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Swing Capital

HEG Ltd

NSE: HEG BSE: 509631

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]

₹603
52W: ₹460 — ₹690
PE 64.5 · Book ₹223 · +170% vs book
Market Cap₹11,642 Cr
Stock P/E64.5Price to Earnings
ROCE5.76%Return on Capital
ROE4.27%Return on Equity
Div. Yield0.29%Face Value ₹2

Strengths

  • +Company has been maintaining a healthy dividend payout of 36.0%

Weaknesses

  • −Stock is trading at 2.76 times its book value
  • −Company has a low return on equity of 4.42% over last 3 years.

Shareholding Pattern

Promoters56.27%
FIIs10.23%
DIIs8.63%
Public24.86%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters55.77%55.77%55.77%55.77%55.77%55.77%56.13%▲0.456.27%▲0.1
FIIs6.06%6.93%▲0.97.07%▲0.17.18%▲0.17.29%▲0.17.97%▲0.78.52%▲0.510.23%▲1.7
DIIs13.08%12.79%▼0.312.09%▼0.711.65%▼0.411.6%▼0.111.99%▲0.412.15%▲0.28.63%▼3.5
Public25.08%24.51%▼0.625.04%▲0.525.38%▲0.325.33%▼0.124.27%▼1.123.2%▼1.124.86%▲1.7

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales562547571568477537613697656603
Expenses476504533471397585507578513746
Operating Profit8743399780-49106119143-142
OPM %15%8%7%17%17%-9%17%17%22%-24%
Net Profit373536298-6272131141-163
EPS ₹1.921.820.133.225.09-3.23.726.787.32-8.46

AI Insights

Revenue Trend

Mar 2026 revenue at ₹2,568Cr, up 19.4% YoY. OPM at 16%.

Debt Position

Borrowings at ₹794Cr. Debt-to-equity ratio: 0.19x. Healthy balance sheet.

Capex Cycle

CWIP at ₹43Cr (2% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 8.63% (+1.21pp change). FIIs: 10.23% (+3.50pp change). Promoters hold 56.27%.

Margin & Efficiency

ROCE improving from 6% (Mar 2015) to 6% (Mar 2026). Working capital days: 166.

Valuation

PE 64.5x with 5.76% ROCE. Price is 170% above book value of ₹223. Dividend yield: 0.29%.

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