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HEG share price & results

HEG Limited· Capital Goods· Industrials

Results to
Jun 2026
Latest analysed call
Q1 FY27
Ownership as of
Sept 2026

Runs the world's largest single-site graphite electrode plant, supplying UHP/HP electrodes to steelmakers globally.

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Reported

The figures, each with its period

Each figure keeps its basis and period; nothing is filled in.

MetricValueChangeBasisPeriodNote
Revenue681 ₹ crore+11.1% YoYQuarterly, as filedQuarter to Jun 2026Revenue from operations as filed.
Operating margin22.0 %+5.0 pts YoYOperating profit / revenueQuarter to Jun 2026For the quarter; a change is in percentage points.
Net profit122 ₹ crore+16.2% YoYQuarterly, as filedQuarter to Jun 2026Profit after tax as filed.
Return on equity7.66 %+4.8 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Jun 2026Adjusted profit attributable to owners ÷ average owners’ equity.
Free cash flow margin-1.40 %−6.1 ptsFY Mar 2026 vs FY Mar 2025Fiscal yearFY ending Mar 2026(Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
Revenue growth (YoY)20.17 %+29.5 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Jun 2026Revenue change against the same period one year earlier.

Source: Inve data from filed results; ratios from the Screener-verified panel · to Jun 2026

Guidance

What management said, and what became of it

2 of 4 judged targets kept · 11 open · verdicts reflect calls analysed to Q1 FY27.

HEG Limited management guidance track record on Inve: 15 targets tracked across analysed earnings calls (2 achieved, 2 missed, 11 open).

TargetOriginal wordingSaidLatest callVerdict
Capacity Utilization (FY26)Maintain or increase 80%
Call transcript, Q4 FY25 · 26 May 2025		Q4 FY25Q1 FY27:Final status confirmed as achieved for FY26.
Call transcript, Q1 FY27 · 24 Jul 2026		Achieved
Greentech EBITDA (FY26)INR 200-225 crores
Call transcript, Q1 FY26 · 8 Aug 2025		Q1 FY26Q1 FY27:FY26 is complete; the guided number was not reported, implying a miss.
Call transcript, Q1 FY27 · 24 Jul 2026		Missed
Anode Plant Total CapexINR 1,700-1,750 crores
Call transcript, Q3 FY25 · 14 Feb 2025		Q3 FY25Q1 FY27:Total capex now stated as INR 2,200-2,300 crores, a significant increase from prior guidance.
Call transcript, Q1 FY27 · 24 Jul 2026		Revised Down

Source: Inve Guidance Tracker for HEG Limited · to Q1 FY27

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.

2 of HEG Limited's 15 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 12 more targets are in the full ledger.

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Price

₹215.27 +5.01% · +₹10.27

Last close 27 Oct 2026 · NSE · INR · Source: Inve

Performance −58.3% 1Y

₹200₹400₹600Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Oct 26Q2 FY26 — 12 Nov 2025Q3 FY26 — 23 Jan 2026Q4 FY26 — 8 May 2026Q1 FY27 — 24 Jul 2026

1Y: ₹515.7 on 24 Oct 2025 → ₹215.27. High ₹739.25 (18 Aug 2026), low ₹198.78 (23 Oct 2026).

Previous close
₹205
Market cap
₹4.3k Cr
52-week range
₹198.78 – ₹739.25
One year
−58.93%
Price to earnings (TTM to Jun 2026)
12.27×
Return on equity (TTM to Jun 2026)
7.66%

Overview

Symbol
NSE:HEG
Industry
Industrials
Exchange
NSE
Currency
INR

What HEG Limited does

Based on the company's own presentations, annual report and earnings calls.

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
Company website

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.

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