Welding Electrode Stocks and Companies in India

The largest Welding Electrode stocks in India by market value are Graphite India (₹14,187 crore), HEG (₹4,575 crore) and GEE (₹601 crore), at prices of 6 Nov 2026.

• Graphite India: ₹726.60 | market value ₹14,187 crore | P/E 56.1
• HEG: ₹237 (price from the week of 20 Sep 2026) | market value ₹4,575 crore | P/E 12.9
• GEE: ₹115.60 | market value ₹601 crore | P/E 33.5

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 6 Nov 2026; the score list below uses the weekly figures.

All 3 listed Indian Electrodes - Welding Equipment companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Electrodes - Welding Equipment index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. One large company cannot set the reading.

1. Graphite India Ltd₹14,400 cr
2. HEG Ltd₹4,580 cr
3. GEE Ltd₹599 cr

3 Welding Electrode companies in the Electrodes - Welding Equipment industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 3 are listed below, largest first. The largest is Graphite India (₹14,448 crore) and the smallest with a market value is GEE.

Download all 3 Welding Electrode companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 50% ahead of NIFTY 500. Earnings across its companies grew 4% on average over the last four reported quarters, close to flat. It has been ahead of NIFTY 500 on a rolling three-month view for 31 weeks running.

Price up, without the fundamentals confirming. 2 of 3 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high).

Ahead of NIFTY 500 on the three-month view for 31 weeks running; 3 of the 3 companies in the industry index above their 200-day average (no change from four weeks earlier); 2 of those 3 pass the momentum test (no change from four weeks earlier); earnings rising at 2 of the 3 that report earnings.

Ahead of NIFTY 500 for 31 weeks running and +37.7% over a year, with 2 → 2 of 3 stocks participating. Earnings confirming, 2 of 3 members have higher trailing twelve-month earnings than a year ago. The largest member is more than half the sector's market value and is moving the other way.

Both lines start at 200 in the same week, so the gap between them tells the 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 set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same 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 or tap any point to read both values and the gap.

Electrodes - Welding Equipment has done better than the NIFTY 500 by 35.6% over the last 52 weeks. Over 13 weeks the gap is a lead of 9.4%. Graphite India Ltd is the strongest against the sector itself at −6.1%.

Electrodes - Welding Equipment has done better than the NIFTY 500 by 35.6% over 52 weeks and by 9.4% over 13 weeks. 2 of 3 companies we track are beating the NIFTY on relative strength (how a share price has done against the index over recent months) (1 has no relative-strength reading yet).

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

HEG Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 65.6% evidence confidence.

Graphite India Ltd has the strongest one-year price move in Electrodes - Welding Equipment at +16.5%. GEE Ltd leads on relative strength against the NIFTY, at +35.3%. 2 of 3 companies we track are ahead of the index on that measure (1 has no relative-strength reading yet). Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Electrodes - Welding Equipment itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

The full history shows repeated booms followed by sharp reversals. Prices climbed through 2017 to 2018, then fell while the earnings index was still high in 2019; the 2020 recovery also ran ahead of much of the subsequent earnings recovery. In the week of 5 October 2026, 100% of 2 Electrodes - Welding Equipment companies were beating the Nifty 500, against 100% on 25 May 2026.

From our industry review of 10 October 2026.

1 of 3 Electrodes - Welding Equipment companies held a results call for April to June 2026. Geecee Ventures guided: Revenue to ₹1,000 crore by FY29-30 through organic growth, with cited market share progression from approximately 6% to 10-12%; Thane proceeds intended to support a subsequent ₹2,000 crore journey.

From the results calls for April to June 2026.

Big funds, foreign and Indian, cut their stake by 0.4 points over the last two quarters. Founders and promoters raised theirs by 1.4 points.

• Spending on new plants and equipment was ₹465 crore in the last 12 months, 12% more than a year before.
• Projects still being built grew 111% in a year.

Big funds = foreign and Indian institutions, change in their share of ownership across 3 Electrodes - Welding Equipment companies, in percentage points.

Ownership and spending as of 10 October 2026.

The next things that show whether the Electrodes - Welding Equipment story is on course. First: Next reported results showing whether June's operating recovery continues at both Graphite India and HEG.

• Company confirmation that the reported electrode price increase has reached their own realised prices and profit.
• Operating confirmation of Graphite India's planned first expansion phase during FY27.
• Official evidence explaining HEG's reported business split and reconciling the financial and share-count history.

What would change the story

The next comparable results showing year-on-year profit growth and sustained operating-margin improvement at both Graphite India and HEG would break my view that this breakout is mainly supported by expectations rather than an established earnings recovery.

From our industry review of 10 October 2026.

Graphite India Ltd has the highest Revenue among the 3 Electrodes - Welding Equipment companies compared here, at ₹3,126 crore. HEG Ltd is next at ₹2,639 crore. The same company also has the highest Revenue growth, at 21%. 3 of 3 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Graphite India Ltd is the largest at ₹3,126 crore, 18.5% ahead of HEG Ltd. Graphite India Ltd's growth is 21% from a ₹3,126 crore base, with 20 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Graphite India Ltd is both the largest and the fastest-growing company here; the growth has to turn into margin and returns before it counts as more than a fast start.

This conclusion weakens if: Graphite India Ltd's revenue growth slows for two consecutive comparable reports while its 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.

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

HEG Ltd has the highest OPM among the 3 Electrodes - Welding Equipment companies compared here, at 22%. Graphite India Ltd is next at 10%. The same company also has the highest Margin change, at +5 percentage points. 3 of 3 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: HEG Ltd leads both opm at 22% and margin change at +5 percentage points.

What this means: HEG Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

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 ₹227 crore. GEE Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: HEG Ltd earns the most, ₹358 crore of profit over the last 12 months, 57.7% above Graphite India Ltd. GEE Ltd shows at least 100% on the scoring scale growth from a profit base of ₹19 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: HEG Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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 profit · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

GEE Ltd has the highest ROCE among the 3 Electrodes - Welding Equipment companies compared here, at 11.4%. HEG Ltd is next at 8.3%. The same company also has the highest ROCE change, at +12 percentage points. 3 of 3 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: GEE Ltd leads ROCE at 11.4%, 3.1 percentage points above HEG Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: GEE Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Return on capital · company comparison

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

HEG Ltd has the lowest PEG among the 3 Electrodes - Welding Equipment companies compared here, at 0.37×. Graphite India Ltd is next at 0.59×. The same company also has the lowest P/E, at 12.9×. 2 of 3 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: HEG Ltd has the lowest comparable PEG at 0.37×, 37.3% below Graphite India Ltd. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

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 worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

Valuation · company comparison

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter

Electrodes - Welding Equipment companies show up on 2 of our India lists. The most are on the momentum stocks list (2 companies).

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. 1 of the 5 ranked sections has fewer than three usable current readings. A high growth rate can still come from a very small starting figure.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROCE can be temporary, or look high because the capital base is small. It is best read beside margin, cash flow and how much is spent back on the business.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
• Thin comparisons: Valuation have fewer than three usable current readings.

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 Sep 2026 and market data through 30 October 2026.

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

These 23 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 Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.