Here is a data-driven look at H.E.G. Ltd. (HEG), covering financial performance, valuation, and shareholding trends.
HEG Revenue Trend
In FY2025, H.E.G. Ltd.'s revenue contracted 9.8% to ₹2,287 Cr from ₹2,537 Cr.
Revenue compounded at 6.4% annually over 10 years for H.E.G. Ltd.. It's a reasonable growth rate that's roughly kept pace with the broader market.
At ₹2,287 Cr in annual revenue, H.E.G. Ltd. is one of the mid-sized players in the electrodes space.
| Year | Revenue | YoY % |
|---|---|---|
| FY2025 | ₹2,287 Cr | -9.8% |
| FY2024 | ₹2,537 Cr | -1.5% |
| FY2023 | ₹2,576 Cr | +12.9% |
| FY2022 | ₹2,281 Cr | +81.6% |
| FY2021 | ₹1,256 Cr | — |
View H.E.G. Ltd.'s full 10-year revenue trend with CAGR analysis →
HEG Profitability
On the earnings front, H.E.G. Ltd. posted ₹115 Cr for FY2025 — a 63.1% drop from ₹312 Cr in FY2024.
Net margin slipped from 12.3% to 5.0% in FY2025 — a sign of thinning profitability.
At ₹5.96 per share (diluted), FY2025 earnings were down year-over-year from ₹16.15.
Is HEG Undervalued
Under the P/E Ratio approach, H.E.G. Ltd.'s estimated fair value is ₹148 (73.2% downside).
H.E.G. Ltd. shares are currently trading at ₹553.05.
Craytheon also calculates intrinsic value using the EPS Growth model. The full breakdown with assumptions is available in the detailed analysis.
| Model | Est. Fair Value | vs. Current Price |
|---|---|---|
| P/E Ratio | ₹148 | 73.2% downside to fair value |
| EPS Growth | Upgrade | Upgrade |
See all valuation models for H.E.G. Ltd. with detailed assumptions →
HEG Shareholding Pattern
Promoter holding increased from 55.8% to 56.3%, signalling growing confidence from the management group.
Foreign investors held 10.2% of the company as of March 2026, up year-over-year from 7.3%.
Domestic investors held 8.6% of the company as of March 2026, down year-over-year from 11.6%.
| Quarter | Promoter | FII | DII | Public |
|---|---|---|---|---|
| Mar 2026 | 56.3% | 10.2% | 8.6% | 24.9% |
| Dec 2025 | 56.1% | 8.5% | 12.1% | 23.2% |
| Sep 2025 | 55.8% | 8.0% | 12.0% | 24.3% |
| Jun 2025 | 55.8% | 7.3% | 11.6% | 25.3% |
Track quarterly shareholding changes for H.E.G. Ltd. →
HEG Balance Sheet
Proportional view as of 3 Jun 2026. Hover blocks for details.
Assets
Liabilities & Equity
FY2025 total assets: ₹56.48B (down 0.9% YoY from ₹57.01B).
Top categories: Property, Plant & Equipment (34.8%), Inventories (22.2%), Investments (17.8%).
Of the ₹56.48B in liabilities and equity, 78.9% is shareholder equity, 10.4% is interest-bearing debt, and 10.7% is operating liabilities. Over the year, debt is down 5.6% and equity is up 0.6%.
Balance sheet composition — FY 2025
| Category | Value |
|---|---|
| Cash & ST Investments | 4.44B |
| Receivables | 4.45B |
| Inventories | 12.55B |
| Property, Plant & Equipment | 19.63B |
| Investments | 10.07B |
| Intangibles & Goodwill | 26.17M |
| Other Assets | 5.32B |
| Category | Value |
|---|---|
| Equity | 44.54B |
| Short-term Debt | 5.85B |
| Long-term Debt | 22.28M |
| Trade Payables | 3.99B |
| Other Liabilities | 2.07B |
HEG Key Takeaways
To sum up H.E.G. Ltd.'s financial position: the data paints a clear picture for investors evaluating this electrodes stock.
Revenue of ₹2,287 Cr in FY2025, down 9.8% year-over-year.
Long-term revenue has been compounding at 6.4% annually over 10 years.
The company is profitable, with a net margin of 5.0% and net income of ₹115 Cr.
The P/E Ratio model implies 73.2% downside to fair value from the current price. The remaining two models are worth cross-checking before drawing a conclusion — sign up to see the full analysis.
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Get the complete view of H.E.G. Ltd. on Craytheon — 10 years of financials, three valuation models, and institutional holding trends.