HEG Limited (IN:HEG)
:HEG
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HEG Limited
(HEG)
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Rating:62Neutral
Price Target:
₹704.00
▲(11.30% Upside)
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
Balance Sheet Strength
HEG’s very low leverage and high equity base provide durable financial flexibility. Over 2–6 months this supports funding of maintenance or modest capacity spending without relying on markets, cushions cyclical EBITDA dips, and reduces refinancing/default risk versus peers.
Negative Factors
Declining Revenue & Net Margins
Falling top-line and a steep net margin decline signal structural pressure on volumes, pricing, or rising operating costs. Persisting revenue and margin contraction will erode reinvestment capacity, slow deleveraging or expansion plans, and weaken long-term profitability metrics.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
HEG’s very low leverage and high equity base provide durable financial flexibility. Over 2–6 months this supports funding of maintenance or modest capacity spending without relying on markets, cushions cyclical EBITDA dips, and reduces refinancing/default risk versus peers.
Read all positive factors
HEG Limited (HEG) vs. iShares MSCI India ETF (INDA)
Market Cap
₹126.22B
Dividend Yield0.33%
Average Volume (3M)56.23K
Price to Earnings (P/E)14.5
Beta (1Y)1.35
Revenue Growth16.19%
EPS Growth72.12%
CountryIN
Employees1,075
SectorBasic Materials
Sector Strength58
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)10.70
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
₹642.50Price Target Upside1.57% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)29.32
Revenue Forecast (FY)₹33.49B
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
632.55
Price Trends
542.07
Positive
547.53
Positive
532.03
Positive
Market Momentum
19.94
Negative
69.72
Neutral
91.05
Negative
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 632.55 is above the 20-day moving average (MA) of 544.61, above the 50-day MA of 542.07, and above the 200-day MA of 532.03, indicating a bullish trend. The MACD of 19.94 indicates Negative momentum. The RSI at 69.72 is Neutral, neither overbought nor oversold. The STOCH value of 91.05 is Negative, 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | ₹148.82B | 17.47 | ― | 1.04% | 16.37% | -2.04% | |
74 Outperform | ₹87.58B | 14.87 | ― | 0.82% | 115.57% | 161.77% | |
74 Outperform | ₹163.22B | 34.73 | ― | 0.49% | 25.46% | 73.27% | |
73 Outperform | ₹71.30B | 28.77 | ― | 0.48% | 23.02% | 56.47% | |
62 Neutral | ₹126.22B | 14.55 | ― | 0.33% | 16.19% | 72.12% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
54 Neutral | ₹141.42B | 46.09 | ― | 1.93% | 3.37% | -23.13% |
* Basic Materials Sector Average
IN:HEG
HEG Limited
664.00
186.95
39.19%
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IN:GENUSPOWER
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302.25
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IN:GRAPHITE
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735.70
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59.64%
IN:PRECWIRE
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197.56%
IN:RRKABEL
RR Kabel Ltd.
1,507.85
544.56
56.53%
HEG Limited Corporate Events
HEG to Host Q4 FY26 Earnings Call With Top Management on 4 May
Apr 22, 2026
HEG Limited has announced that, following its board meeting on 29 April 2026 to approve audited financial results for the quarter and year ended 31 March 2026, it will hold an earnings conference call for the fourth quarter of FY26 on 4 May 2026 a...
HEG Reports No Re-Lodgement Requests for Physical Share Transfers in March 2026
Apr 6, 2026
HEG Limited has disclosed that its Registrar and Share Transfer Agent, MCS Share Transfer Agent Limited, has provided a monthly report on re-lodgement requests for transfers of physical shares, as required under a recent SEBI circular. For March 2...
HEG sets May meetings for NCLT-driven restructuring scheme
Apr 3, 2026
HEG Limited has notified stock exchanges that, pursuant to directions from the National Company Law Tribunal’s Indore Bench, separate meetings of its equity shareholders, secured creditors and unsecured creditors will be held on 5 May 2026 v...
HEG Limited Receives Independent ESG Score of 63 From NSE Sustainability
Apr 2, 2026
HEG Limited disclosed that NSE Sustainability Ratings and Analytics Limited has independently assigned it an Environmental, Social and Governance score of 63, corresponding to an “Adequate” rating category, based solely on publicly ava...
HEG to Hold One-on-One Investor Meeting With Unifi Capital on April 7
Apr 1, 2026
HEG Limited has informed the stock exchanges that its senior management will hold a one-to-one, in-person meeting with a representative of Unifi Capital, a SEBI-registered portfolio management services firm, on 7 April 2026. The company said the d...
HEG gains tribunal nod to convene meetings on composite restructuring scheme
Mar 27, 2026
HEG Limited has reported that the National Company Law Tribunal, Indore Bench, has cleared a key procedural step in the proposed composite scheme of arrangement involving HEG Limited, HEG Graphite Limited and Bhilwara Energy Limited. The tribunal ...
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...
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.