HEG Limited
HEG Limited operates in Electrodes & Refractories, part of the Capital Goods sector. It booked ₹681 cr of revenue in its latest quarter (Q1 FY27) and kept 18.0% of sales as profit. It is the 5th largest of 8 Electrodes & Refractories companies we track, by market value.
| Segment | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | Share |
|---|---|---|---|---|---|---|---|
| Graphite | 1,234 | 2,176 | 2,420 | 2,361 | 2,120 | 2,540 | 95% → 99% |
| Power | 63 | 27 | 47 | 34 | 33 | 29 | 5% → 1% |
| Others | 0 | 0 | 0 | 0 | 7 | 7 | 0% → 0% |
| Total | 1,297 | 2,203 | 2,467 | 2,395 | 2,160 | 2,576 |
From the company's consolidated segment filings (Ind AS 108). Margin is segment operating profit (before interest & tax) over segment revenue; reconciliation rows like inter-segment eliminations are excluded from the mix.
Healthier than 55% of companies in Capital Goods, on all six measures of filed financials. Each measure is ranked against the 77–113 companies that reported it.
Measures financial condition, not whether to buy. Learn what this score means · How this is calculated
- RSI (14)
- 16
At close. Not part of the score.
How much profit it earns on the money it employs
How much it owes, and whether earnings cover the interest
Whether reported profit actually arrives as cash
Whether sales and profit have grown, and how steadily
What today's price implies, against our models or its peers · highest in its sector on what we could measure
How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure
What if I invest in HEG?
Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.
The starting rate is a round number, not a view on this company — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.
P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-09-17.
An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.
| Revenue from Operations | ₹681 cr |
| Other Income | ₹44 cr |
| Total Income | ₹724 cr |
| Cost of Materials | ₹265 cr |
| Purchases of Stock-in-Trade | ₹0 cr |
| Inventory Change (±) | ₹-14 cr |
| Employee Benefit Expense | ₹33 cr |
| Finance Costs | ₹10 cr |
| Depreciation & Amortisation | ₹50 cr |
| Other Expenses | ₹246 cr |
| Total Expenses | ₹590 cr |
| Profit before Tax | ₹135 cr |
| Tax Expense | ₹43 cr |
| Share of JV / Associates | ₹31 cr |
| Net Profit | ₹122 cr |
| Net margin on total income | 16.9% |
| Metric | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|
| Revenue | 656 cr | 603 cr | 681 cr |
| Total income | 758 cr | 643 cr | 724 cr |
| Expenses | 577 cr | 815 cr | 590 cr |
| Profit before tax | 181 cr | -172 cr | 135 cr |
| Tax | 39 cr | -26 cr | 43 cr |
| Net profit (owners' share) | 207 cr | -114 cr | 122 cr |
| Net margin (owners' share, on revenue) | 31.5% | -18.9% | 18.0% |
| EPS (₹) | 10.72 | -6.16 | 6.34 |
| Company | Price | Market cap | P/E | ROE | Net margin | 1-yr return |
|---|---|---|---|---|---|---|
| Graphite India Limited | ₹814 | ₹15,875 cr | 23.1 | 11.7% | 20.4% | — |
| Vesuvius India Limited | ₹400 | ₹8,120 cr | 34.7 | 13.4% | 10.9% | — |
| Raghav Productivity Enhancers Limited | ₹1,654 | ₹7,597 cr | 97.1 | 32.0% | 22.5% | — |
| RHI MAGNESITA INDIA LIMITED | ₹366 | ₹7,557 cr | 29.2 | 7.3% | 6.4% | — |
| HEG Limitedthis company | ₹226 | ₹4,358 cr | 8.9 | 10.3% | 18.0% | — |
| IFGL Refractories Limited | ₹198 | ₹1,425 cr | 20.8 | 5.8% | 3.3% | — |
| ORIENT CERATECH LIMITED | ₹46 | ₹552 cr | 13.1 | 11.3% | 8.5% | — |
| De Nora India Limited | ₹785 | ₹417 cr | 16.3 | 19.8% | 18.1% | — |
| Action | Detail | Ex-date |
|---|---|---|
| Dividend | ₹3.4 / share | 22 Jul 2026 |
| Dividend | ₹1.8 / share | 13 Aug 2025 |
| Stock split | Stock Split From Rs.10/- to Rs.2/- | 18 Oct 2024 |
| Dividend | ₹22.5 / share | 31 Jul 2024 |
| Dividend | ₹42.5 / share | 24 Aug 2023 |
| Dividend | ₹40 / share | 24 Aug 2022 |
A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.
Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.
Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.
The company also transacted with 34 other related parties — subsidiaries, joint ventures, directors and others — that we could not match by name to the promoter list above. Some may still be connected to the family; we only count the ones the filings let us match with certainty.
Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.