Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
post
Last Updated: April 2, 2026, 3:01 am
Author: Getaka|Social: XLinkedIn

HEG Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹143.36Overvalued by 74.58%vs CMP ₹564.00

P/E (28.5) × ROE (2.6%) × BV (₹242.00) × DY (0.32%)

₹198.52Overvalued by 64.80%vs CMP ₹564.00
MoS: -184.1% (Negative)Confidence: 65/100 (Moderate)Models: All 8: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹139.9125%Over (-75.2%)
Graham NumberEarnings₹328.1018%Over (-41.8%)
Earnings PowerEarnings₹102.9912%Over (-81.7%)
DCFCash Flow₹172.4915%Over (-69.4%)
Net Asset ValueAssets₹241.728%Over (-57.1%)
EV/EBITDAEnterprise₹250.1110%Over (-55.7%)
Earnings YieldEarnings₹197.708%Over (-64.9%)
Revenue MultipleRevenue₹167.696%Over (-70.3%)
Consensus (8 models)₹198.52100%Overvalued
Key Drivers: ROE 2.6% is below cost of equity.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -2.4%

*Investments are subject to market risks

Investment Snapshot

51
HEG Ltd scores 51/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health54/100 · Moderate
ROCE 4.0% WeakROE 2.6% WeakD/E 0.08 Low debtInterest Coverage 0.0x RiskyProfitable 4/5 years Consistent
Smart Money70/100 · Strong
FII holding up 1.34% (6mo) AccumulatingPromoter holding at 56.1% Stable
Earnings Quality30/100 · Weak
OPM contracting (25% → 14%) DecliningWorking capital: 141 days Capital intensive
Quarterly Momentum70/100 · Strong
Revenue (4Q): 4% YoY FlatProfit (4Q): +41% YoY Strong
Industry Rank40/100 · Moderate
P/E 28.5 vs industry 31.4 In-lineROCE 4.0% vs industry 5.0% Average3Y sales CAGR: -1% Shrinking

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:01 am

Market Cap 10,887 Cr.
Current Price 564
Intrinsic Value₹198.52
High / Low 672/405
Stock P/E28.5
Book Value 242
Dividend Yield0.32 %
ROCE3.96 %
ROE2.59 %
Face Value 2.00
PEG Ratio-11.85

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for HEG Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
HEG Ltd 10,887 Cr. 564 672/40528.5 2420.32 %3.96 %2.59 % 2.00
Graphite India Ltd 12,567 Cr. 643 747/41136.2 3011.71 %10.1 %8.00 % 2.00
DE Nora India Ltd 384 Cr. 722 995/55929.4 2400.00 %0.88 %1.84 % 10.0
Industry Average7,946.00 Cr643.0031.37261.000.68%4.98%4.14%4.67

All Competitor Stocks of HEG Ltd

Quarterly Result

MetricSep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales 598530617671614562547571568478542617699
Expenses 419398493520512476506533471411608512581
Operating Profit 1791321231511028741399767-66105118
OPM % 30%25%20%23%17%15%8%7%17%14%-12%17%17%
Other Income 2040426863306441631124883120
Interest 787991098991289
Depreciation 23253338384750484851555354
Profit before tax 168139125172118594624103119-85127175
Tax % 23%25%20%19%18%27%29%3%20%30%-13%18%18%
Net Profit 169105100139964433238283-74105143
EPS in Rs 8.755.425.177.214.972.261.711.194.264.32-3.825.437.43

Last Updated: January 1, 2026, 12:16 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 8:46 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 1,4401,2288708592,7486,5912,1451,2542,2012,4632,3932,1582,515
Expenses 1,1931,0467337781,0271,9302,1501,3081,6701,8442,0111,9022,215
Operating Profit 247182137811,7214,662-5-53530619382255300
OPM % 17%15%16%9%63%71%-0%-4%24%25%16%12%12%
Other Income -4154712106143114117187223145418
Interest 7277605556183711726363938
Depreciation 737579747372727379102175201215
Profit before tax 97441-411,6054,67729-23560677395160464
Tax % 11%12%886%23%33%35%-82%-23%23%21%21%28%
Net Profit 81364-441,0993,02668-18431532312115381
EPS in Rs 4.041.820.22-2.2155.02156.803.50-0.9322.3327.5916.155.9619.77
Dividend Payout % 30%33%0%0%29%10%143%-65%36%31%28%30%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-55.56%-88.89%-1200.00%2597.73%175.34%-97.75%-126.47%2494.44%23.43%-41.35%-63.14%
Change in YoY Net Profit Growth (%)0.00%-33.33%-1111.11%3797.73%-2422.39%-273.09%-28.72%2620.92%-2471.01%-64.79%-21.79%

HEG Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:6%
5 Years:0%
3 Years:-1%
TTM:-4%
Compounded Profit Growth
10 Years:13%
5 Years:92%
3 Years:-36%
TTM:1%
Stock Price CAGR
10 Years:33%
5 Years:25%
3 Years:27%
1 Year:26%
Return on Equity
10 Years:18%
5 Years:7%
3 Years:7%
Last Year:3%

Last Updated: September 5, 2025, 5:55 am

Balance Sheet

Last Updated: December 4, 2025, 1:21 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 40404040403939393939393939
Reserves 9609749569131,8683,7553,4733,4563,8754,2424,3874,4154,627
Borrowings 1,027917782684297667594298665743623588644
Other Liabilities 478315176216534684332451730668653607631
Total Liabilities 2,5062,2461,9531,8532,7395,1444,4384,2445,3085,6925,7015,6485,941
Fixed Assets 9419079328898337887456947631,3631,8161,9381,859
CWIP 11910827121910137369647221271117
Investments 1742232272312489421,2451,3581,1718591,2001,4001,727
Other Assets 1,2731,0097677321,6563,3962,3481,8192,6782,9982,4742,2382,238
Total Assets 2,5062,2461,9531,8532,7395,1444,4384,2445,3085,6925,7015,6485,941

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 7732762491575941,488739716-141113612280
Cash from Investing Activity + -294-83-29-1-9-676-275-417-183-21-184-207
Cash from Financing Activity + -482-202-219-153-588-788-460-310344-100-324-159
Net Cash Flow -3-813-3244-1120-8104-86
Free Cash Flow 5732492181545801,441503460-499-364244102
CFO/OP 318%155%188%205%65%67%-17,020%-1,349%-2%42%169%127%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow246.00-735.00-645.00-603.00-296.00-663.00-599.00-351.00-135.00-124.00-241.00-333.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 13312113415312966688498727875
Inventory Days 256238342216391428226262431574379507
Days Payable 11976487318812430116197164135161
Cash Conversion Cycle 270282428297332370264230331483321421
Working Capital Days -1713-7-3120861349375107111141
ROCE %9%6%3%1%86%139%-0%-2%14%15%9%4%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 55.77%55.77%55.77%55.77%55.77%55.77%55.77%55.77%55.77%55.77%55.77%56.13%
FIIs 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 6.26%7.42%7.21%8.85%10.38%13.08%12.79%12.09%11.65%11.60%11.99%12.15%
Public 31.71%30.07%30.21%28.51%26.98%25.08%24.51%25.04%25.38%25.33%24.27%23.20%
No. of Shareholders 1,48,2691,35,5191,37,3421,32,6621,29,9051,19,3991,18,4711,52,1661,53,0631,48,0361,41,5761,32,314

Shareholding Pattern Chart

No. of Shareholders

HEG Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
SBI Energy Opportunities Fund 6,719,943 4.23 364.22N/AN/AN/A
SBI Small Cap Fund 3,444,078 0.54 186.675,720,1052026-02-23 00:58:54-39.79%
Bajaj Finserv Flexi Cap Fund 2,210,066 1.92 119.791,723,8842026-02-23 00:58:5428.2%
Bank of India ELSS Tax Saver 580,000 2.29 31.44N/AN/AN/A
Bank of India Flexi Cap Fund 500,000 1.25 27.123,5002025-12-08 01:14:032027.66%
Bank of India Mid & Small Cap Equity & Debt Fund 404,000 1.65 21.938,0002025-12-08 01:14:03963.16%
Bank of India Small Cap Fund 380,000 1.13 20.6N/AN/AN/A
Bank of India Multi Cap Fund 185,878 1.02 10.0718,4392025-12-08 01:14:03908.07%
Bank of India Manufacturing & Infrastructure Fund 150,840 1.24 8.188,4032025-12-08 01:14:031695.07%
Bank of India Mid Cap Tax Fund Series 1 13,500 1.24 0.73N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.0010.0010.0010.0010.00
Basic EPS (Rs.) 5.9680.75137.95111.68-4.65
Diluted EPS (Rs.) 5.9680.75137.95111.68-4.65
Cash EPS (Rs.) 15.45104.85144.20121.7412.39
Book Value[Excl.RevalReserv]/Share (Rs.) 230.791146.741109.171014.00905.55
Book Value[Incl.RevalReserv]/Share (Rs.) 230.791146.741109.171014.00905.55
Revenue From Operations / Share (Rs.) 111.91620.51639.25570.43325.48
PBDIT / Share (Rs.) 19.83135.79188.50157.2113.92
PBIT / Share (Rs.) 9.4490.54161.99136.67-5.02
PBT / Share (Rs.) 7.4081.28155.26134.73-7.97
Net Profit / Share (Rs.) 5.0659.60117.69101.20-6.55
NP After MI And SOA / Share (Rs.) 5.9680.75137.94111.68-4.65
PBDIT Margin (%) 17.7121.8829.4827.564.27
PBIT Margin (%) 8.4314.5925.3423.95-1.54
PBT Margin (%) 6.6113.0924.2823.61-2.44
Net Profit Margin (%) 4.519.6018.4117.74-2.01
NP After MI And SOA Margin (%) 5.3213.0121.5719.57-1.42
Return on Networth / Equity (%) 2.587.0412.4311.01-0.51
Return on Capital Employeed (%) 3.997.7014.2813.11-0.53
Return On Assets (%) 2.035.469.358.12-0.42
Total Debt / Equity (X) 0.130.130.170.160.08
Asset Turnover Ratio (%) 0.380.420.440.460.29
Current Ratio (X) 2.262.252.172.343.22
Quick Ratio (X) 1.111.231.071.582.32
Inventory Turnover Ratio (X) 1.760.821.091.210.63
Dividend Payout Ratio (NP) (%) 75.4752.6228.992.680.00
Dividend Payout Ratio (CP) (%) 27.5133.7224.322.260.00
Earning Retention Ratio (%) 24.5347.3871.0197.320.00
Cash Earning Retention Ratio (%) 72.4966.2875.6897.740.00
Interest Coverage Ratio (X) 9.7614.6627.9781.044.73
Interest Coverage Ratio (Post Tax) (X) 3.497.4418.4753.16-1.23
Enterprise Value (Cr.) 9772.247325.453604.095365.015396.96
EV / Net Operating Revenue (X) 4.523.061.462.444.30
EV / EBITDA (X) 25.5413.984.958.84100.45
MarketCap / Net Operating Revenue (X) 4.322.971.442.414.50
Retention Ratios (%) 24.5247.3771.0097.310.00
Price / BV (X) 2.101.610.831.361.62
Price / Net Operating Revenue (X) 4.322.971.442.414.50
EarningsYield 0.010.040.140.080.00

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

HEG Ltd. is a Public Limited Listed company incorporated on 27/10/1972 and has its registered office in the State of Madhya Pradesh, India. Company's Corporate Identification Number(CIN) is L23109MP1972PLC008290 and registration number is 008290. Currently Company is involved in the business activities of Manufacture of graphite products other than electrical articles. Company's Total Operating Revenue is Rs. 2152.71 Cr. and Equity Capital is Rs. 38.60 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Electrodes - GraphiteMandideep (Near Bhopal), Raisen District Madhya Pradesh 462046Contact not found
Management
NamePosition Held
Mr. L N JhunjhunwalaChairman Emeritus
Mr. Ravi JhunjhunwalaChairman & M.D & CEO
Mr. Riju JhunjhunwalaVice Chairman
Mr. Manish GulatiExecutive Director
Mrs. Vinita SinghaniaNon Executive Director
Mr. Shekhar AgarwalNon Executive Director
Dr. Kamal GuptaNon Executive Director
Mr. Jayant DavarIndependent Director
Mrs. Ramni NirulaIndependent Director
Mr. Satish Chand MehtaIndependent Director
Mr. Sandip SomanyIndependent Director
Dr. Nand Gopal KhaitanIndependent Director
Mr. P S DasguptaIndependent Director

FAQ

What is the intrinsic value of HEG Ltd and is it undervalued?

As of 17 April 2026, HEG Ltd's intrinsic value is ₹198.52, which is 64.80% lower than the current market price of ₹564.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (2.59 %), book value (₹242), dividend yield (0.32 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of HEG Ltd?

HEG Ltd is trading at ₹564.00 as of 17 April 2026, with a FY2026-2027 high of ₹672 and low of ₹405. The stock is currently in the middle of its 52-week range. Market cap stands at ₹10,887 Cr..

How does HEG Ltd's P/E ratio compare to its industry?

HEG Ltd has a P/E ratio of 28.5, which is below the industry average of 31.37. This is broadly in line with or below the industry average.

Is HEG Ltd financially healthy?

Key indicators for HEG Ltd: ROCE of 3.96 % is on the lower side compared to the industry average of 4.98%; ROE of 2.59 % is below ideal levels (industry average: 4.14%). Dividend yield is 0.32 %.

Is HEG Ltd profitable and how is the profit trend?

HEG Ltd reported a net profit of ₹115 Cr in Mar 2025 on revenue of ₹2,158 Cr. Compared to ₹431 Cr in Mar 2022, the net profit shows a declining trend.

Does HEG Ltd pay dividends?

HEG Ltd has a dividend yield of 0.32 % at the current price of ₹564.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in HEG Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
Explore Industry-wise Stock Analysis Reports