MarketFriction

HEG Advanced Materials Ltd

NSE HEGAM · BSE 509631 · Electrodes & Refractories
₹239.28 +0.69%
NSE close2026-10-01
52 week range214.10 - 753.90
Market cap₹4,598 Cr.
P/E13.0
Nifty 500Smallcap 250 Price band 20% Delivery 38.1%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales614562547571568478537613699656603681
Expenses512476506533471411598507581513752530
Operating Profit1028741399767-61106118143-148151
OPM %17%15%8%7%17%14%-11%17%17%22%-25%22%
Other Income633064416311243821201677274
Interest9109899128991110
Depreciation384750484851555354545350
Profit before tax118594624103119-85126175246-140165
Tax %18%27%29%3%20%30%-13%17%18%16%-19%26%
Net Profit964433238283-74105143207-114122
EPS in Rs4.972.261.711.194.264.32-3.825.437.4310.72-5.896.34
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales8708592,7486,5912,1451,2542,2012,4632,3932,1512,5682,639
Expenses7337781,0271,9302,1501,3081,6701,8442,0111,8912,1692,376
Operating Profit137811,7214,662-5-53530619382260399263
OPM %16%9%63%71%-0.2%-4.2%24%25%16%12%16%10%
Other Income4712106143114117187223141259432
Interest60555618371172636393739
Depreciation79747372727379102175201213210
Profit before tax1-411,6054,67729-23560677395162408446
Tax %886%23%33%35%-82%-23%23%21%21%29%16%
Net Profit4-441,0993,02668-18431532312115341359
EPS in Rs0.22-2.2054.97156.803.50-0.9322.3327.5916.155.9617.6918.60
Dividend Payout %0%0%29%10%143%-65%36%31%28%30%19%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth11%15%1%20%
Compounded Profit Growth63%46%-14%80%
Stock Price CAGR34%8%24%28%
Return on Equity17%8%6%7%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital404040403939393939393939
Reserves9749569131,8683,7553,4733,4563,8754,2424,3874,4154,719
Borrowings917782684297667594298665743623588796
Other Liabilities315176216534684332451730668653607612
Total Liabilities2,2461,9531,8532,7395,1444,4384,2445,3085,6925,7015,6486,166
Fixed Assets9079328898337887456947631,3631,8161,9381,788
CWIP10827121910137369647221271224
Investments2232272312489421,2451,3581,1718591,2001,4001,478
Other Assets1,0097677321,6563,3962,3481,8192,6782,9982,4742,2382,676
Total Assets2,2461,9531,8532,7395,1444,4384,2445,3085,6925,7015,6486,166
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity2762491575941,488739716-141113612280213
Cash from Investing Activity-83-29-1-9-676-275-417-183-21-184-207-320
Cash from Financing Activity-202-219-153-588-788-460-310344-100-324-15997
Net Cash Flow-813-3244-1120-8104-86-10
Free Cash Flow2492181545801,441503460-499-364244102-35
CFO/OP155%188%205%65%67%-17,020%-1,349%-2%42%169%125%59%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days1211341531296668849872787571
Inventory Days238342216391428226262431574379507389
Days Payable76487318812430116197164135161138
Cash Conversion Cycle282428297332370264230331483321421323
Working Capital Days13-7-3120861349375107111141132
ROCE %6%3%1%86%139%-0%-2%14%15%9%4%8%
Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters55.77%55.77%55.77%55.77%55.77%55.77%55.77%55.77%56.13%56.27%56.27%60.72%
FIIs6.85%6.86%6.06%6.93%7.07%7.18%7.29%7.97%8.52%10.23%8.47%5.29%
DIIs8.85%10.38%13.08%12.79%12.09%11.65%11.60%11.99%12.15%8.63%9.27%12.77%
Public28.51%26.98%25.08%24.51%25.04%25.38%25.33%24.27%23.20%24.86%25.97%21.21%
No. of Shareholders1,32,6621,29,9051,19,3991,18,4711,52,1661,53,0631,48,0361,41,5761,32,3141,37,6751,39,6011,34,276

Fundamentals

Market Cap₹ 4,598 Cr.
Current Price₹ 238
Stock P/E13.0
Book Value₹ 247
ROCE8.35 %
ROE7.42 %
Dividend Yield1.43 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)20%
Compounded Profit Growth (TTM)80%
Consolidated figures.
Valuation
Market capRs 4,618 Cr
Enterprise valueRs 5,163 Cr
P/E (TTM)12.87x
Price to book0.97x
Price to sales1.75x
EV / EBITDA7.43x
EV / EBIT10.64x
EV / sales1.96x
Price to cash flow21.66x
Earnings yield7.77%
Dividend yield1.42%
P/E, 3-year average14.18x
P/B, 3-year average0.56x
P/E, 5-year average8.79x
P/B, 5-year average0.37x
Profitability
Operating margin (excl. other income)15.54%
Operating margin (incl. other income)25.63%
EBITDA margin26.35%
Pre-tax margin16.92%
Net profit margin13.60%
Net margin, latest quarter17.97%
ROE7.41%
ROCE8.40%
ROA5.78%
ROE, 3-year average5.72%
ROCE, 3-year average6.98%
ROA, 3-year average4.43%
ROE, 5-year average8.36%
ROCE, 5-year average9.83%
ROA, 5-year average6.40%
ROIC (approx.)7.66%
Tax rate16.29%
Other income / net worth5.45%
Growth
Sales growth (latest year)19.43%
Profit growth (latest year)196.69%
Sales CAGR, 3 years1.41%
Sales CAGR, 5 years15.41%
Profit CAGR, 3 years-13.77%
Sales growth QoQ12.86%
Sales growth YoY (latest quarter)11.10%
Profit growth YoY (latest quarter)16.71%
Per share
EPS (TTM)Rs 18.60
EPS (latest year)Rs 17.69
EPS (latest quarter)Rs 6.34
EPS, 3-year averageRs 34.80
EPS, 5-year averageRs 70.81
Book value per shareRs 246.55
Sales per shareRs 136.75
Cash flow per shareRs 11.05
Free cash flow per shareRs -1.81
Dividend per share (latest year)Rs 3.40
Dividend per share, 3-year averageRs 9.23
Dividend per share, 5-year averageRs 22.04
Dividends
Dividend payout19.22%
Dividend payout, 3-year average25.76%
Dividend payout, 5-year average28.78%
Efficiency
Asset turnover0.42x
Fixed asset turnover1.44x
Inventory turnover1.47x
Inventory days248 days
Debtor days71 days
Debtors turnover5.14x
Creditor days138 days
Cash conversion cycle323 days
Working capital days132 days
Leverage
Total debtRs 796 Cr
Cash and bankRs 250 Cr
Net debtRs 546 Cr
Debt to equity0.17x
Net debt / EBITDA0.79x
Interest coverage12.45x
Current ratio (filing 2026-03-31)2.21x
Quick ratio (filing 2026-03-31)1.34x
Trade payables (filing 2026-03-31)Rs 401 Cr
Owners' fund to total sources77.17%
Debt to assets12.91%
Cash flow
Cash from Operating Activity (latest year)Rs 213 Cr
Cash from Investing Activity (latest year)Rs -320 Cr
Cash from Financing Activity (latest year)Rs 97 Cr
Net Cash Flow (latest year)Rs -10 Cr
Free cash flow (latest year)Rs -35 Cr
FCFE (approx.: FCF + change in debt)Rs 173 Cr
Cash from ops / profit, 5 years0.62x
Sales to cash flow12.05x
Statement figures
Net sales (TTM)Rs 2,639 Cr
Net sales (latest year)Rs 2,568 Cr
Sales (latest quarter)Rs 681 Cr
Operating profit excl. other income (latest year)Rs 399 Cr
Operating profit (latest quarter)Rs 151 Cr
Other income (TTM)Rs 432 Cr
EBITDA (TTM)Rs 695 Cr
PBDT (TTM)Rs 656 Cr
Profit before tax (TTM)Rs 446 Cr
Tax (latest year)Rs 66 Cr
Net profit (TTM)Rs 359 Cr
Net profit (latest year)Rs 341 Cr
Net profit (latest quarter)Rs 122 Cr
Depreciation (TTM)Rs 210 Cr
Depreciation (latest quarter)Rs 50 Cr
Interest (TTM)Rs 39 Cr
Cost of goods sold (latest year)Rs 1,669 Cr
Total expenditure (latest year)Rs 2,169 Cr
Total income (latest year)Rs 2,827 Cr
Share capitalRs 39 Cr
ReservesRs 4,719 Cr
Shareholders' fundsRs 4,758 Cr
Total assetsRs 6,166 Cr
Net blockRs 1,788 Cr
Capital work in progressRs 224 Cr
InvestmentsRs 1,478 Cr
ReceivablesRs 500 Cr
InventoryRs 1,134 Cr
Other liabilitiesRs 612 Cr
Shares outstanding (crore)19.30
Ownership
Promoter holding60.72% (+4.95 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 12.9 is at the 44th percentile of its own 7.4-year range (median 14.7, low 0.6, high 131.4).
P/B 0.97 is at the 12th percentile (median 1.89).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodHEGAMNifty 50Difference
1 week+1.7%-2.8% +4.5 pts
1 month-67.2%-6.8% -60.4 pts
3 months-54.6%-7.6% -47.0 pts
6 months-55.9%+0.4% -56.3 pts
1 year-54.1%-9.9% -44.2 pts
2 years-46.9%-13.6% -33.3 pts
3 years-30.6%+14.2% -44.7 pts
5 years-47.2%+27.9% -75.1 pts
48 mutual fund schemes hold about ₹1,000 Cr. Over three months 48 bought more and 0 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
SBI Energy Opportunities Fund4.21%351 +140%
Bajaj Finserv Flexi Cap Fund2.07%169 +167%
Bandhan Small Cap Fund0.35%118 +251%
HDFC Manufacturing Fund0.53%56 +100%
Bajaj Finserv Small Cap Fund2.02%53 +147%
Bank of India ELSS Tax Saver Fund2.73%39 +182%
Bank of India Flexi Cap Fund1.26%37 +134%
Bajaj Finserv Multi Cap Fund1.89%31 +159%
Bank of India Aggressive Hybrid Fund1.17%24 +110%
Bandhan Innovation Fund0.83%22 +309%
Bank of India Small Cap Fund0.66%22 +81%
Bank of India Multi Cap Fund1.01%14 +176%
Bank of India Mfg & Infra Fund(Q1.16%11 +174%
Mahindra Manulife Value Fund0.96%10 +100%
Nippon India Nifty Smallcap 250 Index Fund0.27%10 +200%
Bandhan Infrastructure Fund0.40%6 +266%
Bandhan Contra Fund0.32%5 +100%
SBI Nifty Smallcap 250 Index Fund0.28%5 +198%
Motilal Oswal Nifty Smallcap 250 Index Fund0.27%4 +199%
HDFC MNC Fund0.52%3 +100%
ICICI Pru Nifty Smallcap 250 Index Fund0.27%2 +200%
HDFC NIFTY Smallcap 250 Index Fund0.27%2 +200%
Nippon India Nifty 500 Equal Weight Index Fund0.26%1 +185%
JioBlackRock Nifty Smallcap 250 Index Fund0.28%1 +200%
Bank of India Midcap Tax Fund-Sr 11.44%1 +197%

Red flags

F-score 6 of 8
lookProfit leans on other income Other income was 64% of pre-tax profit in 2026
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2026-09-12Singularity Large Value Fund IIAcquirerbuy1,990,829SAST Others
2026-09-12Singularity Equity Fund 1Acquirerbuy5,308,877SAST Others
2026-09-12Singularity Growth Opportunities FAcquirerbuy10,992,398SAST Others
2026-09-12Singularity Large Value Fund IIIAcquirerbuy4,021,878SAST Others
2026-09-12Singularity AMC LLP Co MPSAcquirerbuy12,757,390SAST Others
2026-09-12AffiliatesAcquirerbuy7,999,480SAST Others
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹681 Cr +11.1% vs Jun 2025. Net profit ₹122 Cr +16.2%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-09-07Demerger
2026-07-22Dividend - Rs 3.40 Per Share
2025-08-13Dividend - Rs 1.80 Per Share
2024-10-18Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 2/- Per Share0.2000
2024-07-31Annual General Meeting/Dividend - Rs 22.50 Per Share
2023-08-24Annual General Meeting/Dividend - Rs 42.50 Per Share
2022-08-24Annual General Meeting/Dividend - Rs 40 Per Share
2021-07-19 Annual General Meeting/Dividend - Rs 3 Per Share
2020-09-03 Annual General Meeting
2020-02-17 Interim Dividend - Rs 25 Per Share
2019-08-09 Annual General Meeting/Dividend - Rs 50 Per Share
2019-02-07 Buy Back
2018-11-12 Interim Dividend - Rs 30 Per Sh
2018-07-13 Annual General Meeting/Dividend- Rs 50 Per Share
2018-02-15 Interim Dividend Rs 30/- Per Share (Purpose Revised)
2017-09-14 Annual General Meeting
2016-09-20 Annual General Meeting
2015-09-14Annual General Meeting/Dividend - Rs 3/- Per Share
2014-08-14Annual General Meeting/Dividend Rs 6/- Per Share
2013-09-06Annual General Meeting / Final Dividend Rs.8/- Per Equity Share
2012-09-07Annual General Meeting And Dividend Rs.5/- Per Share
2011-09-02Annual General Meeting And Dividend - Rs 5.00 Per Share
2011-02-14Interim Dividend-Rs.5/- Per Share (Purpose Revised)
2010-09-08Agm / Dividend Rs 10 Per Share
2009-09-08Agm/Div-Rs.6.50 Per Share
2008-09-17Agm/Dividend - 30%
2008-01-11Interim Dividend - 70% Purpose Revised
2007-09-18Agm/Dividend-50%
2006-09-13Agm/Dividend-30%
DateTypeWhat it says
2026-10-01Order winReceipt of orders by Replus Engitech Private Limited, a subsidiary of the Company
2026-09-30Press ReleaseA press release dated September 30, 2026, titled "Replus Engitech and Indus Towers Collaborate on Energy Storage Solutions for Telecom Infrastructure"...
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2020-02-05CESTATHEG LTD ---VS.--- BHOPAL
2019-12-10CESTATHEG LTD ---VS.--- BHOPAL
2019-11-13CESTATHEG LTD ---VS.--- BHOPAL
2019-09-13CESTATHEG LTD ---VS.--- BHOPAL
2019-09-11CESTATHEG LTD ---VS.--- BHOPAL 1
2019-09-09CESTATHEG LTD ---VS.--- BHOPAL
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of HEG Advanced Materials Ltd?

HEG Advanced Materials Ltd (HEGAM) has a market capitalisation of Rs 4,598 Cr. at the 2026-10-01 close.

What is the P/E ratio of HEG Advanced Materials Ltd?

HEG Advanced Materials Ltd trades at a P/E of 13.0 on trailing twelve-month profit, at the 2026-10-01 close.

What were HEG Advanced Materials Ltd's latest quarterly results?

In the Jun 2026 quarter, HEG Advanced Materials Ltd sales was Rs 681 Cr (+11.1% vs Jun 2025) and net profit was Rs 122 Cr.

What is the 52-week high and low of HEG Advanced Materials Ltd?

The 52-week high is Rs 753.90 and the 52-week low is Rs 214.10.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03