āagman

Not investment advice. Data and computed figures, for information only.

HEG Ltd

NSE: HEG
₹728.25
+₹20.80 (+2.94%)
NSE · 4 Sep 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹4,575 Cr
CMP
₹728.25
52-wk High / Low
₹754 / 471
P/E
12.9
P/B
1.0
Book Value
₹247.0
Div Yield
1.43%
ROCE
8.0%
ROE
7.4%
Face Value
₹2
D/E
0.17

Price+52.3% over 1Y

āagman read

Computed by āagman
Derived from 12 years and 13 quarters of filings. Not reported by the company.
As of 15 Oct 2026
How we compute these
Piotroski F-Score
6
/ 9
6 of 9 F-score tests passed
Graham Number
₹314
√(22.5 × EPS × book value per share)
ROIC
2.8%
vs 12.3% sector median
Cash flow to profit
0.62
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
+488
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
6.1%
ROE × earnings retention ratio
ROE stability
3.5
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom +4.45FII −4.94DII +4.14
Latest quarter vs the previous one
Cash-accrual divergence
2.2%
of assets
Low = accruals track cash flow
Strengths
+Promoter holding rose by 4.9pp over the last year
+PE of 12.9x is below the sector median of 43.6x
Watch-outs
−Latest ROCE of 8% trails the sector median of 19%

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales671614562547571568478537613699656603681
Expenses520512476506533471411598507581513752530
Operating Profit1511028741399767−61106118143−148151
OPM %22.5%16.6%15.5%7.5%6.8%17.1%14.0%−11.4%17.3%16.9%21.8%−24.5%22.2%
Other Income68633064416311243821201677274
Interest99109899128991110
Depreciation38384750484851555354545350
Profit before tax172118594624103119−85126175246−140165
Net Profit139964433238283−74105143207−114122
EPS (₹)7.214.972.261.711.194.264.32−3.825.437.4310.72−5.896.34

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 12 years + TTM
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,2288708592,7486,5912,1451,2542,2012,4632,3932,1512,5682,639
Expenses1,0467337781,0271,9302,1501,3081,6701,8442,0111,8912,1692,376
Operating Profit182137811,7214,662−5−53530619382260399263
OPM %14.8%15.7%9.4%62.6%70.7%−0.2%−4.2%24.1%25.1%16.0%12.1%15.5%10.0%
Other Income154712106143114117187223141259432
Interest7760555618371172636393739
Depreciation7579747372727379102175201213210
Profit before tax441−411,6054,67729−23560677395162408446
Net Profit364−441,0993,02668−18431532312115341359
EPS (₹)1.820.22−2.2054.97156.803.50−0.9322.3327.5916.155.9617.6918.60

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026
Equity Capital404040403939393939393939—
Reserves9749569131,8683,7553,4733,4563,8754,2424,3874,4154,719—
Borrowings917782684297667594298665743623588796—
Other Liabilities315176216534684332451730668653607612—
Total Liabilities2,2461,9531,8532,7395,1444,4384,2445,3085,6925,7015,6486,166—
Fixed Assets9079328898337887456947631,3631,8161,9381,788—
CWIP10827121910137369647221271224—
Investments2232272312489421,2451,3581,1718591,2001,4001,478—
Other Assets1,0097677321,6563,3962,3481,8192,6782,9982,4742,2382,676—
Total Assets2,2461,9531,8532,7395,1444,4384,2445,3085,6925,7015,6486,166—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity2762491575941,488739716−141113612280213
Cash from Investing Activity−83−29−1−9−676−275−417−183−21−184−207−320
Cash from Financing Activity−202−219−153−588−788−460−310344−100−324−15997
Net Cash Flow−813−3244−1120−8104−86−10

Ratios

As of 31 Mar 2026
12 periods
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %6.03.01.086.0139.00.0−2.014.015.09.04.08.0
ROE %———————————7.4
EPS (₹)1.820.22−2.2054.97156.803.50−0.9322.3327.5916.155.9617.69
Book Value (₹)———————————247.0
Face Value (₹)———————————2
P/E———————————12.9
Div Yield %———————————1.43
NPM %2.90.5−5.139.845.23.0−1.318.620.111.95.012.1
OPM %15.016.09.063.071.0−0.2−4.224.025.016.012.016.0
D/E0.900.790.720.160.180.170.090.170.170.140.130.17
P/B———————————1.0

Growth

As of 20 Sep 2026
Compounded sales growth
10 years+11.0%
5 years+15.0%
3 years+1.0%
TTM+20.0%
Compounded profit growth
10 years+63.0%
5 years+46.0%
3 years−14.0%
TTM+80.0%
Stock price CAGR
10 years+33.0%
5 years+9.0%
3 years+23.0%
Last year+24.0%
Return on equity
10 years17.0%
5 years8.0%
3 years6.0%
Last year7.0%

Shareholding pattern

As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters58.79%58.79%58.79%61.04%61.24%59.62%59.62%55.13%55.77%55.77%55.77%56.27%60.72%
FIIs0.65%0.65%0.65%3.97%5.75%11.04%9.43%8.90%6.25%6.86%7.18%10.23%5.29%
DIIs10.49%10.49%10.49%11.78%9.54%7.42%7.41%8.19%6.26%10.38%11.65%8.63%12.77%
Government—————————————
Public30.07%30.07%30.07%23.22%23.47%21.91%23.54%27.77%31.71%26.98%25.38%24.86%21.21%
No. of shareholders29,05829,05829,05845,6151,76,0261,54,6931,38,9751,43,5781,48,2691,29,9051,53,0631,37,6751,34,276
Change since Jun 2023 (pp)
Promoters +1.93FIIs +4.64DIIs +2.28Public −8.86

Documents

As of 20 Sep 2026
Announcements
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_OrderAnnouncement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_OrderDisclosures under Reg. 10(6) of SEBI (SAST) Regulations, 2011Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011Announcement under Regulation 30 (LODR)-Change in Management
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Jul 2026TranscriptJul 2026PPTJul 2026PPTMay 2026TranscriptMay 2026PPTFeb 2026TranscriptFeb 2026PPTJan 2026TranscriptJan 2026PPTJan 2026Recording

Corporate actions

As of 22 Jul 2026
22 Jul 2026DIVIDENDDividend - Rs 3.40 Per Share—
13 Aug 2025DIVIDENDDividend - Rs 1.80 Per Share—
18 Oct 2024SPLITFace Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 2/- Per Share10 : 2
31 Jul 2024DIVIDENDAnnual General Meeting/Dividend - Rs 22.50 Per Share—
24 Aug 2023DIVIDENDAnnual General Meeting/Dividend - Rs 42.50 Per Share—
24 Aug 2022DIVIDENDAnnual General Meeting/Dividend - Rs 40 Per Share—
19 Jul 2021DIVIDEND Annual General Meeting/Dividend - Rs 3 Per Share—
17 Feb 2020DIVIDEND Interim Dividend - Rs 25 Per Share—
9 Aug 2019DIVIDEND Annual General Meeting/Dividend - Rs 50 Per Share—
12 Nov 2018DIVIDEND Interim Dividend - Rs 30 Per Sh—
13 Jul 2018DIVIDEND Annual General Meeting/Dividend- Rs 50 Per Share—
15 Feb 2018DIVIDEND Interim Dividend Rs 30/- Per Share (Purpose Revised)—
14 Sep 2015DIVIDENDAnnual General Meeting/Dividend - Rs 3/- Per Share—
14 Aug 2014DIVIDENDAnnual General Meeting/Dividend Rs 6/- Per Share—
6 Sep 2013DIVIDENDAnnual General Meeting / Final Dividend Rs.8/- Per Equity Share—
7 Sep 2012DIVIDENDAnnual General Meeting And Dividend Rs.5/- Per Share—
2 Sep 2011DIVIDENDAnnual General Meeting And Dividend - Rs 5.00 Per Share—
14 Feb 2011DIVIDENDInterim Dividend-Rs.5/- Per Share (Purpose Revised)—
8 Sep 2010DIVIDENDAgm / Dividend Rs 10 Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman