HEG Limited (IN:HEG)
:HEG
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HEG Limited
(HEG)
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Rating:62Neutral
Price Target:
₹506.00
▼(-18.35% Downside)
Action:ReiteratedDate:11/11/25
HEG Limited's overall stock score is primarily influenced by its strong balance sheet, which is offset by challenges in profitability and cash flow generation. Technical analysis presents mixed signals, while valuation metrics suggest the stock may be overvalued. The absence of earnings call and corporate events data limits additional insights.
Positive Factors
Low leverage and strong equity base
A very low debt-to-equity ratio and high equity ratio give HEG durable financial flexibility. This balance sheet strength supports capital spending, cyclical downturns, and potential strategic investments without increasing leverage, preserving long-term solvency and optionality.
Negative Factors
Declining revenue and net margins
A multi-point drop in revenue and a halving of net margin indicate structural pressures on demand, pricing, or cost absorption. Persistent top-line contraction plus compressed net margins reduces retained earnings and hampers reinvestment, threatening medium-term earnings recovery.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage and strong equity base
A very low debt-to-equity ratio and high equity ratio give HEG durable financial flexibility. This balance sheet strength supports capital spending, cyclical downturns, and potential strategic investments without increasing leverage, preserving long-term solvency and optionality.
Read all positive factors
HEG Limited (HEG) vs. iShares MSCI India ETF (INDA)
Market Cap
₹106.17B
Dividend Yield0.33%
Average Volume (3M)56.23K
Price to Earnings (P/E)14.5
Beta (1Y)1.47
Revenue Growth3.93%
EPS Growth41.77%
CountryIN
Employees1,075
SectorBasic Materials
Sector Strength58
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)10.72
Shares Outstanding192,977,520
10 Day Avg. Volume89,538
30 Day Avg. Volume56,228
Financial Highlights & Ratios
PEG Ratio-1.28
Price to Book (P/B)2.09
Price to Sales (P/S)4.34
P/FCF Ratio95.57
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹647.50Price Target Upside4.49% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)30.24
Revenue Forecast (FY)₹33.35B
HEG Limited Business Overview & Revenue Model
Company Description
HEG Limited manufactures and sells graphite electrodes primarily for steel manufacturers in India. It operates through two segments, Graphite Electrodes and Power Generation. The company provides ultra-high power, high-power, and regular power gra...
How the Company Makes Money
HEG primarily makes money by manufacturing and selling graphite electrodes to steel producers, especially EAF-based steelmakers that consume electrodes as a critical operating input. Revenue is generated from (1) sales volumes of graphite electrod...
HEG Limited Financial Statement Overview
Summary
Income Statement
65
Positive
Balance Sheet
75
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 23.21B | 21.44B | 23.80B | 24.35B | 21.73B | 12.34B |
| Gross Profit | 8.68B | 7.37B | 7.55B | 10.16B | 9.09B | 1.91B |
| EBITDA | 5.80B | 3.92B | 6.05B | 8.05B | 6.46B | 608.21M |
| Net Income | 2.58B | 1.15B | 3.12B | 5.32B | 4.31B | -179.38M |
Balance Sheet | ||||||
| Total Assets | 59.41B | 56.48B | 57.01B | 56.92B | 53.08B | 42.44B |
| Cash, Cash Equivalents and Short-Term Investments | 8.60B | 6.09B | 7.12B | 7.67B | 12.46B | 10.52B |
| Total Debt | 6.44B | 5.88B | 6.23B | 7.43B | 6.65B | 2.98B |
| Total Liabilities | 12.75B | 11.94B | 12.75B | 14.11B | 13.94B | 7.49B |
| Stockholders Equity | 46.66B | 44.54B | 44.26B | 42.81B | 39.14B | 34.95B |
Cash Flow | ||||||
| Free Cash Flow | 1.66B | 974.80M | 2.41B | -3.66B | -5.00B | 4.60B |
| Operating Cash Flow | 2.42B | 2.80B | 6.12B | 1.13B | -1.41B | 7.16B |
| Investing Cash Flow | -2.41B | -2.08B | -1.84B | -211.10M | -1.83B | -4.17B |
| Financing Cash Flow | -221.80M | -1.59B | -3.24B | -999.55M | 3.44B | -3.10B |
HEG Limited Technical Analysis
Positive
619.70
Price Trends
538.04
Positive
542.98
Positive
528.37
Positive
Market Momentum
>-0.01
Negative
54.52
Neutral
68.39
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:HEG, the sentiment is Positive. The current price of 619.7 is above the 20-day moving average (MA) of 519.41, above the 50-day MA of 538.04, and above the 200-day MA of 528.37, indicating a bullish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 54.52 is Neutral, neither overbought nor oversold. The STOCH value of 68.39 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:HEG.
HEG Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ₹150.74B | 34.73 | ― | 0.49% | 17.36% | 52.81% | |
73 Outperform | ₹54.83B | 28.77 | ― | 0.48% | 19.03% | 36.25% | |
70 Outperform | ₹71.05B | 14.87 | ― | 0.82% | 129.98% | 215.49% | |
66 Neutral | ₹122.24B | 17.47 | ― | 1.04% | 7.42% | -4.96% | |
62 Neutral | ₹106.17B | 14.55 | ― | 0.33% | 3.93% | 41.77% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
54 Neutral | ₹124.71B | 46.09 | ― | 1.93% | -7.12% | -48.28% |
* Basic Materials Sector Average
IN:HEG
HEG Limited
550.15
95.92
21.12%
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IN:GENUSPOWER
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233.55
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IN:GRAPHITE
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638.30
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44.15%
IN:PRECWIRE
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133.10%
IN:RRKABEL
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HEG Limited Corporate Events
HEG Gets Major Relief as GST Authority Drops Rs 282 Crore IGST Refund Demand for FY20
Mar 17, 2026
HEG Limited has announced that the Goods and Services Tax authority in Madhya Pradesh has dropped a show cause notice for the financial year 2019-20, which had proposed recovery of allegedly erroneous IGST refunds and penalties totaling Rs 282.34 ...
HEG Reports Promoter Group Insider Trading Code Violation to Exchanges
Feb 21, 2026
HEG Limited has disclosed that a designated person belonging to its promoter group, identified as Mr. Nivedan Churiwal, violated the company’s code of conduct and SEBI’s Prohibition of Insider Trading Regulations in relation to trading...
HEG Limited Discloses Promoter Group Share Transaction Under SEBI Insider Trading Rules
Feb 19, 2026
HEG Limited has reported to the stock exchanges that members of its promoter group have made continual disclosures under Regulation 7(2) read with Regulation 6(2) of SEBI’s Prohibition of Insider Trading Regulations, 2015. The filing details...
HEG Shares Q3 and Nine-Month FY 25-26 Unaudited Results Presentation
Feb 10, 2026
HEG Limited has released an investor presentation detailing its unaudited financial results for the third quarter and nine-month period ended 31 December 2025. The materials have been shared with stock exchanges in Mumbai and made available on the...
HEG Limited Publishes Investor Presentation on Q3 and Nine-Month FY 2025-26 Results
Feb 10, 2026
HEG Limited has released an investor presentation detailing its unaudited financial results for the quarter and nine-month period ended 31 December 2025. The presentation, now also available on the company’s website, is intended to inform sh...
HEG Limited Schedules Investor Webinar to Provide Demerger Update
Jan 13, 2026
HEG Limited has announced that it will host a Demerger Update Webinar on January 19, 2026, at 16:00 IST, organized through SKP Securities via Zoom. Senior leadership from HEG, its group companies, and associated entities—including the vice c...
HEG Limited Schedules Investor Webinar to Outline Demerger Progress
Jan 13, 2026
HEG Limited has scheduled a Demerger Update Webinar for investors and stakeholders on January 19, 2026, at 16:00 IST, to be hosted via Zoom and arranged through SKP Securities. Senior leadership from HEG and associated group companies, including v...
HEG Reports Status of Re-lodged Physical Share Transfer Requests Under SEBI Window
Jan 7, 2026
HEG Limited has disclosed to the stock exchanges that, in line with a July 2025 SEBI circular governing the special window for re-lodgement of physical share transfer requests, it has received and reported a status update from its registrar and sh...
HEG to Hold One-on-One Virtual Meeting With Unifi Mutual Fund on 7 January
Jan 2, 2026
HEG Limited has notified the stock exchanges that its senior management will hold a one-to-one virtual meeting with Unifi Mutual Fund on 7 January 2026, in a session organized by Emkay Global Financial Services. The planned interaction, which may ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.