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Stock Analysis

Description

HEG Limited, a part of the LNJ Bhilwara Group, is a leading manufacturer of graphite electrodes and is strategically diversifying into advanced materials like battery anode materials and graphene-enhanced products.

Key Growth Triggers

Significant financial turnaround and growth demonstrated in Q1 and Q2 FY26 results.
Ongoing expansion of graphite electrode capacity by 15,000 tonnes.
Strategic diversification into battery anode materials by subsidiary TACC Limited, backed by a ₹1,230 crore SBI credit facility and HEG's ₹400 crore OCD investment.
Progress in corporate restructuring involving amalgamation with Bhilwara Energy Limited.
Collaborations for graphene-enhanced pavements.

Order Book

Currently no data available for Order Book.

Key Red Flags

Faces material risk from SGST show cause notices proposing recovery of IGST refunds and penalties totaling ₹564.68 crore for FY19-20 and FY20-21, though management is confident of dismissal.
A compounding fee was imposed by the RBI on subsidiary Bhilwara Infotechnology Limited for delayed FEMA Form FC-GPR reporting, though deemed to have no material impact.

Key Dates To Watch

Board meeting scheduled for February 10, 2026, to approve Q3 FY26 unaudited financial results.
Ongoing corporate restructuring and amalgamation processes are critical for future strategic alignment.

Corporate Announcements

8th Apr 26

Impact Rating: 6

HEG Limited has submitted its annual disclosure to BSE and NSE, confirming that it is not classified as a 'Large Corporate Entity' for the financial year ending March 31, 2026. This declaration is made in compliance with SEBI's operational circulars.

8th Apr 26

Impact Rating: 7

HEG Limited has officially confirmed to stock exchanges BSE and NSE its non-identification as a Large Corporate based on March 31, 2026 figures, adhering to SEBI's fund-raising regulations for debt securities.

6th Apr 26

Impact Rating: 3

HEG Limited has submitted a regulatory update stating that for March 2026, its Registrar and Share Transfer Agent, MCS, reported no physical share transfer requests received, processed, approved, or rejected under the SEBI special window.

3rd Apr 26

Impact Rating: 2

No description available.

3rd Apr 26

Impact Rating: 6

Shareholders of Bhilwara Energy Limited will convene on May 5, 2026, via Video Conferencing to approve the Scheme. E-voting details are also provided.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Graphite India	639.55	51.86	12497.22	1.72	76.00	-60.51	729.00	13.37	10.11	2583.00	4.53	241.00	77.00	2.12	6.49	0.05
2.	HEG	577.25	46.56	11140.61	0.31	130.86	110.76	696.85	22.77	5.19	2323.28	11.03	239.30	130.86	2.57	2.62	0.15
3.	RHI Magnesita	455.00	59.81	9410.13	0.55	38.35	-16.47	1035.36	19.41	7.06	3924.35	10.95	157.34	38.35	2.34	3.97	0.10
4.	Vesuvius India	453.95	37.73	9198.43	0.32	61.54	-10.11	547.04	23.16	25.47	2062.20	16.91	243.78	61.54	6.05	14.74	0.01
5.	Raghav Product.	820.40	75.66	3765.52	0.12	14.12	43.93	64.49	17.17	25.80	237.17	28.71	49.77	14.12	17.52	17.29	0.03
6.	IFGL Refractori.	194.21	46.81	1392.51	1.80	12.69	5.05	488.63	18.85	5.71	1770.01	7.00	29.75	12.69	1.23	2.76	0.19
7.	Monolithisch Ind	502.90	62.18	1093.10	0.00	8.82	57.22	57.28	39.71	61.16	113.63	21.38	17.58	8.82	9.38	34.47	0.00
–	Median: 13 Co.	480.5	46.56	1093.1	0.32	8.82	18.88	64.49	20.46	16.82	237.17	15.29	25.28	8.82	2.49	10.05	0.05

Quarterly Results

Standalone figures in ₹ crores

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	598	530	617	671	614	562	547	571	568	477	537	613	697
Expenses	419	397	493	520	512	476	504	533	471	397	585	507	578
Operating Profit	179	133	124	151	102	87	43	39	97	80	-49	106	119
Other Income	20	37	31	26	28	23	64	20	43	113	44	48	107
Profit before tax	168	137	115	130	83	53	49	3	82	134	-72	92	163
Tax %	23%	25%	22%	25%	26%	30%	28%	21%	25%	26%	-14%	22%	20%
Net Profit	130	103	89	98	62	37	35	3	62	98	-62	72	131
EPS in Rs	6.73	5.33	4.62	5.05	3.20	1.92	1.82	0.13	3.22	5.09	-3.20	3.72	6.78

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,467	1,228	870	859	2,748	6,591	2,145	1,254	2,201	2,463	2,393	2,151	2,323
Expenses	1,220	1,046	733	778	1,027	1,930	2,150	1,308	1,670	1,843	2,009	1,830	2,067
Operating Profit	247	182	137	81	1,721	4,662	-5	-53	530	620	384	321	256
Other Income	-4	15	4	7	12	106	143	107	77	109	142	67	312
Interest	72	77	60	55	56	18	37	11	7	26	36	39	38
Depreciation	73	75	79	74	73	72	72	73	79	102	175	201	212
Profit before tax	97	44	1	-41	1,605	4,677	29	-31	520	600	315	148	317
Net Profit	87	39	-8	-50	1,081	3,050	53	-25	391	456	232	101	239
EPS in Rs	4.34	1.95	-0.38	-2.51	54.12	158.05	2.77	-1.31	20.24	23.60	12.00	5.25	12.39
Dividend Payout %	28%	31%	0%	0%	30%	10%	181%	-46%	40%	36%	38%	34%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	40	40	40	40	40	39	39	39	39	39	39	39	39
Reserves	884	901	881	832	1,769	3,680	3,384	3,360	3,738	4,039	4,106	4,121	4,288
Borrowings	1,027	917	782	684	297	667	594	298	665	743	621	586	643
Other Liabilities	478	315	176	216	534	684	332	451	730	668	651	600	625
Total Liabilities	2,430	2,173	1,878	1,772	2,640	5,070	4,350	4,148	5,171	5,488	5,417	5,346	5,594
Fixed Assets	941	907	932	889	833	788	745	694	763	1,363	1,782	1,901	1,821
Gross Block	1,503.05	1,542.07	1,645.81	1,670.24	1,677.81	1,695.78	1,717.58	1,717.19	1,852.72	2,545.36	3,128.16	3,413.52	–
Accumulated Depreciation	562.48	635.53	713.38	781.34	844.44	907.40	972.93	1,023.18	1,089.95	1,182.61	1,345.68	1,512.70	–
CWIP	119	108	27	1	2	19	101	373	696	472	194	21	25
Investments	98	150	153	150	149	867	1,156	1,261	1,034	664	996	1,231	1,558
Other Assets	1,273	1,009	767	732	1,656	3,396	2,348	1,819	2,678	2,989	2,444	2,192	2,190
Total Assets	2,430	2,173	1,878	1,772	2,640	5,070	4,350	4,148	5,171	5,488	5,417	5,346	5,594

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	773	276	249	157	594	1,488	739	716	-141	114	615	319
Cash from Investing Activity	-294	-83	-29	-1	-9	-676	-275	-417	-183	-31	-205	-246
Cash from Financing Activity	-482	-202	-219	-153	-588	-788	-460	-310	344	-100	-324	-159
Net Cash Flow	-3	-8	1	3	-3	24	4	-11	20	-17	86	-86

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	130	121	134	153	129	66	68	84	98	72	78	75
Inventory Days	256	238	342	216	391	428	226	262	431	574	379	507
Days Payable	119	76	48	73	188	124	30	116	197	164	135	161
Cash Conversion Cycle	267	282	428	297	332	370	264	230	331	483	321	420
Working Capital Days	-17	13	-7	-3	120	86	235	93	75	107	111	139
ROCE %	9%	6%	3%	1%	91%	143%	-0%	-0%	13%	14%	7%	5%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	55.12%	55.77%	55.77%	55.77%	55.77%	55.77%	55.77%	55.77%	55.77%	55.77%	55.77%	55.77%	56.12%
FIIs	4.98%	6.25%	6.73%	6.81%	6.85%	6.86%	6.06%	6.93%	7.07%	7.18%	7.29%	7.97%	8.52%
DIIs	6.67%	6.26%	7.42%	7.21%	8.85%	10.38%	13.08%	12.79%	12.09%	11.65%	11.60%	11.99%	12.15%
Public	33.22%	31.71%	30.07%	30.21%	28.51%	26.98%	25.08%	24.51%	25.04%	25.38%	25.33%	24.27%	23.20%