Sector Alpha Week of 2026-07-29
20-quarter listed-company comparison

Electrodes - Welding Equipment Stocks in India

Electrodes - Welding Equipment: Graphite India Ltd owns the largest revenue base; HEG Ltd has the fastest current growth.

Nifty Electrodes - Welding Equipment Index — Constituents & Performance

The Electrodes - Welding Equipment companies below are the listed Indian Electrodes - Welding Equipment universe this page tracks — the same constituent set people search for as the Nifty Electrodes - Welding Equipment index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.

The sector itself · before any single company

How has Electrodes - Welding Equipment moved against NIFTY 500?

The line below covers 5.1 years. Over the most recent two of them this sector is 72% ahead of NIFTY 500. Earnings across its companies fell 18% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 17 weeks running.

BREAKING OUT · ahead 17w✓Price up, without the fundamentals confirming1 of 3 companies ahead of NIFTY 500 by 5% or more over three months

RS ↑17w · 3/3 >200d (+2) · 1/3 lead (+0) · EPS 2/3↑

200202620252024202320222021 412336 TRAILING 12-MONTH EPS · 100 AT THE START0100134Mar 24Sep 24Mar 25Sep 25Mar 26Dec 2023 · trailing 12-month earnings per share at 100, against 100 at the start · up 83.7% on a year ago · 3 reportingMar 2024 · trailing 12-month earnings per share at 134, against 100 at the start · up 79.3% on a year ago · 3 reportingJun 2024 · trailing 12-month earnings per share at 130, against 100 at the start · up 69.1% on a year ago · 3 reportingSep 2024 · trailing 12-month earnings per share at 94, against 100 at the start · down 52.1% on a year ago · 3 reportingDec 2024 · trailing 12-month earnings per share at 70, against 100 at the start · down 41.5% on a year ago · 3 reportingMar 2025 · trailing 12-month earnings per share at 22, against 100 at the start · down 63.2% on a year ago · 3 reportingJun 2025 · trailing 12-month earnings per share at 37, against 100 at the start · down 66.6% on a year ago · 3 reportingSep 2025 · trailing 12-month earnings per share at 48, against 100 at the start · down 48.3% on a year ago · 3 reportingDec 2025 · trailing 12-month earnings per share at 72, against 100 at the start · down 23.1% on a year ago · 3 reportingMar 2026 · trailing 12-month earnings per share at 64, against 100 at the start · up 67.6% on a year ago · 3 reportingJun 2022 · too few reporting — 2 of the Electrodes - Welding Equipment filed a comparable quarter, and three is the floor for a readingSep 2022 · too few reporting — 2 of the Electrodes - Welding Equipment filed a comparable quarter, and three is the floor for a readingDec 2022 · too few reporting — 2 of the Electrodes - Welding Equipment filed a comparable quarter, and three is the floor for a readingMar 2023 · too few reporting — 2 of the Electrodes - Welding Equipment filed a comparable quarter, and three is the floor for a readingJun 2023 · too few reporting — 2 of the Electrodes - Welding Equipment filed a comparable quarter, and three is the floor for a readingSep 2023 · too few reporting — 2 of the Electrodes - Welding Equipment filed a comparable quarter, and three is the floor for a readingNot reported yet — earnings trail price by a quarter or two64 · Mar 26No earnings on file this far back — the price series reaches further than the filings doNO EARNINGS ON FILE
200202620252024202320222021 412336 TRAILING 12-MONTH EPS · 100 AT THE START0100134Mar 24Mar 25Mar 26Dec 2023 · trailing 12-month earnings per share at 100, against 100 at the start · up 83.7% on a year ago · 3 reportingMar 2024 · trailing 12-month earnings per share at 134, against 100 at the start · up 79.3% on a year ago · 3 reportingJun 2024 · trailing 12-month earnings per share at 130, against 100 at the start · up 69.1% on a year ago · 3 reportingSep 2024 · trailing 12-month earnings per share at 94, against 100 at the start · down 52.1% on a year ago · 3 reportingDec 2024 · trailing 12-month earnings per share at 70, against 100 at the start · down 41.5% on a year ago · 3 reportingMar 2025 · trailing 12-month earnings per share at 22, against 100 at the start · down 63.2% on a year ago · 3 reportingJun 2025 · trailing 12-month earnings per share at 37, against 100 at the start · down 66.6% on a year ago · 3 reportingSep 2025 · trailing 12-month earnings per share at 48, against 100 at the start · down 48.3% on a year ago · 3 reportingDec 2025 · trailing 12-month earnings per share at 72, against 100 at the start · down 23.1% on a year ago · 3 reportingMar 2026 · trailing 12-month earnings per share at 64, against 100 at the start · up 67.6% on a year ago · 3 reportingJun 2022 · too few reporting — 2 of the Electrodes - Welding Equipment filed a comparable quarter, and three is the floor for a readingSep 2022 · too few reporting — 2 of the Electrodes - Welding Equipment filed a comparable quarter, and three is the floor for a readingDec 2022 · too few reporting — 2 of the Electrodes - Welding Equipment filed a comparable quarter, and three is the floor for a readingMar 2023 · too few reporting — 2 of the Electrodes - Welding Equipment filed a comparable quarter, and three is the floor for a readingJun 2023 · too few reporting — 2 of the Electrodes - Welding Equipment filed a comparable quarter, and three is the floor for a readingSep 2023 · too few reporting — 2 of the Electrodes - Welding Equipment filed a comparable quarter, and three is the floor for a readingNot reported yet — earnings trail price by a quarter or two64No earnings on file this far back — the price series reaches further than the filings doNO EARNINGS ON FILE
Electrodes - Welding Equipment, equal-weighted, based at 200 NIFTY 500, same base, same start trailing 12-month earnings per share rising falling
Strength anatomy MixedHow much of the sector is participating, how recently, and whether the movers score well.
Together1 of 3 stocks moving
Fresh0 crossed in the last 4 weeks
Backed by scoresmovers score +8 vs the sector average
Down the cap ladder — bar is now, tick is four weeks ago
Large 0/10
Mid 0/10
Small 1/10

Participation is not spreading downward this month; the larger companies are still carrying most of it.

Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of its 3 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

Sector relative strength · before individual stocks

Is Electrodes - Welding Equipment outperforming NIFTY 500?

The 52-week comparison of Electrodes - Welding Equipment against NIFTY 500 is not available from the current market series. 3 of 3 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. HEG Ltd is the strongest against the sector itself at -12.7%. Readings are as of 2026-07-19.

—Sector vs NIFTY 500 · 13 weeks
—Sector vs NIFTY 500 · 52 weeks
3/3Stocks leading NIFTY 500
0/2Stocks leading sector

Sector metric: 72.1 as of 2026-07-19 · NARROWING · rising.

The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

The 52-week sector comparison is unavailable. 3 of 3 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Graphite India Ltd leads with revenue of ₹2,852 crore, based on 3 of 3 comparable companies through Mar 2026. HEG Ltd has the fastest current revenue growth at 20.2%, across 3 of 3 comparable companies.

Is the Electrodes - Welding Equipment sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 3 of 3 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

Which Electrodes - Welding Equipment company is largest by revenue?

Graphite India Ltd leads with revenue of ₹2,852 crore, based on 3 of 3 comparable companies through Mar 2026.

Which Electrodes - Welding Equipment company is growing fastest?

HEG Ltd has the fastest current revenue growth at 20.2%, across 3 of 3 comparable companies.

Which Electrodes - Welding Equipment company has the strongest 4-Factor Sector Score?

HEG Ltd ranks first at 58.5/100 with 90% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Electrodes - Welding Equipment company has the least gross debt?

GEE Ltd has the lowest comparable gross debt at ₹64 crore. HEG Ltd has the highest at ₹796 crore.

Which Electrodes - Welding Equipment company has the lowest comparable PEG?

Graphite India Ltd has the lowest comparable Guarded PEG at 0.6, among 2 of 3 companies that pass the metric’s comparability rules.

How much history does this Electrodes - Welding Equipment comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

Companies
3
complete canonical membership
Combined market value
₹26.1K Cr
Graphite India Ltd
Revenue growing
3/3
positive TTM year-on-year growth
Beating NIFTY 500
3/3
positive Mansfield relative strength
Global company selection
00 · research priority, made explicit

4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
HEG Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 90% evidence confidence.
Graphite India Ltd looks inexpensive relative to peers or its own history, but its earnings trajectory has not yet earned the valuation signal.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is guarded: positive earnings, positive 5–60% three-year EPS growth, and a positive P/E are required.

1. HEG Ltd · HEG

58.5/100 · Mixed-positive evidence · 90% evidence

Exact sum: 28.9 + 11.1 + 13.5 + 5 = 58.5

Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -12.7% and the one-year return is 8.9%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.

28.9/35Growth & earnings

Revenue 20.2% · PAT 82.7% · OPM change 5 pp

100% evidence

11.1/25Capital efficiency

ROCE 8.3% · debt/equity 0.17×

100% evidence

13.5/20Valuation

P/E 35× · PEG 1

50% evidence

5.0/20Relative strength

RS sector -12.7% · RS bench 7% · 1Y 8.9%

100% evidence

2. Graphite India Ltd · GRAPHITE

37.8/100 · Mixed-negative evidence · 86% evidence

Exact sum: 9.7 + 8.7 + 15 + 4.4 = 37.8

Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.

9.7/35Growth & earnings

Revenue 11.4% · PAT -62.7% · OPM change -23 pp

88% evidence

8.7/25Capital efficiency

ROCE 4.6% · debt/equity 0.06×

100% evidence

15.0/20Valuation

P/E 72.2× · PEG 0.6

50% evidence

4.4/20Relative strength

RS sector -14.9% · RS bench 3.9% · 1Y 11.3%

100% evidence

3. GEE Ltd · 504028

59.5/100 · Thin evidence · provisional · 47% evidence

Exact sum: 24.8 + 12.2 + 10 + 12.5 = 59.5

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

24.8/35Growth & earnings

Revenue 10.6% · PAT 100% · OPM change 28.3 pp

62% evidence

12.2/25Capital efficiency

ROCE 11.1% · debt/equity 0.3×

80% evidence

10.0/20Valuation

P/E 37.7× · PEG —

0% evidence

12.5/20Relative strength

RS sector — · RS bench 46.3% · 1Y —

25% evidence

01 · compare level, then change

Revenue Scale & Growth Durability

Graphite India Ltd has the highest Revenue among the 3 Electrodes - Welding Equipment companies compared here, at ₹2,852 crore. HEG Ltd is next at ₹2,639 crore. HEG Ltd has the highest Revenue growth at 20.2%, so level and change sit with different companies. 3 of 3 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Graphite India Ltd is the scale leader at ₹2,852 crore, 8.1% ahead of HEG Ltd. HEG Ltd's growth is 20.2% from a ₹2,639 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderGraphite India Ltd · ₹2,852 crore
Gap8.1% versus #2 · HEG Ltd
Persistence3/8 recent comparable periods
Coverage3/3 companies · 52 observations

Investor read: Graphite India Ltd is the scale benchmark; HEG Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Graphite India Ltd's growth falls below HEG Ltd's for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.
Revenuelargest
1Graphite India Ltd GRAPHITE₹2.9K Cr
2HEG Ltd HEG₹2.6K Cr
3GEE Ltd 504028₹369 Cr
Revenue growthfastest growers
1HEG Ltd HEG20%
2Graphite India Ltd GRAPHITE11%
3GEE Ltd 50402811%
Revenue · company comparison
3/3 level · 3/3 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyRevenueRevenue growthReported
Graphite India Ltd GRAPHITE₹816 Cr23%Mar 2026
HEG Ltd HEG₹681 Cr11%Jun 2026
GEE Ltd 504028₹112 Cr28%Mar 2026
Full 20-quarter history · every available company

Revenue · reported quarter history

GEE Ltd · 504028

—
—
—
—
—
—
₹100 Cr
₹95 Cr
₹97 Cr
₹85 Cr
₹92 Cr
₹82 Cr
₹83 Cr
₹81 Cr
₹88 Cr
₹79 Cr
₹85 Cr
₹92 Cr
₹112 Cr
—

Graphite India Ltd · GRAPHITE

₹692 Cr
₹880 Cr
₹845 Cr
₹866 Cr
₹899 Cr
₹701 Cr
₹815 Cr
₹747 Cr
₹793 Cr
₹690 Cr
₹720 Cr
₹728 Cr
₹643 Cr
₹523 Cr
₹666 Cr
₹665 Cr
₹729 Cr
₹642 Cr
₹816 Cr
—

HEG Ltd · HEG

₹518 Cr
₹597 Cr
₹673 Cr
₹722 Cr
₹598 Cr
₹530 Cr
₹617 Cr
₹671 Cr
₹614 Cr
₹562 Cr
₹547 Cr
₹571 Cr
₹568 Cr
₹478 Cr
₹537 Cr
₹613 Cr
₹699 Cr
₹656 Cr
₹603 Cr
₹681 Cr

Revenue growth · reported quarter history

GEE Ltd · 504028

—
—
—
—
—
—
—
—
—
—
-7.7%
-14%
-15%
-4.3%
-4.3%
-3.5%
3.2%
14%
28%
—

Graphite India Ltd · GRAPHITE

—
—
—
42%
30%
-20%
-3.6%
-14%
-12%
-1.6%
-12%
-2.5%
-19%
-24%
-7.5%
-8.7%
13%
23%
23%
—

HEG Ltd · HEG

—
—
—
74%
15%
-11%
-8.3%
-7.1%
2.7%
6.0%
-11%
-15%
-7.5%
-15%
-1.8%
7.4%
23%
37%
12%
11%
02 · compare level, then change

Operating Economics & Margin Trend

HEG Ltd has the highest OPM among the 3 Electrodes - Welding Equipment companies compared here, at 22%. GEE Ltd is next at 9.9%. GEE Ltd has the highest Margin change at +28.3 percentage points, so level and change sit with different companies. 3 of 3 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: HEG Ltd leads opm at 22%; GEE Ltd leads margin change at +28.3 percentage points.

LeaderHEG Ltd · 22%
Gap121.8% versus #2 · GEE Ltd
Persistence3/8 recent comparable periods
Coverage3/3 companies · 58 observations

Investor read: HEG Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.
OPMhighest
1HEG Ltd HEG22%
2GEE Ltd 5040289.9%
3Graphite India Ltd GRAPHITE-17%
Margin changefastest expanders
1GEE Ltd 504028+28.3 pp
2HEG Ltd HEG+5.0 pp
3Graphite India Ltd GRAPHITE−23.0 pp
Operating margin · company comparison
3/3 level · 3/3 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyOPMMargin changeReported
HEG Ltd HEG22%+5.0 ppJun 2026
GEE Ltd 5040289.9%+28.3 ppMar 2026
Graphite India Ltd GRAPHITE-17%−23.0 ppMar 2026
Full 20-quarter history · every available company

OPM · reported quarter history

GEE Ltd · 504028

8.1%
7.3%
9.8%
7.5%
8.4%
6.7%
1.1%
7.0%
10%
10%
4.7%
7.9%
6.7%
6.1%
-18%
5.7%
11%
9.5%
9.9%
—

Graphite India Ltd · GRAPHITE

15%
15%
10%
3.2%
12%
10%
8.0%
-12%
-4.0%
-2.0%
-1.0%
16%
17%
-2.0%
6.0%
6.0%
6.0%
7.0%
-17%
—

HEG Ltd · HEG

27%
26%
23%
25%
30%
25%
20%
23%
17%
15%
8.0%
7.0%
17%
14%
-11%
17%
17%
22%
-25%
22%

Margin change · reported quarter history

GEE Ltd · 504028

−1.4 pp
−2.0 pp
−1.1 pp
−2.6 pp
+0.3 pp
−0.6 pp
−8.7 pp
−0.6 pp
+1.6 pp
+3.8 pp
+3.6 pp
+0.9 pp
−3.3 pp
−4.4 pp
−23.0 pp
−2.2 pp
+3.8 pp
+3.4 pp
+28.3 pp
—

Graphite India Ltd · GRAPHITE

+31.7 pp
+30.7 pp
−3.1 pp
−18.7 pp
−2.8 pp
−5.2 pp
−2.2 pp
−15.2 pp
−16.4 pp
−12.0 pp
−9.0 pp
+28.0 pp
+21.0 pp
0.0 pp
+7.0 pp
−10.0 pp
−11.0 pp
+9.0 pp
−23.0 pp
—

HEG Ltd · HEG

+40.4 pp
+26.5 pp
+24.5 pp
+8.0 pp
+2.5 pp
−1.1 pp
−3.3 pp
−2.5 pp
−12.9 pp
−10.0 pp
−12.0 pp
−16.0 pp
0.0 pp
−1.0 pp
−19.0 pp
+10.0 pp
0.0 pp
+8.0 pp
−14.0 pp
+5.0 pp
03 · compare level, then change

Profit Scale & Acceleration

HEG Ltd has the highest Net profit among the 3 Electrodes - Welding Equipment companies compared here, at ₹358 crore. Graphite India Ltd is next at ₹171 crore. The same company also holds the highest Profit growth, at 82.7%. 3 of 3 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: HEG Ltd leads with ₹358 crore of TTM profit, 109.4% above Graphite India Ltd. HEG Ltd shows 82.7% growth from a ₹358 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderHEG Ltd · ₹358 crore
Gap109.4% versus #2 · Graphite India Ltd
Persistence5/8 recent comparable periods
Coverage3/3 companies · 52 observations

Investor read: HEG Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.
Net profitlargest
1HEG Ltd HEG₹358 Cr
2Graphite India Ltd GRAPHITE₹171 Cr
3GEE Ltd 504028₹13 Cr
Profit growthfastest growers
1HEG Ltd HEG83%
2Graphite India Ltd GRAPHITE-63%
Net profit · company comparison
3/3 level · 2/3 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyNet profitProfit growthReported
HEG Ltd HEG₹122 Cr16%Jun 2026
GEE Ltd 504028₹4 Cr231%Mar 2026
Graphite India Ltd GRAPHITE₹-105 Cr-314%Mar 2026
Full 20-quarter history · every available company

Net profit · reported quarter history

GEE Ltd · 504028

—
—
—
—
—
—
₹-2 Cr
₹3 Cr
₹5 Cr
₹4 Cr
₹1 Cr
₹3 Cr
₹2 Cr
₹1 Cr
₹-15 Cr
₹1 Cr
₹4 Cr
₹4 Cr
₹4 Cr
—

Graphite India Ltd · GRAPHITE

₹128 Cr
₹132 Cr
₹95 Cr
₹24 Cr
₹92 Cr
₹53 Cr
₹29 Cr
₹-30 Cr
₹802 Cr
₹17 Cr
₹16 Cr
₹236 Cr
₹194 Cr
₹-21 Cr
₹49 Cr
₹133 Cr
₹76 Cr
₹67 Cr
₹-105 Cr
—

HEG Ltd · HEG

₹132 Cr
₹113 Cr
₹129 Cr
₹159 Cr
₹169 Cr
₹105 Cr
₹100 Cr
₹139 Cr
₹96 Cr
₹44 Cr
₹33 Cr
₹23 Cr
₹82 Cr
₹83 Cr
₹-74 Cr
₹105 Cr
₹143 Cr
₹207 Cr
₹-114 Cr
₹122 Cr

Profit growth · reported quarter history

GEE Ltd · 504028

—
—
—
—
—
—
—
—
—
—
—
-11%
-65%
-65%
-1,895%
-63%
120%
231%
—
—

Graphite India Ltd · GRAPHITE

—
—
—
-84%
-28%
-60%
-69%
-225%
772%
-68%
-45%
—
-76%
-224%
206%
-44%
-61%
—
-314%
—

HEG Ltd · HEG

—
—
—
179%
28%
-7.1%
-22%
-13%
-43%
-58%
-67%
-83%
-15%
89%
-324%
357%
74%
149%
—
16%
04 · not available

Capacity Spending & Returns On It

No company in this Electrodes - Welding Equipment comparison reports capital expenditure on a comparable basis, so there is nothing to rank here — 0 of 3 companies have a usable current reading. The section is shown rather than removed so an unavailable metric is not mistaken for one that was quietly left out. Filings were read through Jun 2026.

CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.
05 · compare level, then change

Debt Load & Balance-Sheet Headroom

GEE Ltd has the lowest Gross debt among the 3 Electrodes - Welding Equipment companies compared here, at ₹64 crore. Graphite India Ltd is next at ₹368 crore. Graphite India Ltd has the lowest Net debt at ₹2,544 crore net cash, so level and change sit with different companies.

What the numbers say: Graphite India Ltd has the clearest covered balance-sheet capacity with ₹2,544 crore net cash and gross debt of ₹368 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

LeaderGEE Ltd · ₹64 crore
Gap82.6% versus #2 · Graphite India Ltd
PersistenceNot enough history
Coverage3/3 companies · 43 observations

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.
Gross debtlowest gross debt
1GEE Ltd 504028₹64 Cr
2Graphite India Ltd GRAPHITE₹368 Cr
3HEG Ltd HEG₹796 Cr
Net debtlowest net debt
1Graphite India Ltd GRAPHITE₹-2.5K Cr
2HEG Ltd HEG₹160 Cr
Debt and balance-sheet capacity · company comparison
3/3 level · 2/3 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyGross debtNet debtReported
HEG Ltd HEG₹796 Cr₹160 CrJun 2026
Graphite India Ltd GRAPHITE₹368 Cr₹-2.5K CrMar 2026
GEE Ltd 504028₹64 Cr—Mar 2026
Full 20-quarter history · every available company

Gross debt · reported quarter history

GEE Ltd · 504028

—
—
₹77 Cr
—
—
—
₹87 Cr
—
—
—
₹82 Cr
—
—
—
₹81 Cr
—
—
—
₹64 Cr
—

Graphite India Ltd · GRAPHITE

₹277 Cr
₹277 Cr
₹436 Cr
₹436 Cr
₹422 Cr
₹422 Cr
₹432 Cr
₹432 Cr
₹351 Cr
₹351 Cr
₹177 Cr
₹177 Cr
₹240 Cr
₹240 Cr
₹173 Cr
₹173 Cr
₹269 Cr
₹269 Cr
₹368 Cr
—

HEG Ltd · HEG

₹382 Cr
₹382 Cr
₹665 Cr
₹665 Cr
₹757 Cr
₹757 Cr
₹743 Cr
₹743 Cr
₹686 Cr
₹686 Cr
₹623 Cr
₹623 Cr
₹565 Cr
₹565 Cr
₹588 Cr
₹588 Cr
₹644 Cr
₹644 Cr
₹796 Cr
—

Net debt · reported quarter history

Graphite India Ltd · GRAPHITE

₹-1.9K Cr
₹-1.9K Cr
₹-1.3K Cr
₹-1.3K Cr
₹-1.3K Cr
₹-1.3K Cr
₹-996 Cr
₹-996 Cr
₹-2.2K Cr
₹-2.2K Cr
₹-2.5K Cr
₹-2.5K Cr
₹-2.7K Cr
₹-2.7K Cr
₹-3.0K Cr
₹-3.0K Cr
₹-2.7K Cr
₹-2.7K Cr
₹-2.5K Cr
—

HEG Ltd · HEG

₹-858 Cr
₹-858 Cr
₹-581 Cr
₹-581 Cr
₹-430 Cr
₹-430 Cr
₹-24 Cr
₹-24 Cr
₹-72 Cr
₹-72 Cr
₹-89 Cr
₹-89 Cr
₹104 Cr
₹104 Cr
₹67 Cr
₹67 Cr
₹-122 Cr
₹-122 Cr
₹160 Cr
—
06 · compare level, then change

Return On Capital Employed

GEE Ltd has the highest ROCE among the 3 Electrodes - Welding Equipment companies compared here, at 11.1%. HEG Ltd is next at 8.3%. The same company also holds the highest ROCE change, at +12 percentage points. 3 of 3 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: GEE Ltd leads ROCE at 11.1%, 2.8 percentage points above HEG Ltd. GEE Ltd has the strongest latest improvement at +12 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

LeaderGEE Ltd · 11.1%
Gap32.9% versus #2 · HEG Ltd
PersistenceNot enough history
Coverage3/3 companies · 30 observations

Investor read: GEE Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.
ROCEhighest
1GEE Ltd 50402811%
2HEG Ltd HEG8.4%
3Graphite India Ltd GRAPHITE4.6%
ROCE changefastest improvers
1GEE Ltd 504028+12.0 pp
2HEG Ltd HEG−0.3 pp
3Graphite India Ltd GRAPHITE−1.0 pp
Return on capital · company comparison
3/3 level · 3/3 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyROCEROCE changeReported
HEG Ltd HEG4.1%−0.3 ppJun 2026
Graphite India Ltd GRAPHITE1.7%−1.0 ppMar 2026
Full 20-quarter history · every available company

ROCE · reported quarter history

Graphite India Ltd · GRAPHITE

6.5%
—
8.3%
—
7.5%
—
5.8%
—
-0.7%
20%
-3.9%
25%
1.9%
9.7%
2.7%
8.2%
0.3%
7.4%
1.7%
—

HEG Ltd · HEG

3.7%
—
11%
—
14%
—
12%
—
8.4%
12%
4.6%
6.4%
1.6%
7.3%
4.4%
6.6%
3.1%
11%
4.1%
—

ROCE change · reported quarter history

Graphite India Ltd · GRAPHITE

—
—
—
—
+1.0 pp
—
−2.5 pp
—
−8.2 pp
—
−9.7 pp
—
+2.6 pp
−9.9 pp
+6.6 pp
−16.7 pp
−1.6 pp
−2.3 pp
−1.0 pp
—

HEG Ltd · HEG

—
—
—
—
+10.5 pp
—
+0.6 pp
—
−5.8 pp
—
−7.2 pp
—
−6.8 pp
−4.5 pp
−0.2 pp
+0.2 pp
+1.5 pp
+3.4 pp
−0.3 pp
—
07 · compare level, then change

Valuation Against Growth & Quality

Graphite India Ltd has the lowest Guarded PEG among the 3 Electrodes - Welding Equipment companies compared here, at 0.6×. HEG Ltd is next at 1×. HEG Ltd has the lowest P/E at 35×, so level and change sit with different companies. 2 of 3 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Graphite India Ltd has the lowest comparable Guarded PEG at 0.6×, 40% below HEG Ltd. Only 2 of 3 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderGraphite India Ltd · 0.6×
Gap40% versus #2 · HEG Ltd
Persistence0/8 recent comparable periods
Coverage2/3 companies · 4 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.
Guarded PEGlowest PEG
1Graphite India Ltd GRAPHITE0.6
2HEG Ltd HEG1.0
P/Elowest P/E
1HEG Ltd HEG35.0
2GEE Ltd 50402837.7
3Graphite India Ltd GRAPHITE72.2
Valuation · company comparison
2/3 level · 3/3 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyGuarded PEGP/EReported
HEG Ltd HEG1.030.3Jun 2026
Graphite India Ltd GRAPHITE0.636.0Mar 2026
GEE Ltd 504028—62.0Mar 2026
Full 20-quarter history · every available company

Guarded PEG · reported quarter history

Graphite India Ltd · GRAPHITE

—
—
0.5
—
—
—
—
—
—
—
—
—
—
—
—
—
0.6
—
—
—

HEG Ltd · HEG

—
—
—
—
—
—
—
0.5
—
—
—
—
—
—
—
—
—
1.0
—
—

P/E · reported quarter history

GEE Ltd · 504028

13.3
12.3
12.5
10.2
12.4
10.6
10.2
10.7
13.7
31.1
35.4
23.7
37.7
39.8
45.3
71.6
62.0
—
—
—

Graphite India Ltd · GRAPHITE

59.9
27.2
21.6
14.8
18.4
19.7
17.3
33.9
54.3
119.6
237.6
298.6
37.9
23.5
21.8
24.1
30.1
47.2
36.0
—

HEG Ltd · HEG

50.6
40.3
18.5
8.8
7.7
7.0
6.3
11.8
13.0
16.8
18.8
26.8
48.4
54.7
42.1
82.1
49.7
41.9
28.9
30.3
08 · compare level, then change

Enterprise Value & Book Value

HEG Ltd has the lowest EV/EBITDA among the 3 Electrodes - Welding Equipment companies compared here, at 16.2×. Graphite India Ltd is next at 22.2×. Graphite India Ltd has the lowest P/BV at 2.24×, so level and change sit with different companies. 3 of 3 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: HEG Ltd leads ev/ebitda at 16.2×; Graphite India Ltd leads p/bv at 2.24×.

LeaderHEG Ltd · 16.2×
Gap27% versus #2 · Graphite India Ltd
Persistence0/8 recent comparable periods
Coverage3/3 companies · 56 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.
EV/EBITDAlowest EV/EBITDA
1HEG Ltd HEG16.2
2Graphite India Ltd GRAPHITE22.2
3GEE Ltd 50402822.3
P/BVlowest P/BV
1Graphite India Ltd GRAPHITE2.2
2HEG Ltd HEG2.6
3GEE Ltd 5040282.7
Enterprise and book valuation · company comparison
3/3 level · 3/3 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyEV/EBITDAP/BVReported
GEE Ltd 50402822.31.5Mar 2026
Graphite India Ltd GRAPHITE22.22.1Mar 2026
HEG Ltd HEG16.22.2Jun 2026
Full 20-quarter history · every available company

EV/EBITDA · reported quarter history

GEE Ltd · 504028

8.6
8.2
8.3
7.2
9.4
8.4
7.3
7.6
9.1
14.2
15.9
12.8
18.4
16.9
17.3
25.2
22.3
—
—
—

Graphite India Ltd · GRAPHITE

31.0
17.0
14.2
9.9
12.1
12.0
10.2
18.4
26.8
49.9
72.9
70.7
24.2
15.9
14.4
16.2
18.7
26.8
22.2
—

HEG Ltd · HEG

72.3
22.6
11.8
5.8
5.4
5.1
4.8
8.6
8.9
10.4
10.9
13.9
20.8
22.4
18.6
24.8
20.1
19.3
16.1
16.2

P/BV · reported quarter history

GEE Ltd · 504028

1.2
1.1
1.0
0.9
1.0
0.9
0.9
0.9
1.2
1.4
1.7
1.6
2.3
1.8
1.5
2.3
2.4
2.0
1.5
—

Graphite India Ltd · GRAPHITE

2.6
2.1
2.2
1.6
1.4
1.5
1.0
1.6
1.9
1.9
2.1
2.2
2.0
1.9
1.6
2.0
1.8
1.9
2.1
—

HEG Ltd · HEG

2.4
1.9
1.4
1.1
1.0
1.0
0.9
1.6
1.6
1.7
1.6
1.9
2.1
2.2
2.1
2.2
2.2
2.3
2.4
2.2
09 · let price answer last

Market action

Graphite India Ltd has the strongest one-year price move in Electrodes - Welding Equipment at +11.3%. GEE Ltd leads on Mansfield relative strength against NIFTY at +46.3%. 3 of 3 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

Every price line is indexed to 100 over the chosen window. Mansfield relative strength compares a price ratio with its own 52-week average; zero separates leadership from lagging.
Price and relative strength

Price is rebased to 100 inside the selected window. Pair ratio rebases each selected company against one chosen denominator.

Before the conclusion · check the blind spots

What can make this comparison misleading?

This Electrodes - Welding Equipment comparison names 5 specific ways its own evidence can mislead, all listed below. All 3 companies here report on comparable dates, so no rank carries a stale marker. 2 of the 8 ranked sections have fewer than three usable current readings. A high growth rate can still be a low-base artefact.

Keep these limits visible

  • A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
  • A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
  • The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
  • An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
  • Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.
10 · the complete set

Which companies are included?

All 3 companies in the canonical Electrodes - Welding Equipment membership are listed below, largest market value first — nothing is silently dropped, even where a company reports too little to rank. The charts above default to a selective view; this register is the complete set, with each company's own latest reporting date beside it.

AHEAD means the company is beating the index by 5% or more over three months. LAGGING, FUNDAMENTALS UP means it is 20% or more behind over a year while its trailing twelve-month earnings grew 20% or more. Both rules are fixed and applied the same way in every sector.

CompanyMarket valuePricePriced toLatest fundamentalsSource standing
Graphite India Ltd GRAPHITE18/26 WEEKS₹13.1K Cr₹6732026-07-19Mar 2026Cross-checked
HEG Ltd HEG₹12.4K Cr₹6432026-07-19Jun 2026Cross-checked
GEE Ltd 504028AHEAD₹577 Cr₹1112026-07-19Mar 2026Primary source only
How each company's sources stand: Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld.
Evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 3 Electrodes - Welding Equipment companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-07-24. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Jun 2026 · up to 20 quarters per company
Market dataThrough 2026-07-24 · weekly price and relative-strength history
Derived metricsGrowth, changes, CAPEX intensity, net debt, guarded PEG and P/BV÷ROE are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Source standing2 cross-checked · 1 unverified · 0 withheld, of 3 graded companies.

A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from. Every company's standing is listed in the register above.

Questions investors ask · short, speakable answers

Electrodes - Welding Equipment company comparison FAQs

These 17 answers restate the Electrodes - Welding Equipment comparison above in question form. Every one is computed from the same 3 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-07-24. Nothing here is estimated, and none of it is a recommendation.

What is the Nifty Electrodes - Welding Equipment index?

The Nifty Electrodes - Welding Equipment index tracks India's listed Electrodes - Welding Equipment companies as a single basket. This page follows the same 3 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Electrodes - Welding Equipment sector rather than to its largest constituent. Figures are as of Jun 2026.

Which are the best Electrodes - Welding Equipment stocks in India?

Ranked by this page's four-factor score, HEG Ltd places first among 3 listed Electrodes - Welding Equipment companies, followed by Graphite India Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

How many Electrodes - Welding Equipment stocks are listed in India?

This comparison covers 3 listed Electrodes - Welding Equipment companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

Which Electrodes - Welding Equipment company is the biggest?

Graphite India Ltd is the largest, with trailing-twelve-month revenue of ₹2,852 crore, ahead of HEG Ltd at ₹2,639 crore. That covers 3 of 3 companies with comparable reporting through Mar 2026.

Which Electrodes - Welding Equipment company is growing fastest?

HEG Ltd has the fastest revenue growth at 20.2% year on year, across 3 of 3 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

Which Electrodes - Welding Equipment company has the best profit margins?

HEG Ltd has the highest operating margin at 22%, from 3 of 3 comparable companies. GEE Ltd shows the biggest recent improvement, at +28.3 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

Which Electrodes - Welding Equipment company makes the most profit?

HEG Ltd earns the most, at ₹358 crore of trailing-twelve-month net profit, from 3 of 3 comparable companies. HEG Ltd has the fastest profit growth at 82.7%, though growth off a small or recovering profit base overstates how much has actually changed.

Which Electrodes - Welding Equipment company earns the highest return on capital?

GEE Ltd leads on return on capital employed at 11.1%, across 3 of 3 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

Which Electrodes - Welding Equipment stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Graphite India Ltd screens cheapest at 0.6×. Only 2 of 3 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

Which Electrodes - Welding Equipment company has the strongest balance sheet?

GEE Ltd carries the lowest comparable gross debt at ₹64 crore, from 3 of 3 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

Which Electrodes - Welding Equipment stock has the strongest price momentum?

GEE Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

Which Electrodes - Welding Equipment company scores highest for research priority?

HEG Ltd scores 58.5 out of 100 with 90% evidence confidence, from 28.9 points on growth and earnings, 11.1 on capital efficiency, 13.5 on valuation and 5 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

How many Electrodes - Welding Equipment companies does this comparison cover, and over what period?

It compares 3 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

What is the total market cap of the Electrodes - Welding Equipment sector?

The 3 Electrodes - Welding Equipment companies on this page carry ₹26,132 crore of combined market value. Graphite India Ltd is the largest at ₹13,144 crore, about 50% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

How is the Electrodes - Welding Equipment sector performing?

3 of the 3 covered Electrodes - Welding Equipment companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

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