H.E.G. Ltd.
HEGIndustrials filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
28 transcript(s)/analyst meet(s) served; 0 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 28 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20191129 | 2019-09-30 | yes | |
| TRANSCRIPT | 20200306 | 2019-12-31 | yes | |
| TRANSCRIPT | 20200710 | 2020-06-30 | yes | |
| TRANSCRIPT | 20200826 | 2020-06-30 | yes | |
| TRANSCRIPT | 20201122 | 2020-09-30 | yes | |
| TRANSCRIPT | 20210223 | 2020-12-31 | yes | |
| TRANSCRIPT | 20210608 | 2021-03-31 | yes | |
| TRANSCRIPT | 20210824 | 2021-06-30 | yes | |
| TRANSCRIPT | 20211122 | 2021-09-30 | yes | |
| TRANSCRIPT | 20220223 | 2021-12-31 | yes | |
| TRANSCRIPT | 20220606 | 2022-03-31 | yes | |
| TRANSCRIPT | 20220822 | 2022-06-30 | yes | |
| TRANSCRIPT | 20221121 | 2022-09-30 | yes | |
| TRANSCRIPT | 20230224 | 2022-12-31 | yes | |
| TRANSCRIPT | 20230605 | 2023-03-31 | yes | |
| TRANSCRIPT | 20230821 | 2023-06-30 | yes | |
| TRANSCRIPT | 20231120 | 2023-09-30 | yes | |
| TRANSCRIPT | 20240225 | 2023-12-31 | yes | |
| TRANSCRIPT | 20240603 | 2024-03-31 | yes | |
| TRANSCRIPT | 20240824 | 2024-06-30 | yes | |
| TRANSCRIPT | 20241119 | 2024-09-30 | yes | |
| TRANSCRIPT | 20250218 | 2024-12-31 | yes | |
| TRANSCRIPT | 20250530 | 2025-03-31 | yes | |
| TRANSCRIPT | 20250808 | 2025-06-30 | yes | |
| TRANSCRIPT | 20251117 | 2025-09-30 | yes | |
| TRANSCRIPT | 20260216 | 2025-12-31 | yes | |
| TRANSCRIPT | 20260508 | 2026-03-31 | yes | |
| TRANSCRIPT | 20260728 | 2026-06-30 | yes |
HEG
files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | general |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
The closes are adjusted for every split and bonus on record inside the period this series covers, and each adjustment is checked against the price move on its ex-date.
| Last close | 235.25 |
| 52-week range | 215.05 – 739.25 |
| Return 1M | -67.4% |
| Return 3M | -54.76% |
| Return 1Y | -54.92% |
| Return 3Y | -31.74% |
| Return 5Y | -46.3% |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 681.00 |
| Other income | 44.00 |
| Total income | 724.00 |
| Cost of materials consumed | 265.00 |
| Purchases of stock-in-trade | 0.00 |
| Changes in inventories | -14.00 |
| Employee benefit expense | 33.00 |
| Finance costs | 10.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.56 | 0.00 |
| institutions foreign | 0.08 | -0.02 |
| institutions domestic | 0.09 | 0.01 |
| mutual funds | 0.08 | 0.01 |
| public | 0.44 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| TRANSCRIPT | 2026-06-30 | 28 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2022-09-30 | 2022-12-31 | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 598.00 | 530.00 | 617.00 | 671.00 | 614.00 | 562.00 | 547.00 | 571.00 | 568.00 | 478.00 | 542.00 | 617.00 | 699.00 | 656.00 | 603.00 | 681.00 |
| Other income | 20.00 | 37.00 | 31.00 | 26.00 | 28.00 | 23.00 | 64.00 | 20.00 | 43.00 | 112.00 | 48.00 | 67.00 | 112.00 | 102.00 | 40.00 | 44.00 |
| Total income | 618.00 | 567.00 | 648.00 | 698.00 | 642.00 | 586.00 | 611.00 | 592.00 | 611.00 | 590.00 | 590.00 | 684.00 | 812.00 | 758.00 | 643.00 | 724.00 |
| Cost of materials consumed | 341.00 | 325.00 | 316.00 | 308.00 | 304.00 | 245.00 | 235.00 | 231.00 | 251.00 | 229.00 | 244.00 | 237.00 | 234.00 | 244.00 | 261.00 | 265.00 |
| Purchases of stock-in-trade | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Changes in inventories | -160.00 | -142.00 | -48.00 | -5.00 | -28.00 | 34.00 | 58.00 | 45.00 | -10.00 | -51.00 | -35.00 | 17.00 | 59.00 | 16.00 | -5.00 | -14.00 |
| Employee benefit expense | 22.00 | 22.00 | 25.00 | 24.00 | 23.00 | 23.00 | 25.00 | 24.00 | 23.00 | 25.00 | 32.00 | 31.00 | 29.00 | 33.00 | 35.00 | 33.00 |
| Finance costs | 7.00 | 8.00 | 7.00 | 9.00 | 9.00 | 10.00 | 9.00 | 8.00 | 9.00 | 9.00 | 12.00 | 8.00 | 9.00 | 9.00 | 11.00 | 10.00 |
| Depreciation and amortisation | 23.00 | 25.00 | 33.00 | 38.00 | 38.00 | 47.00 | 50.00 | 47.00 | 48.00 | 51.00 | 55.00 | 53.00 | 54.00 | 54.00 | 53.00 | 50.00 |
| Other expenses | 217.00 | 193.00 | 201.00 | 193.00 | 213.00 | 173.00 | 186.00 | 233.00 | 207.00 | 195.00 | 357.00 | 226.00 | 259.00 | 221.00 | 460.00 | 246.00 |
| Total expenses | 449.00 | 431.00 | 534.00 | 567.00 | 559.00 | 533.00 | 563.00 | 589.00 | 528.00 | 458.00 | 664.00 | 573.00 | 644.00 | 577.00 | 815.00 | 590.00 |
| Profit before exceptional items and tax | 168.00 | 136.00 | 114.00 | 130.00 | 83.00 | 53.00 | 48.00 | 3.00 | 82.00 | 132.00 | -74.00 | 111.00 | 168.00 | 181.00 | -172.00 | 135.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit before tax | 168.00 | 136.00 | 114.00 | 130.00 | 83.00 | 53.00 | 48.00 | 3.00 | 82.00 | 132.00 | -74.00 | 111.00 | 168.00 | 181.00 | -172.00 | 135.00 |
| Current tax | 33.00 | 38.00 | 28.00 | 31.00 | 17.00 | 11.00 | 15.00 | 8.00 | 9.00 | 11.00 | 21.00 | 17.00 | 21.00 | 33.00 | 8.00 | 42.00 |
| Deferred tax | 5.00 | -3.00 | -3.00 | 1.00 | 5.00 | 4.00 | -2.00 | -7.00 | 11.00 | 24.00 | -32.00 | 5.00 | 11.00 | 6.00 | -34.00 | 1.00 |
| Tax expense | 38.00 | 34.00 | 25.00 | 33.00 | 22.00 | 16.00 | 13.00 | 1.00 | 20.00 | 35.00 | -11.00 | 23.00 | 32.00 | 39.00 | -26.00 | 43.00 |
| Profit for the period | 169.00 | 105.00 | 100.00 | 139.00 | 96.00 | 44.00 | 33.00 | 23.00 | 82.00 | 83.00 | -74.00 | 105.00 | 143.00 | 207.00 | -114.00 | 122.00 |
| Profit attributable to owners | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 0.00 |
| Profit attributable to non-controlling interests | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 0.00 |
| Other comprehensive income | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | 0.00 | -0.00 | 1.00 | -0.00 | -1.00 | -0.00 | -1.00 | 0.00 | -2.00 | -0.00 |
| Total comprehensive income | 169.00 | 105.00 | 99.00 | 139.00 | 96.00 | 44.00 | 33.00 | 23.00 | 83.00 | 83.00 | -75.00 | 105.00 | 142.00 | 207.00 | -115.00 | 122.00 |
| Earnings per share, basic | 43.77 | 27.13 | 25.84 | 36.05 | 24.87 | 11.32 | 8.53 | 5.97 | 4.26 | 4.32 | -3.82 | 5.43 | 7.43 | 10.72 | -5.90 | 6.34 |
| Earnings per share, diluted | 43.77 | 27.13 | 25.84 | 36.05 | 24.87 | 11.32 | 8.53 | 5.97 | 4.26 | 4.32 | -3.82 | 5.43 | 7.43 | 10.72 | -5.90 | 6.34 |
Annual results, as filed
| Line | 2020-03-31 | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,149.00 | 1,256.00 | 2,202.00 | 2,467.00 | 2,395.00 | 2,160.00 | 2,568.00 |
| Other income | 144.00 | 113.00 | 80.00 | 109.00 | 142.00 | 128.00 | 141.00 |
| Total income | 2,293.00 | 1,369.00 | 2,281.00 | 2,576.00 | 2,537.00 | 2,287.00 | 2,709.00 |
| Cost of materials consumed | 1,558.00 | 505.00 | 940.00 | 1,313.00 | 1,093.00 | 955.00 | 976.00 |
| Purchases of stock-in-trade | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Changes in inventories | 63.00 | 304.00 | -111.00 | -397.00 | 58.00 | -51.00 | 88.00 |
| Employee benefit expense | 66.00 | 55.00 | 80.00 | 92.00 | 95.00 | 104.00 | 124.00 |
| Finance costs | 37.00 | 11.00 | 7.00 | 26.00 | 36.00 | 39.00 | 37.00 |
| Depreciation and amortisation | 72.00 | 73.00 | 79.00 | 102.00 | 175.00 | 201.00 | 213.00 |
| Other expenses | 468.00 | 452.00 | 765.00 | 842.00 | 766.00 | 897.00 | 983.00 |
| Total expenses | 2,263.00 | 1,400.00 | 1,761.00 | 1,977.00 | 2,223.00 | 2,144.00 | 2,421.00 |
| Profit before exceptional items and tax | 29.00 | -31.00 | 520.00 | 599.00 | 314.00 | 143.00 | 289.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit before tax | 29.00 | -31.00 | 520.00 | 599.00 | 314.00 | 143.00 | 289.00 |
| Current tax | -0.00 | 0.00 | 130.00 | 154.00 | 75.00 | 48.00 | 78.00 |
| Deferred tax | -24.00 | -6.00 | -0.00 | -9.00 | 9.00 | -3.00 | -12.00 |
| Tax expense | -24.00 | -5.00 | 129.00 | 145.00 | 84.00 | 45.00 | 66.00 |
| Profit for the period | 68.00 | -18.00 | 431.00 | 532.00 | 312.00 | 115.00 | 341.00 |
| Profit attributable to owners | — | 0.00 | — | — | — | — | — |
| Profit attributable to non-controlling interests | — | 0.00 | — | — | — | — | — |
| Other comprehensive income | -1.00 | 1.00 | -1.00 | -1.00 | 0.00 | -0.00 | -2.00 |
| Total comprehensive income | 67.00 | -17.00 | 430.00 | 532.00 | 312.00 | 115.00 | 339.00 |
| Earnings per share, basic | 17.52 | -4.65 | 111.68 | 137.93 | 80.75 | 5.96 | 17.69 |
| Earnings per share, diluted | 17.52 | -4.65 | 111.68 | 137.93 | 80.75 | 5.96 | 17.69 |
Balance sheet, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Total assets | 5,649.00 | 5,692.00 | 5,678.00 | 5,701.00 | 5,651.00 | 5,648.00 | 5,941.00 | 6,166.00 |
| Non-current assets | 2,482.00 | 2,839.00 | 3,053.00 | 3,072.00 | 3,267.00 | 3,192.00 | 3,171.00 | 3,272.00 |
| Current assets | 3,168.00 | 2,852.00 | 2,625.00 | 2,630.00 | 2,384.00 | 2,457.00 | 2,770.00 | 2,893.00 |
| Property, plant and equipment | 803.00 | 1,348.00 | 1,758.00 | 1,769.00 | 1,751.00 | 1,892.00 | 1,813.00 | 1,743.00 |
| Capital work-in-progress | 853.00 | 472.00 | 188.00 | 212.00 | 244.00 | 71.00 | 117.00 | 224.00 |
| Goodwill | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.00 | 1.00 | 1.00 |
| Other intangible assets | 0.00 | 0.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Inventories | 1,393.00 | 1,440.00 | 1,324.00 | 1,194.00 | 1,165.00 | 1,255.00 | 1,178.00 | 1,134.00 |
| Trade receivables | 448.00 | 489.00 | 436.00 | 508.00 | 517.00 | 445.00 | 562.00 | 500.00 |
| Cash and cash equivalents | 23.00 | 33.00 | 35.00 | 137.00 | 53.00 | 51.00 | 29.00 | 41.00 |
| Total equity and liabilities | 5,649.00 | 5,692.00 | 5,678.00 | 5,701.00 | 5,651.00 | 5,648.00 | 5,941.00 | 6,166.00 |
| Equity | 4,077.00 | 4,281.00 | 4,349.00 | 4,426.00 | 4,445.00 | 4,454.00 | 4,666.00 | 4,758.00 |
| Equity share capital | 39.00 | 39.00 | 39.00 | 39.00 | 39.00 | 39.00 | 39.00 | 39.00 |
| Other equity | 4,038.00 | 4,242.00 | 4,310.00 | 4,387.00 | 4,406.00 | 4,415.00 | 4,627.00 | 4,719.00 |
| Total liabilities | 1,572.00 | 1,411.00 | 1,329.00 | 1,275.00 | 1,206.00 | 1,194.00 | 1,275.00 | 1,408.00 |
| Non-current liabilities | 101.00 | 95.00 | 103.00 | 108.00 | 112.00 | 109.00 | 125.00 | 98.00 |
| Current liabilities | 1,471.00 | 1,316.00 | 1,225.00 | 1,168.00 | 1,094.00 | 1,085.00 | 1,151.00 | 1,310.00 |
| Borrowings, non-current | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.00 | 0.00 | 0.00 |
| Borrowings, current | 756.00 | 741.00 | 684.00 | 619.00 | 561.00 | 585.00 | 642.00 | 793.00 |
| Trade payables | 507.00 | 412.00 | 395.00 | 425.00 | 398.00 | 399.00 | 376.00 | 401.00 |
Cash flow, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Net cash from operating activities | 152.00 | 113.00 | 411.00 | 612.00 | 99.00 | 280.00 | 242.00 | 213.00 |
| Net cash from investing activities | -103.00 | -21.00 | -172.00 | -186.00 | -23.00 | -208.00 | -241.00 | -320.00 |
| Net cash from financing activities | -67.00 | -100.00 | -237.00 | -323.00 | -160.00 | -159.00 | -22.00 | 97.00 |
| Purchase of property, plant and equipment | 263.00 | 480.00 | 214.00 | 403.00 | 128.00 | 182.00 | 76.00 | 253.00 |
| Net increase in cash | -18.00 | -8.00 | 2.00 | 104.00 | -84.00 | -88.00 | -21.00 | -10.00 |
| con:CFO.BEFORE_TAX | 207.00 | 261.00 | 403.00 | 648.00 | 120.00 | 324.00 | 216.00 | 235.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 55.00 | 148.00 | -8.00 | 35.00 | 21.00 | 45.00 | -26.00 | 22.00 |
| con:CF_OTHER.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:PPE_DISPOSALS | 0.00 | 1.00 | 1.00 | 3.00 | 0.00 | 3.00 | 6.00 | 4.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 37.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 55.78 | 55.78 | 55.78 | 55.78 | 55.78 | 55.78 | 55.78 | 55.78 | 55.78 | 55.78 | 0.56 | 0.56 | 0.56 | 0.56 |
| Domestic institutions | 6.27 | 7.44 | 7.23 | 8.87 | 10.39 | 13.10 | 12.81 | 12.09 | 11.65 | 11.60 | 0.12 | 0.12 | 0.09 | 0.09 |
| Mutual funds | — | — | — | — | — | — | — | — | — | 8.92 | 0.09 | 0.10 | 0.07 | 0.08 |
| Insurance companies | 4.84 | 3.80 | 3.43 | 3.27 | 3.07 | 2.48 | 1.93 | 1.85 | 1.85 | 1.85 | 0.02 | 0.02 | 0.01 | 0.01 |
| Foreign institutions | 6.25 | 6.73 | 6.81 | 6.86 | 6.86 | 6.05 | 6.92 | 7.08 | 7.19 | 7.30 | 0.08 | 0.09 | 0.10 | 0.08 |
| Government | — | — | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Public | 44.22 | 44.22 | 44.22 | 44.22 | 44.22 | 44.22 | 44.22 | 44.22 | 44.22 | 44.22 | 0.44 | 0.44 | 0.44 | 0.44 |
| Non-institutional | 31.69 | 30.05 | 30.18 | 28.49 | 26.96 | 25.07 | 24.48 | 25.05 | 25.38 | 25.32 | 0.24 | 0.23 | 0.25 | 0.26 |
| Shares outstanding | 38595506 | 38595506 | 38595506 | 38595506 | 38595506 | 38595506 | 38595506 | 192977530 | 192977530 | 192977530 | 192977530 | 192977530 | 192977530 | 192977530 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| TACC LIMITED | Wholly Owned Subsidiary | Any other transaction | 100,403,000.00 | 2 |
| Shri Ravi Jhunjhunwala | Chairman, Managing Director & | Remuneration | 42,643,000.00 | 1 |
| Shri Manish Gulati | Executive Director | Remuneration | 14,473,000.00 | 1 |
| RSWM Limited | Promoter Group | Any other transaction | 14,400,000.00 | 3 |
| Hindustan Electro Graphite's Ltd Senior Executive Superannua | Entities with joint control or sig | Any other transaction | 10,967,000.00 | 1 |
| Shri Gulshan Kumar Sakhuja | Chief Financial Officer | Any other transaction, Remuneration | 8,181,000.00 | 4 |
| Shri Vivek Chaudhary | Company Secretary | Any other transaction, Remuneration | 3,053,000.00 | 4 |
| Shashi Commercial Co Ltd | Promoters Group | Any other transaction | 1,733,000.00 | 1 |
| LNJ Bhilwara HEG Lok Nyas | Entities with joint control or sig | Any other transaction | 1,713,000.00 | 1 |
| Dr. Kamal Gupta | Non-Executive & Independent Di | Any other transaction | 1,326,000.00 | 1 |
| Graphite Education & Welfare Society | Entities with joint control or sig | Any other transaction | 1,260,000.00 | 1 |
| Smt. Ramni Nirula | Non-Executive & Independent Di | Any other transaction | 1,092,000.00 | 1 |
| LNJ Reality Pvt. Ltd | Entities with joint control or sig | Any other transaction | 1,029,000.00 | 3 |
| Shri Satish Chand Mehta | Non-Executive & Independent Di | Any other transaction | 1,026,000.00 | 1 |
| Shri Jayant Davar | Non-Executive & Independent Di | Any other transaction | 936,000.00 | 1 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-07-28 | Q1FY27 | Read the call | |
| 2026-05-08 | Q4FY26 | LIMITED, OFFICER | Read the call |
| 2026-02-16 | Q3FY26 | MR. NAVIN AGRAWAL | Read the call |
| 2025-11-17 | Q2FY26 | MR. NAVIN AGRAWAL | Read the call |
| 2025-08-08 | Q1FY26 | Read the call | |
| 2025-05-30 | Q4FY25 | LIMITED | Read the call |
| 2025-02-18 | Q3FY25 | Read the call | |
| 2024-11-19 | Q2FY25 | SKP Securities Ltd | Read the call |
| 2024-08-24 | Q1FY25 | Moderator | Read the call |
| 2024-06-03 | Q4FY24 | Read the call | |
| 2024-02-25 | Q3FY24 | EQUITIES, SKP SECURITIES LIMITED | Read the call |
| 2023-11-20 | Q2FY24 | Read the call | |
| 2023-08-21 | Q1FY24 | Read the call | |
| 2023-06-05 | Q4FY23 | Read the call | |
| 2023-02-24 | Q3FY23 | Read the call | |
| 2022-11-21 | Q2FY23 | HEG LIMITED, LIMITED | Read the call |
| 2022-08-22 | Q1FY23 | LIMITED | Read the call |
| 2022-06-06 | Q4FY22 | CHAIRMAN, MANAGING, HEAD- | Read the call |
| 2022-02-23 | Q3FY22 | LIMITED | Read the call |
| 2021-11-22 | Q2FY22 | FINANCIAL OFFICER, HEG LIMITED, HEG LIMITED, LIMITED | Read the call |
| 2021-08-24 | Q1FY22 | DIRECTOR, AND CEO, EQUITIES (SKP SECURITIES LIMITED) | Read the call |
| 2021-06-08 | Q4FY21 | EQUITIES, SKP SECURITIES LIMITED | Read the call |
| 2021-02-23 | Q3FY21 | LIMITED | Read the call |
| 2020-11-22 | Q2FY21 | Read the call | |
| 2020-08-26 | Q1FY21 | Read the call | |
| 2020-07-10 | Q1FY21 | EQUITIES, SKP SECURITIES LIMITED | Read the call |
| 2020-03-06 | Q3FY20 | HEG LIMITED | Read the call |
| 2019-11-29 | Q2FY20 | FINANCIAL OFFICER, HEG LIMITED, OFFICER, HEG LIMITED | Read the call |
What they said about it, quarter by quarter
| Topic | Q3FY25 | Q3FY26 | Q4FY21 | Q4FY22 | Q4FY23 | Q4FY24 | Q4FY25 | Q4FY26 |
|---|---|---|---|---|---|---|---|---|
| Capex | As I probably have told last time also, any new greenfield plant, which is coming for electric arc furnace, the CapEx is more or less $1 billion for 1… | In the next two years, we have the data for each company, each location of the new plants which are coming in, let us say, US. | No-no, the customer doesn't care whether we are expanding or not expanding, I mean, it's a Brownfield expansion, it's not a new plant. | Sir just last question from my side, you did mention that the CAPEX will likely commission towards the end of this year. | My second question was regarding the anode capex which HEG is doing. | From total share of that 51% becomes -- yes and the TACC evaluation is exactly as per the last business plan that we had done in terms of the 20,000 t… | And sir what is the CAPEX that we have incurred so far and what is the expected remaining spend? | And then there are no efficient capacity additions also happening in the needle coke industry. |
| Capital allocation | — | Hi., BEL, which owns the hydro asset, has not given any dividend to HEG in the last couple of years. | Further, the board of directors have recommended a dividend at the rate of Rs.3 per equity share of the face value of Rs.10 each which is subject to a… | The Board of Directors has recommended a 400% of final dividend that is Rs.40 per share, which is subject to the shareholders' approval at the ensuing… | The Board of Directors has recommended a 425% of final dividend that is INR 42.50 per equity share of the face value of INR 10 each for the financial … | One will be the HEG Graphite company, which will have the HEG Limited, which is 100,000 tons graphite plant and the captive 20-megawatt power – Tawa h… | The board of directors have recommended a 90% of final dividend that is through Rs. | HEG Limited May 04, 2026 The Board of Directors has recommended a final dividend of INR 3.4 per equity share face value of INR 2, subject to sharehold… |
| Costs | See, you have to also appreciate in this particular product, from the time you buy your raw material and by the time you sell your electrodes, it's an… | Is there any advantage on raw material cost? | Along with this, our main raw material needle coke is imported all the way from US, UK or Japan. | HEG Limited June 02, 2022 However, global steel output has recently started to moderate in the recent past due lo the escalation of the Russia Ukraine… | So needle coke is one of the many raw materials, which they have an option. | And how should we see the raw material volatility going ahead? | In addition, they also have a backward integrated needle coke plant, our key raw material located in Texas, US, with a capacity of about 140,000 tons,… | This improvement came from higher volumes, better control on input costs and focused monitoring on all fixed costs. |
| Debt and cash | — | — | — | — | — | So you have a safe cash flow inside Bhilwara Energy of between INR100 crores to INR150 crores worth of dividend, which will come in every year. | — | — |
| Demand | However, Chinese steel exports surged in 2024 due to a slowdown in domestic demand there, reaching 111 million tons, which is the highest in the past … | I would like to begin by setting the context on the global steel market as its underlying trends are critical for understanding the demand conditions … | This means that we have to write-off large chunk of money in the past few quarters as we may be carrying large amounts of raw material and WIP at a ti… | In terms of volumes, this year has shown a record production as well as sales. /\ rapid increase in industrial activity is all over the world conu·ibu… | As per World Steel Association recent report, the global steel industry is poised for a demand rebound this year with a projected growth rate of about… | I would like to understand the supply-demand scenario of graphite electrode business. | Similarly, steel production excluding China also came down by 1.5% to 209 million tons in Q1, indicating continued weakness across major steel produci… | HEG Limited May 04, 2026 The US too saw a modest growth driven by steady industrial demand, while Europe remained relatively muted. |
| Guidance | In that context and given the fact that recently, U.S. major steel producers have given a reasonably confident outlook for the year, do you think you … | We expect to receive the order within the next one or two weeks. | WSA, World Steel Association in its recent short range outlook forecast, that is the current year 2021, the world steel production is likely to grow b… | And we expect prices Lo remain strong during the rest of 2022 as well. | These projections indicate a positive outlook for the global steel market, signalling opportunities for continued development in the years to come. | And the growing, steady state, we expect RePlus to easily give an EBITDA margin of between 10% to 15%. | We expect to get all the required approvals by end of calendar year 2025. | As a result, we expect a structural and positive change in electric arc furnace steel production with a strong pipeline of new capacity additions of e… |
| Margin | During the quarter ended 31st December 2024, the company delivered EBITDA of INR194 crores, as against INR110 crores in the corresponding quarter of t… | HEG Limited February 11, 2026 EBITDA for the nine-months period was Rs.623 crores, up from Rs.393 crores of the previous year. | EBITDA including other income stood at Rs.20 crores in the quarter as against Rs.24 crores of previous quarter and a loss of Rs.455 crores in the corr… | EBITDA for the year ended 3 1st March 2022 has increased many fold vis-ii-vis last year, due to an increase in both the sales quantity and the price r… | During the year ended 31st March 2023, the company delivered EBITDA of INR 729 crores as against INR 607 crores in the previous financial year. | If I have to take a slightly shorter-term view, like you've said that there is a lead and lag between needle coke in our books as well as current pric… | Our EBITDA quarter-on-quarter has been going up. | Our EBITDA increased from INR 388 crores to INR 497 crores, with margins increasing from 17% to 19%. |
| People | Having stabilized our plant operations post expansion to 100,000 tons, we were still able to operate our plant at about 80% capacity utilization with … | While near-term visibility remains limited, disciplined supply, improving utilization trends in certain markets, and the continued shifts from electri… | This will achieve dual goals of Chinese government; one, further discourage steel exports and potentially reduce production, which will indirectly or … | Yes, we are at 90% capacity utilization, that's the figure you can take. | Our capacity utilization has been amongst the highest in the world, driven by our commitment to innovation, customer satisfaction and operational effi… | And how much market share we would have gained because of our high utilization as well as competitors' lower utilization? | Even after our expansion, HEG continues to operate at the highest capacity utilization in our industry at between 80% and 85% as compared to an averag… | We continue to operate at healthy utilization levels, which is probably the highest all over the world, averaging more than 90% for the whole year, as… |
| Pricing | As you may have seen, some of our peer group companies in the Western world have recently announced a price increase for the new orders in the region … | And in terms of your annual pricing arrangement, would you like to give some sense despite, I mean, all the tariffs and everything, we try to assume a… | The performance was encouraged by improvement in volume which was offset by the lower realization as pricing continue to remain under pressure during … | Sir my first question is regarding the price hikes. | — | — | Chinese production, however, rose by 0.8% to 259 million tons, enabling stronger export volumes and impacting global pricing. | Chinese steel exports are now running at over about 100 million tons on an annual basis, which continues to impact global pricing and drive increased … |
| Revenue growth | However, excluding China, the world production reached 878 million tons, showing a very insignificant small growth of 0.2% as per the recent data publ… | So, as you can see, the reduction in top line, there are slight less volumes is translated into sale. | We understand that about 65-70% of our top line was exported. | The volume growth of Q4 was the same as Q3 because the last three quaitcrs have been quite hot in demand, and for the new volume to come in. we would … | — | There is no -- that is the degrowth of steel production between '22 and '23, which is, I mean, resulting in slowdown of demand and all the -- our peer… | — | This directly supports long-term demand growth of graphite electrodes. |
What they said they would do
Sentences in which management set an expectation. Each names the speaker and the page of the transcript it came from.
| Date | Quarter | Who | What they said |
|---|---|---|---|
| 2020-03-06 | Q3FY20 | HEG LIMITED | Our sales in Q3 were at low 50% utilization level and we expect it to become better from this quarter onwards as the demand picks up gradually. |
| 2021-11-22 | Q2FY22 | HEG LIMITED | And we expect in two, three years; three, four years maybe it has to go to a level of 20% And anyways, the scrap generation in China is also increasing. |