Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹608, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 40x in the Electrical industry in India. Total returns to shareholders of 98% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹272 per share. Upcoming Dividend • Jul 15
Upcoming dividend of ₹3.40 per share Eligible shareholders must have bought the stock before 22 July 2026. Payment date: 28 August 2026. Payout ratio is a comfortable 19% but the company is not cash flow positive. Trailing yield: 0.6%. Lower than top quartile of Indian dividend payers (1.4%). Higher than average of industry peers (0.4%). Reported Earnings • Jun 30
Full year 2026 earnings released: EPS: ₹17.51 (vs ₹6.15 in FY 2025) Full year 2026 results: EPS: ₹17.51 (up from ₹6.15 in FY 2025). Revenue: ₹25.7b (up 19% from FY 2025). Net income: ₹3.38b (up 185% from FY 2025). Profit margin: 13% (up from 5.5% in FY 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Electrical industry in India. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Announcement • Jun 25
HEG Limited to Report Q1, 2027 Results on Jul 22, 2026 HEG Limited announced that they will report Q1, 2027 results on Jul 22, 2026 New Risk • May 14
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 36% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (36% increase in shares outstanding). Minor Risk Paying a dividend despite having no free cash flows. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹661, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 41x in the Electrical industry in India. Total returns to shareholders of 218% over the past three years. Announcement • Apr 03
HEG Limited to Report Q4, 2026 Results on Apr 29, 2026 HEG Limited announced that they will report Q4, 2026 results on Apr 29, 2026 Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹574, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 33x in the Electrical industry in India. Total returns to shareholders of 224% over the past three years. Reported Earnings • Feb 11
Third quarter 2026 earnings released: EPS: ₹10.72 (vs ₹4.32 in 3Q 2025) Third quarter 2026 results: EPS: ₹10.72 (up from ₹4.32 in 3Q 2025). Revenue: ₹7.58b (up 59% from 3Q 2025). Net income: ₹2.07b (up 148% from 3Q 2025). Profit margin: 27% (up from 17% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Electrical industry in India. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 39% per year, which means it is well ahead of earnings. Announcement • Jan 13
HEG Limited to Report Q3, 2026 Results on Feb 10, 2026 HEG Limited announced that they will report Q3, 2026 results on Feb 10, 2026 Price Target Changed • Dec 12
Price target increased by 11% to ₹653 Up from ₹590, the current price target is an average from 2 analysts. New target price is 22% above last closing price of ₹534. Stock is down 5.9% over the past year. The company is forecast to post earnings per share of ₹21.95 for next year compared to ₹5.96 last year. Recent Insider Transactions • Nov 26
Board Member recently bought ₹2.0m worth of stock On the 24th of November, Manish Gulati bought around 4k shares on-market at roughly ₹497 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Nov 13
Second quarter 2026 earnings released: EPS: ₹7.43 (vs ₹4.26 in 2Q 2025) Second quarter 2026 results: EPS: ₹7.43 (up from ₹4.26 in 2Q 2025). Revenue: ₹8.12b (up 43% from 2Q 2025). Net income: ₹1.43b (up 74% from 2Q 2025). Profit margin: 18% (up from 14% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Electrical industry in India. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 37% per year, which means it is well ahead of earnings. Announcement • Oct 18
HEG Limited to Report Q2, 2026 Results on Nov 10, 2025 HEG Limited announced that they will report Q2, 2026 results on Nov 10, 2025 Upcoming Dividend • Aug 06
Upcoming dividend of ₹1.80 per share Eligible shareholders must have bought the stock before 13 August 2025. Payment date: 19 September 2025. Payout ratio is a comfortable 60% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of Indian dividend payers (1.2%). In line with average of industry peers (0.4%). Reported Earnings • Jul 11
Full year 2025 earnings released: EPS: ₹2.98 (vs ₹8.08 in FY 2024) Full year 2025 results: EPS: ₹2.98 (down from ₹8.08 in FY 2024). Revenue: ₹21.6b (down 9.8% from FY 2024). Net income: ₹1.15b (down 63% from FY 2024). Profit margin: 5.3% (down from 13% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Electrical industry in India. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 34% per year, which means it is well ahead of earnings. Announcement • Jul 07
HEG Limited to Report Q1, 2026 Results on Jul 30, 2025 HEG Limited announced that they will report Q1, 2026 results on Jul 30, 2025 Announcement • Jul 06
HEG Limited announces Annual dividend, payable on September 19, 2025 HEG Limited announced Annual dividend of INR 1.8000 per share payable on September 19, 2025, ex-date on August 13, 2025 and record date on August 13, 2025. Declared Dividend • Jul 05
Dividend of ₹1.80 announced Shareholders will receive a dividend of ₹1.80. Ex-date: 13th August 2025 Payment date: 19th September 2025 Dividend yield will be 0.4%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (30% earnings payout ratio) and cash flows (36% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 174% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jul 03
HEG Limited, Annual General Meeting, Aug 20, 2025 HEG Limited, Annual General Meeting, Aug 20, 2025, at 12:30 Indian Standard Time. New Risk • May 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 28% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.3% net profit margin). Reported Earnings • May 21
Full year 2025 earnings released: EPS: ₹5.96 (vs ₹16.15 in FY 2024) Full year 2025 results: EPS: ₹5.96 (down from ₹16.15 in FY 2024). Revenue: ₹22.9b (down 4.5% from FY 2024). Net income: ₹1.15b (down 63% from FY 2024). Profit margin: 5.0% (down from 13% in FY 2024). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Electrical industry in India. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 35% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹490, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 38x in the Electrical industry in India. Total returns to shareholders of 142% over the past three years. Announcement • Apr 25
HEG Limited to Report Q4, 2025 Results on May 19, 2025 HEG Limited announced that they will report Q4, 2025 results on May 19, 2025 Valuation Update With 7 Day Price Move • Mar 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹483, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 34x in the Electrical industry in India. Total returns to shareholders of 86% over the past three years. Announcement • Mar 12
HEG Limited announced that it expects to receive INR 2.500036696 billion in funding from Bhilwara Energy Limited, Singularity AMC LLP, Singularity Ventures and other investors HEG Limited announced a private placement to issue 17,595,979 at issue price of INR 142.08 for gross proceeds of INR 2,500,036,696.32 on March 10, 2025. The company has received approval of Board of Directors. for execution of share subscription and shareholders’ agreement. The transaction includes participation from Singularity Growth Opportunities Fund II, Bhilwara Energy Limited and existing shareholders of BEL and, by Singularity and its Affiliates and certain other Persons to be identified by Singularity. Price Target Changed • Feb 22
Price target decreased by 7.4% to ₹467 Down from ₹505, the current price target is an average from 2 analysts. New target price is 30% above last closing price of ₹360. Stock is up 3.9% over the past year. The company is forecast to post earnings per share of ₹12.50 for next year compared to ₹16.15 last year. Reported Earnings • Feb 12
Third quarter 2025 earnings released: EPS: ₹4.32 (vs ₹2.26 in 3Q 2024) Third quarter 2025 results: EPS: ₹4.32 (up from ₹2.26 in 3Q 2024). Revenue: ₹5.90b (up 4.9% from 3Q 2024). Net income: ₹834.0m (up 91% from 3Q 2024). Profit margin: 14% (up from 7.8% in 3Q 2024). Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Electrical industry in India. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • Jan 14
HEG Limited to Report Q3, 2025 Results on Feb 11, 2025 HEG Limited announced that they will report Q3, 2025 results on Feb 11, 2025 Announcement • Dec 30
HEG Limited Announces Appointment of Dr. Kamal Gupta as Additional Director in the Category of Non-Executive Non-Independent Directors HEG Limited in furtherance to letter dated November 13, 2024 titled "Outcome of Board Meeting" informing inter-alia the following: Appointment of Dr. Kamal Gupta as Additional Director in the Category of Non-Executive Non-Independent Directors, liable to retire by rotation effective from November 14, 2024. Pursuant to the voting results of postal ballot filed, it is informed that the shareholders have also approved the above resolution with the requisite majority. Date of Birth February 12, 1946; Age: 78 years; Date of First Appointment on the Board: November 10, 1994; Qualification: FCA, FICWA, Ph .Din Business Management. Dr. Kamal Gupta has qualified Chartered Accountancy and Cost Management Accountancy and also holds Ph .D. in Business Management. He was earlier a Technical Director of the Institute of Chartered Accountants of India and was responsible for all technical and research activities of the Institute. In particular he was instrumental in introducing accounting and auditing standards in India. He has represented India on various international professional bodies. He has also been senior technical advisor in a Big4 multinational accounting, auditing and consultancy firm of chartered accountants. Dr. Gupta has expertise in the areas of Finance, Accounting and Corporate Laws and is at present a freelance consultant in these areas. He is also the renowned author of various books on Auditing and Company Law. He has also been a faculty and speaker at a large number of national and inter-national seminars and programmes. Listed Entities from which the Director has resigned in the past three years: Ceased to be an Independent Director from the following Listed Companies due to completion of second term as Independent Director. HEG Limited effective from August 29, 2024; Maral Overseas Limited effective from September 25, 2024; RSWM Limited effective from September 15, 2024. New Risk • Dec 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (200% cash payout ratio). Share price has been volatile over the past 3 months (7.7% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (8.1% net profit margin). Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₹499, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 47x in the Electrical industry in India. Total returns to shareholders of 50% over the past three years. Reported Earnings • Nov 14
Second quarter 2025 earnings released: EPS: ₹4.26 (vs ₹4.97 in 2Q 2024) Second quarter 2025 results: EPS: ₹4.26 (down from ₹4.97 in 2Q 2024). Revenue: ₹6.11b (flat on 2Q 2024). Net income: ₹822.8m (down 14% from 2Q 2024). Profit margin: 14% (down from 16% in 2Q 2024). Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Electrical industry in India. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Nov 14
HEG Limited (NSEI:HEG) agreed to acquire remaining 61.41% stake in Bhilwara Infotechnology Limited for approximately INR 370 million. HEG Limited (NSEI:HEG) agreed to acquire remaining 61.41% stake in Bhilwara Infotechnology Limited for approximately INR 370 million on November 13, 2024. Upon completion, HEG Limited will own 100% stake in Bhilwara Infotechnology Limited. HEG will acquire 2 million shares at INR 185.55 per share.
As of September 30, 2024, Bhilwara Infotechnology Limited reported total common equity of INR 602.14 million.
The deal has been approved by the board of HEG Limited. The transaction is expected to close within 2 Months. Announcement • Nov 13
HEG Limited Approves the Appointment of Ravi Kant Tripathi as Chief Financial Officer Based on the recommendation of the Audit Committee and Nomination and Remuneration Committee, the Board of HEG Limited has approved the appointment/re-designation of Shri Ravi Kant Tripathi as Chief Financial Officer(CFO) and Key Managerial Personnel (KMP) of the Company with effect from November 13, 2024. Shri Ravi Kant Tripathi is not debarred from holding the office of CFO pursuant to any SEBI order or any other such authority. Shri Ravi Kant Tripathi, aged 54 years is B.Com, Bhopal University, LLB from Bhopal University and ICWA having professional experience of more than 31 years. He joined HEG Limited in July'1994 starting his career in Finance and Accounts department. Over the years his responsibilities kept on increasing as well as his designation in the company. He is responsible for Auditing, Taxation including GST and Income Tax, Cost control, Debtors /Creditors, Treasury operation, Customs, Financial Statements, MIS and Budgeting. About 15 Executives reports to his position and has been heading HEG' s Finance & Accounts function. He has implemented the first ERP system of HEG successfully and has been the key user of the system with complete understanding of Financial integration with function of manufacturing, supply chain management, marketing and commercial. As he has been discharging almost all the functions in Finance & Accounts department and with his indepth understanding of plant operations, the company wants to designate him as the Chief Financial Officer of the company. Valuation Update With 7 Day Price Move • Oct 24
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹434, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 47x in the Electrical industry in India. Total returns to shareholders of 9.7% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹217 per share. Announcement • Oct 15
HEG Limited to Report Q2, 2025 Results on Nov 13, 2024 HEG Limited announced that they will report Q2, 2025 results on Nov 13, 2024 Announcement • Sep 26
HEG Limited Approves Board Appointments HEG Limited announced that at its AGM held on September 20, 2024, the shareholders approved appointment of Shri Nand Gopal Khaitan, Shri Sandip Somany and Shri Priya Shankar Dasgupta as independent directors of the company for the first term of five consecutive years from August 13, 2024 till August 12, 2029 (both days inclusive) and that he shall not be liable to retire by rotation. Announcement • Sep 17
HEG Limited Announces Resignation of Gulshan Kumar Sakhuja as Chief Financial Officer, Effective September 18, 2024 HEG Limited announced that Mr. Gulshan Kumar Sakhuja, Chief Financial Officer (CFO) of the Company has resigned from the services of the Company vide his Resignation letter dated 16th September, 2024 due To pursue professional opportunities outside the organization. Last Working Date: 18th September, 2024. Announcement • Aug 29
HEG Limited Announces Cessation of Kamal Gupta as Independent Director HEG Limited at the Board Meeting dated August 13, 2024 informed that Dr. Kamal Gupta has completed his second term as an Independent Director and consequently ceased to be a Director of the Company effective the close of business hours on August 29, 2024. Reported Earnings • Aug 14
First quarter 2025 earnings released: EPS: ₹5.97 (vs ₹36.05 in 1Q 2024) First quarter 2025 results: EPS: ₹5.97 (down from ₹36.05 in 1Q 2024). Revenue: ₹5.92b (down 12% from 1Q 2024). Net income: ₹230.4m (down 83% from 1Q 2024). Profit margin: 3.9% (down from 21% in 1Q 2024). Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Electrical industry in India. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Aug 13
HEG Limited Approves Board and Committees Changes HEG Limited announced that at its board meeting held on August 13, 2024, approved the reconstitution of the following committees with effect from August 13, 2024: Audit Committee: Shri Satish Chand Mehta, Chairman; Shri Shekhar Agarwal, Member; Dr. Kamal Gupta, Member; Smt. Ramni Nirula, Member; Shri Nand Gopal Khaitan, Member. Nomination and Remuneration Committee: Dr. Kamal Gupta, Chairman; Smt. Ramni Nirula, Member; Shri Satish Chand Mehta, Member; Shri Nand Gopal Khaitan, Member. Stakeholders Relationship Committee: Shri Riju Jhunjhunwala, Chairman; Shri Ravi Jhunjhunwala, Member; Dr. Kamal Gupta, Member; Shri Jayant Davar, Member; Shri Sandip Somany, Member. Risk Management Committee: Shri Ravi Jhunjhunwala, Chairman; Dr. Kamal Gupta, Member; Smt. Ramni Nirula, Member; Shri Nand Gopal Khaitan, Member. The board also took note that second consecutive term of Dr. Kamal Gupta, Independent director of the company will complete on August 29, 2024, after which, he will cease to be an independent director of the company and consequently cease to b e a member of audit committee, nomination & remuneration committee, stakeholder relationship committee, risk management committee and other board committees. Announcement • Aug 08
HEG Limited Approves Final Dividend for the Financial Year 2023-24 HEG Limited at its AGM held on August 7, 2024, approved the declaration of final dividend of INR 22.50 per Equity Share of face value of INR 10 each, for the Financial Year 2023-24. Upcoming Dividend • Jul 24
Upcoming dividend of ₹22.50 per share Eligible shareholders must have bought the stock before 31 July 2024. Payment date: 06 September 2024. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 1.1%. Within top quartile of Indian dividend payers (1.1%). Higher than average of industry peers (0.3%). Announcement • Jul 16
HEG Limited to Report Q1, 2025 Results on Aug 13, 2024 HEG Limited announced that they will report Q1, 2025 results on Aug 13, 2024 Reported Earnings • Jul 02
Full year 2024 earnings released: EPS: ₹80.76 (vs ₹138 in FY 2023) Full year 2024 results: EPS: ₹80.76 (down from ₹138 in FY 2023). Revenue: ₹23.9b (down 2.9% from FY 2023). Net income: ₹3.12b (down 42% from FY 2023). Profit margin: 13% (down from 22% in FY 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Electrical industry in India. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Jul 01
Now 22% undervalued Over the last 90 days, the stock has risen 6.6% to ₹2,217. The fair value is estimated to be ₹2,849, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 22% per annum. Earnings are also forecast to grow by 43% per annum over the same time period. Announcement • Jun 26
HEG Limited, Annual General Meeting, Aug 07, 2024 HEG Limited, Annual General Meeting, Aug 07, 2024, at 14:30 Indian Standard Time. Buy Or Sell Opportunity • Jun 24
Now 21% undervalued Over the last 90 days, the stock has risen 19% to ₹2,256. The fair value is estimated to be ₹2,855, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 22% per annum. Earnings are also forecast to grow by 43% per annum over the same time period. Buy Or Sell Opportunity • Jun 04
Now 22% undervalued Over the last 90 days, the stock has risen 21% to ₹1,988. The fair value is estimated to be ₹2,549, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 21% per annum. Earnings are also forecast to grow by 43% per annum over the same time period. Valuation Update With 7 Day Price Move • May 29
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₹2,272, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 50x in the Electrical industry in India. Total returns to shareholders of 15% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹2,540 per share. Reported Earnings • May 23
Full year 2024 earnings released: EPS: ₹80.75 (vs ₹138 in FY 2023) Full year 2024 results: EPS: ₹80.75 (down from ₹138 in FY 2023). Revenue: ₹25.4b (up 2.8% from FY 2023). Net income: ₹3.12b (down 42% from FY 2023). Profit margin: 12% (down from 22% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Electrical industry in India. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹2,359, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 46x in the Electrical industry in India. Total returns to shareholders of 21% over the past three years. Announcement • Apr 04
HEG Limited to Report Q4, 2024 Results on May 24, 2024 HEG Limited announced that they will report Q4, 2024 results on May 24, 2024 Price Target Changed • Feb 21
Price target increased by 9.7% to ₹2,300 Up from ₹2,098, the current price target is provided by 1 analyst. New target price is 42% above last closing price of ₹1,625. Stock is up 68% over the past year. The company is forecast to post earnings per share of ₹65.10 for next year compared to ₹138 last year. Reported Earnings • Feb 14
Third quarter 2024 earnings released: EPS: ₹11.32 (vs ₹27.13 in 3Q 2023) Third quarter 2024 results: EPS: ₹11.32 (down from ₹27.13 in 3Q 2023). Revenue: ₹5.62b (up 6.1% from 3Q 2023). Net income: ₹436.7m (down 58% from 3Q 2023). Profit margin: 7.8% (down from 20% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Electrical industry in India. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹1,632, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 42x in the Electrical industry in India. Total returns to shareholders of 19% over the past three years. Announcement • Dec 28
HEG Limited to Report Q3, 2024 Results on Feb 12, 2024 HEG Limited announced that they will report Q3, 2024 results on Feb 12, 2024 Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹1,795, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 44x in the Electrical industry in India. Total returns to shareholders of 125% over the past three years. Reported Earnings • Nov 10
Second quarter 2024 earnings released: EPS: ₹24.87 (vs ₹43.77 in 2Q 2023) Second quarter 2024 results: EPS: ₹24.87 (down from ₹43.77 in 2Q 2023). Revenue: ₹6.14b (up 2.7% from 2Q 2023). Net income: ₹959.8m (down 43% from 2Q 2023). Profit margin: 16% (down from 28% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Electrical industry in India. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Announcement • Sep 27
HEG Limited to Report First Half, 2024 Results on Nov 08, 2023 HEG Limited announced that they will report first half, 2024 results on Nov 08, 2023 Announcement • Sep 01
HEG Limited Declares Final Dividend for the Fiscal Year 2022-23 HEG Limited at its AGM held on August 31, 2023, declared of final dividend of INR 42.50 per equity share of the face value ordinary of INR 10 each, for the fiscal year 2022-23. Upcoming Dividend • Aug 17
Upcoming dividend of ₹42.50 per share at 2.4% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 30 September 2023. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 2.4%. Within top quartile of Indian dividend payers (1.4%). Higher than average of industry peers (0.4%). Reported Earnings • Aug 02
Full year 2023 earnings released: EPS: ₹138 (vs ₹112 in FY 2022) Full year 2023 results: EPS: ₹138 (up from ₹112 in FY 2022). Revenue: ₹24.7b (up 12% from FY 2022). Net income: ₹5.32b (up 24% from FY 2022). Profit margin: 22% (up from 20% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Electrical industry in India. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Announcement • Jul 29
HEG Limited, Annual General Meeting, Aug 31, 2023 HEG Limited, Annual General Meeting, Aug 31, 2023, at 11:30 Indian Standard Time. Announcement • Jul 14
HEG Limited to Report Q1, 2024 Results on Aug 11, 2023 HEG Limited announced that they will report Q1, 2024 results at 4:00 PM, Indian Standard Time on Aug 11, 2023 Price Target Changed • Jun 21
Price target increased by 7.6% to ₹1,460 Up from ₹1,358, the current price target is an average from 2 analysts. New target price is 12% below last closing price of ₹1,661. Stock is up 71% over the past year. The company is forecast to post earnings per share of ₹80.90 for next year compared to ₹138 last year. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹1,638, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 39x in the Electrical industry in India. Total returns to shareholders of 85% over the past three years. Announcement • May 23
HEG Limited Recommends Final Dividend for the Financial Year 2022-23 HEG Limited at the Board Meeting held on 22 May, 2023, the Board of Directors have recommended a Final Dividend on Equity Shares at the rate of INR 42.50 per Equity Share of the face value of INR 10 each, for the financial year 2022-23 subject to the approval of the Shareholders at the ensuing Annual General Meeting (AGM) of the Company. The dividend will be paid/dispatched within 30 days from the date of the Annual General Meeting. Reported Earnings • May 23
Full year 2023 earnings released: EPS: ₹138 (vs ₹112 in FY 2022) Full year 2023 results: EPS: ₹138 (up from ₹112 in FY 2022). Revenue: ₹25.8b (up 17% from FY 2022). Net income: ₹5.32b (up 24% from FY 2022). Profit margin: 21% (up from 20% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Electrical industry in India. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • May 06
HEG Limited to Report Q4, 2023 Results on May 22, 2023 HEG Limited announced that they will report Q4, 2023 results at 4:00 PM, Indian Standard Time on May 22, 2023 Board Change • Mar 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 5 highly experienced directors. Additional Independent Director Davinder Chugh was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 16
Third quarter 2023 earnings released: EPS: ₹27.13 (vs ₹29.40 in 3Q 2022) Third quarter 2023 results: EPS: ₹27.13 (down from ₹29.40 in 3Q 2022). Revenue: ₹5.30b (down 11% from 3Q 2022). Net income: ₹1.05b (down 7.7% from 3Q 2022). Profit margin: 20% (in line with 3Q 2022). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Jan 24
HEG Limited to Report Q3, 2023 Results on Feb 14, 2023 HEG Limited announced that they will report Q3, 2023 results on Feb 14, 2023 Price Target Changed • Nov 22
Price target decreased to ₹1,418 Down from ₹1,580, the current price target is an average from 2 analysts. New target price is 38% above last closing price of ₹1,028. Stock is down 49% over the past year. The company posted earnings per share of ₹112 last year. Price Target Changed • Nov 16
Price target decreased to ₹1,580 Down from ₹2,350, the current price target is an average from 2 analysts. New target price is 56% above last closing price of ₹1,015. Stock is down 51% over the past year. The company posted earnings per share of ₹112 last year. Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: ₹43.77 (vs ₹34.07 in 2Q 2022) Second quarter 2023 results: EPS: ₹43.77 (up from ₹34.07 in 2Q 2022). Revenue: ₹5.98b (up 16% from 2Q 2022). Net income: ₹1.69b (up 28% from 2Q 2022). Profit margin: 28% (up from 25% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Nov 13
Second quarter 2023 earnings released: EPS: ₹43.77 (vs ₹34.07 in 2Q 2022) Second quarter 2023 results: EPS: ₹43.77 (up from ₹34.07 in 2Q 2022). Revenue: ₹6.18b (up 19% from 2Q 2022). Net income: ₹1.69b (up 28% from 2Q 2022). Profit margin: 27% (up from 25% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Oct 20
HEG Limited to Report Q2, 2023 Results on Nov 11, 2022 HEG Limited announced that they will report Q2, 2023 results on Nov 11, 2022 Announcement • Sep 02
HEG Limited Declares Final Dividend for the Fiscal Year 2022 HEG Limited at its AGM held on September 1, 2022, declared of final dividend of INR 40 per Equity Share of the face value ordinary of INR 10 each, for the fiscal year 2022. Upcoming Dividend • Aug 16
Upcoming dividend of ₹40.00 per share Eligible shareholders must have bought the stock before 23 August 2022. Payment date: 01 October 2022. Payout ratio is a comfortable 29% but the company is not cash flow positive. Trailing yield: 3.1%. Within top quartile of Indian dividend payers (1.7%). Higher than average of industry peers (0.6%). Valuation Update With 7 Day Price Move • Aug 01
Investor sentiment improved over the past week After last week's 16% share price gain to ₹1,291, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 20x in the Electrical industry in India. Total returns to shareholders of 40% over the past three years. Reported Earnings • Jul 26
Full year 2022 earnings released: EPS: ₹112 (vs ₹4.65 loss in FY 2021) Full year 2022 results: EPS: ₹112 (up from ₹4.65 loss in FY 2021). Revenue: ₹22.0b (up 75% from FY 2021). Net income: ₹4.31b (up ₹4.49b from FY 2021). Profit margin: 20% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 104 percentage points per year, which is a significant difference in performance. Announcement • Jul 23
HEG Limited Recommends Final Dividend for the Financial Year 2021-22 HEG Limited recommended the Board of Directors, final dividend for the financial year 2021-22 at the rate of 400% or INR 40 per equity share of face value of INR 10 each, be and is hereby declared and that the same be paid, to those members whose name appears on the Company's register of members as on the close of business hours on 25 August, 2022, at its AGM to be held on 1 September, 2022. The Final Dividend, if declared will be paid within 30 days from the date of AGM. Announcement • Jul 21
HEG Limited to Report Q1, 2023 Results on Aug 10, 2022 HEG Limited announced that they will report Q1, 2023 results on Aug 10, 2022 Announcement • Jul 14
HEG Limited, Annual General Meeting, Sep 01, 2022 HEG Limited, Annual General Meeting, Sep 01, 2022, at 11:30 Indian Standard Time. Location: Mandideep (Near Bhopal) Raisen Madhya Pradesh India Agenda: To consider final dividend. Reported Earnings • May 27
Full year 2022 earnings released: EPS: ₹112 (vs ₹4.65 loss in FY 2021) Full year 2022 results: EPS: ₹112 (up from ₹4.65 loss in FY 2021). Revenue: ₹22.8b (up 82% from FY 2021). Net income: ₹4.31b (up ₹4.49b from FY 2021). Profit margin: 19% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Announcement • May 26
HEG Limited Recommends Final Dividend for the Financial Year 2021-2022 HEG Limited recommended a Final Dividend on Equity Shares at the rate of INR 40 per Equity Share of the face value of INR 10/- each, for the financial year 2021-22 subject to the approval of the Shareholders at the upcoming Annual General Meeting (AGM) of the Company. The dividend will be paid/dispatched within 30 days from the date of the Annual General Meeting. Price Target Changed • Apr 27
Price target decreased to ₹2,350 Down from ₹2,620, the current price target is provided by 1 analyst. New target price is 90% above last closing price of ₹1,238. Stock is down 43% over the past year. The company posted a net loss per share of ₹4.65 last year. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improved over the past week After last week's 20% share price gain to ₹1,375, the stock trades at a trailing P/E ratio of 18.6x. Average trailing P/E is 18x in the Electrical industry in India. Total loss to shareholders of 32% over the past three years. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 24% share price decline to ₹1,045, the stock trades at a trailing P/E ratio of 14.1x. Average trailing P/E is 18x in the Electrical industry in India. Total loss to shareholders of 45% over the past three years. Reported Earnings • Feb 11
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹29.40 (up from ₹0.21 loss in 3Q 2021). Revenue: ₹5.97b (up 87% from 3Q 2021). Net income: ₹1.13b (up ₹1.14b from 3Q 2021). Profit margin: 19% (up from net loss in 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. Announcement • Feb 02
HEG Limited to Report Q3, 2022 Results on Feb 09, 2022 HEG Limited announced that they will report Q3, 2022 results on Feb 09, 2022 Price Target Changed • Jan 12
Price target decreased to ₹2,620 Down from ₹2,955, the current price target is provided by 1 analyst. New target price is 39% above last closing price of ₹1,884. Stock is up 86% over the past year. The company posted a net loss per share of ₹4.65 last year. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 15% share price gain to ₹1,850, the stock trades at a trailing P/E ratio of 41.7x. Average trailing P/E is 21x in the Electrical industry in India. Total loss to shareholders of 46% over the past three years. Reported Earnings • Nov 11
Second quarter 2022 earnings released: EPS ₹34.07 (vs ₹3.98 loss in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ₹5.43b (up 68% from 2Q 2021). Net income: ₹1.32b (up ₹1.47b from 2Q 2021). Profit margin: 24% (up from net loss in 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. 
