HEG Limited

BSE:509631 Stock Report

Market Cap: ₹79.2b

HEG Valuation

Is 509631 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 509631 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 509631 (₹411.05) is trading above our estimate of fair value (₹105.29)

Significantly Below Fair Value: 509631 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 509631?

Key metric: As 509631 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 509631. This is calculated by dividing 509631's market cap by their current earnings.
What is 509631's PE Ratio?
PE Ratio43.6x
Earnings₹1.82b
Market Cap₹79.22b

Price to Earnings Ratio vs Peers

How does 509631's PE Ratio compare to its peers?

The above table shows the PE ratio for 509631 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average80.9x
509488 Graphite India
19.9x30.6%₹92.6b
VOLTAMP Voltamp Transformers
28.7x9.1%₹98.6b
UEL Ujaas Energy
158.9xn/a₹73.0b
532928 Transformers and Rectifiers (India)
116x50.8%₹140.2b
509631 HEG
43.6x70.6%₹79.2b

Price-To-Earnings vs Peers: 509631 is good value based on its Price-To-Earnings Ratio (43.6x) compared to the peer average (80.9x).

Price to Earnings Ratio vs Industry

How does 509631's PE Ratio compare vs other companies in the IN Electrical Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
504058 Indo National
2.7xn/aUS$45.01m
533203 Tarapur Transformers
4.5xn/aUS$7.22m
No more companies available in this PE range
509631 43.6xIndustry Avg. 45.5xNo. of Companies12PE020406080100+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 509631 is good value based on its Price-To-Earnings Ratio (43.6x) compared to the Indian Electrical industry average (46x).

Price to Earnings Ratio vs Fair Ratio

What is 509631's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

509631 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio43.6x
Fair PE Ratio109.5x

Price-To-Earnings vs Fair Ratio: 509631 is good value based on its Price-To-Earnings Ratio (43.6x) compared to the estimated Fair Price-To-Earnings Ratio (109.5x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 509631 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current₹411.05
₹498.00
+21.2%
2.8%₹512.00₹484.00n/a2
Nov ’25₹442.90
₹498.00
+12.4%
2.8%₹512.00₹484.00n/a2
Oct ’25₹489.50
₹498.00
+1.7%
2.8%₹512.00₹484.00n/a2
Sep ’25₹399.51
₹498.00
+24.7%
2.8%₹512.00₹484.00n/a2
Aug ’25₹445.42
₹522.00
+17.2%
7.3%₹560.00₹484.00n/a2
Jul ’25₹443.45
₹522.00
+17.7%
7.3%₹560.00₹484.00n/a2
Jun ’25₹459.02
₹472.00
+2.8%
2.5%₹484.00₹460.00n/a2
May ’25₹471.92
₹472.00
+0.02%
2.5%₹484.00₹460.00n/a2
Apr ’25₹393.06
₹472.00
+20.1%
2.5%₹484.00₹460.00n/a2
Jan ’25₹385.46
₹413.50
+7.3%
2.1%₹422.00₹405.00n/a2
Dec ’24₹332.38
₹413.50
+24.4%
2.1%₹422.00₹405.00n/a2
Nov ’24₹329.96
₹419.50
+27.1%
3.5%₹434.00₹405.00₹442.902
Oct ’24₹344.31
₹419.50
+21.8%
3.5%₹434.00₹405.00₹489.502
Sep ’24₹349.14
₹419.50
+20.2%
3.5%₹434.00₹405.00₹399.512
Aug ’24₹360.65
₹348.50
-3.4%
16.2%₹405.00₹292.00₹445.422
Jul ’24₹325.98
₹348.50
+6.9%
16.2%₹405.00₹292.00₹443.452
Jun ’24₹237.61
₹271.50
+14.3%
9.8%₹298.00₹245.00₹459.022
May ’24₹222.93
₹271.50
+21.8%
9.8%₹298.00₹245.00₹471.922
Apr ’24₹184.14
₹271.50
+47.4%
9.8%₹298.00₹245.00₹393.062
Mar ’24₹193.22
₹271.50
+40.5%
9.8%₹298.00₹245.00₹328.962
Feb ’24₹204.05
₹277.50
+36.0%
11.7%₹310.00₹245.00₹357.232
Jan ’24₹206.33
₹283.50
+37.4%
13.6%₹322.00₹245.00₹385.462
Dec ’23₹211.73
₹283.50
+33.9%
13.6%₹322.00₹245.00₹332.382
Nov ’23₹209.77
₹316.00
+50.6%
11.4%₹352.00₹280.00₹329.962

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.

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