HEG Limited (509631) Fair Value & Analysis
Technology · IN · Market cap ₹27.4B
Fair value as of: Aug 15, 2026
From 26 valuation models · updated 4 days ago
Share price +26.7% over the past month.
Below-average quality, currently priced close to our fair value.
What matters now
- The price sits above even our optimistic bull case (₹719.19). The favourable scenario is already priced in.
- The price sits close to our fair value, market and models broadly agree here, little valuation tension.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 15, 2026.
How to read this chart
60‑month range ₹167.40 – ₹739.30 · fair‑value band ₹504.02 – ₹719.19 · the ₹739.30 price screens above the ₹693.39 fair value. Dashed = 300-day average. As of Aug 15, 2026.
Analysis
HEG Limited (509631) currently trades at ₹739.30, while our model-based Fair Value estimate is ₹693.39, implying the stock looks roughly 6.2% fairly valued today. The Quality Score stands at 47/100 (below-average quality), in the Technology sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, HEG Limited generated revenue of ₹15.7B at a net margin of -10.3%. Revenue declined 71.4% year over year. The stock trades on a trailing P/E of 3.4 (as of Aug 15, 2026). Fundamentals as of Aug 15, 2026
Our scenario range runs from ₹504.02 (bear case) to ₹719.19 (bull case); at ₹739.30, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 62% above its 52-week low. For context, the median of 10 Technology peers we cover trades at -61% fair-value upside, at -6%, 509631 screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 26 models by family
Widest divergence: Asset-Based (₹773.15) versus Earnings-Based (₹196.15). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 15, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 50 · Market factors (momentum, volatility) 67
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
HEG Limited manufactures and sells graphite electrodes primarily for steel manufacturers in India. It operates through two segments, Graphite Electrodes and Power Generation.
Full company description
HEG Limited manufactures and sells graphite electrodes primarily for steel manufacturers in India. It operates through two segments, Graphite Electrodes and Power Generation. The company offers ultra-high power, high-power, and regular power grade graphite electrodes and nipples; carbon blocks; graphite specialties; and activated carbon fabric products for use in air-conditioner and air purifying filters, clean rooms, pollution control filters, anti-pollution masks, refrigerator deodorizers, and cigarette filters. It also operates two thermal power plants and a hydroelectric power facility with total power generation capacity of 76.5 MW. The company also exports its products to approximately 30 countries. HEG Limited was incorporated in 1972 and is based in Noida, India.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
HEG Limited reported revenue of ₹21.6B in FY2025 versus ₹12.6B in FY2021, a compound +14.5%/yr. Reported net income was ₹1.2B in FY2025.
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Peer Group
Information Technology · 3528 stocks
How this stock ranks against its sector: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median. (Industry “Diversified Electronics” was too small, so the broader sector is used.)
Valuation Multiples vs Information Technology median · lower = cheaper
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Diversified Electronics stocks, each showing price versus our Fair Value estimate (as of Aug 15, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Finolex Cables Limited 500144 | ₹1,249 | ₹403.22 | -68% |
| Ram Ratna Wires Limited 522281 | ₹471.10 | ₹60.19 | -87% |
| Modison Metals Limited 506261 | ₹310.40 | ₹107.17 | -65% |
| Lakshmi Electrical Control Systems Limited 504258 | ₹825.95 | ₹85.75 | -90% |
| CMI Limited 517330 | ₹2.79 | ₹0.6900 | -75% |
| RTS Power Corporation 531215 | ₹98.20 | ₹46.19 | -53% |
| Switching Technologies Gunther Limited 517201 | ₹114.55 | ₹185.14 | +62% |
| Samsung Electronics Co 005930 | 255,500 KRW | 163,160 KRW | -36% |
| SK hynix Inc 000660 | 1,504,000 KRW | 1,481,291 KRW | -2% |
| MediaTek Inc 2454 | 4,015 TWD | 1,559 TWD | -61% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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