HEG Limited is India's leading manufacturer and exporter of graphite electrodes, operating as the world's largest single-site integrated graphite electrodes plant. The company is part of the LNJ Bhilwara Group, which has diversified presence across IT enabled services, power generation, and textiles. HEG Limited was incorporated in 1972 and was set up in 1977, establishing itself as a significant player in the global graphite electrode market.
The company's main manufacturing facility is located at Mandideep near Bhopal, Madhya Pradesh, spanning over 170 acres. The company exports over 70% of its production to more than 30 countries worldwide, demonstrating its strong international presence and market reach.
The main business of HEG is graphite, which accounts for 80% of the revenue. The company's segments include Graphite, Power, and Others, with the Graphite segment comprising the manufacturing of graphite electrodes. The company produces graphite electrodes, which are key consumables for Electric Arc Furnaces (EAF) in steel manufacturing.
HEG offers graphite electrodes in various grades, including ultra-high power (UHP), high power (HP), and super-high power (SHP), with different lengths and diameters. The company manufactures and supplies graphite electrodes of two main grades - High Power (HP) and Ultra High Power (UHP). The company also makes fine grain carbon blocks for various applications on special orders, which are used by customers to make various value-added products.
HEG serves global markets with a production capacity of 80,000 tons per annum, leveraging its world-class manufacturing facilities. The company has about three captive power generation facilities which can together produce around 76.5 megawatts (MW), fulfilling almost the entire requirement of the graphite plant. The power generation comprises two thermal power plants and a hydroelectric power facility, with the company operating approximately three power generation facilities with a total rated capacity of over 77 megawatts.
The high-tech industry has significant entry barriers, with HEG being the most recent global entrant in 1976. HEG has a strong global presence, with exports accounting for around 80% of its revenues, and the company's electrodes are exported to over 45 countries across Asia, Europe, the Middle East and North America. Some of HEG's marquee global customers include ArcelorMittal, POSCO, US Steel, Nucor, and Thyssenkrupp among others.
HEG reported a net loss of ₹73.67 Crore in the quarter ended March 2025, as against net profit of ₹32.91 Crore during the previous quarter ended March 2024, with sales declining 0.85% to ₹542.25 Crore. For the full year, net profit declined 63.08% to ₹115.06 Crore in the year ended March 2025, as against ₹311.67 Crore during the previous year ended March 2024, with sales declining 9.82% to ₹2,159.69 Crore.
- Revenue: ₹542.25 Crore as on March 2025 (Q4 FY25)
- Net Profit: ₹-73.67 Crore as on March 2025 (Q4 FY25)
- Market Cap: ₹9,754 Crore as reported by Screener
- Return on Equity: 7.43% over the last 3 years
HEG has established an R&D Center for carbon science and technology with strong applied research and development focus in the field of conventional carbon products and advanced carbon materials/products such as carbon nanotubes/fibers. The company has a dedicated R&D setup collaborating with esteemed institutions like IIT Kanpur and CSIR to work on developmental projects and enhance competitiveness.
HEG's wholly-owned subsidiary, TACC Limited, is engaged in anode manufacturing for lithium-ion batteries. The Board of Directors made an investment to buy 32,35,1004 shares in Bhilwara Energy Ltd in April 2019, increasing their stake to 49%.
The company's social upliftment initiatives focus around healthcare, education, community development, and environmental conservation, with efforts primarily mediated towards improving the quality of life of people living in and around its facilities. These activities are conducted directly and through a dedicated trust – LNJ Bhilwara HEG Lok Nyas.
HEG announced that the Board of Directors at its meeting held on May 19, 2025, recommended a final dividend of ₹1.8 per equity share (90%), subject to shareholder approval. HEG declared a ₹22.50 dividend for FY24 and plans a 1:5 stock split in FY25.
The company has been benefiting from favorable market conditions, with shares rising significantly on May 19, 2025, gaining up to 14% amid reports of Japanese company Resonac shutting down production in China and Malaysia.
HEG Limited continues to strengthen its position as a global leader in graphite electrode manufacturing, leveraging its integrated operations, strong export capabilities, and ongoing investments in research and development to maintain its competitive edge in the industry.
