Industrial Products
Valuation | |
|---|---|
| Market Cap | 11.09 kCr |
| Price/Earnings (Trailing) | 43.01 |
| Price/Sales (Trailing) | 4.14 |
| EV/EBITDA | 19.93 |
| Price/Free Cashflow | 102.95 |
| MarketCap/EBT | 32.94 |
| Enterprise Value | 11.7 kCr |
Fundamentals | |
|---|---|
Growth & Returns | |
|---|---|
| Price Change 1W | -7.3% |
| Price Change 1M | 5% |
| Price Change 6M | 13.7% |
| Price Change 1Y | 22.9% |
| 3Y Cumulative Return | 39.5% |
| 5Y Cumulative Return | 24.1% |
| 7Y Cumulative Return | -3.4% |
| 10Y Cumulative Return | 33.2% |
| Revenue (TTM) |
| 2.68 kCr |
| Rev. Growth (Yr) | 32.9% |
| Earnings (TTM) | 257.89 Cr |
| Earnings Growth (Yr) | 74.2% |
Profitability | |
|---|---|
| Operating Margin | 13% |
| EBT Margin | 13% |
| Return on Equity | 5.53% |
| Return on Assets | 4.34% |
| Free Cashflow Yield | 0.97% |
Cash Flow & Liquidity |
|---|
| Cash Flow from Investing (TTM) | -208.45 Cr |
| Cash Flow from Operations (TTM) | 279.71 Cr |
| Cash Flow from Financing (TTM) | -159.15 Cr |
| Cash & Equivalents | 29.44 Cr |
| Free Cash Flow (TTM) | 97.48 Cr |
| Free Cash Flow/Share (TTM) | 5.05 |
Balance Sheet | |
|---|---|
| Total Assets | 5.94 kCr |
| Total Liabilities | 1.28 kCr |
| Shareholder Equity | 4.67 kCr |
| Current Assets | 2.77 kCr |
| Current Liabilities | 1.15 kCr |
| Net PPE | 1.81 kCr |
| Inventory | 1.18 kCr |
| Goodwill | 93 L |
Capital Structure & Leverage | |
|---|---|
| Debt Ratio | 0.11 |
| Debt/Equity | 0.14 |
| Interest Coverage | 7.74 |
| Interest/Cashflow Ops | 8.19 |
Dividend & Shareholder Returns | |
|---|---|
| Dividend/Share (TTM) | 1.8 |
| Dividend Yield | 0.31% |
| Shares Dilution (1Y) | 0.00% |
| Shares Dilution (3Y) | 0.00% |
Size: Market Cap wise it is among the top 20% companies of india.
Smart Money: Smart money is taking extra interest in the stock as they increase their holdings.
Balance Sheet: Strong Balance Sheet.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Profitability: Recent profitability of 10% is a good sign.
Past Returns: Outperforming stock! In past three years, the stock has provided 39.5% return compared to 12.8% by NIFTY 50.
No major cons observed.
Size: Market Cap wise it is among the top 20% companies of india.
Smart Money: Smart money is taking extra interest in the stock as they increase their holdings.
Balance Sheet: Strong Balance Sheet.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Profitability: Recent profitability of 10% is a good sign.
Past Returns: Outperforming stock! In past three years, the stock has provided 39.5% return compared to 12.8% by NIFTY 50.
No major cons observed.
Investor Care | |
|---|---|
| Dividend Yield | 0.31% |
| Dividend/Share (TTM) | 1.8 |
| Shares Dilution (1Y) | 0.00% |
| Earnings/Share (TTM) | 13.36 |
Financial Health | |
|---|---|
| Current Ratio | 2.41 |
| Debt/Equity | 0.14 |
Technical Indicators | |
|---|---|
| RSI (14d) | 62.36 |
| RSI (5d) | 22.04 |
| RSI (21d) | 56.22 |
| MACD Signal | Buy |
| Stochastic Oscillator Signal | Hold |
| SharesGuru Signal | Buy |
| RSI Signal | Hold |
| RSI5 Signal | Buy |
| RSI21 Signal | Hold |
| SMA 5 Signal | Sell |
| SMA 10 Signal |
Summary of HEG's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
HEG Limited management provided a cautiously optimistic outlook during the Q1 FY26 earnings call. The global steel industry continued to experience a downturn, with a 1.9% year-on-year decline in global steel production, reflecting weak demand in major economies, particularly China, where production decreased by 2.4%. However, India's steel production rose by 9.2% year-on-year, showcasing resilience fueled by infrastructure spending and automotive growth.
Management highlighted significant forward-looking developments, including an expansion plan to increase production capacity from 100,000 tons to 115,000 tons, requiring a capital expenditure of INR 650 crores, expected to complete by Q1 FY28. This investment aims to further reduce costs and boost market share. The company's utilization remained strong at over 90%, up from previous quarters, despite market challenges.
The transition to electric arc furnace (EAF) steelmaking is projected to enhance demand for HEG's graphite electrodes considerably. Management anticipates an incremental demand of 150,000 to 200,000 tons annually by 2030, driven by ongoing global shifts towards environmentally-friendly production methods. Additionally, HEG's leadership acknowledged the ongoing discussions regarding tariffs affecting exports, particularly the 25% U.S. duty, and aimed to minimize its impact through strategic diversification.
Financially, HEG's revenue from operations stood at INR 613 crores, a rise from INR 571 crores year-on-year, and it reported a net profit after tax of INR 72 crores compared to INR 3 crores in the previous year. Overall, the management emphasized a balanced approach of expanding capacity while maintaining prudent financial practices, noting their long-term confidence in the graphite electrode market despite short-term challenges.
Understand HEG ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
| Shareholder Name | Holding % |
|---|---|
| REDROSE VANIJYA LLP | 28.95% |
| NORBURY INVESTMENTS LIMITED | 13.9% |
| MICROLIGHT INVESTMENTS LTD. | 12.09% |
| SBI ENERGY OPPORTUNITIES FUND | 7.11% |
| MEKIMA CORPORATION | 2.91% |
| AL MEHWAR COMMERCIAL INVESTMENTS L.L.C. - (NOOSA) | 1.28% |
| BANK OF INDIA ELSS TAX SAVER | 1.1% |
Detailed comparison of HEG against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Ticker | Name | Mkt Cap | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|---|---|---|---|---|---|---|---|---|
| CARBORUNIV | Carborundum Universal | 15.33 kCr | 5.05 kCr | -5.80% | -36.30% | 74.66 | 3.04 | - | - |
| GRAPHITE | Graphite India | 12.28 kCr |
Comprehensive comparison against sector averages
HEG metrics compared to Industrial
| Category | HEG | Industrial |
|---|---|---|
| PE | 43.01 | 32.45 |
| PS | 4.14 | 2.47 |
| Growth | 11.5 % | 6.9 % |
HEG Limited manufactures and sells graphite electrodes in India and internationally. The company operates through Graphite Electrodes and Power Generation segments. It provides ultra-high power and high power electrodes; graphite electrodes and nipples; carbon blocks; graphite specialties; and activated carbon fabric products. The company operates thermal power plants and a hydroelectric power facility. HEG Limited was incorporated in 1972 and is based in Noida, India.
This is an informational page just to provide a quick 'first look' at the stock. You must do your own deeper research. Know your risk appetite. Consult a SEBI-registered financial advisor before making any investment decisions.
| Sell |
| SMA 20 Signal | Buy |
| SMA 50 Signal | Buy |
| SMA 100 Signal | Buy |
HEG vs Industrial (2021 - 2026)
Here are some major questions and their answers from the Q&A session of the earnings transcript:
Question: "If you could provide some color in terms of the thought process that has gone behind in making this decision to build instead of going inorganic?"
Answer: "We explored acquisition opportunities but found that organic expansion is more beneficial. Acquiring older plants in high-cost countries would not deliver competitive advantages. Instead, investing in our own capacity allows us to build at lower costs in India while utilizing our existing infrastructure efficiently over a manageable timeline."
Question: "Does this capex of INR600 crores include a captive power plant?"
Answer: "No, we have no plans for a captive power plant. We have consistently acquired power from the grid, having closed our previous captive plant over a decade ago. This strategy keeps our capital investments focused on core production capabilities."
Question: "What would be the capacity utilization for the remaining year?"
Answer: "We aim for around 85% utilization for the rest of this year. Last quarter, we operated at over 90%, but it's challenging to forecast utilizations beyond a quarter given market dynamics."
Question: "Would you be able to share your assessment of the demand-supply balance outside China?"
Answer: "Utilization for electric arc furnaces outside China is around 70% to 75%. As for graphite electrode plants specifically, industry utilization is between 60% to 65%. We anticipate that increasing electric arc furnace capacities will lead to a gradual upturn in demand for electrodes."
Question: "Is there a risk of any U.S. plants restarting due to recent duties?"
Answer: "Currently, no risk of U.S. plants restarting exists as operational plants are already running. Capacity closures have occurred, and any restart would depend on demand, making it unlikely in the short term."
Question: "What is the outlook for razor-thin margins in the coming quarters?"
Answer: "Firming of prices is likely once industry utilizations cross 80-85%. However, the precise timing remains uncertain. Currently, we believe we are at a low point, signaling potential for future price recovery driven by increased demand from new electric arc furnaces."
Question: "What are your thoughts on the demand dynamics for needle coke?"
Answer: "Predicting needle coke supply dynamics is complicated, as it directly correlates with electrode demand. Rapid increases in electrode demand would elevate needle coke prices; however, current supply appears adequate assuming no drastic shifts in demand."
Question: "What are your ambitions regarding your 10% stake in GrafTech?"
Answer: "We invested in GrafTech due to its unique backing in needle coke production. We see it as a strategic opportunity, especially when electrode demand rises. We remain committed to holding our position for the long-term growth potential it presents."
This summary encapsulates the major queries during the Q&A and their respective answers, providing insights into HEG Limited's strategic and operational approach.
| RSWM LIMITED | 0.82% |
| LAKSHMI NIWAS JHUNJHUNWALA | 0% |
| MANI DEVI JHUNJHUNWALA | 0% |
| NIVEDAN CHURIWAL | 0% |
| SHUBHA CHURIWAL | 0% |
| SUDHA CHURIWAL | 0% |
| SHASHI AGARWAL | 0% |
| RAJKUMARI MARODIA | 0% |
| LNJ LEASING AND FINANCE PRIVATE LIMITED | 0% |
| LNJ REALTY PRIVATE LIMITED | 0% |
| RLJ FAMILY TRUSTEESHIP PRIVATE LIMITED | 0% |
| SKLNJ FAMILY TRUSTEE PRIVATE LIMITED | 0% |
| RRJ FAMILY TRUSTEE PRIVATE LIMITED | 0% |
Distribution across major stakeholders
Distribution across major institutional holders
| 2.9 kCr |
| +16.10% |
| +14.90% |
| 51.01 |
| 4.24 |
| - |
| - |
| PCBL | PCBL | 11.22 kCr | 8.42 kCr | -7.90% | -28.30% | 30.85 | 1.33 | - | - |
| HITECHCORP | Hitech Corp | 277.08 Cr | 576.23 Cr | -4.50% | -32.30% | 46.76 | 0.48 | - | - |
| 51.8% |
| 168 |
| 111 |
| -74.05 |
| 132 |
| 82 |
| 3.16 |
| Total profit before tax | 51.8% | 168 | 111 | -74.05 | 132 | 82 | 3.16 |
| Current tax | 25% | 21 | 17 | 21 | 11 | 9.12 | 7.58 |
| Deferred tax | 124.7% | 11 | 5.45 | -31.64 | 24 | 11 | -6.89 |
| Total tax | 40.9% | 32 | 23 | -10.93 | 35 | 20 | 0.69 |
| Total profit (loss) for period | 36.5% | 143 | 105 | -73.67 | 83 | 82 | 23 |
| Other comp. income net of taxes | -101.9% | -1.14 | -0.06 | -0.99 | -0.02 | 0.65 | -0.02 |
| Total Comprehensive Income | 35.6% | 142 | 105 | -74.66 | 83 | 83 | 23 |
| Earnings Per Share, Basic | 45.1% | 7.43 | 5.43 | -3.82 | 4.32 | 0.852 | 1.1944 |
| Earnings Per Share, Diluted | 45.1% | 7.43 | 5.43 | -3.82 | 4.32 | 0.852 | 1.1944 |
| 8.6% |
| 39 |
| 36 |
| 26 |
| 7.49 |
| 11 |
| 37 |
| Depreciation and Amortization | 14.9% | 201 | 175 | 102 | 79 | 73 | 72 |
| Other expenses | 16.5% | 891 | 765 | 841 | 765 | 452 | 468 |
| Total Expenses | -4% | 2,132 | 2,221 | 1,976 | 1,761 | 1,400 | 2,263 |
| Profit Before exceptional items and Tax | -53.2% | 148 | 315 | 600 | 520 | -30.76 | 29 |
| Total profit before tax | -53.2% | 148 | 315 | 600 | 520 | -30.76 | 29 |
| Current tax | -36.5% | 48 | 75 | 154 | 130 | 0.2 | -0.19 |
| Deferred tax | -135.8% | -1.91 | 9.12 | -9.29 | -0.14 | -5.66 | -23.9 |
| Total tax | -44.6% | 47 | 84 | 145 | 129 | -5.46 | -24.09 |
| Total profit (loss) for period | -56.7% | 101 | 232 | 456 | 391 | -25.3 | 53 |
| Other comp. income net of taxes | -58.5% | -0.03 | 0.35 | -0.62 | -0.92 | 1.05 | -0.52 |
| Total Comprehensive Income | -56.7% | 101 | 232 | 455 | 390 | -24.25 | 53 |
| Earnings Per Share, Basic | -61.4% | 5.25 | 11.9984 | 23.604 | 20.24 | -1.312 | 2.766 |
| Earnings Per Share, Diluted | -61.4% | 5.25 | 11.9984 | 23.604 | 20.24 | -1.312 | 2.766 |
| 20% |
| 25 |
| 21 |
| 203 |
| 194 |
| 158 |
| 472 |
| Investment property | -3.1% | 6.31 | 6.48 | 6.74 | 6.91 | 7.08 | 7.25 |
| Non-current investments | 9.4% | 969 | 886 | 807 | 672 | 627 | 541 |
| Loans, non-current | 33.3% | 0.98 | 0.97 | 0.8 | 0.88 | 0.84 | 0.77 |
| Total non-current financial assets | 7.6% | 1,011 | 940 | 865 | 720 | 674 | 577 |
| Total non-current assets | -2.2% | 2,914 | 2,980 | 2,959 | 2,817 | 2,784 | 2,645 |
| Total assets | 4.6% | 5,594 | 5,346 | 5,326 | 5,417 | 5,400 | 5,488 |
| Total non-current financial liabilities | 20% | 0.84 | 0.8 | 1.05 | 1.27 | 1.85 | 1.38 |
| Provisions, non-current | 14.2% | 5.9 | 5.29 | 3.99 | 4.89 | 3.76 | 3.06 |
| Total non-current liabilities | 15.4% | 121 | 105 | 111 | 106 | 104 | 95 |
| Borrowings, current | 9.8% | 642 | 585 | 561 | 619 | 684 | 741 |
| Total current financial liabilities | 4.2% | 1,090 | 1,046 | 1,051 | 1,136 | 1,188 | 1,277 |
| Provisions, current | 4.8% | 4.46 | 4.3 | 4.22 | 4.21 | 4.13 | 5.07 |
| Current tax liabilities | 23.1% | 17 | 14 | 12 | 12 | 18 | 14 |
| Total current liabilities | 6.1% | 1,147 | 1,081 | 1,092 | 1,165 | 1,224 | 1,316 |
| Total liabilities | 6.9% | 1,268 | 1,186 | 1,202 | 1,272 | 1,328 | 1,411 |
| Equity share capital | 0% | 39 | 39 | 39 | 39 | 39 | 39 |
| Total equity | 4% | 4,326 | 4,160 | 4,124 | 4,145 | 4,072 | 4,077 |
| Total equity and liabilities | 4.6% | 5,594 | 5,346 | 5,326 | 5,417 | 5,400 | 5,488 |
| 29.4% |
| 45 |
| 35 |
| 148 |
| 128 |
| - |
| - |
| Net Cashflows From Operating Activities | -48.2% | 319 | 615 | 114 | -140.6 | - | - |
| Cashflows used in obtaining control of subsidiaries | 10.1% | 77 | 70 | 10 | 0 | - | - |
| Proceeds from sales of PPE | 46.1% | 3.22 | 2.52 | 0.9 | 0.88 | - | - |
| Purchase of property, plant and equipment | -43.9% | 181 | 322 | 480 | 360 | - | - |
| Proceeds from sales of investment property | 72% | 567 | 330 | 1,665 | 962 | - | - |
| Purchase of investment property | 31.1% | 769 | 587 | 1,264 | 701 | - | - |
| Dividends received | -38% | 1.85 | 2.37 | 1.98 | 1.14 | - | - |
| Interest received | -50% | 27 | 53 | 44 | 27 | - | - |
| Other inflows (outflows) of cash | -53.1% | 182 | 387 | 11 | -114.09 | - | - |
| Net Cashflows From Investing Activities | -20.1% | -246.36 | -205.02 | -31.11 | -183.37 | - | - |
| Proceeds from borrowings | 68.5% | -37.63 | -121.53 | 78 | 366 | - | - |
| Payments of lease liabilities | 12.5% | 0.51 | 0.44 | 0.49 | 0.52 | - | - |
| Dividends paid | -47.2% | 87 | 164 | 154 | 12 | - | - |
| Interest paid | -13.2% | 34 | 39 | 23 | 10 | - | - |
| Net Cashflows from Financing Activities | 50.7% | -159.13 | -324.13 | -99.96 | 344 | - | - |
| Net change in cash and cash eq. | -202.9% | -86.5 | 86 | -16.58 | 20 | - | - |
Analysis of HEG's financial performance, highlighting revenue trends, growth patterns, and key metrics through quarterly analysis.
Last Updated: Sep 30, 2025
| Description | Share | Value |
|---|---|---|
| Graphite | 98.5% | 686.2 Cr |
| Power | 1.5% | 10.6 Cr |
| Total | 696.9 Cr |