HEG Advanced Material Ltd
NSE: HEGAM · Electrodes & Refractories · sector
₹205.00NSE close 2026-10-26
Key numbers
Market cap₹3,956 cr
Price₹205.00
52w high / low₹256 / ₹205
P/E11.0xSector median 30.2x
P/B0.8xSector median 2.2x
Book value₹246.5
Dividend yield0.92%Sector median 1.00%
ROE7.8%Sector median 9.4%
ROCE6.3%Sector median 12.3%
OPM10.0%Sector median 10.8%
Debt / equity0.17xSector median 0.04x
EV/EBITDA15.6xSector median 20.3x
Interest cover9.0x
Current ratio2.21x
Sales growth 3y+1.4%Sector median +6.9%
Profit growth 3y-13.8%Sector median -4.2%
PEG–
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 10 companies in Electrodes & Refractories (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹653 cr vs borrowings ₹793 cr (FY26): borrowings are higher by ₹140 cr.
- Operating profit covered interest 9.0x in the last 12 months.
- No promoter shares are pledged.
- Promoter holding rose by 4.94 percentage points in a year, to 60.72% (2026-09-30).
- Operating cash flow was below net profit in 3 of the last 5 years (FY26, FY23, FY22).
- Net loss in 2 of the last 8 quarters.
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 83% of net profit in the last 12 months.
- Dividend paid in 5 of the last 5 financial years.
- Price ₹205.00 on 2026-10-26: -20.1% from the 52-week high, 0.0% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹713.55 · low ₹205.00
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 568 | 478 | 542 | 617 | 699 | 656 | 603 | 681 |
| EBITDA | 97 | 80 | -55 | 105 | 118 | 142 | -148 | 151 |
| OPM % | 17.0% | 16.7% | -10.2% | 17.1% | 16.9% | 21.7% | -24.6% | 22.1% |
| Other income | 43 | 112 | 48 | 67 | 112 | 102 | 40 | 44 |
| Net profit | 82 | 83 | -74 | 105 | 143 | 207 | -114 | 122 |
| EPS (₹) | 0.85 | 4.32 | -3.82 | 5.43 | 7.43 | 10.72 | -5.90 | 6.34 |
| Revenue YoY | +23.2% | +37.2% | +11.2% | +10.4% | ||||
| Profit YoY | +74.2% | +148.2% | – | +16.7% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 2,202 | 2,467 | 2,395 | 2,160 | 2,568 | 2,640 |
| EBITDA | 527 | 618 | 382 | 255 | 398 | 263 |
| Net profit | 431 | 532 | 312 | 115 | 341 | 359 |
| EPS (₹) | 22.34 | 27.59 | 16.15 | 5.96 | 17.69 | 18.59 |
| Revenue growth | +12.1% | -2.9% | -9.8% | +18.9% | +19.7% | |
| Profit growth | +23.5% | -41.5% | -63.1% | +196.7% | +82.3% | |
| Dividend / share (₹) | 3.00 | 40.00 | 42.50 | 22.50 | 1.80 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +1.3% | +15.4% | +19.7% |
| Net profit | -13.8% | – | +82.3% |
| EPS | -13.8% | – | – |
| Share price | – | – (2y) | – |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 4,281 | 4,426 | 4,454 | 4,758 |
| Borrowings | – | 741 | 619 | 587 | 793 |
| Cash & equivalents | – | 814 | 734 | 540 | 653 |
| Total assets | – | 5,692 | 5,701 | 5,648 | 6,166 |
| Fixed assets | – | 1,348 | 1,769 | 1,892 | 1,743 |
| Capital work in progress | – | 472 | 212 | 71 | 224 |
| Investments | – | 219 | 281 | 418 | 333 |
| Receivables | – | 489 | 508 | 445 | 500 |
| Inventory | – | 1,440 | 1,194 | 1,255 | 1,134 |
| Payables | – | 412 | 425 | 399 | 401 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | -141 | 113 | 612 | 280 | 213 |
| Cash from investing | -183 | -21 | -186 | -208 | -320 |
| Cash from financing | 344 | -100 | -323 | -159 | 97 |
| Capex | 360 | 480 | 403 | 182 | 253 |
| Free cash flow | -500 | -366 | 209 | 97 | -39 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 12.4% | 7.0% | 2.6% | 7.2% |
| ROCE % | – | 12.5% | 6.9% | 3.6% | 5.9% |
| Debtor days | – | 72 | 77 | 75 | 71 |
| Inventory days | – | 574 | 379 | 507 | 389 |
| Payable days | – | 164 | 135 | 161 | 138 |
| Cash conversion cycle (days) | – | 482 | 321 | 421 | 322 |
| Working capital days | – | 227 | 223 | 232 | 225 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 60.72% |
| FIIs | 3.61% |
| DIIs | 12.96% |
| of which Mutual funds | 4.74% |
| of which Insurance | 0.42% |
| Government | 0.00% |
| Public (non-institutions) | 22.70% |
| Quarter | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 55.78% | 55.78% | 55.78% | 56.13% | 56.28% | 56.28% | 60.72% | 60.72% |
| Promoter group | % |
|---|---|
| Redrose Vanijya LLP | 28.40% |
| LNJ Spark Advisory LLP | 12.29% |
| Norbury Investments Limited | 8.13% |
| Microlight Investments Ltd. | 7.07% |
| RSWM Limited | 4.82% |
| Ravi Jhunjhunwala | 0.00% |
| Rishabh Jhunjhunwala | 0.00% |
| Rita Jhunjhunwala | 0.00% |
| Riju Jhunjhunwala | 0.00% |
| Lakshmi Niwas Jhunjhunwala | 0.00% |
| Mani Devi Jhunjhunwala | 0.00% |
| Nivedan Churiwal | 0.00% |
| Shubha Churiwal | 0.00% |
| Sudha Churiwal | 0.00% |
| Shashi Agarwal | 0.00% |
| Public holders above 1% | % |
|---|---|
| Singularity Growth Opportunities Fund II | 3.33% |
| HDFC Mutual Fund - HDFC BSE 500 ETF | 2.56% |
| Singularity Equity Fund I | 1.69% |
| Clearfield Consulting LLP | 1.50% |
| Singularity Large Value Fund III | 1.22% |
| Avant Garde Ventures LLP | 1.21% |
| Manohar LAL Agarwal | 1.21% |
| Mekima Corporation | 1.17% |
1,50,544 shareholders. Pledged: 0.00% of promoter shares.
Peers in Electrodes & Refractories
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| GRAPHITE | ₹14,353 cr | 67.4x | 2.5x | 3.6% | 5.1% | 2.6% | -3.6% | 1.50% |
| VESUVIUS | ₹7,824 cr | 30.6x | 4.5x | 15.7% | 19.9% | 16.7% | – | – |
| RPEL | ₹7,784 cr | 110.4x | 27.6x | 28.4% | 31.4% | 29.9% | – | 0.06% |
| RHIM | ₹7,213 cr | – | 2.0x | -9.4% | -6.2% | -1.9% | +13.8% | 0.72% |
| HEGAM | ₹3,956 cr | 11.0x | 0.8x | 7.8% | 6.3% | 10.0% | +1.4% | 0.92% |
| IFGLEXPOR | ₹1,159 cr | 28.3x | 1.0x | 3.6% | 4.9% | 6.8% | +11.0% | 2.18% |
| FOSECOC | ₹990 cr | 38.0x | 7.1x | 17.1% | 23.6% | 19.7% | +3.6% | 1.07% |
| ORIENTCER | ₹454 cr | 17.4x | 1.5x | 8.9% | 12.1% | 11.7% | +10.1% | 0.68% |
| DENORA | ₹368 cr | 30.2x | 2.8x | 9.8% | 12.6% | 8.6% | +18.2% | – |
| PANCARBON | ₹180 cr | 9.4x | 1.0x | 10.7% | 14.6% | 30.5% | +3.0% | 3.19% |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Graphite | ₹2,540 cr | 98.6% | ₹270 cr | 10.6% |
| Power | ₹29 cr | 1.1% | ₹15 cr | 50.9% |
| Others | ₹7 cr | 0.3% | ₹-1 cr | -9.9% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-09-07 | Restructuring | Demerger |
| 2026-07-22 | Dividend | Dividend - Rs 3.40 Per Share |
| 2025-08-13 | Dividend | Dividend - Rs 1.80 Per Share |
| 2024-10-18 | Split | Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 2/- Per Share |
| 2024-07-31 | Dividend | Annual General Meeting/Dividend - Rs 22.50 Per Share |
| 2023-08-24 | Dividend | Annual General Meeting/Dividend - Rs 42.50 Per Share |
| 2022-08-24 | Dividend | Annual General Meeting/Dividend - Rs 40 Per Share |
| 2021-07-19 | Dividend | Annual General Meeting/Dividend - Rs 3 Per Share |
| 2020-09-03 | Other | Annual General Meeting |
| 2020-02-17 | Dividend | Interim Dividend - Rs 25 Per Share |
| 2019-08-09 | Dividend | Annual General Meeting/Dividend - Rs 50 Per Share |
| 2019-02-07 | Buyback | Buy Back |
| 2018-11-12 | Dividend | Interim Dividend - Rs 30 Per Sh |
| 2018-07-13 | Dividend | Annual General Meeting/Dividend- Rs 50 Per Share |
| 2018-02-15 | Dividend | Interim Dividend Rs 30/- Per Share (Purpose Revised) |
| 2017-09-14 | Other | Annual General Meeting |
| 2016-09-20 | Other | Annual General Meeting |
| 2015-09-14 | Dividend | Annual General Meeting/Dividend - Rs 3/- Per Share |
| 2014-08-14 | Dividend | Annual General Meeting/Dividend Rs 6/- Per Share |
| 2013-09-06 | Dividend | Annual General Meeting / Final Dividend Rs.8/- Per Equity Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
| Sector | Industrials |
| Industry | Electrodes & Refractories |
| Sub-industry | Electrodes & Refractories |
| Symbol | HEGAM |
| BSE code | 509631 |
| ISIN | INE545A01024 |
| Face value | ₹2.0 |
| Incorporated | – |
| Website | – |
| Plants (India / abroad) | – |
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.