HEG Advanced Materials Limited
HEG Advanced Materials Limited operates in Electrodes & Refractories, part of the Capital Goods sector. It booked ₹430 cr of revenue in its latest quarter (Q2 FY27) and kept 71.3% 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% |
| Battery energy storage system (BESS) | — | — | — | — | — | — | — |
| Power | 63 | 27 | 47 | 34 | 33 | 29 | 5% → 1% |
| Consultancy | — | — | — | — | — | — | — |
| Total | 1,297 | 2,203 | 2,467 | 2,395 | 2,153 | 2,569 |
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 81–127 companies that reported it.
Measures financial condition, not whether to buy. Learn what this score means · How this is calculated
- RSI (14)
- 44
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
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 HEGAM?
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 We do not publish price targets or predict returns.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 2026-11-04.
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 | ₹430 cr |
| Other Income | ₹117 cr |
| Total Income | ₹547 cr |
| Cost of Materials | ₹203 cr |
| Purchases of Stock-in-Trade | ₹-35 cr |
| Inventory Change (±) | ₹-7 cr |
| Employee Benefit Expense | ₹41 cr |
| Finance Costs | ₹20 cr |
| Depreciation & Amortisation | ₹15 cr |
| Other Expenses | ₹32 cr |
| Total Expenses | ₹268 cr |
| Profit before Tax | ₹279 cr |
| Tax Expense | ₹70 cr |
| Net Profit | ₹306 cr |
| Net margin on total income | 56.0% |
| Metric | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|
| Revenue | 603 cr | 681 cr | 430 cr |
| Total income | 643 cr | 724 cr | 547 cr |
| Expenses | 815 cr | 590 cr | 268 cr |
| Profit before tax | -172 cr | 135 cr | 279 cr |
| Tax | -26 cr | 43 cr | 70 cr |
| Net profit (owners' share) | -114 cr | 122 cr | 307 cr |
| Net margin (owners' share, on revenue) | -18.9% | 18.0% | 71.3% |
| EPS (₹) | -6.16 | 6.34 | 6.64 |
| Company | Price | Market cap | P/E | ROE | Net margin | 1-yr return |
|---|---|---|---|---|---|---|
| Graphite India Limited | ₹750 | ₹14,631 cr | 38.4 | 6.4% | 11.6% | — |
| Raghav Productivity Enhancers Limited | ₹1,737 | ₹7,978 cr | 92.2 | 30.7% | 23.3% | — |
| Vesuvius India Limited | ₹367 | ₹7,451 cr | 32.5 | 13.1% | 10.1% | — |
| RHI MAGNESITA INDIA LIMITED | ₹356 | ₹7,344 cr | 28.4 | 7.3% | 6.4% | — |
| HEG Advanced Materials Limitedthis company | ₹241 | ₹4,645 cr | 9.5 | 10.3% | 18.0% | — |
| IFGL Refractories Limited | ₹166 | ₹1,197 cr | 17.5 | 5.8% | 3.3% | — |
| ORIENT CERATECH LIMITED | ₹39 | ₹466 cr | 11.1 | 11.3% | 8.5% | — |
| De Nora India Limited | ₹705 | ₹374 cr | — | -7.9% | -12.2% | — |
| Action | Detail | Ex-date |
|---|---|---|
| Dividend | ₹3.4 / share | 22 Jul 2026 |
| 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 |
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.