Assembled from the company's filings and exchange data as of today. Download PDF renders this page on the server; the narrative sections arrive with the Nexa composer.
Dossier · HEG ADVANCED MATERIAL LTD · 28 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
HEG ADVANCED MATERIAL LTD NSE: HEGAM · BSE: 509631
Manufactures graphite electrodes, the consumable used in electric arc furnace (EAF) steelmaking, at a single 100,000-tonne-per-annum plant near Bhopal that the company describes as the world's largest single-site electrode facility. Graphite electrodes generated 98.9% of FY26 segment revenue at Rs 2,539.55 cr, with a Power segment contributing the remaining 1.1% (Rs 28.95 cr). The graphite plant ran at over 90% capacity utilisation in FY26, and a brownfield expansion to 115,000 tonnes is targeted for commissioning by early 2028. Demand is tied to EAF steel output; the Q4 FY26 call cited ~100 million tonnes of new global EAF capacity (ex-China) by 2030 as a structural driver. The cost mix is materials-heavy at 38.0% of revenue, with needle coke — supplied by only 3-4 global producers with no new capacity additions in decades — being the key input, plus other operating expenses at 38.3%. HEG is debt-free with a Rs 858 cr treasury as of Q1 FY27, and a 20,000-tonne synthetic graphite anode project for lithium-ion batteries is being built by wholly-owned subsidiary TACC at Dewas (project cost Rs 1,893 cr), targeted to start up around April 2027. A composite scheme of arrangement is pending NCLT order to demerge the graphite business and carve out a Greentech platform covering anodes, graphene, battery energy storage and green power. The US accounts for ~10% of revenue and faces a preliminary countervailing duty rate of 6.99% on Indian graphite electrode imports. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Graphite (99%), Power (1%), Others (0%). Cyclical, asset-heavy; single-product graphite electrode manufacturer exposed to global EAF steel cycle
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
₹ crore · consolidated
FY22
FY23
FY24
FY25
FY26
Revenue
2,202
2,467
2,395
2,160
2,569
EBITDA (ex other income)
527
618
382
255
398
margin %
23.9
25.1
16.0
11.8
15.5
Owners' profit
431
532
312
115
341
EPS, as reported (₹)
111.68
137.93
80.75
5.96
17.69
ROE % · ROCE %
11.0 · 13.1
12.4 · 14.3
7.0 · 7.7
2.6 · 4.0
7.2 · 6.7
Debt / equity (x)
0.17
0.17
0.14
0.13
0.17
Cash from operations
(141)
113
612
280
213
Capex
(360)
(480)
(403)
(182)
(253)
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · HEG ADVANCED MATERIAL LTD · 28 October 2026Page 2 of 3
Exhibit 2: Quarterly performance, last 8 quarters
₹ crore
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Q1 FY27
Revenue
568
478
542
617
699
656
603
681
Profit before tax
82
132
(74)
111
168
181
(172)
135
Net profit
82
83
(74)
105
143
207
(114)
122
EPS (₹)
4.26
4.32
(3.82)
5.43
7.43
10.72
(5.90)
6.34
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
Exhibit 3: Segment revenue, FY26
Segment
Revenue, ₹ crore
Share %
Graphite
2,540
98.6
Power
29
1.1
Others
7
0.3
Total, before eliminations
2,576
100.0
Source: the filed segment block, four quarters summed.
Exhibit 4: Peers — basic industry group, by market cap
Company
M.cap ₹ cr
P/E
P/B
EV/EBITDA
ROE %
ROCE %
Rev CAGR 5y %
EBITDA m. %
GRAPHITE INDIA LTD
14,490
41.8
2.47
40.8
2.9
4.0
7.8
28.6
RAGHAV PRODUCTIVITY ENH L
8,124
129.5
33.22
105.0
22.4
27.4
31.8
30.8
VESUVIUS INDIA LTD
7,788
30.4
4.45
—
6.5
8.6
—
18.0
RHI MAGNESITA INDIA LTD
7,434
—
2.09
—
(10.8)
(8.2)
24.0
14.5
HEG ADVANCED MATERIAL LTD ◆
4,146
11.6
0.87
9.1
7.2
5.9
15.4
28.5
IFGL REFRACTORIES LIMITED
1,207
29.5
1.03
9.6
3.0
3.6
13.1
7.8
FOSECO CRUCIBLE INDIA LIMITED
1,030
55.0
7.35
—
13.4
18.8
—
(1.0)
ORIENT CERATECH LIMITED
470
18.0
1.56
9.8
7.2
8.4
—
17.8
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 5: Where the company sits in its group
Metric
Company
Group median
Rank
Better than
P/E (TTM)
11.6
30.0
2 of 9
88%
P/B
0.9
2.3
1 of 10
100%
ROCE
6.0
8.6
8 of 11
30%
ROE
7.2
7.1
5 of 10
56%
Debt / Equity
0.2
0.0
10 of 10
0%
EBITDA margin
28.5
18.0
4 of 11
70%
Revenue growth
10.3
5.6
5 of 11
60%
Profit growth
16.7
57.8
8 of 11
30%
Market cap
4146
1207
5 of 11
60%
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · HEG ADVANCED MATERIAL LTD · 28 October 2026Page 3 of 3
Exhibit 6: Filings of the last 90 days, with the measured price reaction
Date · filing
Category
Importance
Next day %
5-day %
26 Oct 2026 · Leadership reshuffle at Malana Power and AD Hydro Power
management changes
medium
—
—
26 Oct 2026 · Riju Jhunjhunwala to chair Malana Power and AD Hydropower
compliance
low
—
—
22 Oct 2026 · Board meeting for Q2 results and proposed employee stock option plan
results
low
—
—
15 Oct 2026 · GST proceedings for FY 2020-21 dropped, no financial impact
regulatory legal
high
—
—
13 Oct 2026 · HEG Graphite renamed to HEG Limited under composite scheme
strategic transactions
medium
—
—
7 Oct 2026 · Reg 74(5) Depository Certificate for Q2 FY27
compliance
minimal
—
—
7 Oct 2026 · Re-lodgement of physical share transfer requests for September 2026
compliance
minimal
—
—
1 Oct 2026 · Subsidiary Replus Engitech bags Rs 127.35 Cr order from Indus Towers
business updates
medium
—
—
30 Sept 2026 · Replus Engitech MoU with Indus Towers for 1.5 GWh Telecom BESS
compliance
low
—
—
29 Sept 2026 · Cost of Acquisition Apportionment under HEG Demerger Scheme
strategic transactions
medium
—
—
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
