HEG Advanced Materials Ltd.

NSE: HEGAM · Capital Goods

₹293.87-0.52%06 Nov 2026

Ask the data

Instant answers about HEG Advanced Materials Ltd. — computed from its filings, no language model

Market cap₹9,692 cr

Current price₹293.87

High / Low₹739 / ₹199

P/E24.2

P/B3.87

Book value₹76.0

ROE16.0%

ROCE13.0%

Debt / equity0.45

Dividend yield0.38%

EPS (TTM)₹12.12

Face value₹2

Price & valuation

split & bonus adjusted · pick a metric and range

Annual performance

annual · ₹ crore · line = operating margin

showing latest 6 of 7 periods

	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	2,149	1,256	2,202	2,467	2,395	2,160	2,568
EBITDA	-6	-59	527	618	382	255	398
Operating margin	-0.3%	-4.7%	23.9%	25.1%	16.0%	11.8%	15.5%
Interest	37	11	7	26	36	39	37
Depreciation	72	73	79	102	175	201	213
Profit before tax	29	-31	520	599	314	143	289
Tax	-24	-5	129	145	84	45	66
Net profit	68	0	431	532	312	115	341
EPS ₹	17.52	-4.65	111.68	137.93	80.75	5.96	17.69
Operating cash flow	—	—	-141	113	612	280	213
Capex	—	—	360	480	403	182	253
Dividend paid	—	—	12	154	164	87	37
Total assets	4,438	4,244	5,308	5,692	5,701	5,648	6,166
Equity	3,512	3,495	3,914	4,281	4,426	4,454	4,758

Quarterly performance

last 30 quarters · ₹ crore

showing latest 8 of 30 periods

	JUN '19	SEP '19	DEC '19	MAR '20	JUN '20	SEP '20	DEC '20	MAR '21	JUN '21	SEP '21	DEC '21	MAR '22	JUN '22	SEP '22	DEC '22	MAR '23	JUN '23	SEP '23	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	817	564	394	374	233	323	320	380	414	518	597	673	722	598	530	617	671	614	562	547	571	568	478	542	617	699	656	603	681	430
Operating profit	348	139	5	-497	-11	-42	-1	-5	72	142	156	157	184	179	132	123	151	102	87	43	39	97	80	-55	105	118	142	-148	151	196
Operating margin	42.6%	24.6%	1.2%	-132.8%	-4.8%	-13.0%	-0.4%	-1.2%	17.5%	27.4%	26.1%	23.3%	25.5%	29.9%	24.9%	20.0%	22.5%	16.6%	15.4%	7.8%	6.8%	17.0%	16.7%	-10.2%	17.1%	16.9%	21.7%	-24.6%	22.1%	45.6%
Other income	39	35	27	42	46	16	25	25	22	25	15	17	21	20	37	31	26	28	23	64	20	43	112	48	67	112	102	40	44	117
Interest	9	10	9	9	6	3	1	1	1	1	4	1	4	7	8	7	9	9	10	9	8	9	9	12	8	9	9	11	10	20
Depreciation	18	18	18	19	18	18	19	18	19	18	21	21	21	23	25	33	38	38	47	50	48	48	51	55	53	54	54	53	50	15
Profit before tax	360	146	6	-483	11	-47	4	1	75	148	146	152	180	168	136	114	130	83	53	48	3	82	132	-74	111	168	181	-172	135	279
Tax	126	-33	-0	-117	0	-13	-0	8	19	35	37	39	47	38	34	25	33	22	16	13	1	20	35	-11	23	32	39	-26	43	70
Net profit	243	0	0	-377	0	0	0	0	0	132	113	129	159	169	105	100	139	96	44	33	23	82	83	-74	105	143	207	-114	0	307
EPS ₹	63.09	52.42	-0.32	-97.67	3.71	-3.98	-0.21	-4.17	14.71	34.07	29.40	33.49	41.20	43.77	27.13	25.84	36.05	24.87	11.32	8.53	5.97	4.26	4.32	-3.82	5.43	7.43	10.72	-5.90	6.34	9.73
Revenue YoY	—	—	—	—	-71.4%	-42.8%	-18.8%	1.6%	77.3%	60.3%	86.9%	76.9%	74.5%	15.6%	-11.2%	-8.3%	-7.0%	2.7%	6.1%	-11.3%	-14.9%	-7.6%	-14.9%	-0.9%	8.0%	23.2%	37.2%	11.2%	10.4%	-38.5%
Profit YoY	—	—	—	—	-100.0%	—	—	—	—	—	—	—	—	28.5%	-7.7%	-22.9%	-12.5%	-43.2%	-58.3%	-67.0%	-83.4%	-14.3%	91.0%	-323.9%	355.0%	74.2%	148.2%	—	-100.0%	114.0%

Earlier results (standalone, Sep '07 – Mar '19)

₹ crore · from BSE, before the NSE XBRL filings begin

HEG Advanced Materials Ltd. reports consolidated figures above. Quarterly consolidated results only became mandatory in India in 2019, so the earlier history available is the standalone company only (excluding subsidiaries). It is shown separately so the two bases are never mixed.

Full years

showing latest 8 of 11 periods

	FY09†	FY10†	FY11†	FY12†	FY13†	FY14†	FY15†	FY16†	FY17†	FY18†	FY19†
Revenue	1,029	1,131	1,114	1,424	1,629	1,467	1,240	831	876	2,758	6,593
Operating profit	376	343	245	246	293	246	196	124	81	1,722	4,658
Operating margin	36.6%	30.3%	22.0%	17.3%	18.0%	16.8%	15.8%	15.0%	9.2%	62.4%	70.7%
Other income	17	12	17	17	14	22	12	4	7	12	108
Interest	67	59	37	42	64	72	66	60	55	57	17
Depreciation	47	52	57	58	63	73	75	79	74	73	72
Profit before tax	161	242	168	67	125	97	44	-11	-41	1,605	4,677
Tax	54	71	39	5	19	11	5	5	9	523	1,627
Net profit	107	171	129	62	106	87	39	-15	-49	1,081	3,050

Quarters

showing latest 8 of 47 periods

	SEP '07†	DEC '07†	MAR '08†	JUN '08†	SEP '08†	DEC '08†	MAR '09†	JUN '09†	SEP '09†	DEC '09†	MAR '10†	JUN '10†	SEP '10†	DEC '10†	MAR '11†	JUN '11†	SEP '11†	DEC '11†	MAR '12†	JUN '12†	SEP '12†	DEC '12†	MAR '13†	JUN '13†	SEP '13†	DEC '13†	MAR '14†	JUN '14†	SEP '14†	DEC '14†	MAR '15†	JUN '15†	SEP '15†	DEC '15†	MAR '16†	JUN '16†	SEP '16†	DEC '16†	MAR '17†	JUN '17†	SEP '17†	DEC '17†	MAR '18†	JUN '18†	SEP '18†	DEC '18†	MAR '19†
Revenue	280	260	237	237	295	243	254	232	273	290	336	222	300	310	282	279	319	418	407	385	440	358	446	235	302	428	501	347	323	280	290	249	240	179	163	163	200	246	267	214	410	843	1,292	1,587	1,794	1,865	1,347
Operating profit	72	82	49	90	105	89	92	83	93	95	72	57	60	70	58	44	44	85	72	103	68	53	68	37	46	85	78	59	50	51	36	23	53	39	9	3	19	29	30	23	190	558	951	1,188	1,369	1,313	788
Operating margin	25.7%	31.5%	20.8%	37.9%	35.5%	36.6%	36.5%	35.7%	33.9%	32.6%	21.5%	25.7%	20.1%	22.4%	20.6%	15.8%	13.8%	20.4%	17.8%	26.8%	15.5%	14.9%	15.3%	15.9%	15.1%	19.9%	15.5%	17.0%	15.3%	18.3%	12.4%	9.3%	22.3%	22.0%	5.3%	1.9%	9.3%	11.9%	11.1%	10.9%	46.3%	66.2%	73.6%	74.8%	76.3%	70.4%	58.5%
Other income	14	1	7	2	3	5	7	2	1	3	7	2	4	3	8	3	4	6	4	2	3	4	4	3	8	3	8	3	4	0	5	2	0	1	1	1	4	1	1	1	3	5	4	8	20	37	42
Interest	12	12	12	11	15	21	20	18	16	15	11	9	9	10	9	8	8	14	13	16	16	15	17	16	18	20	18	18	17	17	14	15	18	13	13	13	15	14	12	13	13	13	18	2	5	4	6
Depreciation	13	13	11	11	11	12	13	12	13	13	14	15	14	14	14	14	14	15	16	16	16	16	15	17	18	19	19	19	19	19	18	19	20	20	20	19	18	18	18	18	18	19	18	18	18	19	18
Profit before tax	62	58	47	42	51	30	38	56	65	68	53	35	42	48	43	25	15	27	0	25	43	13	44	-7	8	47	49	23	9	6	7	-9	15	7	-24	-28	-12	-2	-0	-7	161	531	919	1,177	1,366	1,329	806
Tax	20	18	11	13	20	8	14	14	21	22	14	8	13	10	8	5	1	3	-5	2	7	1	9	2	3	3	3	4	3	-4	3	2	1	0	2	1	2	2	4	2	47	189	285	406	477	462	282
Net profit	42	40	36	30	31	22	24	42	44	46	39	27	30	38	34	20	14	24	5	23	36	12	35	-9	5	44	47	19	6	10	4	-11	15	6	-26	-29	-13	-3	-4	-8	114	342	634	770	889	867	524
EPS ₹	10.44	9.55	8.16	6.66	7.11	4.98	5.60	9.96	10.78	11.14	9.29	6.20	6.94	8.92	8.02	4.66	3.29	5.89	1.23	5.81	8.99	2.88	8.80	-2.33	1.27	11.09	11.66	4.74	1.40	2.62	1.00	-2.64	3.67	1.62	-6.45	-7.27	-3.37	-0.79	-0.97	-2.11	28.44	85.62	158.66	192.77	222.45	216.93	131.39
Revenue YoY	—	—	—	—	5.6%	-6.6%	7.2%	-2.2%	-7.5%	19.6%	32.4%	-4.3%	9.7%	6.9%	-16.2%	25.8%	6.5%	34.7%	44.7%	37.6%	37.9%	-14.3%	9.6%	-38.8%	-31.4%	19.6%	12.4%	47.6%	7.1%	-34.7%	-42.2%	-28.2%	-25.7%	-36.2%	-43.9%	-34.5%	-16.8%	37.6%	64.3%	31.0%	105.0%	242.9%	383.7%	642.8%	338.0%	121.3%	4.2%
Profit YoY	—	—	—	—	-25.1%	-45.1%	-33.0%	41.9%	40.5%	109.0%	62.7%	-36.6%	-32.8%	-16.4%	-12.5%	-25.5%	-54.5%	-37.1%	-85.5%	17.5%	165.2%	-52.1%	604.2%	-140.1%	-85.9%	284.6%	32.5%	—	10.5%	-76.4%	-91.4%	-155.6%	162.7%	-37.9%	-742.6%	—	-192.0%	-148.8%	—	—	—	—	—	—	682.1%	153.4%	-17.3%

Returns & margins

trailing-twelve-month, per quarter

showing latest 8 of 27 periods

	MAR '20	JUN '20	SEP '20	DEC '20	MAR '21	JUN '21	SEP '21	DEC '21	MAR '22	JUN '22	SEP '22	DEC '22	MAR '23	JUN '23	SEP '23	DEC '23	MAR '24	JUN '24	SEP '24	DEC '24	MAR '25	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26	SEP '26
ROE	-3.8%	-10.7%	-10.7%	-10.7%	0.0%	0.0%	3.8%	7.0%	9.6%	13.6%	14.0%	13.8%	12.4%	12.0%	10.1%	8.7%	7.0%	4.4%	4.1%	5.0%	2.6%	4.4%	5.5%	8.2%	7.2%	5.0%	16.0%
ROCE	1.6%	-7.0%	-11.9%	-12.1%	-0.5%	1.0%	6.1%	9.9%	11.5%	13.9%	13.7%	13.6%	12.5%	11.5%	9.9%	8.2%	6.9%	4.4%	4.4%	6.0%	3.6%	5.7%	7.1%	8.0%	5.9%	6.3%	13.0%
Net margin	-6.2%	-24.1%	-28.5%	-30.2%	0.0%	0.0%	8.1%	12.8%	17.0%	21.2%	22.0%	22.3%	21.6%	21.2%	18.1%	15.4%	13.0%	8.5%	8.1%	10.2%	5.3%	8.9%	11.0%	15.2%	13.3%	9.0%	16.9%
EBITDA margin	-0.3%	-23.3%	-41.2%	-44.1%	-4.7%	1.7%	12.8%	19.2%	23.9%	25.5%	26.1%	25.8%	25.1%	24.2%	20.9%	18.8%	16.0%	11.8%	11.8%	11.9%	7.4%	10.3%	10.6%	12.4%	8.5%	10.0%	14.4%
Debt / equity	0.17	0.17	0.17	0.17	0.08	0.08	0.08	0.08	0.17	0.17	0.19	0.19	0.17	0.17	0.16	0.16	0.14	0.14	0.13	0.13	0.13	0.13	0.14	0.14	0.17	0.17	0.45
Interest coverage	1.80	-8.62	-18.49	-26.26	-1.70	6.00	49.66	49.67	70.42	61.46	41.18	33.36	24.04	18.81	15.27	12.03	9.78	6.28	6.15	8.40	4.65	7.45	9.74	11.03	8.75	9.00	9.48
Asset turnover	0.48	0.35	0.30	0.28	0.30	0.34	0.38	0.45	0.41	0.47	0.46	0.45	0.43	0.42	0.43	0.43	0.42	0.40	0.40	0.38	0.38	0.39	0.39	0.42	0.42	0.43	0.53

Balance sheet

equity vs borrowings over time · ₹ crore

showing latest 6 of 15 periods

	MAR '17‡	MAR '18‡	MAR '19‡	MAR '20‡	MAR '21‡	MAR '22‡	SEP '22	MAR '23	SEP '23	MAR '24	SEP '24	MAR '25	SEP '25	MAR '26	SEP '26
Share capital	40	40	39	39	39	39	39	39	39	39	39	39	39	39	66
Other equity / reserves	913	1,868	3,755	3,473	3,456	3,875	4,038	4,242	4,310	4,387	4,406	4,415	4,627	4,719	2,439
Total equity	953	1,908	3,794	3,512	3,495	3,914	4,077	4,281	4,349	4,426	4,445	4,454	4,666	4,758	2,505
Borrowings	547	297	666	593	297	663	756	741	684	619	561	587	642	793	1,131
Current liabilities	—	—	—	817	644	1,287	1,471	1,316	1,225	1,168	1,094	1,085	1,151	1,310	645
Non-current liabilities	—	—	—	110	105	107	101	95	104	108	112	109	125	98	1,282
Total assets	1,853	2,739	5,144	4,438	4,244	5,308	5,649	5,692	5,678	5,701	5,651	5,648	5,941	6,166	4,436
Property, plant & equipment	885	829	784	734	684	748	803	1,348	1,758	1,769	1,751	1,892	1,813	1,743	1,238
Capital work-in-progress	1	2	19	101	373	696	853	472	188	212	244	71	117	224	670
Investments	231	248	942	17	559	669	807	859	1,111	1,200	1,352	1,400	1,727	1,478	173
Inventories	258	511	1,308	1,005	581	978	1,393	1,440	1,324	1,194	1,165	1,255	1,178	1,134	101
Receivables	361	973	1,187	399	289	589	448	489	436	508	517	445	562	500	193
Cash & equivalents	—	—	—	33	21	41	23	33	35	137	53	51	29	41	244

Cash flow

annual · ₹ crore · line = free cash flow

showing latest 5 of 12 periods

	FY14‡	FY15‡	FY17‡	FY18‡	FY19‡	FY20‡	FY21‡	FY22	FY23	FY24	FY25	FY26
Cash from operations	773	265	163	594	1,465	739	716	-141	113	612	280	213
Cash from investing	-294	-83	-7	-9	-653	-275	-417	-183	-21	-186	-208	-320
Cash from financing	-482	-190	-153	-588	-788	-460	-310	344	-100	-323	-159	97
Capex	—	—	—	—	—	111	256	360	480	403	182	253
Free cash flow	—	—	—	—	—	627	460	-500	-366	209	97	-39
Dividends paid	24	12	0	120	320	289	0	12	154	164	87	37

Where the assets sit

Sep '26 · ₹ crore

Fixed assets (PPE)

₹1,238 cr28%

CWIP

₹670 cr15%

Investments

₹173 cr4%

Inventories

₹101 cr2%

Receivables

₹193 cr4%

Cash & equivalents

₹244 cr6%

Other assets

₹1,818 cr41%

Peer comparison

largest in Capital Goods · this company in bold

Company	Market cap ₹cr	Price	P/E	P/B	ROE
Hindustan Aeronautics Ltd.	3,33,052	4,980.00	35.7	8.12	22.7%
Bharat Electronics Ltd.	2,89,468	396.00	45.2	11.02	24.4%
Tata Motors Ltd.	1,56,797	425.50	24.8	10.26	41.3%
Bharat Heavy Electricals Ltd.	1,45,828	418.80	50.7	5.45	10.8%
ABB India Ltd.	1,43,541	6,774.00	55.7	15.37	27.6%
Siemens Ltd.	1,26,736	3,560.00	28.2	8.02	28.4%
Hitachi Energy India Ltd.	1,23,988	27,800.00	107.8	23.95	22.2%
CG Power and Industrial Solutions Ltd.	1,21,786	773.00	89.1	13.94	15.6%
Polycab India Ltd.	1,18,610	7,871.00	37.6	9.06	24.1%
Cummins India Ltd.	1,12,233	4,048.80	49.8	13.52	27.1%
HEG Advanced Materials Ltd.	9,692	293.87	24.2	3.87	16.0%

StoxGud checklist: Neutral setup · 4/10

Price above 50-day average
Price above 200-day average
50-day average above 200-day (uptrend)
RSI in healthy 40–70 zone
Positive 1-year return
Return on equity above 15%
Debt to equity below 1
Revenue growing year on year
Net profit margin above 10%
P/E below industry median

A rules-based screen of trend, momentum, quality and valuation. Educational only — not a buy or sell recommendation.

Returns & technicals

1 month+19.0%

6 months-50.5%

1 year-49.4%

3Y CAGR-3.7%

5Y CAGR-6.1%

10Y CAGR+24.2%

50-day avg₹315.51

200-day avg₹513.64

RSI (14)74

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FAQs

What is the share price of HEG Advanced Materials Ltd.?

HEG Advanced Materials Ltd. (HEGAM) closed at ₹293.87 on NSE on 06 Nov 2026.

What is the market cap of HEG Advanced Materials Ltd.?

₹9,692 crore at the latest close.

What is the P/E ratio of HEG Advanced Materials Ltd.?

24.2, on trailing-twelve-month earnings from its filings.

How fast is HEG Advanced Materials Ltd. growing?

HEG Advanced Materials Ltd.: revenue has compounded at 1.3% a year over three years; net profit at -13.8% a year. Latest-quarter revenue is down 38.5% year on year, profit up 114.0%.

How profitable is HEG Advanced Materials Ltd.?

On a trailing-twelve-month basis return on equity is 16.0%, return on capital employed 13.0%, operating margin 14.4%, net margin 16.9%.

How much debt does HEG Advanced Materials Ltd. have?

HEG Advanced Materials Ltd. is lightly geared: debt to equity is 0.45 with borrowings of ₹1,131 cr against cash of ₹244 cr (balance sheet of 2026-09-30). Operating profit covers interest 9.5 times.

Financials parsed from HEG Advanced Materials Ltd.'s own XBRL filings to NSE (consolidated), ₹ crore unless marked. Quarterly from JUN '19, annual from FY20, balance sheet from Mar '17. * = derived (full year or half year minus earlier quarters). ‡ = balance sheet / cash flow read from the company's published annual report (same basis), for years before the NSE filings carry them; each one checked to add up. Information only, not investment advice.