HEG
HEG share price & financials
- Price
- ₹531.85
- Market cap
- ₹12.6k Cr
- Sector
- Capital Goods
- Calls analysed
- 7
HEG Limited Q1 FY27
What went well
- Stand-alone revenue from operations increased by 11% YoY to INR 681 crores, driven by improved realization from product and geographical mix.
- Stand-alone EBITDA increased by 38% YoY to INR 211 crores, with margins improving to 29% from 23% in the prior year, reflecting strong operating efficiency and cost management.
- Stand-alone PAT increased by 53% YoY to INR 110 crores, demonstrating a healthy expansion in earnings.
What to watch
- Marginal decline in volumes during the quarter, though offset by better realization.
- Ongoing war in the Middle East impacting global energy prices, world trade, and shipping costs.
What HEG Limited does
HEG manufactures UHP (Ultra High Power) and HP (High Power) graphite electrodes at a single manufacturing site in Mandideep, Madhya Pradesh, which function as the electrical conductors that generate heat inside Electric Arc Furnaces (EAFs) used to melt steel scrap. It sells to steel producers worldwide, including a majority share going to top global steel companies, with the bulk of output exported. The company also runs captive thermal and hydro power generation to supply the electrode plant, and through subsidiary TACC Limited and its planned HEG Greentech platform is building out graphite anode materials and renewable/battery-storage power assets. HEG is the flagship company of the LNJ Bhilwara Group.
Segments
- Graphite Electrode
- Green Energy & Battery Materials (HEG Greentech / TACC Limited)
- Installed graphite electrode capacity
- 100,000 tonnes per annum, world's largest single-site graphite electrode plant
- Manufacturing site
- Single site at Mandideep, Madhya Pradesh
- Captive power generation capacity
- Around 77 MW at Mandideep (thermal and hydro power plants)
- Export footprint
- Sells to 35+ countries worldwide
- Customer base
- Supplies to Top 25 steel producers globally (ex-China)
- Hydropower assets (Greentech platform)
- 278 MW
Guidance record · Q1 FY27
what the last two calls moved 15 tracked 2 delivered 2 missed 11 open- Capacity Utilization (FY26) delivered said Q4 FY25 Promised: Maintain or increase 80% Q1 FY27: Final status confirmed as achieved for FY26.
- Greentech EBITDA (FY26) missed said Q1 FY26 Promised: INR 200-225 crores Q1 FY27: FY26 is complete; the guided number was not reported, implying a miss.
- Anode Plant Total Capex revised down said Q3 FY25 Promised: INR 1,700-1,750 crores Q1 FY27: Total capex now stated as INR 2,200-2,300 crores, a significant increase from prior guidance.
All 15 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 11.1%, net profit up 16.2% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 568 | 478 | 537 | 613 | 699 +23% | 656 +37% | 603 +12% | 681 +11% |
| EBITDA | 97 | 67 | -61 | 106 | 118 +22% | 143 +113% | -148 −143% | 151 +42% |
| Net profit | 82 | 83 | -74 | 105 | 143 +74% | 207 +149% | -114 −54% | 122 +16% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −53.4% 1Y
1Y: ₹508.85 on 10 Sept 2025 → ₹237.2. High ₹739.25 (18 Aug 2026), low ₹237.2 (11 Sept 2026).
How the price took the results
close before → close after
- Q1 FY27
- +3.1%
- 24 Jul
- Q4 FY26
- +0.6%
- 8 May
- Q3 FY26
- −3.5%
- 23 Jan
- Q2 FY26
- −1.8%
- 12 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 1.4% a year over 3 years, FY23 to FY26. Operating margin narrowed to 8.5%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹2.5k Cr | ₹2.4k Cr | ₹2.2k Cr | ₹2.6k Cr |
| Operating profit | ₹618 Cr | ₹381 Cr | ₹142 Cr | ₹219 Cr |
| Operating margin | 25.1% | 15.9% | 6.6% | 8.5% |
| Interest | ₹26 Cr | ₹37 Cr | ₹38 Cr | ₹37 Cr |
| Depreciation | ₹102 Cr | ₹173 Cr | ₹202 Cr | ₹214 Cr |
| Net profit | ₹533 Cr | ₹312 Cr | ₹114 Cr | ₹341 Cr |
| Net margin | 21.6% | 13.0% | 5.3% | 13.3% |
| ROCE | 15.0% | 9.0% | 4.0% | 8.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹39 Cr | ₹39 Cr | ₹39 Cr | ₹39 Cr | ₹39 Cr | ₹39 Cr |
| Reserves | ₹3.5k Cr | ₹3.9k Cr | ₹4.2k Cr | ₹4.4k Cr | ₹4.6k Cr | ₹4.7k Cr |
| Borrowings | ₹298 Cr | ₹665 Cr | ₹743 Cr | ₹623 Cr | ₹644 Cr | ₹796 Cr |
| Other liabilities | ₹451 Cr | ₹730 Cr | ₹668 Cr | ₹653 Cr | ₹631 Cr | ₹612 Cr |
| Total liabilities | ₹4.2k Cr | ₹5.3k Cr | ₹5.7k Cr | ₹5.7k Cr | ₹5.9k Cr | ₹6.2k Cr |
| Fixed assets | ₹694 Cr | ₹763 Cr | ₹1.4k Cr | ₹1.8k Cr | ₹1.9k Cr | ₹1.8k Cr |
| Capital work in progress | ₹373 Cr | ₹696 Cr | ₹472 Cr | ₹212 Cr | ₹117 Cr | ₹224 Cr |
| Investments | ₹1.4k Cr | ₹1.2k Cr | ₹859 Cr | ₹1.2k Cr | ₹1.7k Cr | ₹1.5k Cr |
| Other assets | ₹1.8k Cr | ₹2.7k Cr | ₹3.0k Cr | ₹2.5k Cr | ₹2.2k Cr | ₹2.7k Cr |
| Total assets | ₹4.2k Cr | ₹5.3k Cr | ₹5.7k Cr | ₹5.7k Cr | ₹5.9k Cr | ₹6.2k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs trimmed −2.33 pp while FIIs added +1.18 pp. The shareholder count shrank 6% to 1,39,601.
- Promoters
- 56.3%
- FIIs
- 8.5%
- DIIs
- 9.3%
- Public
- 26.0%
Since Jun 2025
- DIIs −2.33 pp
- FIIs +1.18 pp
- Public +0.64 pp
How it drifted, 12 quarters
Over this window the public fell from 30.2% to 26.0% — −4.2 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 55.8%, FIIs 6.8%, DIIs 7.2%, Public 30.2%.Dec '23: Promoters 55.8%, FIIs 6.8%, DIIs 8.8%, Public 28.5%.Mar '24: Promoters 55.8%, FIIs 6.9%, DIIs 10.4%, Public 27.0%.Jun '24: Promoters 55.8%, FIIs 6.1%, DIIs 13.1%, Public 25.1%.Sep '24: Promoters 55.8%, FIIs 6.9%, DIIs 12.8%, Public 24.5%.Dec '24: Promoters 55.8%, FIIs 7.1%, DIIs 12.1%, Public 25.0%.Mar '25: Promoters 55.8%, FIIs 7.2%, DIIs 11.7%, Public 25.4%.Jun '25: Promoters 55.8%, FIIs 7.3%, DIIs 11.6%, Public 25.3%.Sep '25: Promoters 55.8%, FIIs 8.0%, DIIs 12.0%, Public 24.3%.Dec '25: Promoters 56.1%, FIIs 8.5%, DIIs 12.2%, Public 23.2%.Mar '26: Promoters 56.3%, FIIs 10.2%, DIIs 8.6%, Public 24.9%.Jun '26: Promoters 56.3%, FIIs 8.5%, DIIs 9.3%, Public 26.0%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Bajaj Finserv Flexi Cap Fund Mutual fund +0.19 pp 1.96% held
The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of HEG Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Redrose Vanijya Llp | 29.46% | unchanged |
| Norbury Investments Limited | 13.90% | unchanged |
| Microlight Investments Ltd. | 12.09% | unchanged |
| SBI Energy Opportunities Fund Mutual fund | 3.42% | −0.10 pp |
| Mekima Corporation | 2.29% | −0.16 pp |
| Bajaj Finserv Flexi Cap Fund Mutual fund | 1.96% | +0.19 pp |
| Bank Of India ELSS Tax Saver Mutual fund | 1.21% | unchanged |
| Rswm Limited | 0.82% | unchanged |
| Ravi Jhunjhunwala | 0.00% | unchanged |
| Mani Devi Jhunjhunwala | 0.00% | unchanged |
| Nivedan Churiwal | 0.00% | unchanged |
| Shubha Churiwal | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in HEG
Filings to Aug 2026
0 new, 4 added, 2 trimmed, 0 sold out — net −17.08 L shares (−25.3%).
- Held by funds
- ₹367 Cr
- 6 schemes
- Biggest holder
- SBI Energy Opportunities Fund
- ₹351 Cr · 4.2% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Energy Opportunities Fund SBI Mutual Fund | ₹351 Cr | −17.10 L | Mar '24 |
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹10 Cr | +0.02 L | Oct '20 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹5 Cr | +0.01 L | Oct '22 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | +0.00 L | Sep '24 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹0 Cr | −0.00 L | Sep '24 |
| SBI Nifty Small Cap 250 ETF SBI Mutual Fund | ₹0 Cr | +0.00 L | May '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
4 added, 2 trimmed — net −17.08 L shares (−25.3%)
- Funds are sitting on
- +29%
- vs est. average cost
- Held by funds
- ₹367 Cr
- 6 schemes · ≈ 2.1% of the company
- Biggest holder
- SBI Energy Opportunities Fund
- ₹351 Cr · 4.2% of that fund
- Longest holder
- Nippon India Nifty Smallcap 250 Index Fund
- 5y 11m · since Oct '20
Shares held by these funds +9858%
Aug '23 67.44 L shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse HEG Limited
Guides on how to read this kind of business and the numbers that matter.