# HEG share price (HEG Ltd, NSE: HEG)

> HEG share price: ₹248.50 at the NSE close on 21 September 2026, the latest close in our records; up 30.2% in the year to that date. HEG (NSE: HEG) is worth ₹4,797 crore, trades at a P/E of 13.5 and has closed between ₹181.60 and ₹269.93 over the past 52 weeks. > HEG Ltd's earnings have grown faster than its share price. Earnings per share grew +196.8% in a year while the price moved +30.2%. HEG · Electrodes - Welding Equipment · data as of 21 September 2026. Page: https://www.sectoralpha.in/stocks/heg-ltd

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## Key numbers

- Business trend: Getting better, from the last 12 quarters
- Price: ₹248.50 (+30.2% in a year)
- P/E: 13.5× (higher than 64% of the last 11 years)
- Revenue (Jun 2026): ₹681 Cr (+11.1% on a year ago)
- Profit (Jun 2026): ₹122 Cr (+16.2% on a year ago)
- Operating margin: 22.0% (+5.0 points on a year ago)
- ROCE: 8%, FY26
- ROIC: 11.0%, against a 12.0% cost of capital: −1.0 points

The main question: yearly earnings per share moved +196.8% while the share price moved +30.2%. ## What is the 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. 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. ## What changed at HEG this quarter? 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. ## What are HEG's latest quarterly results? 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

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹681 crore | ₹613 crore | +11.1% |
| Profit | ₹122 crore | ₹105 crore | +16.2% |
| Earnings per share | ₹6.34 | ₹5.43 | +16.8% |
| Operating margin | 22.0% | 17.0% | +5.0 points |

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.)

## What is the HEG share price history? 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

| When | Close | Change to 21 Sep 2026 |
| --- | --- | --- |
| 1 week ago · 11 Sep 2026 | ₹237.20 | +4.8% |
| 1 month ago · 21 Aug 2026 | ₹260.19 | −4.5% |
| 6 months ago · 20 Mar 2026 | ₹182.36 | +36.3% |
| 1 year ago · 19 Sep 2025 | ₹190.86 | +30.2% |
| 3 years ago · 22 Sep 2023 | ₹124.87 | +99.0% |
| 5 years ago · 24 Sep 2021 | ₹160.38 | +54.9% |
| 10 years ago · 23 Sep 2016 | ₹13.57 | +1,731.2% |
| Earliest and lowest weekly close in our records · 26 Feb 2016 | ₹8.70 | +2,756.3% |
| Highest weekly close since February 2016 · 22 Nov 2018 | ₹318.47 | −22.0% |
| 52-week high (weekly close) · 28 Aug 2026 | ₹269.93 | −7.9% |
| 52-week low (weekly close) · 13 Mar 2026 | ₹181.60 | +36.8% |

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.)

## What is the latest news on HEG? 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). ## What dividend does HEG pay? 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

| Ex-date | Dividend per share | Type |
| --- | --- | --- |
| 22 Jul 2026 | ₹3.40 | Dividend |
| 13 Aug 2025 | ₹1.80 | Dividend |
| 31 Jul 2024 | ₹22.50 | Dividend |
| 24 Aug 2023 | ₹42.50 | Dividend |
| 24 Aug 2022 | ₹40 | Dividend |
| 19 Jul 2021 | ₹3 | Dividend |

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. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

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.)

## What did HEG management say on the latest results call? 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](https://files.tijorifinance.com/insight/india/1142/Conference Call/CC-Jul26.pdf). (From the call for April to June 2026, 24 July 2026.)

## What to watch in HEG's next results? 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. - What to check (from the call)
- 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. - Needle coke and total cost increases are expected to flow after inventory and conversion lags; check whether new bookings pass through costs and expand net realization. - US CVD and anti-dumping outcomes are expected around September; monitor whether sub-10.0% US exposure is retained or redirected without material volume loss. - Greentech milestones include closing approximately 70.0% of TACC capacity contracts within 1-1.5 months and receiving the NCLT order clarifying the demerger timeline and record date. ## Which stock lists is HEG on? HEG is not on any of our India lists this week. ## Is HEG profitable? 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. 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. ## How much revenue does HEG make, and is it growing? 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. 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). ## How much of every ₹100 of sales does HEG keep? 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. 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. ## Is HEG's profit turning into cash? 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. 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. ## Where does HEG's cash go? 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. 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. ## What is HEG's P/E ratio, and how does it compare with its own history? 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. 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. Why the multiple is where it is: over the past year earnings per share moved +196.8% while the price moved +30.2%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved +9.2% a year; about +15.6% a year came from earnings growth and about −6.4 percentage points from the multiple (the market paying less); over 10 years the price moved +33.7% a year; about +64.1% a year came from earnings growth and about −30.4 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple. ## What growth does the HEG share price assume? Worked out from its price on 13 June 2026, HEG Ltd's share price assumed profit growth of about 20.5% a year. Over the past 10 years its profit actually grew 56.0% a year. Today its P/E is 13.5×, higher than 64% of its own last 11 years. This is a one-day reading, taken on 13 June 2026. Every other number on this page, the multiple included, uses the latest price as of 21 September 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the HEG business getting better or worse? HEG Ltd's business is getting better. Profit growth hit its low 6 quarters ago at −58.6% and has recovered to +82.7%, with ROCE rising at 9.4%. This is based on 12 quarters of 4 measures. Why it matters: a lasting rise from a low is what this page is built to show. ## What is HEG management's track record? HEG Ltd has demonstrated robust operational execution, consistently meeting or exceeding its capacity utilization guidance. For FY26, management guided for 85-90% utilization and delivered 89% for the first nine months, significantly outperforming the industry average of 50-55%. Operating margin showed a strong upward trajectory, rising from 23% in April to June 2025 to 32% in October to December 2025, meeting guidance for margin stability/improvement despite flattish realizations (~$3,500/ton). While management's earlier expectation for a price uptick in H2 FY26 was delayed by weak global steel demand, they maintained transparent communication regarding market headwinds. The strategic demerger remains on track with NCLT approval expected in April 2026 and listing by June 2026. ### Regulatory and governance record

HEG Ltd is classified as MINOR due to recent insider trading compliance lapses by its promoter group. In February 2026, the company disclosed that designated persons, including Mr. Nivedan Churiwal, Ms. Shubha Churiwal, and Ms. Sudha Churiwal, violated SEBI Prohibition of Insider Trading (PIT) Regulations. The violations, occurring on December 30, 2025, involved trading without mandatory pre-clearance, contra-trading, and failure to disclose transactions. A total penalty of approximately ₹34.27 lakh was deposited with SEBI on February 21, 2026. No major fraud, CBI/ED investigations, or material penalties exceeding ₹10 Cr were found. The company also successfully processed a composite scheme of arrangement in 2024 with zero reported complaints. (Checked 20 April 2026.)

## How much does HEG earn on its capital? HEG Ltd earned a ROCE of 8% in FY26. That is up from a low of −2% in FY21. Its return on capital used (ROIC) is 1.0 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a 13.3% net margin and 0.42× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 13.3% net margin × 0.42× asset turnover × 1.30× leverage (assets divided by equity) ≈ 7.3% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: 11.0% − 12.0% = −1.0 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve. The 11.0% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 5.5%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does HEG have too much debt? HEG Ltd has total debt of ₹796 Cr against shareholder equity of ₹4,758 Cr as of Mar 2026, so its debt is 0.17× its equity, which is very little. Year by year, that ratio went from 0.17 in FY22 to 0.17 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the HEG shareholding pattern? Promoters raised their stake in HEG Ltd by 4.9 percentage points over 8 quarters, the biggest change among its owners. Promoters now own 60.7% of the company. Foreign institutions moved −1.6 points over the same period, to 5.3%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Promoters: +4.9 points over 8 quarters, to 60.7%; Foreign institutions: −1.6 points over 8 quarters, to 5.3%; Domestic institutions: +0.0 points over 8 quarters, to 12.8%. Why the owners changed: promoters drove it (+4.9 points), with the other side taken by foreign institutions (−1.6 points). They raised their stake step by step. ## How far is HEG from balance-sheet trouble? For HEG Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does HEG rank in its industry? 66.8 out of 100, rank 1 of 3 in Electrodes - Welding Equipment, with 70% of the evidence available. HEG Ltd scores 66.8 out of 100 against the 3 companies it is compared with in Electrodes - Welding Equipment, ranking 1. There is no relative-strength reading for this week, so the score is built from earnings, capital efficiency and valuation alone. The three scored parts add up to the total exactly: 36.1 + 11.9 + 18.8 = 66.8 (no relative-strength reading this week; its 20 points are shared across the other three). This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is HEG compared with? HEG ranks 1 of 3 Electrodes - Welding Equipment companies on the 4-Factor Sector Score, with 66.8 out of 100. 1. HEG Ltd this page HEG · Most evidence points up · 70% evidence 66.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 36.1/43.75 · Revenue 20.2% · Profit 82.7% · Operating margin change 5 points · 100% evidence Capital efficiency 11.9/31.25 · ROCE 8.3% · Operating margin 22% · 100% evidence Valuation 18.8/25 · P/E 12.9× · PEG 0.37 · 50% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 36.1 + 11.9 + 18.8 = 66.8 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: There is no relative-strength reading for this week, so the score is built from earnings, capital efficiency and valuation alone. 2. [GEE Ltd](https://www.sectoralpha.in/stocks/gee-ltd) breaking out · Evidence leans up · 62% evidence 62.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 31.6/35 · Revenue 18.7% · Profit 100% · Operating margin change 2.1 points · 95% evidence Capital efficiency 8.7/25 · ROCE 11.4% · Operating margin 7.8% · 95% evidence Valuation 10.0/20 · P/E 34.4× · PEG n/a · 0% evidence Relative strength 12.5/20 · Lead over its industry n/a · Lead over NIFTY 500 35.3% · 1 year n/a · 25% evidence · 12 of 12 weeks ahead Exact sum: 31.6 + 8.7 + 10 + 12.5 = 62.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Graphite India Ltd](https://www.sectoralpha.in/stocks/graphite-india-ltd) GRAPHITE · breaking out · Evidence leans up · 90% evidence 51.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.1/35 · Revenue 21.3% · Profit -41.1% · Operating margin change 11 points · 100% evidence Capital efficiency 9.0/25 · ROCE 4.6% · Operating margin 17% · 100% evidence Valuation 15.0/20 · P/E 64.7× · PEG 0.6 · 50% evidence Relative strength 11.0/20 · Lead over its industry -6.1% · Lead over NIFTY 500 13.4% · 1 year 16.5% · 100% evidence · 8 of 12 weeks ahead Exact sum: 16.1 + 9 + 15 + 11 = 51.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Jun 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Electrodes - Welding Equipment](https://www.sectoralpha.in/sectors/electrodes-welding-equipment), all 3 compared on one page. ## Which companies are close to HEG in size? HEG is the 2nd largest of 3 Electrodes - Welding Equipment companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Graphite India. Just below it: GEE. ### Electrodes - Welding Equipment companies close in size

1. [Graphite India Ltd](https://www.sectoralpha.in/stocks/graphite-india-ltd) ₹14,181 crore
2. HEG Ltd ₹4,575 crore
3. [GEE Ltd](https://www.sectoralpha.in/stocks/gee-ltd) ₹618 crore

[All 3 Electrodes - Welding Equipment companies, largest first](https://www.sectoralpha.in/sectors/electrodes-welding-equipment#all-companies)

### Companies close in size in other industries

1. [KDDL Ltd](https://www.sectoralpha.in/stocks/kddl-ltd) ₹4,605 crore · Watches
2. [Zota Health Care Ltd](https://www.sectoralpha.in/stocks/zota-health-care-ltd) ₹4,602 crore · Pharmacy Distribution
3. HEG Ltd ₹4,575 crore
4. [Quess Corp Ltd](https://www.sectoralpha.in/stocks/quess-corp-ltd) ₹4,571 crore · Facility Management
5. [Puravankara Ltd](https://www.sectoralpha.in/stocks/puravankara-ltd) ₹4,549 crore · Realty - Construction & Contracting

## What else do people ask about HEG? ### What is HEG's share price? HEG Ltd's share price is ₹248.50, +30.2% over the past year. The whole company is worth ₹4,797 Cr on the market. In the last 52 weeks it traded between ₹182 to ₹270; today it is 76% of the way up from the low, 14.2% above its 200-day average (as of 21 September 2026). ### What were HEG's latest quarterly results? HEG Ltd reported revenue of ₹681 Cr and net profit of ₹122 Cr for the Jun 2026 quarter. Revenue rose 11.1% and profit rose 16.2% compared with a year earlier. Earnings per share were ₹6.34. The operating margin was 22.0%, 5.0 percentage points higher than a year earlier (as of 21 September 2026). ### What is HEG's market cap? HEG Ltd's market capitalisation is ₹4,797 Cr at a share price of ₹248.50. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 21 September 2026). ### How is HEG performing? HEG Ltd's share price has been rising for 73 weeks. In its latest quarter, revenue rose 11.1% and profit rose 16.2% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 10 weeks running (as of 21 September 2026). ### Will HEG's share price go up? This page does not forecast HEG Ltd's share price. What it shows instead: the share price is ₹248.50, and it has been rising for 73 weeks. Its P/E of 13.5× is higher than 64% of its own last 11 years (as of 21 September 2026). ### Who owns HEG? Promoters own 60.7% of HEG Ltd, foreign institutions 5.3%, domestic institutions 12.8% and the public 21.2% (latest quarter). The biggest change over the last two years: Promoters raised their stake by 4.9 percentage points over 8 quarters (as of 21 September 2026). ### Where is HEG in its business cycle? HEG Ltd's FY26 operating margin was 16.0%, against a 13-year range of −4.2% to 71.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 22.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 21 September 2026). ### What could break the HEG story? The main question: yearly earnings per share moved +196.8% while the share price moved +30.2%. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 21 September 2026). ### Is HEG a stock worth studying right now? What the numbers show: HEG Ltd's earnings have grown faster than its share price. Earnings per share grew +196.8% in a year while the price moved +30.2%. The main open question: whether the price catches up with earnings that have already grown. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 21 September 2026). ### Is there a HEG share price forecast for 2026? What management itself guided: HEG electrode capacity to increase from 100,000 to 115,000 tons, with commissioning planned for early 2028. ### Where does this page get HEG's management information? From HEG's results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. This is research, not advice. We’re not SEBI-registered.