HEG Limited, a flagship company of the LNJ Bhilwara Group, stands as India’s foremost manufacturer of graphite electrodes and a significant global player in the industry. Established in 1977, HEG Ltd. operates one of the world’s largest integrated graphite electrode facilities, renowned for producing sophisticated Ultra High Power (UHP) electrodes critical for steel manufacturing through electric arc furnaces. With an impressive export footprint, the company ships over 70% of its production to more than 30 countries, underscoring its strong international presence. To ensure sustained competitiveness and operational efficiency, HEG Ltd. operates a Captive Power Plant with a capacity exceeding 77 MW. Dedicated to innovation and excellence, the company constantly upgrades its product quality to meet evolving global standards and industry demands. Guided by a visionary approach, HEG Ltd. aspires to be a vibrant, globally acknowledged leader in graphite electrodes and allied businesses, with a steadfast commitment to growth, innovation, quality, and customer-centric practices.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | |
| Promoters + | 55.77% | 55.77% | 55.77% | 55.77% | 55.77% |
| FIIs + | 6.85% | 6.86% | 6.06% | 6.93% | 7.07% |
| DIIs + | 8.85% | 10.38% | 13.08% | 12.79% | 12.09% |
| Public + | 28.51% | 26.98% | 25.08% | 24.51% | 25.04% |
| No. of Shareholders | 1,32,662 | 1,29,905 | 1,19,399 | 1,18,471 | 1,52,166 |
The shareholding pattern of HEG Limited reveals a stable and diverse ownership structure throughout the year 2024. Promoters maintained a consistent stake of 55.77% across all quarters, reflecting their strong confidence in the company. Foreign Institutional Investors (FIIs) exhibited a slight fluctuation, starting at 6.85% in December 2023, dipping to 6.06% in June 2024, and recovering to 7.07% by December 2024. Domestic Institutional Investors (DIIs) increased their stake significantly in the first half of the year, peaking at 13.08% in June 2024, but slightly reduced it to 12.09% by the end of the year. The public shareholding showed a steady decline from 28.51% in December 2023 to 24.51% in September 2024, before slightly increasing to 25.04% in December 2024. Additionally, the number of shareholders showed notable variation, starting at 1,32,662 in December 2023, dropping to 1,18,471 by September 2024, and then rising sharply to 1,52,166 by December 2024. These dynamics highlight HEG’s attractiveness to institutional investors and evolving public interest in its shares.
Below are the trading platforms that you can use to purchase HEG shares:
➤ Zerodha
➤ Upstox
➤ Groww
➤ AngelOne
➤ ICICIDirect
| When | Maximum Price | Minimum Price |
| March 2025 | 450.77 | 346.75 |
| April 2025 | 446.31 | 343.31 |
| May 2025 | 433.31 | 333.31 |
| June 2025 | 452.81 | 348.31 |
| July 2025 | 443.93 | 341.48 |
| August 2025 | 457.66 | 352.04 |
| September 2025 | 463.15 | 356.27 |
| October 2025 | 475.19 | 365.53 |
| November 2025 | 487.07 | 374.67 |
| December 2025 | 508.99 | 391.53 |
In 2025, HEG’s share prices are projected to exhibit consistent growth. In March 2025, the share price is expected to reach a maximum of ₹450.77 and a minimum of ₹346.75. By December 2025, HEG’s shares are anticipated to rise further, with a maximum price of ₹508.99 and a minimum price of ₹391.53.
| When | Maximum Price | Minimum Price |
| January 2026 | 524.26 | 403.28 |
| February 2026 | 511.15 | 393.19 |
| March 2026 | 521.37 | 401.06 |
| April 2026 | 532.01 | 409.24 |
| May 2026 | 526.75 | 405.19 |
| June 2026 | 539.92 | 415.32 |
| July 2026 | 529.33 | 407.18 |
| August 2026 | 545.70 | 419.77 |
| September 2026 | 556.61 | 428.17 |
| October 2026 | 571.09 | 439.30 |
| November 2026 | 585.36 | 450.28 |
| December 2026 | 600.00 | 461.54 |
As we move through 2026, HEG’s share prices are expected to demonstrate a positive trajectory. In January 2026, the shares are projected to reach a maximum price of ₹524.26 and a minimum price of ₹403.28. By December 2026, HEG’s shares are anticipated to climb further, with a maximum price of ₹600.00 and a minimum price of ₹461.54.
| When | Maximum Price | Minimum Price |
| January 2027 | 606.00 | 466.15 |
| February 2027 | 621.54 | 478.10 |
| March 2027 | 645.78 | 496.75 |
| April 2027 | 633.11 | 487.01 |
| May 2027 | 614.67 | 472.83 |
| June 2027 | 642.33 | 494.10 |
| July 2027 | 629.74 | 484.41 |
| August 2027 | 649.22 | 499.40 |
| September 2027 | 671.94 | 516.88 |
| October 2027 | 689.41 | 530.31 |
| November 2027 | 706.64 | 543.57 |
| December 2027 | 724.31 | 557.16 |
| When | Maximum Price | Minimum Price |
| January 2028 | 738.80 | 568.30 |
| February 2028 | 757.74 | 582.88 |
| March 2028 | 787.29 | 605.61 |
| April 2028 | 771.85 | 593.73 |
| May 2028 | 749.37 | 576.44 |
| June 2028 | 783.09 | 602.38 |
| July 2028 | 767.74 | 590.57 |
| August 2028 | 791.48 | 608.83 |
| September 2028 | 819.19 | 630.14 |
| October 2028 | 840.49 | 646.53 |
| November 2028 | 861.50 | 662.69 |
| December 2028 | 883.03 | 679.26 |
| When | Maximum Price | Minimum Price |
| January 2029 | 900.70 | 692.84 |
| February 2029 | 923.79 | 710.61 |
| March 2029 | 959.82 | 738.32 |
| April 2029 | 941.00 | 723.84 |
| May 2029 | 913.59 | 702.76 |
| June 2029 | 954.70 | 734.39 |
| July 2029 | 935.98 | 719.99 |
| August 2029 | 964.93 | 742.25 |
| September 2029 | 998.70 | 768.23 |
| October 2029 | 1,024.67 | 788.21 |
| November 2029 | 1,050.29 | 807.91 |
| December 2029 | 1,076.54 | 828.11 |
| When | Maximum Price | Minimum Price |
| January 2030 | 1,098.07 | 844.67 |
| February 2030 | 1,126.23 | 866.33 |
| March 2030 | 1,170.15 | 900.12 |
| April 2030 | 1,147.21 | 882.47 |
| May 2030 | 1,113.79 | 856.77 |
| June 2030 | 1,163.92 | 895.32 |
| July 2030 | 1,141.09 | 877.76 |
| August 2030 | 1,176.39 | 904.91 |
| September 2030 | 1,217.56 | 936.58 |
| October 2030 | 1,249.22 | 960.93 |
| November 2030 | 1,280.45 | 984.96 |
| December 2030 | 1,312.46 | 1,009.58 |
As we progress through 2030, HEG’s share prices are forecasted to exhibit remarkable growth. In January 2030, the shares are expected to achieve a maximum price of ₹1,098.07 and a minimum price of ₹844.67. By December 2030, HEG’s shares are projected to rise significantly, reaching a maximum price of ₹1,312.46 and a minimum price of ₹1,009.58.
Financial Condition of HEG
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM | |
| Sales + | 2,145 | 1,254 | 2,201 | 2,463 | 2,393 | 2,164 |
| Expenses + | 2,150 | 1,308 | 1,670 | 1,844 | 2,011 | 1,921 |
| Operating Profit | -5 | -53 | 530 | 619 | 382 | 243 |
| OPM % | 0% | -4% | 24% | 25% | 16% | 11% |
| Other Income + | 143 | 114 | 117 | 187 | 223 | 280 |
| Interest | 37 | 11 | 7 | 26 | 36 | 36 |
| Depreciation | 72 | 73 | 79 | 102 | 175 | 196 |
| Profit before tax | 29 | -23 | 560 | 677 | 395 | 291 |
| Tax % | -82% | -23% | 23% | 21% | 21% | |
| Net Profit + | 68 | -18 | 431 | 532 | 312 | 222 |
| EPS in Rs | 3.5 | -0.93 | 22.33 | 27.59 | 16.15 | 11.48 |
| Dividend Payout % | 143% | -65% | 36% | 31% | 28% |
The financial performance of HEG Limited over the years reveals a journey of fluctuating trends, highlighting the company’s resilience and ability to adapt. From March 2020 to March 2024, HEG’s sales showed an overall recovery, peaking at ₹2,463 crore in March 2023 before slightly declining to ₹2,393 crore in March 2024. Expenses followed a similar trajectory, rising from ₹1,308 crore in March 2021 to ₹2,011 crore in March 2024, reflecting the increasing cost environment.
Operating profit demonstrated a remarkable turnaround, with HEG overcoming losses in March 2020 and 2021 to achieve an impressive ₹619 crore in March 2023, supported by an Operating Profit Margin (OPM) of 25%. However, OPM softened to 16% in March 2024 as operating profit declined to ₹382 crore. Other income consistently contributed to the company’s earnings, growing from ₹143 crore in March 2020 to ₹223 crore in March 2024.
HEG’s profit before tax reached a peak of ₹677 crore in March 2023 before reducing to ₹395 crore in March 2024. Net profit followed a similar pattern, achieving ₹532 crore in March 2023 before tapering off to ₹312 crore in March 2024. Earnings per share (EPS) reached ₹27.59 in March 2023 and moderated to ₹16.15 in March 2024. Dividend payout percentages decreased progressively, reflecting a prudent approach to reinvestment, from 143% in March 2020 to 28% in March 2024.
FAQS
While there is no official share price target for HEG for 2025, some experts predict that the company’s share price could continue to grow up to ₹508.99 by the end of 2025
As per our analysis, we expect HEG to reach ₹1,312.46 by the end of 2030
Is HEG a good stock to buy?
Many investors consider HEG to be a good long-term investment, given the company’s strong financial performance and growth potential.
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Conclusion
In conclusion, HEG Limited has established itself as a global leader in the graphite electrode industry, supported by strong manufacturing capabilities and a significant export presence. Its stable promoter confidence and increasing institutional interest highlight its appeal within the investment community. Financially, the company has demonstrated resilience, recovering significantly in revenues and operating profits, although recent metrics show some moderation. Share price predictions for 2025 to 2030 suggest a consistent upward trajectory, reflecting growth potential and confidence in the graphite electrode market’s future. With its focus on innovation, efficiency, and competitiveness, HEG Limited is well-positioned for sustained growth and leadership in its sector.
What did we learn?
