HEG share price

HEG Ltd's share price was ₹248.50 at the close on 21 September 2026. It has been rising for 73 weeks. That is 14.2% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹182 and ₹270, and at that close it sat 76% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today HEG Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 10 weeks in a row.

Over the last 11 years the share price moved +2,756% while the NIFTY 500 moved +268%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

4 points in one quarter, revenue up on a year earlier for 5 quarters in a row and operating margin up 5 points on a year earlier.

1. Promoters raised their stake by 4.4 points in one quarter

   From 56.3% to 60.7% in the September 2026 quarter.

2. Revenue up on a year earlier for 5 quarters in a row

   In the June 2026 quarter revenue was ₹681 crore, +11.1% on a year earlier.

   Why: Revenue rose because the company got better prices and a better product and country mix, even though it sold slightly less.

   Next results: check whether new higher prices start flowing from October as old orders roll off.

   From the earnings call on 24 Jul 2026.

3. Operating margin up 5 points on a year earlier

   22% in the June 2026 quarter, from 17%.

   Why: Margins rose because the company got better prices and a better product and country mix, ran its plants more efficiently, and kept costs tight.

   Next results: check whether new bookings pass on higher needle coke and other costs and keep the margin.

   From the earnings call on 24 Jul 2026.

For April to June 2026 (the quarter ended 30 June 2026), HEG reported revenue of ₹681 crore, up 11.1% from ₹613 crore a year earlier, and a profit of ₹122 crore, up 16.2% from ₹105 crore.

HEG results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

HEG's management discussed these results on a call held on 24 July 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

HEG closed at ₹248.50 on 21 September 2026, up 30.2% from ₹190.86 a year earlier (19 September 2025) and up 54.9% over five years. Its highest weekly close since February 2016 was ₹318.47 on 22 November 2018.

HEG share price: then and now

Weekly closing prices, adjusted for splits and bonuses so every price is on today’s share count. Each change is the move from that price to the 21 Sep 2026 close. A day's intraday high or low can go beyond these weekly closes.

558 weekly closes from 26 February 2016 to 21 September 2026.

21 Sep 2026: HEG closed at ₹248.50, up 4.8% on the week and down 4.5% on the month. 24 Jul 2026: HEG held its results call for April to June 2026. Management guided: HEG electrode capacity to increase from 100,000 to 115,000 tons, with commissioning planned for early 2028.

Earlier

• 22 Jul 2026: ex-date for a dividend of ₹3.40 a share.
• Results for April to June 2026: Revenue up 11.1% and profit up 16.2% on a year earlier.
• 18 Oct 2024: Share split: face value cut from ₹10 to ₹2 a share (ex-date).

HEG paid ₹3.40 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 1.37% at the ₹248.50 close on 21 September 2026. The last was a dividend of ₹3.40 a share, ex-date 22 July 2026.

HEG dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here.

Yes. HEG Ltd paid out 19% of its profit as dividends in FY26, and it paid a dividend in 10 of its last 13 reported years. One of those years shows a negative figure because profit itself was negative.

From the NSE corporate-actions record, read 5 November 2026.

On the call for April to June 2026, held on 24 July 2026, HEG's management guided: HEG electrode capacity to increase from 100,000 to 115,000 tons, with commissioning planned for early 2028.

“The further expansion to reach 115,000 tons is likely to be commissioned by early 2028.”Ravi Nindhanwala, Chairman, Managing Director and CEO, on the call for April to June 2026

What management guided

• HEG utilization to remain above 90.0% in forthcoming quarters; FY27 production expected to close at 90.0-95.0% utilization.
• New HEG price increases to begin flowing after current commitments roll off, with impact expected from October onward.
• Current HEG operating margin of approximately 28.0-29.0% to be maintained; no duration or spread quantified.
• OECD identifies approximately 71 million tons of new global EAF capacity through end-CY2028.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 24 July 2026.

When HEG reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: HEG production and utilization should remain within the stated 90.0-95.0% FY27 range; monitor whether volumes and realization sustain current 28.0-29.0% operating margin.

HEG is not on any of our India lists this week.

HEG Ltd earned ₹122 Cr of net profit in the Jun 2026 quarter, +16.2% on the same quarter a year earlier. Full-year FY26 profit was ₹341 Cr. Over 10 years profit has grown 56.0% a year on average. That is 17.9% of the quarter's revenue. The same quarter a year earlier earned ₹105 Cr.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

2 of the last 12 reported quarters were loss-making.

For the full year, FY26 profit was ₹341 Cr (+196.5% on the year before).

Why profit moved: revenue changed +11.1% on a year earlier and the margin moved +5.0 percentage points. Most of the change came from keeping more of each sale.

On average over the last four quarters, profit changed +80.0% and revenue +20.9%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

HEG Ltd reported ₹681 Cr of revenue in the Jun 2026 quarter, +11.1% on the same quarter a year earlier. That is the 5th quarter in a row with growth on the year before. Over 10 years it has grown 11.4% a year on average. The last full year, FY26, came in at ₹2,568 Cr.

Revenue is everything the company billed its customers in the period.

The last four reported quarters add to ₹2,639 Cr.

FY26 revenue was ₹2,568 Cr, +19.4% on the year before.

Recent pace: the last four quarters grew +20.9% on average, against 11.4% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +20.2%, against +7.3% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +82.7%, against +35.1% a year (accelerating).

HEG Ltd's operating margin was 22.0% in the Jun 2026 quarter, 5.0 percentage points higher than the same quarter a year ago. Across 13 years it has been between −4.2% and 71.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why the margin moved: operating margin changed +4.9 percentage points on the year while gross margin changed +5.9 points. So the gain came mostly from the gross margin, which means input costs and prices charged.

Over the last 3 years, 144% of HEG Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹213 Cr of operating cash against ₹341 Cr of profit. After ₹216 Cr of spending on assets, free cash was −₹3.0 Cr: it spent more than its operations brought in.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 144% of profit came in as cash: the cash cycle got 93 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives.

What to look at next: no single use of cash stands out. The next section checks both the cash tied up in daily operations and the spending on assets.

HEG Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 323 days in FY26, up from 230 days in FY21. It spent ₹766 Cr on assets over the last 3 years. Customers take 71 days to pay, and stock sits for 389 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹2,568 Cr, each day of that cycle ties up about ₹7.0 Cr, so roughly ₹2,273 Cr is tied up in the business at any time.

FY26: customers took 71 days to pay and stock sat for 389 days, about 12.8 months of sales sitting as stock, for a full cycle of 323 days, longer than FY21's 230.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 389 days. Customers pay about 71 days after that. Suppliers are paid at 138 days. Together that makes the 323-day cycle.

Spending on assets: ₹766 Cr over the last 3 years, against ₹589 Cr of depreciation (the yearly wear and tear on existing assets). So it is building a little beyond replacing what wears out. Work still in progress is ₹224 Cr (FY26): assets paid for that are not earning yet.

In short: neither the daily cycle nor new spending is soaking up the cash, so the picture is fairly clean.

HEG Ltd's P/E is 13.5×, in the middle of its own history: higher than 64% of past readings. Its usual P/E (the middle reading) is 6.9×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Jun 2026 add up to ₹18.60.