NSE: HEG | BSE: 509631

Strong Performer, Getting Expensive

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521.60 0.25 (0.05%)

57.46% Gain from 52W Low

196.2K NSE+BSE Volume

NSE 22 Sep, 2025 11:07 AM (IST)

10,065.7

Market Cap

Above industry Median

1.5

Beta 1Year

Very High Volatility

HEG Ltd. share price target and research reports

Name: Latest research reports of HEG Ltd. authored by ICICI Securities Limited and published by - Trendlyne research reports.
Item: HEG Ltd.
Rating: 5
Author: ICICI Securities Limited

Latest analyst research reports with target prices and PDF download for HEG, BSE:509631 HEG Ltd.

HEG Ltd.

16 Jan 2019

521.60

0.05%

HEG Ltd, incorporated in 1973 is a premier company of the LNJ Bhilwara group, is India's leading graphite electrode manufacturer. It has one of the largest integrated Graphite Electrode plants in the world, processing sophisticated UHP (Ultra High Power) Electrodes. The company exports over 70% of its production to more than 30 countries of the world. It has also established a Power Plant of 77MW capacity to cater its in-house demand for electricity which is one of the major inputs in manufacturing Graphite electrodes. The Graphite Electrode plant of the company is...

HEG Ltd. is trading above all available SMAs

HEG Ltd.

27 Nov 2018

521.60

0.05%

HEG Limited

Buy: HEG Ltd.

ICICI Securities Limited

ICICI Securities Ltd | Retail Equity Research The board of HEG has approved a proposal to buy back up to 13,63,636 equity shares comprising 3.41% of the total paid-up equity share capital for an aggregate amount not exceeding | 750 crore. The buyback price has been fixed at | 5500/share. The buyback would be done through the tender offer route and is subject to approval of the shareholders by means of a special resolution through a postal ballot. The public announcement setting out the process, timelines and other requisite...

HEG Ltd. is trading above all available SMAs

HEG Ltd.

09 Nov 2018

521.60

0.05%

HEG Limited

Buy: HEG Ltd.

Target

ICICI Securities Limited

ICICI Securities Ltd | Retail Equity Research HEG again reported a stellar performance in Q2FY19 marked by sustained healthy realisation, lower raw material cost. Capacity utilisation was at ~85%. Revenue from operation was at | 1793.8 crore (up 338% YoY, 13% QoQ), higher than our estimate of | 1589.3 crore The company reported a strong EBITDA of | 1368.8 crore, higher than our estimate of | 1017 crore. Resultant EBITDA margin was at 76.3% (vs. Q2FY18: 46.3%, Q1FY19:74.8% and our estimate of 64%)...

HEG Ltd. has gained 21.44% in the last 6 Months

HEG Ltd.

07 Aug 2018

521.60

0.05%

HEG Limited

Buy: HEG Ltd.

ICICI Securities Limited

ICICI Securities Ltd | Retail Equity Research HEG has been one of the good wealth creators for investors with the stock price nearly multiplying ~9x since our Company Update in August2017. Strong demand for graphite electrodes from the EAF steel making route amid supply constraints has led to a sharp increase in graphite electrodes prices thereby resulting in healthy profitability. The continued...

HEG Ltd. is trading above all available SMAs

HEG Ltd.

02 Aug 2018

521.60

0.05%

HEG Limited

Buy: HEG Ltd.

Target

ICICI Securities Limited

HEG reported a stellar performance wherein profitability was above our estimates. The company reported a capacity utilisation of 82% (vs. our estimate of 85%). Topline came in at | 1587 crore (up 673% YoY, 23% QoQ) in line with our estimate of | 1537.7 crore Raw material cost as a percentage of sales came in at 13% (vs. our estimate of 20.4%, Q4FY18: 11.3%). The resultant gross margin was at 87.0% (vs. our estimate of 79.6%, Q4FY18: 88.7%) EBITDA came in at a robust | 1188 crore vs. our estimate of | 1025.1...

HEG Ltd. has gained 21.44% in the last 6 Months

HEG Ltd.

14 May 2018

521.60

0.05%

HEG Limited

Buy: HEG Ltd.

Target

ICICI Securities Limited

ICICI Securities Ltd | Retail Equity Research HEG reported a stellar Q4FY18 performance, with higher-thanexpected realisations leading to a beat on all fronts. Topline for the quarter came in at | 1292.5 crore (up 401.4% YoY, 53.4% QoQ) notably higher than our estimate of | 1067.9 crore. Capacity utilisation during the quarter was at ~84% (our estimate: ~90%) The company reported a robust EBITDA of | 951 crore, significantly higher than our estimate of | 648.3 crore. The resultant EBITDA margin was at 73.6% (vs. our estimate of 60.7%, Q4FY17: 11.5%, Q3FY18:...

HEG Ltd. is trading above all available SMAs

HEG Ltd.

05 Feb 2018

521.60

0.05%

HEG Limited

Buy: HEG Ltd.

ICICI Securities Limited

HEG reported an outperformance on all parameters for Q3FY18, primarily driven by higher-than-expected realisations. The topline for the quarter came in at | 842.7 crore (up 256.2% YoY, 105.8% QoQ) notably higher than our estimate of | 560.0 crore HEG reported strong EBITDA of | 557.5 crore significantly higher than our estimate of | 278.8 crore. The resultant EBITDA margin came in at 66.2% (vs. our estimate of 49.8%, Q3FY17: 12.3%, Q2FY18: 9.8%) The company reported a robust PAT of | 342.1 crore...

HEG Ltd. is trading above all available SMAs

HEG Ltd.

03 Jan 2018

521.60

0.05%

HEG Limited

Buy: HEG Ltd.

Target

ICICI Securities Limited

Both HEG and Graphite India, domestic graphite electrode stocks, have seen a sharp run up on the bourses in the last few months. A sustained positive outlook on the global graphite electrode segment coupled with healthy realisations of both global and domestic manufacturers has driven the strong rally. Key triggers have been: 1) consolidation of graphite electrode market globally, 2) ~20% of the global graphite electrode capacity (ex-China) shutting down in the last three years, 3) increase in steel production through EAF route (outside China) coupled with an...

HEG Ltd. has gained 21.44% in the last 6 Months

HEG Ltd.

03 Nov 2017

521.60

0.05%

HEG Limited

Buy: HEG Ltd.

Target

ICICI Securities Limited

ICICI Securities Ltd | Retail Equity Research HEG reported a stellar Q2FY18 performance marked by healthy capacity utilisation levels and a sharp increase in realisation Topline for the quarter was at | 409.5 crore (up 115.5% YoY, 99.4% QoQ, notably higher than our estimate of | 303.3 crore). The capacity utilisation during the quarter was in line with our estimate of ~85% The raw material cost (as a percentage of sales) declined to 29.8% in Q2FY18 (vs. 47.7% in Q2FY17 and 46.4% in Q1FY18). The lower raw...

HEG Ltd. has gained 21.44% in the last 6 Months

HEG Ltd.

11 Aug 2017

521.60

0.05%

HEG Limited

Buy: HEG Ltd.

Recommendation

ICICI Securities Limited

We attended the investor teleconference held by the company. The management highlighted the recent developments in the global graphite electrode market that have a fairly positive impact on the industry. The Chinese government's clampdown on polluting industry impacted both steel production (induction furnace route) and graphite electrode manufacturers. The management indicated that China has witnessed a capacity closure (graphite electrode) to the tune of ~50%, which has created a shortage of electrodes in the country providing a fillip to...

HEG Ltd. has gained 21.44% in the last 6 Months

Is HEG Ltd. worth buying?

1099 Votes:

Buy 79.07%

Sell 12.65%

Hold 8.28%