HEG quarterly results and financials

HEG (HEG)₹244.35+3.87%(25 Sept 2026 close)Electrodes & Refractories

Key facts

In the Jun 2026 quarter (consolidated), HEG reported sales of ₹682 Cr, up 11.2% from Jun 2025, and net profit of ₹122 Cr, up 16.2% year on year. For the year to Mar 2026, sales were ₹2,570 Cr and net profit ₹341 Cr.

Sales (Jun 2026): ₹682 Cr
Net profit (Jun 2026): ₹122 Cr
Sales (FY Mar 2026): ₹2,570 Cr
Net profit (FY Mar 2026): ₹341 Cr
EPS (Jun 2026): ₹6.33
Borrowings (Mar 2026): ₹799 Cr

Company filings, consolidated accounts; latest reported quarter Jun 2026

HEG quarterly results

₹ crore unless stated; each column is a quarter.

HEG Quarterly results
	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales	614	562	547	572	568	478	537	613	700	657	604	682
Expenses	511	475	504	531	470	410	597	506	579	511	750	529
Operating Profit	102	86.76	40.89	38.88	96.72	66.88	−60.82	106	118	143	−148	151
OPM %	17.1%	15.1%	8.1%	7.1%	17.1%	14.1%	−10.9%	17.1%	17.1%	22.1%	−25.0%	22.1%
Other Income	63.20	30.07	64.13	41.08	63.13	112	43.14	82.26	120	167	72.21	74.13
Interest	8.99	9.99	8.99	7.99	8.98	8.99	11.99	7.99	8.99	8.99	10.99	9.99
Depreciation	37.97	46.95	50.01	47.96	47.96	50.94	54.96	52.95	53.98	53.98	52.96	49.99
Profit before tax	118	59.10	46.11	24.05	103	119	−85.23	126	176	246	−140	165
Tax %	18.0%	27.1%	29.1%	3.0%	20.0%	30.0%	−13.0%	17.0%	18.0%	16.1%	−19.0%	26.0%
Exceptional items	0.00	0.00	0.00	0.00	0.00	0.00	−5.01	5.02	0.00	0.00	5.01	0.00
Net Profit	95.89	43.97	32.98	22.99	81.95	82.98	−73.98	105	143	207	−114	122
EPS (Rs)	4.96	2.25	1.70	1.18	4.25	4.31	−3.81	5.42	7.42	10.72	−5.89	6.33

HEG profit and loss

₹ crore unless stated; years end in March. TTM is the last four quarters.

HEG Profit and loss
	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	871	859	2,749	6,598	2,147	1,255	2,204	2,467	2,394	2,152	2,570	2,642
Expenses	731	776	1,024	1,924	2,145	1,304	1,665	1,839	2,005	1,887	2,164	2,370
Operating Profit	137	80.86	1,718	4,652	−4.99	−52.89	528	617	381	259	398	264
OPM %	16.1%	9.1%	63.1%	71.0%	−0.2%	−4.2%	24.1%	25.1%	16.1%	12.1%	16.1%	10.0%
Other Income	4.01	7.02	12.02	106	143	114	117	187	223	141	260	434
Interest	59.91	54.95	55.94	17.99	36.98	10.99	6.99	25.97	35.99	38.96	36.96	38.96
Depreciation	79.01	73.97	72.95	71.92	71.92	72.92	78.94	102	175	201	213	211
Profit before tax	1.01	−41.12	1,609	4,690	29.08	−23.05	561	679	396	162	409	447
Tax %	886.1%	23.0%	33.0%	35.0%	−82.0%	−23.0%	23.0%	21.1%	21.1%	29.0%	16.1%	—
Exceptional items	2.01	0.00	2.01	31.09	72.21	55.11	−2.01	0.00	1.01	0.00	−1.01	5.01
Net Profit	3.99	−43.99	1,098	3,025	67.99	−18.01	431	531	312	115	341	358
EPS (Rs)	0.21	−2.20	54.87	156.48	3.49	−0.92	22.28	27.56	16.13	5.95	17.66	18.58
Dividend payout %	0.0%	0.0%	29.0%	10.0%	143.0%	−65.1%	36.0%	31.0%	27.9%	29.9%	19.0%	—

HEG balance sheet

₹ crore, at each year end.

HEG Balance sheet
	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	40.00	40.00	40.00	40.03	39.03	39.04	39.06	39.05	39.05	39.07	39.07	39.07
Reserves	973	955	912	1,867	3,754	3,473	3,456	3,873	4,241	4,390	4,419	4,720
Borrowings	920	785	686	298	669	596	299	668	745	625	590	799
Other Liabilities	317	177	217	537	687	334	453	734	671	656	610	615
Total Liabilities	2,249	1,955	1,855	2,742	5,148	4,442	4,247	5,313	5,697	5,709	5,657	6,173
Fixed Assets	909	933	890	834	789	746	695	764	1,365	1,819	1,941	1,791
CWIP	108	26.95	0.99	1.99	18.98	101	373	695	471	212	70.82	224
Investments	223	227	231	248	943	1,245	1,358	1,172	859	1,200	1,402	1,478
Other Assets	1,010	769	733	1,658	3,399	2,350	1,822	2,682	3,001	2,479	2,243	2,681
Inventories	401	370	257	509	1,303	1,002	579	976	1,436	1,190	1,252	1,130
Trade receivables	406	319	362	976	1,190	400	290	590	490	510	446	501
Cash & equivalents	3.99	4.99	7.99	7.99	556	437	550	601	689	409	147	250
Total Assets	2,249	1,955	1,855	2,742	5,148	4,442	4,247	5,313	5,697	5,709	5,657	6,173

HEG cash flow

₹ crore, for each year.

HEG Cash flow
	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from operating activity	275	248	157	592	1,484	737	714	−141	113	610	279	212
Cash from investing activity	−83.06	−28.99	−0.99	−9.01	−676	−275	−417	−183	−20.99	−184	−207	−320
Cash from financing activity	−202	−219	−153	−587	−788	−459	−310	344	−100	−324	−159	97.01
Net cash flow	−8.02	1.01	3.01	−3.01	24.05	4.01	−11.04	20.05	−8.03	104	−86.27	−10.03
Capex	30.89	31.90	3.99	19.93	48.81	236	255	359	478	371	181	252
Free cash flow	249	218	154	580	1,439	503	459	−499	−364	244	102	−34.99
CFO / OP %	155.0%	188.0%	205.1%	65.1%	67.1%	−17,020.0%	−1,349.0%	−2.0%	42.0%	169.0%	125.0%	59.1%

HEG ratios

Working-capital days and returns, by year.

HEG Ratios
	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor days	121	134	153	129	66	68	84	98	72	78	75	71
Inventory days	238	342	216	391	428	226	262	431	574	379	507	389
Days payable	76	48	73	188	124	30	116	197	164	135	161	138
Cash conversion cycle	282	428	297	332	370	264	230	331	483	321	421	323
Working capital days	13	−7	−3	120	86	134	93	75	107	111	141	132
ROCE %	6.0%	3.0%	1.0%	86.0%	139.0%	0.0%	−2.0%	14.0%	14.9%	9.0%	4.0%	8.0%

HEG: frequently asked questions

What are the latest quarterly results of HEG?

For the Jun 2026 quarter, HEG reported sales of ₹682 Cr, up 11.2% year on year and net profit of ₹122 Cr, up 16.2% year on year. The operating margin was 22.1%.

What is the annual revenue of HEG?

HEG's sales for the year to Mar 2026 were ₹2,570 Cr; over the last twelve months they were ₹2,642 Cr.

What is the net profit of HEG?

Net profit for the year to Mar 2026 was ₹341 Cr, and ₹358 Cr over the last twelve months. Earnings per share over the same trailing period were ₹18.58.

How much debt does HEG have?

HEG reported borrowings of ₹799 Cr at Mar 2026, against cash and equivalents of ₹250 Cr.

What is the free cash flow of HEG?

Cash from operations was ₹212 Cr in the year to Mar 2026; after capital spending, free cash flow was −₹34.99 Cr.

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