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HEG Advanced Materials Q2 FY27 Share Price & Earnings Call Analysis

₹237.61-2.37% today
Market cap
₹7,832 Cr
P/E
22.12
ROE
7.42%
PEG
-1.61
Price to sales
2.97
Debt to equity
0.17
52W high / low
₹278 / ₹172
Sales growth (5Y)
15.41%
EBITDA margin
9.97%
Net profit margin
13.32%
Promoter holding
60.72%
Sales (last year)
₹2,639 Cr

HEG Ltd is a leading manufacturer and exporter of graphite electrodes in India. It operates the largest single-site integrated graphite electrodes plant in the world.[1]

Guidance scorecard · Q2 FY27 call

What HEG Advanced Materials Ltd's management guided
and where it ranks in Industrial Products

#43of 100 in
Industrial Products
Revenue20–40%MarginsFlatCapexPlannedFundraisingPlannedOrder bookWhat management said

RevenueQ1 FY27 call

20–40%
  • HEG aims to produce at 90% to 95% capacity utilization consistently.
  • New electric arc furnace (EAF) capacities globally, especially outside China, are expected to increase demand for graphite electrodes.
  • Anode project commercial production to start Q1 next year, with expected revenue of INR 600-700 crores in year 1, scaling over INR 1,200 crores in year 2 and INR 1,500-1,600 crores in year 3.
  • The Greentech business targets a 4-digit crore EBITDA by 2030, driven by hydro and solar projects.
  • Price hikes of 5%-7% already implemented; further 5%-10% increase expected to cover rising costs including needle coke.

2 more points from HEG Advanced Materials Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what HEG Advanced Materials Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • Anode project capex: INR 2,200 crores for 20,000 tons capacity, expected to start commercial production in Q1 FY '28 with initial 40%-50% utilization, ramping up by year 3.
  • Post 20,000 tons anode capacity, expansion plan to add 10,000 tons more at approx. INR 800 crores capex, targeted by 2029.
  • Total capex for 30,000 tons capacity at TACC is around INR 3,100 crores, with 70% expected to be financed via debt.

2 more points from HEG Advanced Materials Ltd's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

Planned

See what HEG Advanced Materials Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

  • HEG Limited's current order book is mostly booked for the next 1 to 2 quarters.
  • Approximately 70% of the capacity contracts are expected to be closed within the next 1 to 1.5 months.
  • The company is securing long-term contracts (3 to 5 years) with top Tier 1 customers globally.
  • New bookings are being made at higher prices in existing markets.
  • Pricing increases are expected to take effect from October onwards due to cost rises in raw materials like needle coke.

2 more points from HEG Advanced Materials Ltd's call on the order book

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Full Q1 FY27 analysis
Full Industrial Products ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Industrial Products
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does HEG Advanced Materials Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Industrial Products companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹532 Cr21.2
240%+Up 2%+₹450 Cr13.2
340%+Up 2%+₹371 Cr26.1
440%+Up 0–2%₹1,340 Cr32.9
540%+Up 0–2%₹1,196 Cr14.1
640%+Flat₹966 Cr25.0

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HEG Advanced Materials Ltd announcements

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Financials of HEG Advanced Materials Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

HEG Advanced Materials Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +55.77%55.77%55.77%55.77%55.77%55.77%55.77%55.77%56.13%56.27%56.27%60.72%
FIIs +6.85%6.86%6.06%6.93%7.07%7.18%7.29%7.97%8.52%10.23%8.47%3.61%
DIIs +8.85%10.38%13.08%12.79%12.09%11.65%11.60%11.99%12.15%8.63%9.27%12.96%
Public +28.51%26.98%25.08%24.51%25.04%25.38%25.33%24.27%23.20%24.86%25.97%22.69%
No. of Shareholders1,32,6621,29,9051,19,3991,18,4711,52,1661,53,0631,48,0361,41,5761,32,3141,37,6751,39,6011,50,544

Financials of HEG Advanced Materials Ltd

Quarterly Results

Quarter-by-quarter operating performance

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales +671614562547571568478537613699656603681
Expenses +520512476506533471411598507581513752530
Operating Profit1511028741399767-61106118143-148151
OPM %23%17%15%8%7%17%14%-11%17%17%22%-25%22%
Other Income +68633064416311243821201677274
Interest99109899128991110
Depreciation38384750484851555354545350
Profit before tax172118594624103119-85126175246-140165
Tax %19%18%27%29%3%20%30%-13%17%18%16%-19%26%
Net Profit +139964433238283-74105143207-114122
EPS in Rs7.214.972.261.711.194.264.32-3.825.437.4310.72-5.896.34

Financials of HEG Advanced Materials Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +1,2288708592,7486,5912,1451,2542,2012,4632,3932,1512,5682,639
Expenses +1,0467337781,0271,9302,1501,3081,6701,8442,0111,8912,1692,376
Operating Profit182137811,7214,662-5-53530619382260399263
OPM %15%16%9%63%71%-0.2%-4.2%24%25%16%12%16%10%
Other Income +154712106143114117187223141259432
Interest7760555618371172636393739
Depreciation7579747372727379102175201213210
Profit before tax441-411,6054,67729-23560677395162408446
Tax %12%886%23%33%35%-82%-23%23%21%21%29%16%
Net Profit +364-441,0993,02668-18431532312115341359
EPS in Rs1.820.22-2.2054.97156.803.50-0.9322.3327.5916.155.9617.6918.60
Dividend Payout %33%0%0%29%10%143%-65%36%31%28%30%19%

Financials of HEG Advanced Materials Ltd

Balance Sheet

Capital structure and asset base

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
Borrowings +917782684297667594298665743623588796
Other Liabilities +315176216534684332451730668653607612
Total Liabilities2,2461,9531,8532,7395,1444,4384,2445,3085,6925,7015,6486,166
Fixed Assets +9079328898337887456947631,3631,8161,9381,788
CWIP10827121910137369647221271224
Investments2232272312489421,2451,3581,1718591,2001,4001,478
Other Assets +1,0097677321,6563,3962,3481,8192,6782,9982,4742,2382,676
Total Assets2,2461,9531,8532,7395,1444,4384,2445,3085,6925,7015,6486,166

Financials of HEG Advanced Materials Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +2762491575941,488739716-141113612280213
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/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit155%188%205%65%67%-17,020%-1,349%-2%42%169%125%59%

Financials of HEG Advanced Materials Ltd

Ratios

Working capital efficiency and return ratios

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%

Guidance history

How HEG Advanced Materials Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →20–40%FlatPlannedPlanned—
Q4 FY26 call →10–20%FlatPlanned——
Q3 FY26 call →20–40%FlatPlannedPlanned—

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

32out of 100

Momentum score · price trend

32 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+17.7%73%
Last 6 months−3.0%51%
Last 3 months+4.5%75%

The price is 29.4% below its all-time high of ₹318.47 (22 Nov 2018). Stocks more than 20% below their peak have their score halved, so 65 became 32.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For HEG Advanced Materials Ltd: 0.4 × 73 + 0.4 × 51 + 0.2 × 75 = 65, halved to 32 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 16 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What HEG Advanced Materials Ltd's management said in earlier quarters

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