# Electrodes - Welding Equipment — company-by-company sector analysis

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

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Electrodes - Welding Equipment has outperformed NIFTY 500 by 41.6% over 52 weeks and 6.4% over 13 weeks. 3 of 3 covered companies beat NIFTY on Mansfield relative strength, while 0 of 2 beat the sector itself. Graphite India Ltd leads with revenue of ₹2,852 crore, based on 3 of 3 comparable companies through Mar 2026.

### Is the Electrodes - Welding Equipment sector outperforming NIFTY 500?

Electrodes - Welding Equipment has outperformed NIFTY 500 by 41.6% over 52 weeks and 6.4% over 13 weeks. 3 of 3 covered companies beat NIFTY on Mansfield relative strength, while 0 of 2 beat the sector itself.

### 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.

## Sector relative strength

Electrodes - Welding Equipment has outperformed NIFTY 500 by 41.6% over the last 52 weeks. Over 13 weeks the gap is a lead of 6.4%. 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 -6.6%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 6.4%
52-week sector return versus NIFTY 500: 42%
Stocks leading NIFTY: 3/3
Stocks leading sector: 0/2

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

Companies: 3
Combined market value: ₹26.1K Cr

## 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.

1. HEG Ltd (HEG): 59/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 28.9/35 | Capital efficiency 11.1/25 | Valuation 13.5/20 | Relative strength 5.0/20
   - 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 -6.6% and the one-year return is 19.3%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
2. Graphite India Ltd (GRAPHITE): 38/100 — Mixed-negative evidence; evidence 86%
   - Growth & earnings 9.7/35 | Capital efficiency 8.7/25 | Valuation 15.0/20 | Relative strength 5.0/20
   - Exact sum: 9.7 + 8.7 + 15 + 5 = 38.4
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
3. GEE Ltd (504028): 60/100 — Thin evidence · provisional; evidence 47%
   - Growth & earnings 24.8/35 | Capital efficiency 12.2/25 | Valuation 10.0/20 | Relative strength 12.5/20
   - 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.

## Revenue Scale & Growth Durability

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.

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.

Evidence: Graphite India Ltd · ₹2,852 crore | 8.1% versus #2 · HEG Ltd | 3/8 recent comparable periods | 3/3 companies · 52 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Graphite India Ltd (GRAPHITE): ₹2.9K Cr
2. HEG Ltd (HEG): ₹2.6K Cr
3. GEE Ltd (504028): ₹369 Cr

### Revenue growth — fastest growers
1. HEG Ltd (HEG): 20%
2. Graphite India Ltd (GRAPHITE): 11%
3. GEE Ltd (504028): 11%

### 20-quarter Revenue history
- 504028: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹100 Cr | Jun 2023 ₹95 Cr | Sep 2023 ₹97 Cr | Dec 2023 ₹85 Cr | Mar 2024 ₹92 Cr | Jun 2024 ₹82 Cr | Sep 2024 ₹83 Cr | Dec 2024 ₹81 Cr | Mar 2025 ₹88 Cr | Jun 2025 ₹79 Cr | Sep 2025 ₹85 Cr | Dec 2025 ₹92 Cr | Mar 2026 ₹112 Cr | Jun 2026 —
- GRAPHITE: Sep 2021 ₹692 Cr | Dec 2021 ₹880 Cr | Mar 2022 ₹845 Cr | Jun 2022 ₹866 Cr | Sep 2022 ₹899 Cr | Dec 2022 ₹701 Cr | Mar 2023 ₹815 Cr | Jun 2023 ₹747 Cr | Sep 2023 ₹793 Cr | Dec 2023 ₹690 Cr | Mar 2024 ₹720 Cr | Jun 2024 ₹728 Cr | Sep 2024 ₹643 Cr | Dec 2024 ₹523 Cr | Mar 2025 ₹666 Cr | Jun 2025 ₹665 Cr | Sep 2025 ₹729 Cr | Dec 2025 ₹642 Cr | Mar 2026 ₹816 Cr | Jun 2026 —
- HEG: Sep 2021 ₹518 Cr | Dec 2021 ₹597 Cr | Mar 2022 ₹673 Cr | Jun 2022 ₹722 Cr | Sep 2022 ₹598 Cr | Dec 2022 ₹530 Cr | Mar 2023 ₹617 Cr | Jun 2023 ₹671 Cr | Sep 2023 ₹614 Cr | Dec 2023 ₹562 Cr | Mar 2024 ₹547 Cr | Jun 2024 ₹571 Cr | Sep 2024 ₹568 Cr | Dec 2024 ₹478 Cr | Mar 2025 ₹537 Cr | Jun 2025 ₹613 Cr | Sep 2025 ₹699 Cr | Dec 2025 ₹656 Cr | Mar 2026 ₹603 Cr | Jun 2026 ₹681 Cr

### 20-quarter Revenue growth history
- 504028: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -7.7% | Jun 2024 -14% | Sep 2024 -15% | Dec 2024 -4.3% | Mar 2025 -4.3% | Jun 2025 -3.5% | Sep 2025 3.2% | Dec 2025 14% | Mar 2026 28% | Jun 2026 —
- GRAPHITE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 42% | Sep 2022 30% | Dec 2022 -20% | Mar 2023 -3.6% | Jun 2023 -14% | Sep 2023 -12% | Dec 2023 -1.6% | Mar 2024 -12% | Jun 2024 -2.5% | Sep 2024 -19% | Dec 2024 -24% | Mar 2025 -7.5% | Jun 2025 -8.7% | Sep 2025 13% | Dec 2025 23% | Mar 2026 23% | Jun 2026 —
- HEG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 74% | Sep 2022 15% | Dec 2022 -11% | Mar 2023 -8.3% | Jun 2023 -7.1% | Sep 2023 2.7% | Dec 2023 6.0% | Mar 2024 -11% | Jun 2024 -15% | Sep 2024 -7.5% | Dec 2024 -15% | Mar 2025 -1.8% | Jun 2025 7.4% | Sep 2025 23% | Dec 2025 37% | Mar 2026 12% | Jun 2026 11%

## Operating Economics & Margin Trend

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

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.

Evidence: HEG Ltd · 22% | 121.8% versus #2 · GEE Ltd | 3/8 recent comparable periods | 3/3 companies · 58 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. HEG Ltd (HEG): 22%
2. GEE Ltd (504028): 9.9%
3. Graphite India Ltd (GRAPHITE): -17%

### Margin change — fastest expanders
1. GEE Ltd (504028): +28.3 pp
2. HEG Ltd (HEG): +5.0 pp
3. Graphite India Ltd (GRAPHITE): −23.0 pp

### 20-quarter OPM history
- 504028: Sep 2021 8.1% | Dec 2021 7.3% | Mar 2022 9.8% | Jun 2022 7.5% | Sep 2022 8.4% | Dec 2022 6.7% | Mar 2023 1.1% | Jun 2023 7.0% | Sep 2023 10% | Dec 2023 10% | Mar 2024 4.7% | Jun 2024 7.9% | Sep 2024 6.7% | Dec 2024 6.1% | Mar 2025 -18% | Jun 2025 5.7% | Sep 2025 11% | Dec 2025 9.5% | Mar 2026 9.9% | Jun 2026 —
- GRAPHITE: Sep 2021 15% | Dec 2021 15% | Mar 2022 10% | Jun 2022 3.2% | Sep 2022 12% | Dec 2022 10% | Mar 2023 8.0% | Jun 2023 -12% | Sep 2023 -4.0% | Dec 2023 -2.0% | Mar 2024 -1.0% | Jun 2024 16% | Sep 2024 17% | Dec 2024 -2.0% | Mar 2025 6.0% | Jun 2025 6.0% | Sep 2025 6.0% | Dec 2025 7.0% | Mar 2026 -17% | Jun 2026 —
- HEG: Sep 2021 27% | Dec 2021 26% | Mar 2022 23% | Jun 2022 25% | Sep 2022 30% | Dec 2022 25% | Mar 2023 20% | Jun 2023 23% | Sep 2023 17% | Dec 2023 15% | Mar 2024 8.0% | Jun 2024 7.0% | Sep 2024 17% | Dec 2024 14% | Mar 2025 -11% | Jun 2025 17% | Sep 2025 17% | Dec 2025 22% | Mar 2026 -25% | Jun 2026 22%

### 20-quarter Margin change history
- 504028: Sep 2021 −1.4 pp | Dec 2021 −2.0 pp | Mar 2022 −1.1 pp | Jun 2022 −2.6 pp | Sep 2022 +0.3 pp | Dec 2022 −0.6 pp | Mar 2023 −8.7 pp | Jun 2023 −0.6 pp | Sep 2023 +1.6 pp | Dec 2023 +3.8 pp | Mar 2024 +3.6 pp | Jun 2024 +0.9 pp | Sep 2024 −3.3 pp | Dec 2024 −4.4 pp | Mar 2025 −23.0 pp | Jun 2025 −2.2 pp | Sep 2025 +3.8 pp | Dec 2025 +3.4 pp | Mar 2026 +28.3 pp | Jun 2026 —
- GRAPHITE: Sep 2021 +31.7 pp | Dec 2021 +30.7 pp | Mar 2022 −3.1 pp | Jun 2022 −18.7 pp | Sep 2022 −2.8 pp | Dec 2022 −5.2 pp | Mar 2023 −2.2 pp | Jun 2023 −15.2 pp | Sep 2023 −16.4 pp | Dec 2023 −12.0 pp | Mar 2024 −9.0 pp | Jun 2024 +28.0 pp | Sep 2024 +21.0 pp | Dec 2024 0.0 pp | Mar 2025 +7.0 pp | Jun 2025 −10.0 pp | Sep 2025 −11.0 pp | Dec 2025 +9.0 pp | Mar 2026 −23.0 pp | Jun 2026 —
- HEG: Sep 2021 +40.4 pp | Dec 2021 +26.5 pp | Mar 2022 +24.5 pp | Jun 2022 +8.0 pp | Sep 2022 +2.5 pp | Dec 2022 −1.1 pp | Mar 2023 −3.3 pp | Jun 2023 −2.5 pp | Sep 2023 −12.9 pp | Dec 2023 −10.0 pp | Mar 2024 −12.0 pp | Jun 2024 −16.0 pp | Sep 2024 0.0 pp | Dec 2024 −1.0 pp | Mar 2025 −19.0 pp | Jun 2025 +10.0 pp | Sep 2025 0.0 pp | Dec 2025 +8.0 pp | Mar 2026 −14.0 pp | Jun 2026 +5.0 pp

## Profit Scale & Acceleration

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.

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.

Evidence: HEG Ltd · ₹358 crore | 109.4% versus #2 · Graphite India Ltd | 5/8 recent comparable periods | 3/3 companies · 52 observations

Definition: 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 profit — largest
1. HEG Ltd (HEG): ₹358 Cr
2. Graphite India Ltd (GRAPHITE): ₹171 Cr
3. GEE Ltd (504028): ₹13 Cr

### Profit growth — fastest growers
1. HEG Ltd (HEG): 83%
2. Graphite India Ltd (GRAPHITE): -63%

### 20-quarter Net profit history
- 504028: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-2 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹-15 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- GRAPHITE: Sep 2021 ₹128 Cr | Dec 2021 ₹132 Cr | Mar 2022 ₹95 Cr | Jun 2022 ₹24 Cr | Sep 2022 ₹92 Cr | Dec 2022 ₹53 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹-30 Cr | Sep 2023 ₹802 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹236 Cr | Sep 2024 ₹194 Cr | Dec 2024 ₹-21 Cr | Mar 2025 ₹49 Cr | Jun 2025 ₹133 Cr | Sep 2025 ₹76 Cr | Dec 2025 ₹67 Cr | Mar 2026 ₹-105 Cr | Jun 2026 —
- HEG: Sep 2021 ₹132 Cr | Dec 2021 ₹113 Cr | Mar 2022 ₹129 Cr | Jun 2022 ₹159 Cr | Sep 2022 ₹169 Cr | Dec 2022 ₹105 Cr | Mar 2023 ₹100 Cr | Jun 2023 ₹139 Cr | Sep 2023 ₹96 Cr | Dec 2023 ₹44 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹82 Cr | Dec 2024 ₹83 Cr | Mar 2025 ₹-74 Cr | Jun 2025 ₹105 Cr | Sep 2025 ₹143 Cr | Dec 2025 ₹207 Cr | Mar 2026 ₹-114 Cr | Jun 2026 ₹122 Cr

### 20-quarter Profit growth history
- 504028: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -11% | Sep 2024 -65% | Dec 2024 -65% | Mar 2025 -1,895% | Jun 2025 -63% | Sep 2025 120% | Dec 2025 231% | Mar 2026 — | Jun 2026 —
- GRAPHITE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -84% | Sep 2022 -28% | Dec 2022 -60% | Mar 2023 -69% | Jun 2023 -225% | Sep 2023 772% | Dec 2023 -68% | Mar 2024 -45% | Jun 2024 — | Sep 2024 -76% | Dec 2024 -224% | Mar 2025 206% | Jun 2025 -44% | Sep 2025 -61% | Dec 2025 — | Mar 2026 -314% | Jun 2026 —
- HEG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 179% | Sep 2022 28% | Dec 2022 -7.1% | Mar 2023 -22% | Jun 2023 -13% | Sep 2023 -43% | Dec 2023 -58% | Mar 2024 -67% | Jun 2024 -83% | Sep 2024 -15% | Dec 2024 89% | Mar 2025 -324% | Jun 2025 357% | Sep 2025 74% | Dec 2025 149% | Mar 2026 — | Jun 2026 16%

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/3 companies · 0 observations

Definition: 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.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

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.

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.

Evidence: GEE Ltd · ₹64 crore | 82.6% versus #2 · Graphite India Ltd | Not enough history | 3/3 companies · 43 observations

Definition: 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 debt — lowest gross debt
1. GEE Ltd (504028): ₹64 Cr
2. Graphite India Ltd (GRAPHITE): ₹368 Cr
3. HEG Ltd (HEG): ₹796 Cr

### Net debt — lowest net debt
1. Graphite India Ltd (GRAPHITE): ₹-2.5K Cr
2. HEG Ltd (HEG): ₹160 Cr

### 20-quarter Gross debt history
- 504028: Sep 2021 — | Dec 2021 — | Mar 2022 ₹77 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹87 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹82 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹81 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹64 Cr | Jun 2026 —
- GRAPHITE: Sep 2021 ₹277 Cr | Dec 2021 ₹277 Cr | Mar 2022 ₹436 Cr | Jun 2022 ₹436 Cr | Sep 2022 ₹422 Cr | Dec 2022 ₹422 Cr | Mar 2023 ₹432 Cr | Jun 2023 ₹432 Cr | Sep 2023 ₹351 Cr | Dec 2023 ₹351 Cr | Mar 2024 ₹177 Cr | Jun 2024 ₹177 Cr | Sep 2024 ₹240 Cr | Dec 2024 ₹240 Cr | Mar 2025 ₹173 Cr | Jun 2025 ₹173 Cr | Sep 2025 ₹269 Cr | Dec 2025 ₹269 Cr | Mar 2026 ₹368 Cr | Jun 2026 —
- HEG: Sep 2021 ₹382 Cr | Dec 2021 ₹382 Cr | Mar 2022 ₹665 Cr | Jun 2022 ₹665 Cr | Sep 2022 ₹757 Cr | Dec 2022 ₹757 Cr | Mar 2023 ₹743 Cr | Jun 2023 ₹743 Cr | Sep 2023 ₹686 Cr | Dec 2023 ₹686 Cr | Mar 2024 ₹623 Cr | Jun 2024 ₹623 Cr | Sep 2024 ₹565 Cr | Dec 2024 ₹565 Cr | Mar 2025 ₹588 Cr | Jun 2025 ₹588 Cr | Sep 2025 ₹644 Cr | Dec 2025 ₹644 Cr | Mar 2026 ₹796 Cr | Jun 2026 —

### 20-quarter Net debt history
- GRAPHITE: Sep 2021 ₹-1.9K Cr | Dec 2021 ₹-1.9K Cr | Mar 2022 ₹-1.3K Cr | Jun 2022 ₹-1.3K Cr | Sep 2022 ₹-1.3K Cr | Dec 2022 ₹-1.3K Cr | Mar 2023 ₹-996 Cr | Jun 2023 ₹-996 Cr | Sep 2023 ₹-2.2K Cr | Dec 2023 ₹-2.2K Cr | Mar 2024 ₹-2.5K Cr | Jun 2024 ₹-2.5K Cr | Sep 2024 ₹-2.7K Cr | Dec 2024 ₹-2.7K Cr | Mar 2025 ₹-3.0K Cr | Jun 2025 ₹-3.0K Cr | Sep 2025 ₹-2.7K Cr | Dec 2025 ₹-2.7K Cr | Mar 2026 ₹-2.5K Cr | Jun 2026 —
- HEG: Sep 2021 ₹-858 Cr | Dec 2021 ₹-858 Cr | Mar 2022 ₹-581 Cr | Jun 2022 ₹-581 Cr | Sep 2022 ₹-430 Cr | Dec 2022 ₹-430 Cr | Mar 2023 ₹-24 Cr | Jun 2023 ₹-24 Cr | Sep 2023 ₹-72 Cr | Dec 2023 ₹-72 Cr | Mar 2024 ₹-89 Cr | Jun 2024 ₹-89 Cr | Sep 2024 ₹104 Cr | Dec 2024 ₹104 Cr | Mar 2025 ₹67 Cr | Jun 2025 ₹67 Cr | Sep 2025 ₹-122 Cr | Dec 2025 ₹-122 Cr | Mar 2026 ₹160 Cr | Jun 2026 —

## Return On Capital Employed

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.

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.

Evidence: GEE Ltd · 11.1% | 32.9% versus #2 · HEG Ltd | Not enough history | 3/3 companies · 30 observations

Definition: 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.

### ROCE — highest
1. GEE Ltd (504028): 11%
2. HEG Ltd (HEG): 8.4%
3. Graphite India Ltd (GRAPHITE): 4.6%

### ROCE change — fastest improvers
1. GEE Ltd (504028): +12.0 pp
2. HEG Ltd (HEG): −0.3 pp
3. Graphite India Ltd (GRAPHITE): −1.0 pp

### 20-quarter ROCE history
- GRAPHITE: Sep 2021 6.5% | Dec 2021 — | Mar 2022 8.3% | Jun 2022 — | Sep 2022 7.5% | Dec 2022 — | Mar 2023 5.8% | Jun 2023 — | Sep 2023 -0.7% | Dec 2023 20% | Mar 2024 -3.9% | Jun 2024 25% | Sep 2024 1.9% | Dec 2024 9.7% | Mar 2025 2.7% | Jun 2025 8.2% | Sep 2025 0.3% | Dec 2025 7.4% | Mar 2026 1.7% | Jun 2026 —
- HEG: Sep 2021 3.7% | Dec 2021 — | Mar 2022 11% | Jun 2022 — | Sep 2022 14% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 8.4% | Dec 2023 12% | Mar 2024 4.6% | Jun 2024 6.4% | Sep 2024 1.6% | Dec 2024 7.3% | Mar 2025 4.4% | Jun 2025 6.6% | Sep 2025 3.1% | Dec 2025 11% | Mar 2026 4.1% | Jun 2026 —

### 20-quarter ROCE change history
- GRAPHITE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.0 pp | Dec 2022 — | Mar 2023 −2.5 pp | Jun 2023 — | Sep 2023 −8.2 pp | Dec 2023 — | Mar 2024 −9.7 pp | Jun 2024 — | Sep 2024 +2.6 pp | Dec 2024 −9.9 pp | Mar 2025 +6.6 pp | Jun 2025 −16.7 pp | Sep 2025 −1.6 pp | Dec 2025 −2.3 pp | Mar 2026 −1.0 pp | Jun 2026 —
- HEG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +10.5 pp | Dec 2022 — | Mar 2023 +0.6 pp | Jun 2023 — | Sep 2023 −5.8 pp | Dec 2023 — | Mar 2024 −7.2 pp | Jun 2024 — | Sep 2024 −6.8 pp | Dec 2024 −4.5 pp | Mar 2025 −0.2 pp | Jun 2025 +0.2 pp | Sep 2025 +1.5 pp | Dec 2025 +3.4 pp | Mar 2026 −0.3 pp | Jun 2026 —

## Valuation Against Growth & Quality

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.

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.

Evidence: Graphite India Ltd · 0.6× | 40% versus #2 · HEG Ltd | 0/8 recent comparable periods | 2/3 companies · 4 observations

Definition: 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 PEG — lowest PEG
1. Graphite India Ltd (GRAPHITE): 0.6
2. HEG Ltd (HEG): 1.0

### P/E — lowest P/E
1. HEG Ltd (HEG): 35.0
2. GEE Ltd (504028): 37.7
3. Graphite India Ltd (GRAPHITE): 72.2

### 20-quarter Guarded PEG history
- GRAPHITE: Sep 2021 — | Dec 2021 — | Mar 2022 0.5 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.6 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HEG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.5 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 1.0 | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- 504028: Sep 2021 13.3 | Dec 2021 12.3 | Mar 2022 12.5 | Jun 2022 10.2 | Sep 2022 12.4 | Dec 2022 10.6 | Mar 2023 10.2 | Jun 2023 10.7 | Sep 2023 13.7 | Dec 2023 31.1 | Mar 2024 35.4 | Jun 2024 23.7 | Sep 2024 37.7 | Dec 2024 39.8 | Mar 2025 45.3 | Jun 2025 71.6 | Sep 2025 62.0 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GRAPHITE: Sep 2021 59.9 | Dec 2021 27.2 | Mar 2022 21.6 | Jun 2022 14.8 | Sep 2022 18.4 | Dec 2022 19.7 | Mar 2023 17.3 | Jun 2023 33.9 | Sep 2023 54.3 | Dec 2023 119.6 | Mar 2024 237.6 | Jun 2024 298.6 | Sep 2024 37.9 | Dec 2024 23.5 | Mar 2025 21.8 | Jun 2025 24.1 | Sep 2025 30.1 | Dec 2025 47.2 | Mar 2026 36.0 | Jun 2026 —
- HEG: Sep 2021 50.6 | Dec 2021 40.3 | Mar 2022 18.5 | Jun 2022 8.8 | Sep 2022 7.7 | Dec 2022 7.0 | Mar 2023 6.3 | Jun 2023 11.8 | Sep 2023 13.0 | Dec 2023 16.8 | Mar 2024 18.8 | Jun 2024 26.8 | Sep 2024 48.4 | Dec 2024 54.7 | Mar 2025 42.1 | Jun 2025 82.1 | Sep 2025 49.7 | Dec 2025 41.9 | Mar 2026 28.9 | Jun 2026 30.3

## Enterprise Value & Book Value

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

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.

Evidence: HEG Ltd · 16.2× | 27% versus #2 · Graphite India Ltd | 0/8 recent comparable periods | 3/3 companies · 56 observations

Definition: 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/EBITDA — lowest EV/EBITDA
1. HEG Ltd (HEG): 16.2
2. Graphite India Ltd (GRAPHITE): 22.2
3. GEE Ltd (504028): 22.3

### P/BV — lowest P/BV
1. Graphite India Ltd (GRAPHITE): 2.2
2. HEG Ltd (HEG): 2.6
3. GEE Ltd (504028): 2.7

### 20-quarter EV/EBITDA history
- 504028: Sep 2021 8.6 | Dec 2021 8.2 | Mar 2022 8.3 | Jun 2022 7.2 | Sep 2022 9.4 | Dec 2022 8.4 | Mar 2023 7.3 | Jun 2023 7.6 | Sep 2023 9.1 | Dec 2023 14.2 | Mar 2024 15.9 | Jun 2024 12.8 | Sep 2024 18.4 | Dec 2024 16.9 | Mar 2025 17.3 | Jun 2025 25.2 | Sep 2025 22.3 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GRAPHITE: Sep 2021 31.0 | Dec 2021 17.0 | Mar 2022 14.2 | Jun 2022 9.9 | Sep 2022 12.1 | Dec 2022 12.0 | Mar 2023 10.2 | Jun 2023 18.4 | Sep 2023 26.8 | Dec 2023 49.9 | Mar 2024 72.9 | Jun 2024 70.7 | Sep 2024 24.2 | Dec 2024 15.9 | Mar 2025 14.4 | Jun 2025 16.2 | Sep 2025 18.7 | Dec 2025 26.8 | Mar 2026 22.2 | Jun 2026 —
- HEG: Sep 2021 72.3 | Dec 2021 22.6 | Mar 2022 11.8 | Jun 2022 5.8 | Sep 2022 5.4 | Dec 2022 5.1 | Mar 2023 4.8 | Jun 2023 8.6 | Sep 2023 8.9 | Dec 2023 10.4 | Mar 2024 10.9 | Jun 2024 13.9 | Sep 2024 20.8 | Dec 2024 22.4 | Mar 2025 18.6 | Jun 2025 24.8 | Sep 2025 20.1 | Dec 2025 19.3 | Mar 2026 16.1 | Jun 2026 16.2

### 20-quarter P/BV history
- 504028: Sep 2021 1.2 | Dec 2021 1.1 | Mar 2022 1.0 | Jun 2022 0.9 | Sep 2022 1.0 | Dec 2022 0.9 | Mar 2023 0.9 | Jun 2023 0.9 | Sep 2023 1.2 | Dec 2023 1.4 | Mar 2024 1.7 | Jun 2024 1.6 | Sep 2024 2.3 | Dec 2024 1.8 | Mar 2025 1.5 | Jun 2025 2.3 | Sep 2025 2.4 | Dec 2025 2.0 | Mar 2026 1.5 | Jun 2026 —
- GRAPHITE: Sep 2021 2.6 | Dec 2021 2.1 | Mar 2022 2.2 | Jun 2022 1.6 | Sep 2022 1.4 | Dec 2022 1.5 | Mar 2023 1.0 | Jun 2023 1.6 | Sep 2023 1.9 | Dec 2023 1.9 | Mar 2024 2.1 | Jun 2024 2.2 | Sep 2024 2.0 | Dec 2024 1.9 | Mar 2025 1.6 | Jun 2025 2.0 | Sep 2025 1.8 | Dec 2025 1.9 | Mar 2026 2.1 | Jun 2026 —
- HEG: Sep 2021 2.4 | Dec 2021 1.9 | Mar 2022 1.4 | Jun 2022 1.1 | Sep 2022 1.0 | Dec 2022 1.0 | Mar 2023 0.9 | Jun 2023 1.6 | Sep 2023 1.6 | Dec 2023 1.7 | Mar 2024 1.6 | Jun 2024 1.9 | Sep 2024 2.1 | Dec 2024 2.2 | Mar 2025 2.1 | Jun 2025 2.2 | Sep 2025 2.2 | Dec 2025 2.3 | Mar 2026 2.4 | Jun 2026 2.2

## Market action

HEG Ltd has the strongest one-year price move in Electrodes - Welding Equipment at +19.3%. GEE Ltd leads on Mansfield relative strength against NIFTY at +38.5%. 3 of 3 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. HEG Ltd (HEG): 19%
2. Graphite India Ltd (GRAPHITE): 16%

### Strongest relative strength versus NIFTY 500
1. GEE Ltd (504028): 38%
2. HEG Ltd (HEG): 19%
3. Graphite India Ltd (GRAPHITE): 9.9%

## What can make this comparison misleading?
- 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.

## Every company
- Graphite India Ltd (GRAPHITE) — market value ₹13.1K Cr; latest fundamentals Mar 2026
- HEG Ltd (HEG) — market value ₹12.4K Cr; latest fundamentals Jun 2026
- GEE Ltd (504028) — market value ₹577 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 2. Unverified: 1. Withheld: 0. Graded companies: 3.

Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld.

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### 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.

### Is the Electrodes - Welding Equipment sector beating the market?

Electrodes - Welding Equipment has outperformed NIFTY 500 by 41.6% over the last 52 weeks and 6.4% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 3 of 3 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### 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. The sector itself is 41.6% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. 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.

Narrative sector analysis: https://www.sectoralpha.in/sectors/electrodes-welding-equipment