HEG Advanced Materials Limited

BSE: HEGAM509631ISIN INE545A01024

Industrials
Electrodes & Refractories
BSE 500

Share price

₹288.45+47.70 (+19.81%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded. Earlier history is omitted pending corporate-action verification.

52W high: —
52W low: —
Off 52W high: —
1M return: +23.30%
3M return: —
6M return: —
1Y return: —
20D avg volume: 1,56,952
50 DMA: —
200 DMA: —

Key ratios Consolidated

Market cap: ₹9,513 Cr
Current price: ₹288.45
52W high / low: — / —
Face value: ₹2.00
P/E: 18.24
P/B: 3.80
EPS (TTM): ₹15.82
Book value / share: ₹75.97
ROE: —
ROCE: 6.70%
Operating margin: —
Net margin: —
Debt / equity: 0.17
Net debt: ₹752.69 Cr
Interest cover: 8.76
Dividend yield: 1.18%
Dividend / share (TTM): ₹3.40
Payout: 21.49%
Cash conversion cycle: 175.1 days

Financials

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	429.94	680.79	603.21	656.33	699.22	616.93	542.25	478.38	567.60	571.46	546.90	562.40
	116.65	43.56	39.89	101.96	112.29	66.92	48.02	111.58	42.95	20.43	64.31	23.22
	546.59	724.35	643.10	758.29	811.51	683.85	590.27	589.96	610.56	591.90	611.21	585.62
	268.06	589.77	814.81	577.28	643.54	572.73	664.32	458.46	528.27	588.74	563.19	532.88
	203.12	265.17	260.51	243.62	234.10	237.29	243.53	228.94	251.09	231.16	234.78	245.40
	-35.44	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	41.00	32.69	35.34	32.90	28.90	31.07	32.25	24.78	22.82	23.82	25.27	22.85
	19.71	9.97	10.72	9.39	8.92	8.18	12.01	9.38	9.34	8.47	8.63	9.73
	14.54	49.59	52.59	53.90	53.75	53.05	54.59	50.56	47.94	47.50	50.44	47.39
	31.80	246.46	460.26	221.08	259.04	225.84	357.23	116.36	117.51	148.16	112.78	99.76
	278.53	134.58	-171.71	181.01	167.97	111.12	-74.05	131.51	82.29	3.16	48.02	52.74
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	278.53	134.58	-171.71	181.01	167.97	111.12	-74.05	131.51	82.29	3.16	48.02	52.74
	69.64	42.74	-26.14	39.18	31.90	22.63	-10.93	35.18	20.39	0.69	13.46	15.75
	306.07	122.34	-113.77	206.97	143.33	104.83	-73.67	83.40	82.28	23.04	32.90	43.66
	9.73	6.34	-6.16	10.72	7.43	5.43	-3.82	4.32	4.26	5.97	8.53	11.32
Key metrics
	312.78	194.14	-108.40	244.30	230.64	172.35	-7.45	191.45	139.57	59.13	107.09	109.86
	72.70%	28.50%	-18.00%	37.20%	33.00%	27.90%	-1.40%	40.00%	24.60%	10.30%	19.60%	19.50%
	71.20%	18.00%	-18.90%	31.50%	20.50%	17.00%	-13.60%	17.40%	14.50%	4.00%	6.00%	7.80%
	7.90%	—	-3.30%	—	3.70%	—	-1.40%	—	—	—	—	—
	-38.50%	10.40%	11.20%	37.20%	23.20%	8.00%	-0.90%	-14.90%	—	—	—	—
	113.50%	16.70%	-54.40%	148.20%	74.20%	355.00%	-323.90%	91.00%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22
Income statement
	2,370	2,568	2,160	2,395	2,467	2,202
	302.06	140.98	127.57	141.67	109.14	79.55
	2,672	2,709	2,287	2,537	2,576	2,281
	2,250	2,421	2,144	2,223	1,977	1,761
	972.42	975.52	954.73	1,093	1,313	940.42
	-35.44	0.00	0.00	—	—	—
	141.93	123.68	103.67	95.27	92.05	80.00
	49.79	37.21	39.20	35.74	26.01	7.49
	170.62	213.21	200.59	174.65	102.30	79.29
	959.60	983.09	897.15	455.73	525.75	494.26
	422.41	288.86	142.89	313.71	599.22	520.00
	0.00	0.00	0.00	0.00	0.00	0.00
	422.41	288.86	142.89	313.71	599.22	520.00
	125.42	66.40	45.31	83.71	144.97	129.42
	521.61	341.36	115.06	311.67	532.35	431.05
	20.63	17.69	5.96	80.75	137.93	111.68
Key metrics
	642.82	539.28	382.68	524.10	727.53	606.78
	27.12%	21.00%	17.70%	21.90%	29.50%	27.60%
	22.01%	13.30%	5.30%	13.00%	21.60%	19.60%
	—	6.70%	4.00%	—	—	—
	1.43%	18.90%	-9.80%	-2.90%	12.10%	—
	102.26%	196.70%	-63.10%	-41.50%	23.50%	—
	—	-39.48	97.48	—	—	—
	—	0.62	2.43	—	—	—
	—	0.17	0.13	—	—	—
	—	752.69	536.33	—	—	—
	—	175.1	219.7	—	—	—
Balance sheet
	—	6,166	5,648	—	—	—
	—	2,893	2,457	—	—	—
	—	40.59	50.76	—	—	—
	—	499.51	444.70	—	—	—
	—	1,134	1,255	—	—	—
	—	310.35	147.43	—	—	—
	—	1,743	1,892	—	—	—
	—	400.77	399.29	—	—	—
	—	1,310	1,085	—	—	—
	—	793.28	587.09	—	—	—
	—	793.28	584.86	—	—	—
	—	0.00	2.23	—	—	—
	—	4,758	4,454	—	—	—
Cash flow
	—	213.19	279.71	—	—	—
	—	-320.24	-208.45	—	—	—
	—	96.88	-159.15	—	—	—
	—	252.67	182.23	—	—	—

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	7.59	680.91	603.21	655.66	696.85	612.78	536.58	477.07	567.60	571.46	546.90	562.40
	42.42	50.03	16.73	100.54	106.97	47.68	43.63	113.23	42.95	20.44	64.31	23.22
	50.01	730.94	619.94	756.20	803.82	660.46	580.21	590.30	610.56	591.90	611.21	585.62
	11.53	579.15	808.95	576.10	640.93	568.04	651.81	456.62	528.08	588.64	562.61	532.79
	0.00	265.17	260.51	243.62	234.10	237.29	243.53	228.94	251.09	231.16	234.78	245.40
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	5.25	32.54	35.37	32.24	28.34	27.58	27.39	23.43	22.63	23.73	25.19	22.77
	1.11	9.97	10.72	9.39	8.92	8.18	12.01	9.38	9.34	8.47	8.63	9.73
	1.44	49.56	52.59	53.87	53.72	53.02	54.55	50.55	47.94	47.50	50.44	47.39
	3.73	236.02	454.37	220.59	257.02	224.67	349.62	115.88	117.51	148.16	112.27	99.75
	38.48	151.79	-189.01	180.10	162.89	92.42	-71.60	133.68	82.48	3.26	48.61	52.83
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	38.48	151.79	-189.01	180.10	162.89	92.42	-71.60	133.68	82.48	3.26	48.61	52.83
	2.01	42.29	-25.82	38.85	32.03	20.62	-9.92	35.36	20.39	0.68	13.46	15.75
	133.26	109.50	-163.19	141.25	130.86	71.80	-61.68	98.32	62.09	2.58	35.15	37.08
	5.48	5.67	-8.46	7.32	6.78	3.72	-3.20	5.09	3.22	0.67	9.11	9.61
Key metrics
	41.03	211.32	-125.70	243.36	225.53	153.62	-5.04	193.61	139.76	59.23	107.68	109.95
	540.60%	31.00%	-20.80%	37.10%	32.40%	25.10%	-0.90%	40.60%	24.60%	10.40%	19.70%	19.60%
	1,755.70%	16.10%	-27.10%	21.50%	18.80%	11.70%	-11.50%	20.60%	10.90%	0.50%	6.40%	6.60%
	1.90%	—	-4.10%	—	3.90%	—	-1.40%	—	—	—	—	—
	-98.90%	11.10%	12.40%	37.40%	22.80%	7.20%	-1.90%	-15.20%	—	—	—	—
	1.80%	52.50%	-164.60%	43.70%	110.80%	2,682.90%	-275.50%	165.20%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22
Income statement
	1,947	2,568	2,153	2,395	2,467	2,202
	209.72	91.96	126.68	141.67	109.14	79.55
	2,157	2,660	2,279	2,537	2,576	2,281
	1,976	2,414	2,132	2,221	1,976	1,761
	769.30	975.52	954.73	1,093	1,313	940.42
	0.00	0.00	0.00	—	—	—
	105.40	123.53	97.18	94.80	91.83	80.00
	31.19	37.21	39.20	35.74	26.01	7.49
	157.46	213.20	200.54	174.65	102.30	79.29
	914.71	976.69	890.89	454.67	524.72	494.26
	181.36	246.40	147.82	315.24	600.48	520.00
	0.00	0.00	0.00	—	—	—
	181.36	246.40	147.82	315.24	600.48	520.00
	57.33	65.68	46.51	83.70	144.97	129.42
	220.82	180.72	101.31	231.54	455.51	390.58
	10.01	9.36	5.25	59.99	118.02	101.20
Key metrics
	370.01	496.81	387.56	525.63	728.79	606.78
	19.00%	19.30%	18.00%	21.90%	29.50%	27.60%
	11.34%	7.00%	4.70%	9.70%	18.50%	17.70%
	—	6.40%	4.40%	—	—	—
	-16.18%	19.30%	-10.10%	-2.90%	12.10%	—
	-7.72%	78.40%	-56.20%	-49.20%	16.60%	—
	—	235.16	138.42	—	—	—
	—	1.96	3.15	—	—	—
	—	0.18	0.14	—	—	—
	—	771.26	561.21	—	—	—
	—	177.0	219.7	—	—	—
Balance sheet
	—	5,694	5,346	—	—	—
	—	2,529	2,366	—	—	—
	—	22.02	23.65	—	—	—
	—	499.46	439.94	—	—	—
	—	1,134	1,255	—	—	—
	—	141.68	138.60	—	—	—
	—	1,735	1,887	—	—	—
	—	388.03	398.40	—	—	—
	—	1,295	1,081	—	—	—
	—	793.28	584.86	—	—	—
	—	793.28	584.86	—	—	—
	—	0.00	0.00	—	—	—
	—	4,303	4,160	—	—	—
Cash flow
	—	354.87	318.99	—	—	—
	—	-453.39	-246.36	—	—	—
	—	96.89	-159.13	—	—	—
	—	119.71	180.57	—	—	—

Compounded growth

Standalone

Sales CAGR 3Y: +1.35%
Sales CAGR 5Y: —
Profit CAGR 3Y: -26.52%
Profit CAGR 5Y: —
Sales YoY (TTM): -16.18%
Profit YoY (TTM): -7.72%

Consolidated

Sales CAGR 3Y: +1.35%
Sales CAGR 5Y: —
Profit CAGR 3Y: -13.77%
Profit CAGR 5Y: —
Sales YoY (TTM): +1.43%
Profit YoY (TTM): +102.26%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Sep 2026

Promoter holding: 60.71%

Quarter	September 2026	08 Sep 2026	June 2026
Promoter %	60.71%	60.71%	60.71%

Holder	Type	Holding	Previous	Change
REDROSE VANIJYA LLP	Promoter Group	28.40%	28.40%	0.00%
LNJ SPARK ADVISORY LLP	Promoter Group	12.29%	12.29%	0.00%
NORBURY INVESTMENTS LIMITED	Promoter Group	8.13%	8.13%	0.00%
MICROLIGHT INVESTMENTS LTD.	Promoter Group	7.07%	7.07%	0.00%
RSWM LIMITED	Promoter Group	4.82%	4.82%	0.00%
SINGULARITY GROWTH OPPORTUNITIES FUND II	Public	3.33%	3.33%	0.00%
HDFC MUTUAL FUND - HDFC BSE 500 ETF	Public	2.56%	—	—
SINGULARITY EQUITY FUND I	Public	1.69%	1.69%	0.00%
CLEARFIELD CONSULTING LLP	Public	1.50%	1.50%	0.00%
SINGULARITY LARGE VALUE FUND III	Public	1.22%	1.22%	0.00%
AVANT GARDE VENTURES LLP	Public	1.21%	1.21%	0.00%
MANOHAR LAL AGARWAL	Public	1.21%	1.21%	0.00%
MEKIMA CORPORATION	Public	1.17%	1.25%	-0.08%
RANDR TRUSTEE PRIVATE LIMITED	Promoter Group	0.00%	0.00%	0.00%
SKLNJ FAMILY TRUSTEE PRIVATE LIMITED	Promoter Group	0.00%	0.00%	0.00%

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
Graphite India Ltd.	14,495	741.90	73.43	4.40%	+21.02% TTM	-4.22% TTM	+20.99%
HEG Advanced Materials Limited	9,513	288.45	18.24	6.70%	+1.43% TTM	+102.26% TTM	—
RAGHAV PRODUCTIVITY ENHANCERS LIMITED	8,291	1,805.40	117.62	27.70%	+38.23% TTM	+55.04% TTM	+99.93%
RHI MAGNESITA INDIA LIMITED	7,533	364.80	-21.30	-7.20%	+8.45% TTM	-314.43% TTM	-23.35%
Vesuvius India Ltd. S	7,511	370.05	—	—	+4.43% TTM	+3.24% TTM	-25.07%
IFGL Refractories Limited	1,242	172.25	30.28	4.90%	+15.37% TTM	+40.53% TTM	-29.62%
FOSECO CRUCIBLE INDIA LIMITED S	1,007	1,798.75	35.11	18.90%	+5.61% TTM	+13.45% TTM	+15.53%
ORIENT CERATECH LIMITED	465	38.86	17.80	9.90%	+24.03% TTM	+130.83% TTM	+6.47%
De Nora India Limited S	369	695.80	64.55	9.20%	+12.75% TTM	+115.85% TTM	-14.47%
Panasonic Carbon India Co.Ltd S	187	388.90	9.72	16.00%	-9.34% TTM	-9.27% TTM	-20.33%
Nilachal Refractories Ltd. S	73	36.08	-9.70	164.60%	+40.40% TTM	+64.12% TTM	-8.03%

Filings & corporate actions

Recent announcements

Investor Presentation4 Nov 2026 · Company Update / Investor Presentation
Alteration of the main object clause of Memorandum of Association4 Nov 2026 · Company Update / Amendments to Memorandum & Articles of Association
Press Release in relation to Q2 and H1 FY27 financial results and other matters relating to capacity expansion of Anode plant, setting up of new businesses and ESOP scheme4 Nov 2026 · Company Update / Press Release / Media Release
Press Release in relation to Q2 and H1 FY27 financial results and other matters relating to capacity expansion of Anode plant and setting up of new businesses.4 Nov 2026 · Company Update / Press Release / Media Release
Outcome of Board Meeting3 Nov 2026 · Board Meeting / Outcome of Board Meeting
Unaudited financial results for the quarter and half year ended September 30, 20263 Nov 2026 · Result / Financial Results
Communication by HEG Graphite Limited (renamed as HEG Limited), Resulting Company (as per Composite Scheme of Arrangement) regarding unaudited financial results for the quarter and half ....30 Oct 2026 · Company Update / General
Newspaper Publication- Dispatch of Postal Ballot/E-voting notice29 Oct 2026 · Company Update / Newspaper Publication
Intimation of Q2 FY 27 Earnings Conference Call29 Oct 2026 · Company Update / Analyst / Investor Meet
Intimation regarding change of Corporate Identification Number (CIN) of the Company29 Oct 2026 · Company Update / General
Notice of Postal Ballot28 Oct 2026 · AGM/EGM / Postal Ballot
Appointment/reappointment/change in designation of Directors by Malana Power Company Limited and AD Hydro Power Limited subsidiaries of the Company26 Oct 2026 · Company Update / General
Riju Jhunjhunwala appointed as Chairman of Malana Power and AD Hydropower26 Oct 2026 · Company Update / Press Release / Media Release
HEG Advanced Materials Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 03/11/2026 ,inter alia, to consider and approve Unaudited Financial ....22 Oct 2026 · Board Meeting / Board Meeting
Intimation by Resulting Company (As per Composite Scheme of Arrangement) regarding dropping of proceedings by GST Authority for FY 2020-2115 Oct 2026 · Company Update / General
Change in name of HEG Graphite Limited (Resulting Company as per Composite Scheme of Arrangement) to HEG Limited13 Oct 2026 · Company Update / General
Certificate under Reg. 74(5) of SEBI (DP) Regulations, 20187 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Re-lodgement of transfer requests of Physical Shares for the month of September, 20267 Oct 2026 · Company Update / General
Receipt of orders by Replus Engitech Private Limited, a subsidiary of the Company1 Oct 2026 · Company Update / Award of Order / Receipt of Order
Replus Engitech and Indus Towers Collaborate on Energy Storage Solutions for Telecom Infrastructure30 Sep 2026 · Company Update / Press Release / Media Release
Apportionment of the Cost of Acquisition of Equity Shares of the Company, between the Company and HEG Graphite Limited, pursuant to the Scheme29 Sep 2026 · Company Update / General
Closure of Trading Window28 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Schedule of Analyst/ Investor Meet21 Sep 2026 · Company Update / Analyst / Investor Meet
The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for LNJ Spark Advisory LLP & Others21 Sep 2026 · Insider Trading / SAST / Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for LNJ Spark Advisory LLP21 Sep 2026 · Insider Trading / SAST / Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011
Receipt of orders by Replus Engitech Private Limited, a subsidiary of the Company (Revised Disclosure)18 Sep 2026 · Company Update / Award of Order / Receipt of Order
Receipt of orders by Replus Engitech Private Limited, a subsidiary of the Company18 Sep 2026 · Company Update / Award of Order / Receipt of Order
The Exchange has received the disclosure under Regulation 10(6) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Ravi Jhunjhunwala & Others18 Sep 2026 · Insider Trading / SAST / Disclosures under Reg. 10(6) of SEBI (SAST) Regulations, 2011
The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Singularity Equity Fund I & Others16 Sep 2026 · Insider Trading / SAST / Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011
Resignation of Shri Salil Bawa, President - Investor Relation, forming part of the Senior Management Personnel14 Sep 2026 · Company Update / Change in Management
Schedule of Analyst/Investor Meet10 Sep 2026 · Company Update / Analyst / Investor Meet
Re-lodgement of Transfer Requests of Physical Shares for the month of August, 20268 Sep 2026 · Company Update / General
Change in the Company''s website from www.hegltd.com to www.hegadvancedmaterials.com6 Sep 2026 · Company Update / General
Change in the Company''s website from "HEG Limited" to "HEG Advanced Materials Limited"6 Sep 2026 · Company Update / General
HEG Limited is now HEG Advanced Materials Limited3 Sep 2026 · Company Update / Press Release / Media Release
Assignment of ESG Score by NSE Sustainability Ratings & Analytics Limited3 Sep 2026 · Company Update / General
The name of the Company has been changed from HEG Limited to HEG Advanced Materials Limited2 Sep 2026 · Company Update / Change of Name
Attached27 Aug 2026 · Company Update / Analyst / Investor Meet
Attached25 Aug 2026 · Company Update / Press Release / Media Release
Attached24 Aug 2026 · Company Update / General

Corporate actions

Purpose	Ex date	Record date	Payment date
Spin Off	7 Sep 2026	7 Sep 2026	—
Final Dividend - Rs. - 3.4000	22 Jul 2026	22 Jul 2026	—
Final Dividend - Rs. - 1.8000	13 Aug 2025	13 Aug 2025	—
Stock Split From Rs.10/- to Rs.2/-	18 Oct 2024	18 Oct 2024	—
Final Dividend - Rs. - 22.5000	31 Jul 2024	—	—

Board meetings

3 Nov 2026 Board Meeting - Financial Results
22 Jul 2026 Board Meeting - Financial Results