As of 6 Nov 2026, HEG Advanced Materials trades at 22.2× trailing earnings, below the industry P/E of 30.0×, and the shares are 61% below their 52-week high. Its ROCE of 8.8% is the lowest among the 7 largest Electrical Equipment & Parts peers, and sales grew 1.6% a year over 3 years while net profit fell 14%. Its dividend yield is 1.4%, and debt is 0.17× equity. It is a small-cap company with a market cap of ₹9,692 Cr, ranked 18th of 97 Electrical Equipment & Parts companies by market cap; the shares fell 49% over the past year.
- ₹292.11
- ₹303.24
- ₹281.49
- ₹295.42
- 31.6 L
Health check
- ReturnsBehind
−49.0% over a year, better than 0 of 7 peers.
- Price tagCheaper
P/E 22.2 vs industry 30.0.
- GrowthSlow
Sales +1.6%, profit −13.8% a year over 3 years.
- ProfitabilityWeak
ROCE 8.8% vs peer median 22.1%.
- Balance sheetSolid
Debt 0.17× equity, interest covered 17.5×, Piotroski 6 of 9.
- Red flags2 to check
Return on equity is low at 7.4%.
Small cap
Defensive
Key metrics
- Market cap
- ₹9,692 Cr
- Small cap
- P/E
- 22.2
- Industry 30.0
- Price to book
- 1.19
- Peers 7.24
- Dividend yield
- 1.41%
- ROE
- 7.4%
- Peers 18.0%
- ROCE
- 8.8%
- Peers 22.1%
- Debt to equity
- 0.17
- Debt ₹796 Cr
- EPS (TTM)
- ₹13.24
- Face value ₹2
- OPM (TTM)
- 38.7%
- Net margin 13.6%
- Sales growth
- +144.4%
- Latest quarter vs a year ago
- Profit growth
- +58.3%
- Latest quarter vs a year ago
- Price to sales
- 3.68
- EV/EBITDA 8.3
Strengths and risks
Strengths
- Quarterly profit up 58.3% on a year ago.
- Quarterly sales up 144.4% on a year ago.
- P/E of 22.2 against an industry P/E of 30.0.
- Positive operating cash flow in each of the last 4 years.
Risks to check
- Return on equity is low at 7.4%.
- 61% below its 52-week high.
About HEG Advanced Materials
HEG Advanced Materials Limited engages in the research and development of advanced battery materials, battery solutions. It manufactures custom machined components. The company also operates thermal power plants and a hydroelectric power facility. The company was formerly known as HEG Limited and change its name to HEG Advanced Materials Limited in September 2026. HEG Advanced Materials Limited was incorporated in 1972 and is headquartered in Noida, India.
- Headquarters
- Noida
- Employees
- 1,175
- Sector
- Industrials
- ISIN
- INE545A01024
- Website
- hegadvancedmaterials.com
Price range
- Avg volume (3M)
- 21.8 L
- 1-year return
- minus 49.0%
- From 52-week high
- minus 61.0%
Peers · Electrical Equipment & Parts
| Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| POWERINDIAHitachi Energy India | 27,800.00 | minus 1.42% | 1,23,911 | 107.7 | 95.3 | 24.9% | 16.1% | 0.02 | 22.2% | plus 37.9% |
| CGPOWERCG Power and Industrial Solutions | 773.00 | minus 4.43% | 1,21,785 | 88.6 | 72.5 | 19.3% | 13.1% | 0.02 | 21.2% | plus 8.2% |
| POLYCABPolycab India | 7,871.00 | plus 0.28% | 1,18,613 | 37.5 | 29.0 | 30.4% | 13.6% | 0.02 | 26.6% | plus 3.8% |
| HAVELLSHavells India | 1,128.00 | plus 5.61% | 70,789 | 42.6 | 30.0 | 22.1% | 9.1% | 0.02 | 9.9% | minus 28.1% |
| APARINDSApar Industries | 14,106.00 | minus 9.65% | 59,065 | 41.6 | 30.7 | 26.7% | 9.5% | 0.12 | 17.0% | plus 87.2% |
| KEIKEI Industries | 3,988.00 | minus 1.80% | 38,143 | 36.1 | 29.9 | 18.7% | 11.0% | 0.04 | 19.1% | plus 1.8% |
| HONAUTHoneywell Automation India | 30,080.00 | minus 0.79% | 26,613 | 47.0 | 35.7 | 15.7% | 13.8% | 0.02 | 10.9% | minus 17.5% |
| HEGAMHEG Advanced Materials | 293.87 | minus 0.52% | 9,692 | 22.2 | 18.6 | 8.8% | 38.7% | 0.17 | 1.6% | minus 49.0% |
| Median of 7 peers | – | −1.42% | 70,789 | 42.6 | 30.7 | 22.1% | 13.1% | 0.02 | 19.1% | 3.8% |
Quarterly results
| ₹ Cr | Sep 25 | Dec 25 | Mar 26 | Jun 26 | Sep 26 |
|---|---|---|---|---|---|
| 176 | 656 | 603 | 681 | 430 | |
| 97.4 | 379 | 384 | 456 | 234 | |
| 78.5 | 277 | 219 | 225 | 196 | |
| 44.6% | 42.2% | 36.3% | 33.0% | 45.6% | |
| −35.9 | −19.5 | −106 | 9.7 | 117 | |
| 1.2 | 9.4 | 10.7 | 10 | 19.7 | |
| 13.1 | 53.9 | 52.6 | 49.6 | 14.5 | |
| 86.2 | 52 | −194 | −9.7 | – | |
| 115 | 246 | −145 | 165 | 279 | |
| 39.6% | 15.9% | 18.0% | 25.9% | 25.0% | |
| 193 | 207 | −114 | 122 | 306 | |
| 6.62 | 10.72 | -5.90 | 6.34 | 9.73 |
Profit & loss
- Sales CAGR 3Y
- +1.6%
- Profit CAGR 3Y
- −13.8%
- EPS CAGR 3Y
- −13.8%
- ROE
- 7.4%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 2,435 | 2,380 | 2,137 | 2,552 | |
| – | minus 2.3% | minus 10.2% | +19.4% | |
| 1,810 | 1,942 | 1,738 | 2,027 | |
| 626 | 437 | 400 | 525 | |
| 25.7% | 18.4% | 18.7% | 20.6% | |
| 161 | 159 | 44.2 | 70.1 | |
| 25.7 | 35.7 | 31.6 | 24.5 | |
| 102 | 175 | 201 | 213 | |
| 18.4 | 9.4 | −46.6 | 47.2 | |
| 677 | 395 | 165 | 404 | |
| 21.4% | 21.2% | 28.2% | 16.4% | |
| 532 | 312 | 115 | 341 | |
| – | minus 41.5% | minus 63.1% | +196.7% | |
| 27.59 | 16.15 | 5.96 | 17.69 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 38.6 | 38.6 | 38.6 | 38.6 | |
| 4,242 | 4,387 | 4,415 | 4,719 | |
| 743 | 623 | 588 | 796 | |
| 668 | 653 | 607 | 612 | |
| 5,692 | 5,701 | 5,648 | 6,166 | |
| 1,827 | 2,029 | 2,008 | 2,038 | |
| 472 | 222 | 78.7 | 258 | |
| 220 | 281 | 419 | 336 | |
| 767 | 712 | 583 | 708 | |
| 2,406 | 2,457 | 2,559 | 2,825 | |
| 5,692 | 5,701 | 5,648 | 6,166 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 113 | 612 | 280 | 213 | |
| −21.1 | −184 | −208 | −320 | |
| −100 | −324 | −159 | 96.9 | |
| −7.7 | 104 | −87.9 | −10.2 | |
| −480 | −372 | −182 | −253 | |
| −366 | 241 | 97.5 | −39.5 | |
| −154 | −163 | −87.2 | −36.7 |
Shareholding pattern
NSE hasn’t returned a shareholding pattern for this company. Institutions hold about 9.0% (Yahoo estimate).
Major shareholders
Filings & events
News
No recent news coverage found.