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HEG Ltd
NSE:HEG

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HEG Ltd
NSE:HEG
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Price: 657.8 INR -0.96% Market Closed
Market Cap: ₹126.9B

EV/S

5
Current
39%
More Expensive
vs 3-y average of 3.6

Enterprise Value to Sales (EV/S) ratio compares a company`s total enterprise value to its revenue. It shows how much investors are paying for each dollar of the company`s sales, including both equity and debt.

EV/S
5
=
Enterprise Value
₹109.3B
/
Revenue
₹25.1B

Enterprise Value to Sales (EV/S) ratio compares a company`s total enterprise value to its revenue. It shows how much investors are paying for each dollar of the company`s sales, including both equity and debt.

EV/S
5
=
Enterprise Value
₹109.3B
/
Revenue
₹25.1B

Valuation Scenarios

HEG Ltd is trading above its 3-year average

If EV/S returns to its 3-Year Average (3.6), the stock would be worth ₹474.51 (28% downside from current price).

Statistics
Positive Scenarios
0/4
Maximum Downside
-48%
Maximum Upside
No Upside Scenarios
Average Downside
38%
Scenario EV/S Value Implied Price Upside/Downside
Current Multiple 5 ₹657.8
0%
3-Year Average 3.6 ₹474.51
-28%
5-Year Average 2.6 ₹339.24
-48%
Industry Average 3.4 ₹446.51
-32%
Country Average 2.9 ₹382.01
-42%

Forward EV/S
Today’s price vs future revenue

Today's Enterprise Value Revenue Forward EV/S
₹109.3B
/
Jan 2026
₹25.1B
=
5
Current
₹109.3B
/
Mar 2026
₹28.2B
=
3.9
Forward
₹109.3B
/
Mar 2027
₹33.4B
=
3.3
Forward
₹109.3B
/
Mar 2028
₹40.2B
=
2.7
Forward

Forward EV/S shows whether today’s EV/S still looks high or low once future revenue are taken into account.

Peer Comparison

All Multiples
EV/S
P/E
All Countries
Close
Market Cap EV/S P/E
IN
HEG Ltd
NSE:HEG
128.2B INR 5 33.3
CN
Contemporary Amperex Technology Co Ltd
SZSE:300750
2T CNY 3.7 25.3
CH
Abb Ltd
SIX:ABBN
140.9B CHF 5.2 35.9
FR
Schneider Electric SE
PAR:SU
152.3B EUR 4.1 36.6
IE
Eaton Corporation PLC
NYSE:ETN
161.7B USD 6.1 39.3
US
Vertiv Holdings Co
NYSE:VRT
123.8B USD 10.8 75.2
US
Emerson Electric Co
NYSE:EMR
79.5B USD 4.6 33.8
KR
LG Energy Solution Ltd
KRX:373220
108.6T KRW 5.3 -103.1
JP
Fujikura Ltd
TSE:5803
10.4T JPY 9.7 72.2
US
AMETEK Inc
NYSE:AME
53.4B USD 7.2 35.5
FR
Legrand SA
PAR:LR
38.7B EUR 4.5 31.1
P/E Multiple
Earnings Growth PEG
IN
H
HEG Ltd
NSE:HEG
Average P/E: 41.8
33.3
75%
0.4
CN
Contemporary Amperex Technology Co Ltd
SZSE:300750
25.3
22%
1.1
CH
Abb Ltd
SIX:ABBN
35.9
13%
2.8
FR
Schneider Electric SE
PAR:SU
36.6
23%
1.6
IE
Eaton Corporation PLC
NYSE:ETN
39.3
19%
2.1
US
Vertiv Holdings Co
NYSE:VRT
75.2
43%
1.7
US
Emerson Electric Co
NYSE:EMR
33.8
25%
1.4
KR
LG Energy Solution Ltd
KRX:373220
Negative Multiple: -103.1 N/A N/A
JP
Fujikura Ltd
TSE:5803
72.2
44%
1.6
US
AMETEK Inc
NYSE:AME
35.5
14%
2.5
FR
Legrand SA
PAR:LR
31.1
14%
2.2

Market Distribution

In line with most companies in India
Percentile
70th
Based on 2 864 companies
70th percentile
5
Low
0 — 1.6
Typical Range
1.6 — 5
High
5 —
Distribution Statistics
India
Min 0
30th Percentile 1.6
Median 2.9
70th Percentile 5
Max 55 686.2

HEG Ltd
Glance View

HEG Ltd., a stalwart in the industrial landscape of India, emerges as a key player in the world of graphite electrode manufacturing. Graphite electrodes are indispensable in the production of steel through electric arc furnaces, a process favored for its efficiency and environmental benefits compared to traditional blast furnaces. Stepping into the sprawling facilities of HEG, one would witness the intricate fusion of technology and innovation that drives their production processes. The company boasts one of the largest graphite electrode plants in the world, located in Mandideep, Madhya Pradesh. This formidable capacity enables HEG to cater to both domestic and international markets, underpinning its status as a pivotal supplier to the global steel industry. The company's revenue model flourishes by tapping into the cyclical nature of the steel industry. As steel producers ramp up their output during periods of high demand, HEG stands resiliently prepared to supply the essential graphite electrodes that are crucial for this uptick in production. Leveraging its extensive R&D capabilities, HEG continually enhances the efficiency and quality of its electrodes, maintaining a competitive edge in a highly specialized market. This focus on innovation, coupled with strategic investments in production capacity, ensures that HEG can scale operations effectively while retaining a sharp focus on quality. As global markets continue to emphasize sustainable production practices, HEG's role in supporting greener steelmaking processes drives both its strategic direction and financial outcomes.

HEG Intrinsic Value
595.64 INR
Overvaluation 9%
Intrinsic Value
Price ₹657.8
H
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