Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 22 Aug
Source: Bse
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).
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals21 Sept 2026 · screener
Latest result22 Jul, 11:32 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
39BearishSMA20 -29.5% / mo · RSI oversold · MACD − · near 52W low
Stock trend: 32
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
HEGD candles · FIT view-54.2%Latest close ₹248.50 on 2026-09-21
Bar
+1.9%
RSI
21
MACD hist
-27.70
52W pos
6%
2026-09-21O ₹243.85H ₹248.90L ₹240.90C ₹248.50Vol 18.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
HEGNifty India ManufacturingNifty 500
- HEG
- -53.8%
- Nifty 500
- -1.7%
- Nifty India Manufacturing
- -1.1%
- Vs Nifty 500
- -52.1 pp
Chart stats
21 Sept 2026- From 52W high
- -67.0%
- 52W range position
- 6%
- ATR (14)
- 14.6%
- Volume vs 20D
- 1.01x
- Avg traded value
- ₹83.9 Cr
- 20D price channel
- ₹214.1 - ₹753.9
₹753.9
₹214.1 - ₹753.9
₹36.3
Latest completed session
20-session average
352.5% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED67
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good70
Revenue +11.1% · PAT +16.2% YoY
Technical
Bearish39
Price trend and sector-relative-strength timing.
Valuation
Legacy model+70.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence75
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 70/100Rev +11% YoY · PAT +16% YoY · margin expansion · +13% QoQ · operating leverage
Filed 22 Jul 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 12.90
- P/B
- 0.96
- EV/EBITDA
- 11.36
- Market Cap
- 4575.00Cr
Profitability
- ROE
- 7.42%
- ROCE
- 8.35%
- ROA
- 5.82%
- Dividend Y
- 1.43%
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
- 3.87
- Book Value
- 247.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 10/5
- OCF
- 213.00 Cr
- EPS TTM
- 18.60
Shareholding
- Promoter Hold
- 60.72%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 61%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 681+12.9% vs prev
Net Profit
₹ CrLatest: 122+207.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 21. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~41.9% over last month) — short-term momentum negative.
- RSI(14) at 21 — oversold zone; bounce conditions.
- MACD below signal but histogram contracting — bearish momentum easing.
- 67% off 52W high · 16% 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.
Valuation & peers
U-Score 67 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 67 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · UNDERVALUEDValuation26/30
Growth19/25
Quality0/20
Balance Sheet13/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
67
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
67/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 70.0%.
- Valuation contributes 26/30 to the score.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Growth is weaker at 19/25; verify the latest quarterly trend.
Sector valuation model
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.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
12.9
PB
1.0
EV/EBITDA
11.4
ROE
7.4%
ROCE
8.3%
FCF Yield
—
Debt/Equity
0.2
MoS
+70.0%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
67
Previous: 67
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+70.0%
Previous: +70.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
67
67
67
67
67
67
67
67
67
67
67
67
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹321.51
+31.9% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹730.98
+70.0% MoS
PEG
0.28
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
GRAPHITE
Large
Graphite India Limited
Industrial Products
match 27
31
71.8
3.1%
-74%
OVERVALUED
SURYAROSNI
Micro
Surya Roshni Limited
Steel Pipes
match 13
61
14.6
10.9%
+67%
UNDERVALUED
EPIGRAL
Small
Epigral Limited
Specialty Chemicals
match 13
71
16.2
16.0%
+60%
UNDERVALUED
SUBROS
Micro
Subros Limited
Auto Components
match 13
59
25.2
14.5%
+35%
FAIR VALUE
VMARCIND
SME
V Marc India Ltd.
Electrical Equipment
match 13
56
40.5
41.2%
-12%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-11T06:10:55.233Z
Management commentary snapshot
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.
Growth engines
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.
Capacity and execution
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).
Tailwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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).
Management forward view
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.
Thesis monitor
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.
Trust Score
75Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 78th percentile of the scored universe and 76th percentile within Industrials. Main check: financial discipline is weak at 52/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
195 docs text-extracted · 58 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
78th percentile
overall median 67 · Industrials: 76th pctile, median 68 · Large: 59th pctile, median 73
Evidence depth
Financial-only
195 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
90
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
52
watch · capital discipline
Results
77
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 60.7%.
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 4.6%.
- ▸10 years of positive FCF.
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.
Continue researching HEG Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 19 Aug - NCLT approved HEG’s composite scheme; shareholders get 1 HEG Graphite share per HEG share.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Scheme of Arrangement 18 Aug - NCLT sanctioned HEG-Bhilwara composite scheme; effective after certified copy filing.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 6 Aug
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.