ALFA Finder| 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
- ₹292.64
- Market cap
- ₹5,647 Cr
- Revenue (annual)
- ₹2,568 Cr
- Net profit (annual)
- ₹341.4 Cr
- P/E (TTM)
- 10.8×Sector 51.9×
- Promoter holding
- 60.72%+4.44% QoQ
- FII holding
- 3.61%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
More from HEG Ltd
All →HEG Advanced Materials Business Update
HEG subsidiary TACC received a Rs 609.50 Crore ECMS incentive approval for its Dewas anode plant. Phase one targets 20,000 MTPA output from June 2027.
- Value
- ₹609.5 Cr
- anode material capacity
- 20000.0 MTPA
HEG Advanced Materials Earnings Call Transcript: Key Takeaways
Q2 FY27 consolidated revenue ₹430 Cr (+144% YoY) and PAT ₹209 Cr, flattered by one-time transmission and insurance income; anode and graphene remain pre-commercial.
HEG Advanced Materials Investor Presentation: Key Takeaways
Q2/H1 FY27 deck with no P&L figures in the provided slides. Strategy centres on anode expansion from 20K to 44K MT and 500 MT graphene by Sep 2028.
HEG Advanced Materials Debt & Borrowing: ₹50 Cr
HEG granted subsidiary Replus Engitech an unsecured revolving loan of Rs.50 Crore. It is repayable on demand at 9% interest, at arm's length.
- Value
- ₹50.00 Cr
- Execution
- Repayable on demand
HEG Advanced Materials Capacity Expansion: ₹1,606 Cr Investment
HEG Advanced Materials' board approved expanding capacity from 20,000 MT to 24,000 MT by March 2029. The Rs.1,606 Crore investment is funded through internal accruals and debt.
- Value
- ₹1,606 Cr
- Execution
- Up to March 2029
- production capacity
- 24000.0 MT
HEG Advanced Materials Capacity Expansion: ₹500 Cr Investment
HEG Advanced Materials adopted a new line of business in graphene through its subsidiary, with an estimated investment of Rs.500 Crore. The project aims to create new growth avenues and long-term value.
- Value
- ₹500.0 Cr