HEG Limited
NSE: HEG | BSE: 509631 | Sector: Capital Goods – Electrodes & Refractories | Small-Cap
Business Overview
HEG Limited, incorporated in 1972 and part of the LNJ Bhilwara Group, is India’s leading manufacturer and exporter of graphite electrodes, operating the world’s largest single-site integrated graphite electrode plant at Mandideep (Madhya Pradesh) with a capacity of 100,000 TPA. The company produces High Power (HP) and Ultra-High Power (UHP) graphite electrodes, a critical consumable for Electric Arc Furnace (EAF) steelmaking, exporting to 35+ countries and serving marquee global clients such as ArcelorMittal, POSCO, Nucor and Thyssenkrupp. HEG carries a virtually debt-free, fortress balance sheet, and is expanding capacity to 115,000 TPA by early 2028 (650 Cr capex) to capture the structural EAF-led steel demand shift. Earnings remain cyclical and tied to global graphite electrode pricing. It reported consolidated TTM revenue of around ₹2,515 Cr and promoter holding at 56.27%. The stock has corrected sharply from its 52-week high after a surprise Q4 FY26 net loss (inventory write-down and investment revaluation impact), and a Composite Scheme of Arrangement (demerger) involving HEG, HEG Graphite and Bhilwara Energy is currently pending NCLT approval.
Financial Summary
Technical Snapshot
HEG has corrected sharply from its 52-week high of ₹690 after the Q4 FY26 earnings shock, sliding to the current zone near ₹527. The stock is trading below its short-to-medium term moving averages, reflecting the post-result trend damage, though it remains well above the 52-week low of 406, indicating the broader uptrend structure is not yet broken. A base is being watched near the ₹500–510 support band; a sustained hold here can trigger a relief bounce towards ₹570 and then 585. A decisive break below 510 would open further towards the area. These levels are indicative and based on price structure
