HEG Limited (HEG)

Capital Goods · Industrial Products · NSE · Updated 15 July 2026

₹566.45 ↑ 6.5% (1Y)

🎯 Key Takeaways

HEG Limited is undergoing a strategic transformation centered on its Greentech platform restructuring, aiming to unlock value through the demerger of Advanced Carbon and Clean Energy businesses. The company is positioning itself for growth in anode materials and battery solutions, with capacity expansion plans targeting 60 KMT for anodes by FY32 and 6 GWh for battery energy solutions by FY27.
Revenue declined 15.7% QoQ to ₹478 in Q3FY25.
⚠️ 1) Execution risk in the NCLT-approved scheme of arrangement, as the final order's terms and timing remain pending and could impact the demerger timel

Market Cap

₹12,053

P/E Ratio

54.4

Div Yield

0.00%

Promoter

0.0%

✨ Ask AI About HEG 📊 Interactive Charts

📖 The Story

HEG Limited is undergoing a strategic transformation centered on its Greentech platform restructuring, aiming to unlock value through the demerger of Advanced Carbon and Clean Energy businesses. The company is positioning itself for growth in anode materials and battery solutions, with capacity expansion plans targeting 60 KMT for anodes by FY32 and 6 GWh for battery energy solutions by FY27. This shift reflects a move from a traditional industrial products business toward a sustainability-focused industrial materials player, supported by strong financial performance and ESG commitments.

📰 What's Happening

HEG has been actively advancing its Greentech restructuring, with the NCLT Indore Bench reserving its order on the composite scheme of arrangement involving HEG, HEG Graphite Limited, and Bhilwara Energy Limited on July 2, 2026. The company hosted an Institutional Investor Meet and Non-Deal Roadshow in Mumbai on July 15-16, 2026, to present its Greentech platform strategy, including pilot plant validation for anode production and global offtake discussions. Management has outlined clear capacity expansion targets, including scaling anode materials to 60 KMT by FY32 and battery energy solutions to 6 GWh by FY27, signaling a significant strategic pivot toward high-growth green technologies.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	617	671	614	562	547	571	568	478
Operating Profit	155	177	130	110	107	59	140	191
OPM %	20.0%	22.5%	16.6%	15.4%	7.8%	6.8%	17.0%	16.7%
Net Profit	100	139	96	44	33	23	82	83
EPS	₹25.84	₹36.05	₹24.87	₹11.32	₹8.53	₹5.97	₹4.26	₹4.32

HEG's quarterly financials show strong revenue and profitability trends, with revenue declining slightly from ₹671 Crores in Q1FY24 to ₹478 Crores in Q3FY25, but profitability remaining resilient. Operating profit margin held steady at 16.7% in Q3FY25, up from 6.8% in Q1FY25, while net profit declined marginally to ₹83 Crores from ₹139 Crores in the same period. Despite the revenue dip, EBITDA growth to ₹497 Crores in FY25 and consistent OPM performance indicate operational efficiency. The financial trajectory reflects a maturing transition phase where scale-up investments are being made while maintaining healthy margins, consistent with management's focus on strategic restructuring rather than short-term revenue growth.

🔮 Management Outlook & What's Next

Management has provided forward-looking guidance through multiple filings, targeting a 25% reduction in Scope 1&2 emissions intensity by FY30 (from FY23-24 baseline), zero waste to landfill by FY30, and 25% renewable energy share by 2030. Capacity expansion plans include scaling anode materials to 60 KMT by FY32 and battery energy solutions to 6 GWh by FY27. The company is actively pursuing demerger of its Greentech businesses to create focused entities for investor clarity and funding flexibility, with the NCLT order on the scheme expected to be communicated post-pronouncement.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Industrial Products

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Cummins India Limited	1.49 L Cr	74.4	—	—	—
Polycab India Limited	1.38 L Cr	74.8	—	—	—
APL Apollo Tubes Limited	52,483	43.6	29.3%	22.7%	0.09
KEI Industries Limited	48,924	72.7	—	—	—
Supreme Industries Limited	44,570	43.6	—	—	—
Astral Limited	41,662	79.2	—	—	—
AIA Engineering Limited	35,987	31.0	20.4%	16.8%	0.07
Welspun Corp Limited	34,530	23.2	—	—	—
Timken India Limited	26,561	61.0	—	—	—
Kirloskar Oil Engines Limited	25,295	49.8	—	—	—

🔗 Peer Stock Analyses

CUMMINSIND POLYCAB APLAPOLLO KEI SUPREMEIND

⚠️ Risk Factors

1) Execution risk in the NCLT-approved scheme of arrangement, as the final order's terms and timing remain pending and could impact the demerger timeline. 2) High capital expenditure requirements for anode and battery capacity expansion may pressure near-term cash flows if offtake agreements or market demand materializes slower than anticipated. 3) ESG transition risks, including achieving 25% renewable energy share by 2030 and full supply chain ESG integration by FY27, which require sustained investment and operational discipline. 4) Commodity price volatility in graphite and carbon materials could affect margins in the core electrode business during the transition.

📋 Recent Filings

🧠 Analyst's Read

HEG is executing a clear strategic pivot toward green industrial materials with strong financial backing and ESG alignment, but the success of its demerger and capacity expansion plans hinges on timely regulatory approvals and market adoption of new technologies. Investors should monitor the NCLT order outcome and progress on anode/battery offtake agreements as near-term catalysts.

Based on filing content and financial data. Not a recommendation.

Read the full analysis

Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.

2 free AI queries per day.

✨ Deep Dive with AI on HEG

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

📡 Get AI alerts when HEG files new disclosures

Track HEG filings, board meetings, and corporate actions. Free email alerts at 5 PM.

Track HEG — Free

Free account · 2 AI queries/day