HEGAM

HEG Advanced Materials Limited

Graphite electrodes for electric arc furnace steelmaking industry

Industrials›Capital Goods›Industrial Products›Electrodes & Refractories

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Key metrics

Price as of 2026-11-11

Stock price
₹289.34
Market cap
9,542 Cr
Stock P/E
18.3
P/B
3.81
Dividend yield
0.4%
ROE (FY26)
7.2%
ROCE (FY26)
8.0%
Operating margin (FY26)
7.2%
Debt / equity (FY26)
0.17
OCF / EBITDA (3Y)
106.7%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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Segment mix

Reportable segments as of 2026-09-30 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 122.4% of revenue

SegmentShareof revenueRevenue₹ CrPBT₹ CrAssets₹ Cr
Power
49.4%
212189161
Battery energy storage system (BESS)
50.1%
216-22,113
Consultancy
0.4%
2-0.698
Graphite
122.4%
526860

Shares add up to 222% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓Revenue grew 19% in the latest year — strong top-line momentum.
2 more signals from the filings.Sign in free to see them all

Quarterly results

Quarterly · ₹ Cr · click a figure for its source · Ctrl-click to pick several to share

MetricDec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026Sept 2026
Sales562547571568478542617699656603681430
Operating expenses (approx.)476504533471399598511581514752530234
EBITDA8743399780-55105118142-148151196
OPM %15.4%7.8%6.8%17.0%16.7%-10.2%17.1%16.9%21.7%-24.6%22.1%45.6%
Other income2364204311248671121024044117
Interest10989912899111020
Depreciation475047485155535454535015
Profit before tax594624103119-85127175246-140165413
Tax %26.5%29.0%2.9%19.9%29.7%12.9%17.8%18.2%15.9%18.5%25.9%25.9%
Net profit4433238283-74105143207-114122306
EPS (₹)11.328.535.974.264.32-3.825.437.4310.72-5.906.349.73

1,234 from the company's filing1,234 calculated by BullKarma

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · click a figure for its source · Ctrl-click to pick several to share

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales8962,7586,5932,1491,2562,2022,4672,3952,1602,569Sign in free for the trailing twelve months
Operating expenses (approx.)8151,0371,9352,1551,3151,6741,8492,0121,9052,170Sign in free for the trailing twelve months
EBITDA811,7224,658-6-59527618382255398Sign in free for the trailing twelve months
OPM %9.0%62.4%70.7%-0.3%-4.7%23.9%25.1%16.0%11.8%15.5%Sign in free for the trailing twelve months
Other income71210914411380109142128141Sign in free for the trailing twelve months
Interest5557183711726363937Sign in free for the trailing twelve months
Depreciation747372727379102175201213Sign in free for the trailing twelve months
Profit before tax-351,6234,65344-23560677395160409Sign in free for the trailing twelve months
Tax %-26.6%32.3%35.0%-55.3%23.3%23.1%21.4%21.2%28.3%16.6%Sign in free for the trailing twelve months
Net profit-441,0993,02668-18431532312115341Sign in free for the trailing twelve months
EPS (₹)-11.03275.13757.5317.52-4.65111.68137.9380.755.9617.69Sign in free for the trailing twelve months
Dividend payout %—————2.8%28.9%52.5%75.8%10.7%Sign in free for the trailing twelve months

1,234 from the company's filing1,234 calculated by BullKarma

Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · click a figure for its source · Ctrl-click to pick several to share

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital40403939393939393939
Reserves9131,8683,7553,4733,4563,8754,2424,3874,4154,719
Borrowings547297666593297663741619587793
Other liabilities352530684334453731670656607615
Total liabilities1,8532,7345,1444,4384,2445,3085,6925,7015,6486,166
Fixed assets (net)8858297847346847481,3481,7691,8921,743
CWIP121910137369647221271224
Investments2312489451,2481,3611,1788661,2071,4071,484
Loans & advances——0.620.780.310.730.600.660.83209
Inventories2585111,3081,0055819781,4401,1941,2551,134
Trade receivables3619731,187399289589489508445500
Cash & bank6529332141331375141
Other assets1111668719189351,0761,042673527832
Total assets1,8532,7345,1444,4384,2445,3085,6925,7015,6486,166

1,234 from the company's filing1,234 calculated by BullKarma

Cash flows

Annual · ₹ Cr · last column includes FCF · click a figure for its source · Ctrl-click to pick several to share

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity1575861,465864716-141113612280213
Cash from investing-1-9-653-401-417-183-21-186-208-320
Cash from financing-153-577-788-460-310344-100-323-15997
Net cash flow3-0.65244-1120-8104-88-10
Free cash flow (OCF − Capex)153568——414-500-36620997-39

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %1.3%76.2%104.7%2.0%-0.3%12.4%14.0%8.5%4.0%8.0%
ROE %-4.6%57.6%79.8%1.9%-0.5%11.0%12.4%7.0%2.6%7.2%
PBT margin %-3.9%58.8%70.6%2.0%-1.9%25.5%27.5%16.5%7.4%15.9%
Cash conversion cycle336296275303317303357334401344
OCF / EBITDA % (3 years)——34.2%45.7%66.3%311.3%63.4%38.3%80.0%106.7%
Debt / equity0.570.160.180.170.080.170.170.140.130.17
Net debt / EBITDA6.70—<0.01——-1.15-0.12-0.300.180.35
EBITDA / interest1.4830.37259.22-0.16-5.2070.3923.7810.706.5110.70

1,234 from the company's filing1,234 calculated by BullKarma