-1.1	-5.6	79.8	110.7	1.2	-0.7	10.9	11.5	5.6	3.5	6.5
Op. Profit Mgn % ⓘ	15.3	9.4	61.8	70.9	-0.2	-4.2	24.1	25.1	16	14.9	12.7
Net Profit Mgn % ⓘ	-1.1	-5.8	38.9	46.4	2	-2	17.8	18.3	9.6	6.7	11.3
Debt to Equity ⓘ	0.9	0.8	0.2	0.2	0.2	0.1	0.2	0.2	0.2	0.1	-
Working Cap Days ⓘ	387	292	157	124	403	461	288	333	332	348	186
Cash Conv. Cycle ⓘ	215	193	94	59	288	266	129	188	202	208	103

Recent Performance Summary

Latest Financials

	Standalone	Consolidated
TTM EPS (₹)	14.6	19.8
TTM Sales (₹ Cr.)	2,502	2,515
BVPS (₹) ⓘ	231.5	249.1
Reserves (₹ Cr.) ⓘ	4,429	4,769
P/BV ⓘ	2.73	2.54
PE ⓘ	43.25	32.00

From the Market
52 Week Low / High (₹)	416.15 / 672.20
All Time Low / High (₹)	2.54 / 990.00
Market Cap (₹ Cr.)	12,207
Equity (₹ Cr.)	38.6
Face Value (₹)	2
Industry PE ⓘ	35.8

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged ^*

0.00

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

Valuation of HEG - Standalone Basis

YTD 1Y 3Y 5Y 10Y Max

Analyst's Notes

No data found!

Key Ratios

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Sales	870	860	2,750	6,593	2,149	1,256	2,202	2,467	2,395	2,153
Operating Expenses ⓘ +	737	780	1,051	1,935	2,155	1,315	1,674	1,848	2,011	1,892
Manufacturing Costs	367	384	509	385	316	288	495	565	538	579
Material Costs	210	244	284	1,116	1,622	810	830	916	1,151	905
Employee Cost	63	59	112	198	66	55	80	92	95	97
Other Costs ⓘ	97	93	146	236	151	163	270	275	227	310
Operating Profit ⓘ	133	80	1,699	4,658	-6	-59	527	620	384	261
Operating Profit Margin (%)	15.3%	9.3%	61.8%	70.7%	-0.3%	-4.7%	23.9%	25.1%	16.0%	12.1%
Other Income ⓘ +	8	8	35	109	144	113	80	109	142	127
Exceptional Items ⓘ	0	0	0	0	0	0	0	0	0	0
Interest ⓘ	60	55	56	18	37	11	7	26	36	39
Depreciation ⓘ	79	74	73	72	72	73	79	102	175	201
Profit Before Tax ⓘ	1	-41	1,605	4,677	29	-31	520	600	315	148
Tax ⓘ	9	9	523	1,627	-24	-5	129	145	84	47
Profit After Tax	-8	-50	1,081	3,050	53	-25	391	456	232	101
PAT Margin (%)	-0.9%	-5.8%	39.3%	46.3%	2.5%	-2.0%	17.7%	18.5%	9.7%	4.7%
Adjusted EPS (₹)	-0.4	-2.5	54.1	158.1	2.8	-1.3	20.2	23.6	12.0	5.3
Dividend Payout Ratio (%)	0%	0%	30%	10%	181%	-46%	40%	36%	38%	34%

Balance Sheet

(All Figures are in Crores.)

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Equity and Liabilities
Shareholders Fund +	921	872	1,809	3,719	3,423	3,399	3,777	4,077	4,145	4,160
Share Capital ⓘ	40	40	40	39	39	39	39	39	39	39
Reserves ⓘ	881	832	1,769	3,680	3,384	3,360	3,738	4,039	4,106	4,121
Debt +	677	547	297	666	593	297	663	741	619	585
Long Term Debt	157	136	0	0	0	0	0	0	0	0
Short Term Debt	520	412	297	666	593	297	663	741	619	585
Minority Interest	0	0	0	0	0	0	0	0	0	0
Trade Payables	52	86	246	380	134	257	448	412	425	398
Others Liabilities ⓘ	485	266	288	304	200	195	411	258	227	203
Total Liabilities ⓘ	2,134	1,772	2,640	5,070	4,350	4,148	5,299	5,488	5,417	5,346
Fixed Assets
Net Fixed Assets ⓘ +	932	885	830	785	741	691	755	1,356	1,776	1,894
Gross Block	1,646	1,666	1,673	1,691	1,713	1,713	1,843	2,535	3,118	3,404
Accumulated Depreciation	713	781	844	907	972	1,022	1,088	1,180	1,343	1,510
CWIP ⓘ	27	1	2	19	101	373	696	472	194	21
Investments ⓘ	150	150	149	867	1,156	1,261	1,034	664	996	1,231
Inventories	371	258	511	1,308	1,005	581	978	1,440	1,194	1,255
Trade Receivables	318	361	973	1,187	399	289	589	489	508	440
Cash Equivalents	5	8	8	557	437	551	602	682	383	118
Others Assets ⓘ	331	109	168	347	510	402	645	386	365	386
Total Assets ⓘ	2,134	1,772	2,640	5,070	4,350	4,148	5,299	5,488	5,417	5,346

Cash Flow

(All Figures are in Crores.)

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Cash Flow From Operating Activity ⓘ +	249	157	594	1,488	739	716	-141	114	615	319
PBT ⓘ	1	-41	1,605	4,677	29	-31	520	600	315	148
Adjustment ⓘ	146	133	120	-27	-31	0	22	52	101	252
Changes in Working Capital ⓘ	110	75	-607	-1535	844	749	-555	-390	234	-35
Tax Paid ⓘ	-8	-10	-523	-1,627	-104	-2	-128	-148	-35	-45
Cash Flow From Investing Activity ⓘ +	-29	-1	-9	-676	-275	-417	-183	-31	-205	-246
Capex	-31	-3	-14	-48	-110	-255	-359	-479	-320	-177
Net Investments	0	-0	1	-666	-216	-44	145	419	127	-24
Others ⓘ	2	1	4	38	50	-118	30	29	-12	-45
Cash Flow From Financing Activity ⓘ +	-219	-153	-588	-788	-460	-310	344	-100	-324	-159
Net Proceeds from Shares ⓘ	0	0	0	0	0	0	0	0	0	0
Net Proceeds from Borrowing ⓘ	-79	10	-272	0	0	0	0	0	0	0
Interest Paid ⓘ	-60	-55	-57	-18	-37	-12	-10	-23	-39	-34
Dividend Paid ⓘ	0	0	-120	-320	-289	0	-12	-154	-163	-87
Others ⓘ	-81	-108	-139	-451	-134	-297	366	77	-122	-38
Net Cash Flow ⓘ	1	3	-3	24	4	-11	20	-17	86	-87

Finance Ratio

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Ratios
ROE (%)	-0.81	-5.58	80.68	110.37	1.49	-0.74	10.89	11.6	5.63	2.44
ROCE (%)	3.44	0.86	90.73	144.65	1.57	-0.5	12.97	13.53	7.33	3.93
Asset Turnover Ratio	0.48	0.56	1.25	1.71	0.46	0.3	0.47	0.46	0.44	0.4
PAT to CFO Conversion(x)	N/A	N/A	0.55	0.49	13.94	N/A	-0.36	0.25	2.65	3.16
Working Capital Days
Receivable Days	120	114	88	60	135	100	73	80	76	80
Inventory Days	128	106	51	50	196	230	129	179	200	206
Payable Days	157	103	214	102	58	88	155	171	133	166

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

HEG Ltd FAQs

The current trading price of HEG on 17-Apr-2026 16:59 is ₹632.5.

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 16-Apr-2026 the market cap of HEG stood at ₹12,206.8 Cr

The latest P/E ratio of HEG as of 16-Apr-2026 is 43.25.

The latest P/B ratio of HEG as of 16-Apr-2026 is 2.73.

The 52-week high of HEG is ₹672.2 and the 52-week low is ₹416.1.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of HEG is ₹2,502 ( Cr.) .

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.

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

HEG Share Price

HEG Ltd (HEG)

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DeciZen - make an informed investing decision on HEG

Overall Rating ⓘ Login to view analysis.

1. Quality

2. Valuation ⓘ

3. Price Trend

HEG stock performance

Is HEG Ltd an attractive stock to invest in?

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record

Value Creation ⓘ

Growth Parameters ⓘ

CAGR ⓘ

Key Financial Parameters ⓘ

Recent Performance Summary

Latest Financials

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Valuation of HEG - Standalone Basis

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

Event Update

Analyst's Notes

Key Ratios

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

Balance Sheet

Equity and Liabilities

Fixed Assets

Cash Flow

Finance Ratio

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?

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