HEG Ltd
HEG Ltd is a leading manufacturer and exporter of graphite electrodes in India. It operates the largest single-site integrated graphite electrodes plant in the world.[1]
It is a part of LNJ Bhilwara Group which also has presence across IT Enabled services, power generation & textiles.[2]
- Market Cap ₹ 9,312 Cr.
- Current Price ₹ 483
- High / Low ₹ 620 / 331
- Stock P/E 42.0
- Book Value ₹ 230
- Dividend Yield 0.93 %
- ROCE 8.54 %
- ROE 7.14 %
- Face Value ₹ 2.00
Pros
- Company has reduced debt.
- Company has been maintaining a healthy dividend payout of 31.5%
Cons
- Company has a low return on equity of 10.5% over last 3 years.
- Earnings include an other income of Rs.280 Cr.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Capital Goods-Non Electrical Equipment Industry: Electrodes - Graphites
Part of BSE 400 MidSmallCap Index Nifty 500 Nifty MidSmallcap 400 Nifty Smallcap 250 BSE Industrials
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1,619 | 1,440 | 1,228 | 870 | 859 | 2,748 | 6,591 | 2,145 | 1,254 | 2,201 | 2,463 | 2,393 | 2,164 | |
1,326 | 1,193 | 1,046 | 733 | 778 | 1,027 | 1,930 | 2,150 | 1,308 | 1,670 | 1,844 | 2,011 | 1,921 | |
Operating Profit | 293 | 247 | 182 | 137 | 81 | 1,721 | 4,662 | -5 | -53 | 530 | 619 | 382 | 243 |
OPM % | 18% | 17% | 15% | 16% | 9% | 63% | 71% | -0% | -4% | 24% | 25% | 16% | 11% |
-42 | -4 | 15 | 4 | 7 | 12 | 106 | 143 | 114 | 117 | 187 | 223 | 280 | |
Interest | 64 | 72 | 77 | 60 | 55 | 56 | 18 | 37 | 11 | 7 | 26 | 36 | 36 |
Depreciation | 63 | 73 | 75 | 79 | 74 | 73 | 72 | 72 | 73 | 79 | 102 | 175 | 196 |
Profit before tax | 125 | 97 | 44 | 1 | -41 | 1,605 | 4,677 | 29 | -23 | 560 | 677 | 395 | 291 |
Tax % | 16% | 11% | 12% | 886% | 23% | 33% | 35% | -82% | -23% | 23% | 21% | 21% | |
100 | 81 | 36 | 4 | -44 | 1,099 | 3,026 | 68 | -18 | 431 | 532 | 312 | 222 | |
EPS in Rs | 5.03 | 4.04 | 1.82 | 0.22 | -2.21 | 55.02 | 156.80 | 3.50 | -0.93 | 22.33 | 27.59 | 16.15 | 11.48 |
Dividend Payout % | 32% | 30% | 33% | 0% | 0% | 29% | 10% | 143% | -65% | 36% | 31% | 28% |
Compounded Sales Growth | |
---|---|
10 Years: | 5% |
5 Years: | -18% |
3 Years: | 24% |
TTM: | -12% |
Compounded Profit Growth | |
---|---|
10 Years: | 12% |
5 Years: | -36% |
3 Years: | 84% |
TTM: | -41% |
Stock Price CAGR | |
---|---|
10 Years: | 27% |
5 Years: | 38% |
3 Years: | 20% |
1 Year: | 16% |
Return on Equity | |
---|---|
10 Years: | 20% |
5 Years: | 6% |
3 Years: | 11% |
Last Year: | 7% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Sep 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 40 | 40 | 40 | 40 | 40 | 40 | 39 | 39 | 39 | 39 | 39 | 39 | 39 |
Reserves | 905 | 960 | 974 | 956 | 913 | 1,868 | 3,755 | 3,473 | 3,456 | 3,875 | 4,242 | 4,387 | 4,406 |
1,396 | 1,027 | 917 | 782 | 684 | 297 | 667 | 594 | 298 | 665 | 743 | 623 | 565 | |
358 | 478 | 315 | 176 | 216 | 534 | 684 | 332 | 451 | 730 | 668 | 653 | 642 | |
Total Liabilities | 2,700 | 2,506 | 2,246 | 1,953 | 1,853 | 2,739 | 5,144 | 4,438 | 4,244 | 5,308 | 5,692 | 5,701 | 5,651 |
718 | 941 | 907 | 932 | 889 | 833 | 788 | 745 | 694 | 763 | 1,363 | 1,816 | 1,797 | |
CWIP | 215 | 119 | 108 | 27 | 1 | 2 | 19 | 101 | 373 | 696 | 472 | 212 | 244 |
Investments | 152 | 174 | 223 | 227 | 231 | 248 | 942 | 1,245 | 1,358 | 1,171 | 859 | 1,200 | 1,352 |
1,615 | 1,273 | 1,009 | 767 | 732 | 1,656 | 3,396 | 2,348 | 1,819 | 2,678 | 2,998 | 2,474 | 2,259 | |
Total Assets | 2,700 | 2,506 | 2,246 | 1,953 | 1,853 | 2,739 | 5,144 | 4,438 | 4,244 | 5,308 | 5,692 | 5,701 | 5,651 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
115 | 773 | 276 | 249 | 157 | 594 | 1,488 | 739 | 716 | -141 | 113 | 612 | |
-145 | -294 | -83 | -29 | -1 | -9 | -676 | -275 | -417 | -183 | -21 | -184 | |
26 | -482 | -202 | -219 | -153 | -588 | -788 | -460 | -310 | 344 | -100 | -324 | |
Net Cash Flow | -3 | -3 | -8 | 1 | 3 | -3 | 24 | 4 | -11 | 20 | -8 | 104 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 135 | 133 | 121 | 134 | 153 | 129 | 66 | 68 | 84 | 98 | 72 | 78 |
Inventory Days | 282 | 256 | 238 | 342 | 216 | 391 | 428 | 226 | 262 | 431 | 574 | 379 |
Days Payable | 62 | 119 | 76 | 48 | 73 | 188 | 124 | 30 | 116 | 197 | 164 | 135 |
Cash Conversion Cycle | 355 | 270 | 282 | 428 | 297 | 332 | 370 | 264 | 230 | 331 | 483 | 321 |
Working Capital Days | 227 | 151 | 184 | 212 | 172 | 159 | 123 | 235 | 180 | 185 | 217 | 206 |
ROCE % | 11% | 9% | 6% | 3% | 1% | 86% | 139% | -0% | -2% | 14% | 15% | 9% |
Documents
Announcements
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Closure of Trading Window
25 Mar - Closure of trading window for financial results.
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Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015
18 Mar - Received notice for alleged non-compliance of SEBI regulations.
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Error In Uploading The Outcome Of Board Meeting Held Today I.E 10Th March, 2025 And Clarification Thereof.
10 Mar - Approval of share subscription and modified scheme of arrangement.
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Outcome Of Board Meeting Dated March 10, 2025- Approval Of The Execution Of Share Subscription And Shareholders' Agreement.
10 Mar - HEG approves investment of 250 Crore in Bhilwara Energy.
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Outcome Of Board Meeting Dated March 10, 2025- Approval Of Modified Composite Scheme Of Arrangement Amongst HEG Limited And HEG Graphite Limited And Bhilwara Energy Limited And Their Respective Shareholders And Creditors Under Sections 230 To 232 Of The Companies Act, 2013
10 Mar - Approval of modified Composite Scheme of Arrangement.
Annual reports
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2012
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Financial Year 2011
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Concalls
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Product Offerings
The company produces graphite electrodes (GE), a key consumable for Electric Arc Furnaces (EAF) in steel manufacturing. It offers GE in various grades, including ultra-high power (UHP), high power (HP), and super-high power (SHP), with different lengths and diameters. The high-tech industry has significant entry barriers, with HEG being the most recent global entrant in 1976. [1] [2]