| Margins | Targeting 18-20% equity IRR for selective green power projects. |
|---|---|
| Order book | 5,000 MWh BESS pipeline; 85-95 MT graphene likely pipeline. |
| Demand visibility | Strong; >40,000 MT global offtake discussions underway with major OEMs. |
| Management confidence | High; leveraging 50+ years graphite expertise for anode market entry. |
Growth
Targeting 20,000 MT anode capacity by FY28, scaling to 60,000 MT by FY32. Green power assets generating ~₹300+ crore annual free cash flow.
Outlook
Planned capex of ~₹5,500 Cr (₹1,500 Cr equity, ₹4,000 Cr debt). Targeting steady-state ROCE of ~17% by FY30.
Risks
Restructuring subject to NCLT and regulatory approvals; future capacity targets are management estimates contingent on funding and market conditions.
Last quarter's promises, checked
Delivered
- Guided 20% EBITDA margin → delivered 20% (= BEAT)
- Targeted 90%+ capacity utilization → delivered 90%+ (= BEAT)
- Guided no long-term debt → delivered zero long-term debt (= BEAT)
Partly delivered
- Targeted 100,000 MT capacity → delivered 100,000 MT but sales volume fell 1000 tons (= PARTIAL)
Missed
- Guided 22% EBITDA margin in Q3 → delivered 19% in Q4 (= MISS)
Earnings Call filed with NSE, NSE: HEG. Summary written with AI assistance from the document.
HEG Ltd: key numbers
- Share price
- ₹244.35
- Market cap
- ₹4,715 Cr
- Revenue (annual)
- ₹2,568 Cr
- Net profit (annual)
- ₹341.4 Cr
- P/E (TTM)
- 13.1×Sector 53.6×
- Promoter holding
- 60.72%+4.44% QoQ
- FII holding
- 5.29%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
More from HEG Ltd
All →HEG Promoter Buying (Off-Market)
LNJ Spark Advisory LLP, a promoter, acquired 4.05 crore HEG Advanced Materials shares via scheme of arrangement. Post-allotment promoter stake stands at 12.29%.
- Promoter stake change
- +12.29%
HEG Bags ₹217.6 Cr Order from Indus Towers Limited
HEG's subsidiary, Replus Engitech Private Limited, received orders from Indus Towers Limited for supply of Lithium-Ion Battery Banks. The contract is valued at ₹217.56 Crore.
- Value
- ₹217.6 Cr
- From
- Indus Towers Limited
- Execution
- On or before March 31, 2027
HEG Merger & Restructuring
HEG Advanced Materials disclosed promoter stake rising to 60.72% via allotment under its Composite Scheme. The demerger splits HEG into HEG Graphite and Bhilwara Energy.
HEG Capital Structure Change
Singularity Equity Fund I and others acquired a 13.04% stake in HEG Advanced Materials Limited pursuant to a composite scheme of arrangement.
HEG Other Announcement
NSE has approved a name change for HEG Limited to HEG Advanced Materials Limited. The stock symbol will be updated to HEGAM effective September 22, 2026.
HEG Management Change
HEG Advanced Materials Limited announced the resignation of Shri Salil Bawa, President - Investor Relation and Senior Management Personnel, effective September 14, 2026. He has ceased his role.