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Research updated
Hindustan Electro Graphite Limited
NSE: HEGIndustrialsElectrical Equipment & Parts
- Last close
- ₹198.78
- Day change
- −₹6.89 (−3.35%)vs
- Market cap
- ₹4,372 crIndian rupees
- Research updated
- 2 reports
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About Hindustan Electro Graphite
Hindustan Electro Graphite Limited, a prominent player in the industrial sector, primarily focuses on the production of graphite electrodes. These electrodes are a crucial component in electric arc furnaces, which are utilized for steel production and other metallurgical processes. The company's operations reflect its strategic position in serving the steel manufacturing industry, a sector that plays a vital role in infrastructure development and industrial advancement worldwide. Known for its high-quality electrode products, HEG offers solutions that cater to a diverse range of clients across the globe. Based in India, Hindustan Electro Graphite Limited benefits from the country's rich graphite resources, enabling it to maintain competitive production capabilities. As a significant contributor to the industrial supply chain, HEG's influence extends beyond its core operations, impacting energy efficiency and cost-effectiveness in steel production. The company not only supports traditional industries but also aligns with newer, more sustainable practices in metallurgical engineering, underscoring its importance in both the domestic and international markets.
- Sector
- Industrials
- Industry
- Electrical Equipment & Parts
- Listing
- NSE: HEG
- Next results
- Chief executive
- Mr. Ravi Jhunjhunwala B.Com (H), MBA
- Employees
- 1,175
- Headquarters
- Noida, India
- ISIN
- INE545A01024
- Website
- hegadvancedmaterials.com
Public research · Report of
Business model & financial foundation
HEGAM (NSE: HEG), Advanced battery materials, energy storage and renewable power: revenue of ₹2,569 crore in FY26 (+19.3% on FY25), an EBITDA margin of 15.5% and net profit of ₹341.4 crore.
- Revenue, FY26 (₹ crore)
- 2,569
- consolidated
- Revenue growth, FY26
- +19.3%
- on FY25
- EBITDA margin, FY26
- 15.5%
- EBITDA (Calculated operating EBITDA incl operating FVTPL effects) / revenue
- Net profit, FY26 (₹ crore)
- 341.4
- to owners
- Return on equity, FY26
- 7.4%
- on average equity
- Market capitalisation (₹ crore)
- 4,419
- at the close of 15 Oct 2026
Company profile
The security supplied as legacy HEG now represents HEG Advanced Materials. Following the effective September 2026 scheme it combines TACC anode/graphene, Replus battery-energy solutions and green power after the graphite business was demerged. Its operating base and equity denominator have materially changed; legacy graphite earnings and cross-demerger returns cannot be carried into the new security unchanged.
| Item | Value |
|---|---|
| Legal name | HEG Advanced Materials Limited (formerly HEG Limited, Hindustan Electro Graphites Limited) |
| Exchange and ticker | NSE: HEG; BSE: 509631 |
| ISIN | INE545A01024 |
| CIN | L23109MP1972PLC008290 |
| Sector | Industrials |
| Industry | Advanced battery materials, energy storage and renewable power |
| Headquarters | Noida, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | SCV & Co. LLP |
| Market capitalisation | ₹4,419 crore (15 Oct 2026) |
| Shares outstanding | 19.30 crore shares (FY26) |
| Price | ₹231.9 (close, 15 Oct 2026) |
| 52-week range | ₹214.1 - ₹753.9 (to 15 Oct 2026) |
| Website | https://www.hegadvancedmaterials.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| TACC Limited | 100% | Advanced anode materials and graphene; 200 tonne pilot and 20000 tonne planned commercial plant |
| Replus Engitech Private Limited | 74% | Battery packs, telecom energy storage and BESS |
| Green power businesses | 100% | Malana and Allain Duhangan hydro, wind and expansion portfolio |
Graphite-electrode business and GrafTech investment leave the listed entity under the scheme.
| Shareholding (% of shares) | Q2FY27 |
|---|---|
| Promoter | 60.72% |
| Promoter holding pledged | 0.00% |
| Foreign institutions | 5.30% |
| Domestic institutions | 12.76% |
| of which mutual funds | 4.27% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
The supplied ISIN identifies continuing HEG Advanced Materials, not resulting graphite HEG Limited. Graphite, captive power and GrafTech leave; BEL is fully consolidated after previously being an associate. TACC anode/graphene, Replus battery solutions and green power remain. New issued share denominator is32.9798912crore. Legacy combined FY24-FY26 and Q1FY27 results are history of a different business mix, never same-entity retained revenue extrapolation.
| Peer | Why the dossier compares them |
|---|---|
| Exide Industries (EXIDEIND) | Battery manufacturing and lithium-ion investment; established rather than pre-revenue anodes |
| Amara Raja Energy & Mobility (ARE&M) | Battery and lithium-ion expansion exposure |
| Himadri Speciality Chemical (HSCL) | Advanced carbon and battery anode capex |
| Neogen Chemicals (NEOGEN) | Early battery-materials commercialisation risk |
| NHPC (NHPC) | Hydropower project and hydrology risk, regulated economics differ |
| SJVN (SJVN) | Hydro and renewable investment execution benchmark |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Legacy combined revenue from operations | 2,173 | 2,435 | 2,395 | 2,153 | 2,569 |
| Cost of revenue (vendor classification) * | 1,264 | 1,420 | 1,625 | 1,407 | 1,619 |
| Other operating costs (vendor classification) * | 323.7 | 328.9 | 235.6 | 309.2 | 333.7 |
| EBITDA (vendor classification) * | 616.0 | 787.0 | 596.3 | 439.2 | 595.0 |
| EBIT * | 567.5 | 703.1 | 431.1 | 192.0 | 428.8 |
| Finance cost | 7.03 | 25.7 | 35.7 | 39.2 | 37.2 |
| Profit before tax incl associates | 560.5 | 677.4 | 395.4 | 165.1 | 404.4 |
| Tax * | 129.4 | 145.0 | 83.7 | 45.3 | 66.4 |
| Profit after tax (vendor: before the non-controlling share is taken out) * | 431.0 | 532.4 | 311.7 | 115.1 | 341.4 |
| Diluted EPS, Rs2 split adjusted, legacy scope (₹) | 22.34 | 27.59 | 16.15 | 5.96 | 17.69 |
| Materials consumed plus inventory change | 1,151 | 903.8 | 1,063 | ||
| Employee benefits expense | 95.3 | 96.6 | 123.7 | ||
| Other expenses including power and fuel | 765.8 | 892.6 | 983.1 | ||
| Calculated operating EBITDA incl operating FVTPL effects | 382.4 | 259.8 | 398.3 | ||
| Other income incl FVTPL gains | 141.7 | 127.6 | 141.0 | ||
| Depreciation and amortisation | 174.7 | 200.6 | 213.2 | ||
| Share of associates | 81.7 | 17.5 | 115.5 | ||
| PAT including discontinued operations | 311.7 | 115.1 | 341.4 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity legacy scope | 3,914 | 4,281 | 4,426 | 4,454 | 4,758 |
| Borrowings * | 664.7 | 742.6 | 622.7 | 587.7 | 796.0 |
| Cash and cash equivalents | 41.0 | 33.3 | 137.1 | 50.8 | 40.6 |
| Trade receivables legacy scope | 589.2 | 489.1 | 508.3 | 444.7 | 499.5 |
| Inventories legacy scope | 977.8 | 1,440 | 1,194 | 1,255 | 1,134 |
| Trade payables * | 447.9 | 412.0 | 425.3 | 399.3 | 400.8 |
| Property plant and equipment, excludes ROU | 32.4 | 95.4 | 171.8 | 1,892 | 1,743 |
| Capital work in progress | 696.1 | 472.0 | 212.3 | 70.9 | 223.6 |
| Total assets * | 5,308 | 5,692 | 5,701 | 5,648 | 6,166 |
| Current investments legacy scope | 393.1 | 402.7 | |||
| Other bank balances; liquidity eligibility unresolved | 96.3 | 209.5 | |||
| Retained net debt not reconciled | n.r. |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Consolidated cash from operations | -209.9 | 299.9 | 497.6 | 279.7 | 213.2 |
| Free cash flow (vendor definition) * | -500.1 | -366.4 | 240.7 | 97.5 | -39.5 |
| Equity dividends paid; outflow negative | -12.1 | -153.8 | -163.5 | -87.3 | -36.7 |
| Cash purchase PPE/intangibles; outflow negative | -358.7 | -478.8 | -369.0 | -164.4 | -252.7 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 19.30 | 19.30 | 19.30 | 19.30 | 19.30 |
| Calculated two-year CFO/totalPAT FY25-FY26 (x) | 1.08x | ||||
| FY26 legacy revenue growth (%) | 19.3% | ||||
| FY26 legacy receivable growth (%) | 12.3% |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Legacy combined revenue from operations | 567.6 | 478.4 | 536.6 | 612.8 | 699.2 | 655.7 | 603.2 | 680.8 |
| Cost of revenue (vendor classification) * | 330.7 | 257.4 | 458.6 | 352.0 | 385.5 | 346.5 | 348.9 | 351.1 |
| EBITDA (vendor classification) * | 160.0 | 178.5 | 21.0 | 151.6 | 151.7 | 257.5 | 112.5 | 234.3 |
| EBIT * | 112.0 | 128.0 | -80.2 | 135.6 | 184.2 | 255.5 | -134.2 | 175.1 |
| Financecost | 9.34 | 9.38 | 4.43 | 8.18 | 8.92 | 9.39 | 10.7 | 9.97 |
| Profit before tax inclassociates | 102.7 | 118.6 | -79.8 | 121.3 | 175.2 | 246.4 | -144.9 | 165.1 |
| Tax * | 20.4 | 35.2 | -10.9 | 22.6 | 31.9 | 39.1 | -26.1 | 42.7 |
| Profit after tax (vendor: before the non-controlling share is taken out) * | 82.3 | 83.4 | -73.7 | 104.8 | 143.3 | 207.0 | -113.8 | 122.3 |
| Legacy Rs2splitadjustedtotalEPS (₹) | 4.26 | 4.32 | -3.82 | 5.43 | 7.43 | 10.72 | -5.90 | 6.34 |
| Other operating costs (vendor classification) * | 117.5 | 116.4 | -275.1 | |||||
| Total PAT includingdiscontinued | 82.3 | 83.4 | -73.7 | 104.8 | 143.3 | 207.0 | -113.8 | 122.3 |
| Employee benefits | 22.8 | 24.8 | 25.1 | 27.6 | 28.9 | 32.3 | 35.3 | 32.7 |
| Otherincome legacyconsolidated | 43.0 | 60.5 | 102.0 | 39.9 | 43.6 | |||
| Depreciation/amortisation | 47.9 | 53.0 | 53.9 | 52.6 | 49.6 | |||
| Shareofassociates | 20.4 | 16.3 | 65.1 | 26.8 | 30.5 | |||
| Materials plus inventory change | 240.8 | 178.3 | 208.3 | 254.6 | 292.9 | 260.0 | 255.9 | 251.1 |
| Power and other expenses | 207.4 | 195.5 | 353.9 | 224.9 | 259.0 | 220.8 | 460.3 | 246.5 |
| Calculated operating EBITDA excluding other income | 96.6 | 79.9 | -50.7 | 105.7 | 118.4 | 142.5 | -148.3 | 150.6 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 76.1% | 12.1% | -1.7% | -10.1% | 19.3% |
| EBITDA margin | 16.0% | 12.1% | 15.5% | ||
| Net margin | 13.0% | 5.3% | 13.3% | ||
| Return on equity | 7.2% | 2.6% | 7.4% | ||
| Return on capital employed | 13.6% | 14.6% | 8.6% | 3.8% | 8.1% |
| Return on assets | 5.5% | 2.0% | 5.8% | ||
| Borrowings less cash (₹ crore) | 623.6 | 709.3 | 485.6 | 536.9 | 755.4 |
| Borrowings less cash / EBITDA | 1.27x | 2.07x | 1.90x | ||
| Interest cover | 80.7x | 27.3x | 12.1x | 4.90x | 11.5x |
| Asset turnover | 0.46x | 0.44x | 0.42x | 0.38x | 0.43x |
| Receivable days | 99 | 73 | 77 | 75 | 71 |
| Inventory days (on revenue) | 164 | 216 | 182 | 213 | 161 |
| Payable days (on revenue) | 75 | 62 | 65 | 68 | 57 |
| Cash conversion | 1.60x | 2.43x | 0.62x | ||
| Capex intensity | 16.5% | 19.7% | 15.4% | 7.6% | 9.8% |
| Free cash flow (₹ crore) | -568.6 | -179.0 | 128.6 | 115.3 | -39.5 |
| Dividend payout | 52.5% | 75.8% | 10.7% | ||
| EPS, diluted (₹) | 22.34 | 27.59 | 16.15 | 5.96 | 17.69 |
| Book value per share (₹) | 202.8 | 221.8 | 229.3 | 230.8 | 246.6 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Calculated operating EBITDA incl operating FVTPL effects) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Borrowings less cash (₹ crore): borrowings less cash and cash equivalents, with no investments netted; negative is cash beyond borrowings.
- Borrowings less cash / EBITDA: borrowings less cash / EBITDA (Calculated operating EBITDA incl operating FVTPL effects).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS, Rs2 split adjusted, legacy scope).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Hindustan Electro Graphite includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Hindustan Electro Graphite
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 15 Oct 2026; page updated 25 Oct 2026.
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