Capital Goods · NIFTY 500

HEG Advanced Materials Limited

NSEHEGAM BSE509631 ISININE545A01024 SeriesEQ Listed on NSE · BSE

₹280.65 -8.69 (-3.00%) Updated 12 Nov, 8:49 pm IST

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Price, daily close-49.31% in a year

Today

Open: ₹295.00
Prev close: ₹289.34
Day high: ₹301.65
Day low: ₹279.67
Volume: 29.57 L
Value traded: ₹85.00 Cr
Upper circuit: ₹347.20
Lower circuit: ₹231.48
52W high: ₹753.90
52W low: ₹191.71
1 month: +23.91%
6 months: -50.31%

52W low52W high

Ratios

Key numbers

Worked out from the latest filings (Consolidated) and today's price. TTM = last four quarters.

Market cap₹9,256 Cr

P/E (TTM)13.43

P/B3.69

Book value / share₹75.97

EPS (TTM)₹20.89

ROE16.0%

Dividend yield1.21%

Dividend (12m)₹3.40 / share

Net margin (TTM)16.9%

Operating margin45.6%

Debt / equity0.45

Current ratio3.29

EV / EBITDA29.76

Sales growth (YoY qtr)-38.51%

Profit growth (YoY qtr)+113.95%

Sales CAGR 3Y+1.35%

Profit CAGR 3Y-13.77%

Shares32.98 Cr

Quarterly results

Results for each quarter

Last 12 quarters, consolidated, ₹ crore. Hover a bar to see the number.

Revenue and net profit

56243.7

Dec 23

54732.9

Mar 24

57123.0

Jun 24

56882.3

Sep 24

47883.4

Dec 24

542-73.7

Mar 25

617105

Jun 25

699143

Sep 25

656207

Dec 25

603-114

Mar 26

6810.0

Jun 26

430307

Sep 26

Revenue · QoQ (vs last quarter)

—-2.8%+4.5%-0.7%-16%+13%+14%+13%-6.1%-8.1%+13%-37%

Revenue · YoY (vs a year ago)

————-15%-0.9%+8.0%+23%+37%+11%+10%-39%

Net profit · QoQ (vs last quarter)

—-25%-30%+257%+1.4%-188%+242%+37%+44%-155%+100%—

Net profit · YoY (vs a year ago)

————+91%-324%+355%+74%+148%-54%-100%+114%

RevenueNet profitLine = trend

11.32

Dec 23

8.53

Mar 24

5.97

Jun 24

4.26

Sep 24

4.32

Dec 24

-3.82

Mar 25

5.43

Jun 25

7.43

Sep 25

10.72

Dec 25

-5.90

Mar 26

6.34

Jun 26

9.73

Sep 26

EPS (₹) · YoY (vs a year ago)

————-62%-145%-9.0%+74%+148%-54%+17%+31%

EPS (₹)Line = trend

₹ Cr	Dec 23	Mar 24	Jun 24	Sep 24	Dec 24	Mar 25	Jun 25	Sep 25	Dec 25	Mar 26	Jun 26	Sep 26
Revenue	562	547	571	568	478	542	617	699	656	603	681	430
Other income	23.2	64.3	20.4	43.0	112	48.0	66.9	112	102	39.9	43.6	117
Total income	586	611	592	611	590	590	684	812	758	643	724	547
Raw material	245	235	231	251	229	244	237	234	244	261	265	203
Purchases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-35.4
Employee cost	22.8	25.3	23.8	22.8	24.8	32.3	31.1	28.9	32.9	35.3	32.7	41.0
Other expenses	173	186	233	207	195	357	226	259	221	460	246	31.8
Total expenses	533	563	589	528	458	664	573	644	577	815	590	268
Operating profit	86.6	42.8	38.7	96.6	79.9	-55.5	105	118	142	-148	151	196
OPM %	15.4%	7.8%	6.8%	17.0%	16.7%	-10.2%	17.1%	16.9%	21.7%	-24.6%	22.1%	45.6%
Finance cost	9.7	8.6	8.5	9.3	9.4	12.0	8.2	8.9	9.4	10.7	10.0	19.7
Depreciation	47.4	50.4	47.5	47.9	50.6	54.6	53.1	53.8	53.9	52.6	49.6	14.5
Profit before tax	52.7	48.0	3.2	82.3	132	-74.1	111	168	181	-172	135	279
Tax	15.8	13.5	0.7	20.4	35.2	-10.9	22.6	31.9	39.2	-26.1	42.7	69.6
Net profit	43.7	32.9	23.0	82.3	83.4	-73.7	105	143	207	-114	122	306
Profit to shareholders	—	—	—	—	—	—	—	—	—	—	0.0	307
EPS (₹)	11.32	8.53	5.97	4.26	4.32	-3.82	5.43	7.43	10.72	-5.90	6.34	9.73

Profit & loss

Results for each year

8 financial years (April to March), consolidated, ₹ crore.

Sales, operating profit and net profit

2,7581,7221,099

FY18

2,149-5.867.6

FY20

1,256-59.20.0

FY21

2,202527431

FY22

2,467618532

FY23

2,395382312

FY24

2,160255115

FY25

2,569398341

FY26

Revenue · YoY (vs a year ago)

——-42%+75%+12%-2.9%-9.8%+19%

Net profit · YoY (vs a year ago)

——-100%—+24%-41%-63%+197%

RevenueOperating profitNet profitLine = trend

₹ Cr	FY18	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	2,758	2,149	1,256	2,202	2,467	2,395	2,160	2,569
Other income	12.4	144	113	79.6	109	142	128	141
Total expenses	1,166	2,263	1,400	1,761	1,977	2,223	2,144	2,421
Employee cost	113	65.6	54.5	80.0	92.1	95.3	104	124
Operating profit	1,722	-5.8	-59.2	527	618	382	255	398
OPM %	62.4%	-0.3%	-4.7%	23.9%	25.1%	16.0%	11.8%	15.5%
Finance cost	56.7	36.5	11.4	7.5	26.0	35.7	39.2	37.2
Depreciation	72.6	72.1	73.1	79.3	102	175	201	213
Profit before tax	1,605	29.3	-30.8	520	599	314	143	289
Tax	523	-24.1	-5.5	129	145	83.7	45.3	66.4
Tax rate %	32.6%	-82.2%	—	24.9%	24.2%	26.7%	31.7%	23.0%
Net profit	1,099	67.6	-17.9	431	532	312	115	341
Profit to shareholders	—	—	0.0	—	—	—	—	—
Net margin %	39.9%	3.1%	0.0%	19.6%	21.6%	13.0%	5.3%	13.3%
EPS (₹)	275.13	17.52	-4.65	111.68	137.93	80.75	5.96	17.69

Balance sheet

Assets and debt

At each year end (and the latest half year), ₹ crore.

Equity, debt and assets

4,28174133.3

Mar 23

4,426619137

Mar 24

4,45458750.8

Mar 25

4,75879340.6

Mar 26

2,5051,131244

Sep 26

Shareholders' equity · YoY (vs a year ago)

—+3.4%+0.6%+6.8%—

Shareholders' equityBorrowingsCashLine = trend

₹ Cr	Mar 23	Mar 24	Mar 25	Mar 26	Sep 26
Shareholders' equity	4,281	4,426	4,454	4,758	2,505
Long-term borrowings	0.0	0.0	2.2	0.0	1,036
Short-term borrowings	741	619	585	793	95.1
Total borrowings	741	619	587	793	1,131
Current liabilities	1,316	1,168	1,085	1,310	645
Fixed assets (PPE)	1,348	1,769	1,892	1,743	1,238
Inventories	1,440	1,194	1,255	1,134	101
Trade receivables	489	508	445	500	192
Cash & equivalents	33.3	137	50.8	40.6	244
Current assets	2,852	2,630	2,457	2,893	2,120
Total assets	5,692	5,701	5,648	6,166	4,436
Debt / equity	0.17	0.14	0.13	0.17	0.45

Cash flow

Cash coming in and going out

For each financial year, ₹ crore. Free cash flow = cash from operations minus spending on fixed assets.

Operating, investing and financing cash

-141-183344

FY22

113-21.1-100.0

FY23

612-186-323

FY24

280-208-159

FY25

213-32096.9

FY26

Operations · YoY (vs a year ago)

—+181%+440%-54%-24%

OperationsInvestingFinancingLine = trend

₹ Cr	FY22	FY23	FY24	FY25	FY26
Cash from operations	-141	113	612	280	213
Cash from investing	-183	-21.1	-186	-208	-320
Cash from financing	344	-100.0	-323	-159	96.9
Spent on fixed assets	-360	-480	-403	-182	-253
Free cash flow	-500	-366	209	97.5	-39.5
Net cash flow	19.7	-7.7	104	-87.9	-10.2

Shareholding

Who holds the shares

Promoter and public holding at each quarter end, as filed with NSE.

Holding over time

55.8%Mar 24

55.8%Jun 24

55.8%Sep 24

55.8%Dec 24

55.8%Mar 25

55.8%Jun 25

55.8%Sep 25

56.1%Dec 25

56.3%Mar 26

56.3%Jun 26

60.7%Sep 26

Promoter & groupPublic

Latest (30 Sep 2026)

60.7%promoter

Promoter & group: 60.72%
Public (FIIs, mutual funds, retail…): 39.28%
Promoter change, last quarter: 0.00 pts

Dividends & news

Latest dividends and announcements

Dividends & corporate actions

DemergerEx 07-Sep-2026
Dividend - Rs 3.40 Per ShareEx 22-Jul-2026
Dividend - Rs 1.80 Per ShareEx 13-Aug-2025
Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 2/- Per ShareEx 18-Oct-2024
Annual General Meeting/Dividend - Rs 22.50 Per ShareEx 31-Jul-2024
Annual General Meeting/Dividend - Rs 42.50 Per ShareEx 24-Aug-2023
Annual General Meeting/Dividend - Rs 40 Per ShareEx 24-Aug-2022
Annual General Meeting/Dividend - Rs 3 Per ShareEx 19-Jul-2021

Board meetings

the Quarterly Unaudited Financial results of the Company for the period ended September 2026 and ESOP.03-Nov-2026
the financial results for the period ended September 30, 2026, Implementation of HEG Advanced Materials Limited - Employee Stock Option Plan 2026 a…03-Nov-2026
HEG LIMITED has informed the Exchange about Board Meeting to be held on 22-Jul-2026 to inter-alia consider and approve the Unaudited Financial result…22-Jul-2026
the financial results for the period ended Jun 30, 202622-Jul-2026
the Yearly Audited Financial results of the Company for the period ended March 2026 and Dividend.29-Apr-2026

Filings with NSE

Press Release12 Nov
Press Release11 Nov
General Updates6 Nov
Analysts/Institutional Investor Meet/Con. Call Updates5 Nov
Copy of Newspaper Publication5 Nov
Investor Presentation4 Nov
Amendment to AOA/MOA4 Nov

Latest news

HEG Advanced Materials Subsidiary TACC Signs MoU for 40,000 Tonnes of Battery Anode Material; Shares FallHDFC Sky · 12 Nov, 10:34 am HEG Advanced Materials Climbs 4% Intraday on Anode MoUEquitypandit · 12 Nov, 12:37 pm HEG Advanced Materials shares gain 5% after subsidiary secures Rs 610 crore incentive under ECMSThe Economic Times · 11 Nov, 11:42 am HEG Advanced Materials Shares Rise 3.5% As Subsidiary Gets Rs 609.5 Crore Incentive ApprovalNDTV Profit · 11 Nov, 10:51 am HEG Advanced Materials unit TACC gets ₹609.50 crore ECMS incentivescanx.trade · 11 Nov, 8:42 pm HEG shares jump 5% snapping three-day losing streak as subsidiary gets ₹610 crore ECMS incentive - CNBC TV18LinkedIn · 11 Nov, 11:48 am Multibagger HEG Advanced Materials shares hit 20% upper circuit in biggest 1-day gain in 8 years; what drove the rally?Livemint · 4 Nov, 3:40 pm HEG Advanced Materials shares gains 10% on ₹1,606-crore anode expansion planBusinessLine · 4 Nov, 1:30 pm

About

About HEG Advanced Materials Limited

HEG Advanced Materials Limited is listed on the NSE under the symbol HEGAM and belongs to the Capital Goods sector.

Company details

Company name: HEG Advanced Materials Limited
NSE symbol: HEGAM
BSE scrip code: 509631
ISIN: INE545A01024
Listed on: NSE, BSE
Series: EQ (normal equity)
Listed on NSE since: 10 May 1995
Face value: ₹2 per share
Market lot: 1 share
Shares issued: 32.98 crore
Index: NIFTY 500
Sector (NSE): Capital Goods
Industry: Electronic Components
Managing director / CEO: Ravi Jhunjhunwala
Chair: Ravi Jhunjhunwala
Employees: 1,262
Financial year: April to March
Results basis: Consolidated

Peers

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Prices from NSE via Upstox. Financials from the company's results filed with NSE (XBRL); ratios are our own working. Profile from global-stock-logos (MIT). For information only, not a recommendation to buy or sell.

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HEG Advanced Materials Limited

Today

Ratios

Quarterly results

Revenue and net profit

Profit & loss

Sales, operating profit and net profit

Balance sheet

Equity, debt and assets

Cash flow

Operating, investing and financing cash

Shareholding

Holding over time

Latest (30 Sep 2026)

Dividends & news

Dividends & corporate actions

Board meetings

Filings with NSE

Latest news

About

Company details

Peers