HEG Limited (HEG)
Large CapIndustrials stocks · Large cap · NSE
HEG Limited is undergoing a restructuring to create HEG Greentech, a new listed entity focused on advanced carbon and clean energy. This platform will encompass advanced battery materials (anode, graphene), battery energy solutions (BESS, EV), and green power generation (hydro, solar, wind, BESS IPP).
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Good · 70/100Rev +11% YoY · PAT +16% YoY · margin expansion · +13% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹681 Cr | +11.1% | +12.9% |
| EBITDA | ₹151 Cr | +42.5% | +202.0% |
| Operating margin | 22.0% | +500 bps | +4700 bps |
| PAT | ₹122 Cr | +16.2% | NDF |
| PAT margin | 17.9% | +78 bps | +3682 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
HEG outlines Greentech platform strategy and restructuring rationale in non-deal roadshow, targeting significant capacity expansion in battery materials and clean energy.
The company is pursuing a strategic restructuring to unlock value and provide focused access to its new Greentech businesses. The plan involves substantial capacity additions in advanced battery materials and energy solutions, backed by existing green power assets and R&D capabilities. Execution of planned capacities and securing definitive offtake agreements are key.
Advanced Battery Materials
Setting up largest domestic anode material capacity (20K MT Phase I, target 60K MT by FY32) and successfully piloted graphene, leveraging HEG's graphite expertise.
Battery Energy Solutions
Strategic forward integration into EV battery solutions, grid-scale BESS, and hybrid applications with a 1 GWh operational gigafactory expanding to 6 GWh by H2 FY27.
Green Power Generation
Expanding hydro, solar, and wind generation assets, including a 200 MWh BESS IPP, to create a storage-led IPP platform with 292 MW (FY26) to 754 MW (FY28) capacity.
Graphite Electrode Capacity (HEG Limited)
Capacity to increase from 100,000 Tonne (FY26) to 115,000 Tonne (FY29).
Advanced Battery Material (TACC) Capacity
Construction underway for Phase I – 20,000 MT, with SOP targeted for Q1 FY28. Facility expandable to 30,000 MT at optimal investment. Expansion to 60,000 MT by FY32.
Battery Energy Solutions (REPlus) Gigafactory
1 GWh operational facility, expanding to 6 GWh by H2 FY27. 5 GWh line under construction for battery rack assembly & integration.
Green Power Generation Projects
BESS IPP 200 MWh (Q3 FY27), Solar CNI 300 MWp (Q2 FY28), Hydro 76 MW (Q4 FY31).
Global Li-Ion Battery Demand Growth
Global Li-Ion Battery Production expected to grow from ~2.3 TWh in 2025 to ~8 TWh in 2035, driven primarily by EVs and BESS.
Indian Anode Demand
Domestic Indian cell capacity expected to reach ~250 GWh by 2035, with graphite anode demand surpassing 100,000 MT by 2030, driven by ESS.
Government Policy Support
PLI Scheme and proactive government policies support long-term localization of supply chains for batteries in India.
Fastest-Growing BESS Segment
ESS/BESS market is the fastest-growing battery segment, with ~51% YoY growth (2024–25), driven by data centers and grid stability needs.
Restructuring Approval Risk
The proposed Scheme of Arrangement is subject to the sanction of the NCLT and other statutory, regulatory, and third-party approvals.
Forward-Looking Statement Risk
Forward-looking statements, including capacity expansions and timelines, are based on current expectations and are subject to known and unknown risks and uncertainties; actual results may differ materially.
Offtake Agreement Certainty
MOUs and ongoing discussions for anode materials are non-binding; there can be no assurance that definitive agreements will be concluded or that indicated volumes will materialize.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
This document is a non-deal roadshow presentation outlining a proposed restructuring and future business strategy, not a financial results report. Therefore, traditional YoY or QoQ financial comparisons are not applicable. The focus is on future capacity, project timelines, and strategic rationale.
Anode Materials Capacity (TACC)
Phase I construction underway for 20,000 MT, with SOP targeted for Q1 FY28. Facility expandable to 30,000 MT. Target to reach 60,000 MT by FY32.
Graphene Capacity
Target capacity of 150 MT for Graphene. A 200 MT anode pilot plant is operational at Mandideep, validating the full-scale manufacturing route.
Battery Energy Solutions Gigafactory (REPlus)
1 GWh operational facility with dual production lines for EV and stationary battery systems. Expanding to 6 GWh by H2 FY27.
Green Power Generation Capacity
Operational assets: Hydro 278 MW (86 MW + 192 MW), Wind 14 MW. Under development: BESS IPP 200 MWh (Q3 FY27), Solar CNI 300 MWp (Q2 FY28), Hydro 76 MW (Q4 FY31).
Value Unlock Through Restructuring
Management claims restructuring will unlock value by allowing market pricing of each business on its own merits, providing investor focus and funding flexibility.
Focus on R&D and Innovation
Strong focus on R&D and innovation, with 37 PhDs/Masters, 5+ patents filed, and 2 decades of cumulative R&D expertise in advanced materials.
Strong Growth & Expansion Roadmap
Management states a strong growth and expansion roadmap for the Greentech platform, with the anode business as a key growth driver, supported by ~₹5,500 Cr total capex.
High, Disciplined IRR Targets
Management targets equity IRR of 18–20% for green power projects, deploying capital only where projects clear strong return hurdles.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| NCLT Order for Restructuring | Petition heard, order reserved as of July 10, 2026. | Sanction of the Scheme of Arrangement and other requisite approvals. |
| Anode Material Commercial Plant SOP | Construction underway for Phase I (20,000 MT). | Achievement of Start of Production (SOP) in Q1 FY28. |
| Battery Energy Solutions Gigafactory Expansion | 1 GWh operational facility. | Expansion to 6 GWh capacity by H2 FY27. |
| Anode Material Offtake Agreements | Advanced offtake discussions (MOU stage) with global OEMs and cell makers for quantities exceeding 40,000 MT. | Conversion of MOUs and discussions into definitive, binding offtake agreements. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
67Bullishfull bull SMA stack · SMA20 +12.1% / mo · MACD − · near 52W high
Technical chart
HEGdaily · 1Y · AUTO+34.3%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 62. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~10.8% over last month) — short-term momentum positive.
- RSI(14) at 62 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 3% off 52W high · 55% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 23.7% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +3.7%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 35 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 35 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 17/25 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 75th percentile of the scored universe and 73rd percentile within Industrials. Main check: financial discipline is weak at 52/100.
Healthy Trust Lite: Promoter holding is 56.3%. Key concern: ROE is low at 7.4%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 73rd pctile, median 68 · Large: 56th pctile, median 73
181 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 56.3%.
- ▸Promoter pledge is zero.
- ▸10 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸ROE is low at 7.4%.
- ▸OPM spread across recent quarters is 47%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 39.70
- P/B
- 2.95
- EV/EBITDA
- 31.40
- Market Cap
- 14054.00Cr
Profitability
- ROE
- 7.42%
- ROCE
- 8.35%
- ROA
- 5.82%
- Dividend Y
- 0.47%
Growth (CAGR)
- Revenue 5Y
- 15.00%
- EPS 5Y
- 46.00%
- Revenue 3Y
- 1.00%
- EPS 3Y
- -14.00%
Balance Sheet
- Debt/Equity
- 0.17
- Interest Coverage
- 6.74×
- Altman Z
- 7.91
- Book Value
- 247.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 10/5
- OCF
- 213.00 Cr
- EPS TTM
- 18.60
Shareholding
- Promoter Hold
- 56.27%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 91%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.