Heg Limited (HEGAM) · mywealthgrid

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About

HEG manufactures electrodes and refractories for high-temperature industrial processes. Market cap ₹13,529 Cr, quarterly revenues ₹650–700 Cr. Conservative balance sheet (D/E 0.17), regular dividend payer.

Face value: ₹2

Market cap

₹4,618 Cr

P/E

12.9×

P/B

1.0×

Dividend yield

2.2%

ROE

7.4%

ROCE

6.9%

Debt / equity

0.17

OPM

15.5%

EPS (TTM)

₹18.6

Book value

₹246.5

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Severe operational volatility: March 2026 loss ₹113–163 Cr, OPM −24%. Verify: cyclical or structural, could recur?
High valuation (PE 37.7) vs. earnings volatility (OPM −24% to +23%). Downside risk if negative cycles return.
Electrodes & refractories tied to steel, cement, aluminium demand. Verify: raw material cost exposure, end-market capacity.
FII shareholding fell from 10.24% (Mar 2026) to 8.47% (Jun 2026). Verify: concern or rebalancing?

Generated analysis · source review pending

Growth drivers

Operating margin recovered 21–23% (Dec 2025, Jun 2026) from −24% (Mar 2026). Earnings expand if March disruption was cyclical.
Quarterly revenue ran ₹650–700 Cr in profitable quarters. Verify: pricing, volume, capacity utilization for expansion.
Electrodes & refractories serves steel, cement, aluminium. Verify: raw material normalization, end-market capacity for pricing/demand upside.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹239.3+0.4%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 15.4% over the last 5 years
+Dividend payout of 28% of profit

Cons

−Low return on equity of 5.7% (3-yr avg)
−Profit declined 13.8% a year over the last 3 years

Research score

Structured signal from quality, growth, valuation and momentum.

49/100

Business quality: 40
Growth: 30
Valuation: 78

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Graphite India LimitedGRAPHITEGRAPHITE	₹15,361 Cr	₹15,728 Cr	₹3,029 Cr	₹90 Cr	7.1%	₹213 Cr	6%	4.6%	3%	326
Raghav Productivity Enhancers LimitedRPELRPEL	₹8,349 Cr	₹8,354 Cr	₹286 Cr	₹85 Cr	29.3%	₹63 Cr	21.3%	30.7%	25%	255
Vesuvius India LimitedVESUVIUSVESUVIUS	₹8,203 Cr	₹8,203 Cr	₹2,107 Cr	₹354 Cr	17.1%	₹239 Cr	12.6%	22.5%	17.1%	46
Rhi Magnesita India LimitedRHIMRHIM	₹7,947 Cr	₹8,269 Cr	₹4,074 Cr	₹477 Cr	11%	₹-354 Cr	-9.5%	6.6%	-10.1%	126
Heg LimitedHEGAMHEGAM	₹4,618 Cr	₹5,411 Cr	₹2,640 Cr	₹263 Cr	15.5%	₹359 Cr	13.3%	6.9%	7.4%	323
Ifgl Refractories LimitedIFGLEXPORIFGLEXPOR	₹1,367 Cr	₹1,562 Cr	₹1,953 Cr	₹137 Cr	7.2%	₹41 Cr	1.8%	5.4%	3%	148
Foseco Crucible (India) LtdFOSECOCFOSECOC	₹1,095 Cr	₹1,095 Cr	₹174 Cr	₹41 Cr	26.7%	₹28 Cr	10.9%	33.1%	13.8%	90
Orient Ceratech LimitedORIENTCERORIENTCER	₹528 Cr	₹567 Cr	₹406 Cr	₹50 Cr	10.6%	₹26 Cr	5.4%	10.6%	7.5%	226
De Nora India LimitedDENORADENORA	₹384 Cr	₹384 Cr	₹115 Cr	₹10 Cr	5.5%	₹12 Cr	7.5%	9.6%	7.3%	144
Panasonic Carbon India Company LtdPANCARBONPANCARBON	₹189 Cr	—	₹54 Cr	₹17 Cr	33.1%	₹21 Cr	38.8%	16.7%	11.8%	127
Nilachal Refractories LtdNILACHALNILACHAL	₹77 Cr	₹123 Cr	₹1 Cr	₹-21 Cr	-304.4%	₹-22 Cr	-307%	—	—	1,057

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	6,593	2,149	1,256	2,202	2,467	2,395	2,160	2,569
COGS	1,115	1,621	809	829	915	1,151	904	1,063
Gross profit	5,478	528	447	1,373	1,552	1,244	1,256	1,505
	820	520	499	805	856	779	983	991
	4,658	8	-52	568	697	464	273	514
OPM %	70.7%	0.4%	-4.1%	25.8%	28.2%	19.4%	12.6%	20%
Depreciation	72	72	73	79	102	175	201	213
Interest	18	37	11	7	26	36	39	37
	109	144	113	80	109	142	128	144
Profit before tax	4,677	44	-23	560	677	395	160	408
Tax	1,628	-24	-5	129	145	84	45	66
Tax %	34.8%	-55.3%	-23.3%	23.1%	21.4%	21.2%	28.3%	16.3%
	3,026	68	-18	431	532	312	115	341
PAT margin %	45.9%	3.2%	-1.4%	19.6%	21.6%	13%	5.3%	13.3%
EPS (₹)	757.5	17.5	-4.7	111.7	137.9	80.8	6	17.7
EPS adjusted (₹)	156.8	3.5	-0.9	22.3	27.6	16.2	6	17.7
	10.6%	142.7%	—	35.8%	30.8%	27.9%	30.2%	19.2%
Annual report	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	40	39	39	39	39	39	39	39	39
Reserves	1,868	3,755	—	3,456	3,875	4,242	4,387	4,415	4,719
	297	666	—	297	663	741	619	587	793
	534	684	735	453	731	670	656	607	615
Total equity & liabilities	2,739	5,144	774	4,244	5,308	5,692	5,701	5,648	6,166
	830	785	741	691	755	1,349	1,770	1,894	1,745
CWIP	2	19	—	373	696	472	212	71	224
Investments	356	332	—	1,361	1,178	866	1,207	1,407	1,484
	1,551	4,009	33	1,819	2,678	3,005	2,512	2,276	2,713
Total assets	2,739	5,144	774	4,244	5,308	5,692	5,701	5,648	6,166

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Graphite	2,539.56	270.34	3,718.87	1,278.81	2,440.06	11.08
Power	28.94	14.72

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	83.1%	24.6%	35.6%	62.3%	62.9%	51.9%	58.2%	58.6%
EBITDA margin %	70.7%	-0.3%	-4.7%	24%	25.1%	16%	11.8%	15.5%
EBIT margin %	69.6%	-3.6%	-10.5%	20.3%	20.9%	8.7%	2.5%	7.2%
PAT margin %	45.9%	3.2%	-1.4%	19.6%	21.6%	13%	5.3%	13.3%
Working capital
Receivable days	66	—	84	98	72	77	75	71
Inventory days	428	—	262	431	574	379	507	389
Payable days	1	—	116	197	164	135	161	138
NWC days	493	—	230	331	482	321	421	323
Leverage
Current ratio	2.82	—	3.22	2.34	2.17	2.25	2.26	2.21
Debt to EBITDA	0.14	—	—	1.26	1.2	1.62	2.3	1.99
Debt to equity	0.18	—	0.08	0.17	0.17	0.14	0.13	0.17
Interest coverage	261.3	1.8	-1.7	70.4	24	9.8	4.6	8.8
Asset turnover	1.28	2.78	0.3	0.41	0.43	0.42	0.38	0.42
Return ratios
Return on assets %	58.8%	8.7%	-0.4%	8.1%	9.4%	5.5%	2%	5.5%
Return on capital employed %	119.6%	—	-0.5%	13.8%	14.9%	7.8%	4%	6.9%
Return on equity %	79.8%	—	-0.5%	11%	12.4%	7%	2.6%	7.2%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	55.78%	55.78%	55.78%	55.78%	55.78%	55.78%	55.78%	55.78%	55.78%	56.13%	56.28%	56.28%
	6.81%	6.86%	6.86%	6.05%	6.92%	7.08%	7.19%	7.3%	7.96%	8.53%	10.24%	8.47%
	7.23%	8.87%	10.39%	13.1%	12.81%	12.09%	11.65%	11.6%	11.98%	12.14%	8.62%	9.26%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	30.18%	28.49%	26.97%	25.07%	24.49%	25.05%	25.38%	25.32%	24.28%	23.2%	24.86%	25.99%
No. of shareholders	—	—	—	—	—	—	—	—	1,41,576	1,32,314	1,37,675	1,39,601

Promoter holding up 0.5 percentage points since Sep 2023.

76 deals · 30 Dec 2021 – 7 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
7 Sept 2026	HDFC MUTUAL FUND	Bulk	NSE	Buy	9,93,201	₹266.21	₹26.44 Cr
20 Apr 2026	GDN VENTURES LLP	Bulk	NSE	Sell	10,00,000	₹631.02	₹63.10 Cr
27 Mar 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Sell	22,18,794	₹563.01	₹124.92 Cr
27 Mar 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Buy	22,18,794	₹562.76	₹124.86 Cr
27 Mar 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	15,60,531	₹564.31	₹88.06 Cr
27 Mar 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	15,60,531	₹564.04	₹88.02 Cr
27 Mar 2026	JUMP TRADING FINANCIAL INDIA PRIVATE LIMITED	Bulk	NSE	Buy	14,82,414	₹560.60	₹83.10 Cr
27 Mar 2026	JUMP TRADING FINANCIAL INDIA PRIVATE LIMITED	Bulk	NSE	Sell	14,82,414	₹560.39	₹83.07 Cr
27 Mar 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	10,46,105	₹560.84	₹58.67 Cr
27 Mar 2026	QE SECURITIES LLP	Bulk	NSE	Sell	10,15,391	₹557.64	₹56.62 Cr

1–10 of 76

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Mr. RAVI JHUNJHUNWALAExecutive Director-Chairperson related to Promoter-CEO-MD
Mr. RIJU JHUNJHUNWALANon-Executive - Non Independent Director
Mr. SHEKHAR AGARWALNon-Executive - Non Independent Director
Mr. KAMAL GUPTANon-Executive - Non Independent Director
Om Prakash AjmeraGroup Chief Financial Officer
Ms. RAMNI NIRULANon-Executive - Independent Director
Mr. JAYANT DAVARNon-Executive - Independent Director
Mr. MANISH GULATIExecutive Director
Mr. NAND GOPAL KHAITANNon-Executive - Independent Director
Mr. SANDIP SOMANYNon-Executive - Independent Director
Mr. PRIYA SHANKAR DASGUPTANon-Executive - Independent Director

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F&O

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 10 fund houses

Held by these funds

5.59%

of the company's equity

All mutual funds

7.58%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

34 schemes · 10 fund houses

		Shares
Energy Opportunities Fund	SBI Mutual Fund	48.14 L	350.87	4.21%	2.494%	-17.1 L
Flexi Cap Fund	Bajaj Finserv Mutual Fund	24.55 L	178.91	2.07%	1.272%	-1.28 L
Small Cap Fund	Bajaj Finserv Mutual Fund	7.33 L	53.45	2.02%	0.38%	-0
ELSS Tax Saver FundNEW	Bank of India Mutual Fund	5.3 L	38.63	2.73%	0.275%	—
Flexi Cap Fund	Bank of India Mutual Fund	5.1 L	37.17	1.26%	0.264%	-0
Multi Cap Fund	Bajaj Finserv Mutual Fund	4.23 L	30.84	1.89%	0.219%	-0
Aggressive Hybrid FundNEW	Bank of India Mutual Fund	3.3 L	24.05	1.17%	0.171%	—
SMALL CAP FUND	Bank of India Mutual Fund	3 L	21.86	0.66%	0.155%	-0

1–8 of 34

1 / 5

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

129 announcementsExport CSV

1 Oct 2026, 1:40 pmCompany Update

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

Award of Order / Receipt of Order PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	83.1%	24.6%	35.6%	62.3%	62.9%	51.9%	58.2%	58.6%
EBITDA margin %	70.7%	-0.3%	-4.7%	24%	25.1%	16%	11.8%	15.5%
EBIT margin %	69.6%	-3.6%	-10.5%	20.3%	20.9%	8.7%	2.5%	7.2%
PAT margin %	45.9%	3.2%	-1.4%	19.6%	21.6%	13%	5.3%	13.3%
Working capital
Receivable days	66	—	84	98	72	77	75	71
Inventory days	428	—	262	431	574	379	507	389
Payable days	1	—	116	197	164	135	161	138
NWC days	493	—	230	331	482	321	421	323
Leverage
Current ratio	2.82	—	3.22	2.34	2.17	2.25	2.26	2.21
Debt to EBITDA	0.14	—	—	1.26	1.2	1.62	2.3	1.99
Debt to equity	0.18	—	0.08	0.17	0.17	0.14	0.13	0.17
Interest coverage	261.3	1.8	-1.7	70.4	24	9.8	4.6	8.8
Asset turnover	1.28	2.78	0.3	0.41	0.43	0.42	0.38	0.42
Return ratios
Return on assets %	58.8%	8.7%	-0.4%	8.1%	9.4%	5.5%	2%	5.5%
Return on capital employed %	119.6%	—	-0.5%	13.8%	14.9%	7.8%	4%	6.9%
Return on equity %	79.8%	—	-0.5%	11%	12.4%	7%	2.6%	7.2%

Date	Category	Subject	Filing
1 Oct 2026, 1:40 pm	Company Update Award of Order / Receipt of Order	Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order	PDF
30 Sept 2026, 8:52 am	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
29 Sept 2026, 7:07 pm	Company Update General	Apportionment Of The Cost Of Acquisition Of Equity Shares Of The Company, Between The Company And HEG Graphite Limited, Pursuant To The Scheme	PDF
28 Sept 2026, 8:14 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
21 Sept 2026, 9:03 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
21 Sept 2026, 12:44 pm	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
21 Sept 2026, 12:42 pm	Insider Trading / SAST Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011	PDF
18 Sept 2026, 6:34 pm	Company Update Award of Order / Receipt of Order	Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order	PDF

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	594	1,488	739	716	-141	113	612	280	213
	-9	-676	-275	-417	-183	-21	-186	-208	-320
	-588	-788	-460	-310	344	-100	-323	-159	97
Net cash flow	-3	24	4	-11	20	-8	104	-88	-10
Free cash flow	—	—	—	414	-500	-366	209	97	-39
CFO / Operating profit %	—	32%	—	—	-26.7%	18.3%	160.1%	109.6%	53.5%

Heg Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

22

1

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Graphite · revenue

Heg Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends22

Board meetings1

Stock splits1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Graphite · revenue

22

1

1