HEG Advanced Materials Limited
NSE: HEGAMElectrodes & Refractories
Share price
₹233.56
-1.52% close of 9 Oct 2026
Price-based ratios (P/B, dividend yield, EV/EBITDA) are as of 6 Oct 2026, the close above is 9 Oct 2026.
Business score
How strong the business is, in one number. The parts behind it are in Pro.
53
out of 100 · worked out 8 Oct 2026
Your ratios
The numbers you want to see first. Tap Edit to change them.
Market cap
₹4,554 Cr
P/E ratio
12.9
P/B ratio
0.9
ROCE
8.3%
ROE
7.4%
Dividend yield
1.4%
Price & valuation chart
How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.
Answers
Simple answers to the questions investors ask most, from the company's own numbers.
How fast it has been growing
Sales grew 20.2% over the past year, and 6.1% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales slipped from 11.8% to 9% over the last two years.
Whether it grew faster than its sector
It grew 6.1% a year against a sector median of 10.6% — 4.5 percentage points slower.
Room to re-rate, or risk of de-rating
Too little price history yet to compare it with its own past.
Whether growth justifies the valuation
Its earnings are falling, so growth cannot justify the price.
| Profit growth | Price per ₹1 profit | Per 1% growth | |
|---|---|---|---|
| HEG Advanced Materials Limited — this one | -14%/yr | 13.1× | — |
| Graphite India Limited | -8%/yr | 71.4× | — |
| Vesuvius India Limited | 26%/yr | 31.6× | ₹1.2 |
| Raghav Productivity Enhancers Limited | 28%/yr | 125.4× | ₹4.5 |
| RHI MAGNESITA INDIA LIMITED | -27%/yr | 41.0× | — |
| IFGL Refractories Limited | -23%/yr | 29.4× | — |
Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
How it compares with its peers
Against companies the exchange files under the same label (Electrodes & Refractories), it ranks 5 of 9 on returns, 8 of 9 on growth, 4 of 9 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
What makes it hard to beat — and is that still true?
No durable advantage shows in the numbers: it earns 8.3% on capital, ahead of 44% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
Whether its growth pays for itself
No — Over the last five years it made ₹1077 crore of cash from the business but spent ₹1629 crore on plant and equipment, ₹552 crore more than it made, paid from its own cash and investments. And the profit is real: of every 100 rupees it reported over 12 years, about 90 arrived as cash. Its cash comes back more slowly than it used to: it went from being waiting 75 days for its cash to waiting 132 days for its cash.
Profit reality check
Is the profit real cash? Simple checks on the accounts. Facts only, not advice.
6 of 9 checks clear · 67%
Latest result
What the last results showed. Whether management kept its word is in Pro.
Results are expected soon.
Checklist before you investPRO
Points for and against, in one list.
Key numbers & peers
The main numbers grouped by topic, and how the company compares with similar ones.
Price
- Market cap
- ₹4,554 Cr
- Prev close
- ₹233.56
- 52w High
- ₹256
- 52w Low
- ₹229
- Enterprise value
- ₹4,698 Cr
- Beta
- —
- Price CAGR 1y
- 23.0%
- Price CAGR 3y
- 22.0%
- Price CAGR 5y
- 5.0%
- Price CAGR 10y
- 33.0%
Ratios
- Return on assets
- 5.5%
- PEG ratio
- -0.9
- P/E ratio
- 12.9
- P/B ratio
- 0.9
- EV / EBITDA
- 17.8
- Industry P/E
- 31.6
- ROCE
- 8.3%
- ROCE 5y average
- 10.0%
- ROE
- 7.4%
- Debt / Equity
- 0.2
- Interest coverage
- 12.0
- Dividend yield
- 1.4%
- ROE 3y average
- 6.0%
- ROE last year
- 7.0%
Annual P&L
- Annual revenue
- ₹2,568 Cr
- Annual profit
- ₹341 Cr
- Operating margin
- 16.0%
- Net profit margin
- 13.3%
- EBITDA margin
- 15.5%
- Sales growth 3y
- 1.4%
- Sales growth 5y
- 15.4%
- Profit growth 3y
- -14.0%
- Profit growth 5y
- 46.0%
- EPS
- ₹17.7
- Sales growth TTM
- 20.0%
- Profit growth TTM
- 80.0%
- Dividend payout
- 19.0%
Quarter P&L
- Sales latest quarter
- ₹681 Cr
- Profit latest quarter
- ₹122 Cr
- YoY quarterly sales growth
- 11.1%
- YoY quarterly profit growth
- 16.2%
- OPM latest quarter
- 22.0%
Balance Sheet
- Book Value
- ₹244
- Face Value
- ₹2.0
- Total debt
- ₹796 Cr
- Total cash
- ₹250 Cr
- Borrowings
- ₹796 Cr
- Reserves / Equity
- 121.0
Cash Flow
- Operating cash flow
- ₹213 Cr
- Free cash flow
- -₹35 Cr
- FCF yield
- -1.6%
- Net cash flow
- -₹10 Cr
Shareholding
- Promoter holding
- 60.7%
- FII holding
- 5.3%
- DII holding
- 12.8%
- Public holding
- 21.2%
Peer comparison
| Company | Price ₹ | P/E | Mkt cap ₹ Cr | Div yield % | Profit qtr ₹ Cr | Profit var % | Sales qtr ₹ Cr | Sales var % | ROCE % |
|---|---|---|---|---|---|---|---|---|---|
| Graphite India | 816.40 | 72.8 | 15,950 | 0.86 | 171.0 | 28.4 | 842.0 | 26.6 | 4.6 |
| Raghav Product. | 1,825.30 | 133.7 | 8,382 | 0.05 | 19.6 | 67.5 | 86.9 | 48.7 | 30.3 |
| Vesuvius India | 389.40 | 30.9 | 7,903 | 0.39 | 58.5 | -7.1 | 536.2 | 2.3 | 21.3 |
| RHI Magnesita | 372.75 | 41.1 | 7,697 | 0.67 | 64.6 | 83.2 | 1,014.0 | 5.6 | 6.5 |
| HEG Advanced Materials | 233.77 | 12.7 | 4,511 | 1.45 | 122.3 | 22.6 | 680.8 | 11.1 | 8.3 |
| Monolithisch Ind | 1,229.05 | 92.8 | 2,671 | 0.00 | 10.1 | 134.7 | 47.2 | 63.9 | 34.8 |
| IFGL Refractori. | 183.99 | 31.0 | 1,326 | 1.17 | 17.1 | 57.8 | 512.4 | 12.8 | 4.9 |
| Median | 392.20 | 30.9 | 1,999 | 0.67 | 13.7 | 62.7 | 93.8 | 12.0 | 13.6 |
Competes with: De Nora India Limited, Graphite India Limited, IFGL Refractories Limited, ORIENT CERATECH LIMITED, RHI MAGNESITA INDIA LIMITED, Raghav Productivity Enhancers Limited, Vesuvius India Limited
Quarterly results
Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.
| Line item | Jun 2023 | 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 | 671 | 614 | 562 | 547 | 571 | 568 | 478 | 537 | 613 | 699 | 656 | 603 | 681 |
| Expenses | 520 | 512 | 476 | 506 | 533 | 471 | 411 | 598 | 507 | 581 | 513 | 752 | 530 |
| Material Cost | 244 | 237 | 234 | 244 | 261 | 265 | |||||||
| Change in Inventories | -35 | 17 | 59 | 16 | -4.61 | -14 | |||||||
| Purchases of Stock-in-Trade | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
| Employee Cost | 32 | 31 | 29 | 33 | 35 | 33 | |||||||
| Other Expenses | 357 | 226 | 259 | 221 | 460 | 246 | |||||||
| Operating Profit | 151 | 102 | 87 | 41 | 39 | 97 | 67 | -61 | 106 | 118 | 143 | -148 | 151 |
| OPM % | 23 | 17 | 15 | 8 | 7 | 17 | 14 | -11 | 17 | 17 | 22 | -25 | 22 |
| Other Income | 68 | 63 | 30 | 64 | 41 | 63 | 112 | 43 | 82 | 120 | 167 | 72 | 74 |
| Exceptional items (within Other Income) | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
| Interest | 9 | 9 | 10 | 9 | 8 | 9 | 9 | 12 | 8 | 9 | 9 | 11 | 10 |
| Depreciation | 38 | 38 | 47 | 50 | 48 | 48 | 51 | 55 | 53 | 54 | 54 | 53 | 50 |
| Profit before tax | 172 | 118 | 59 | 46 | 24 | 103 | 119 | -85 | 126 | 175 | 246 | -140 | 165 |
| Tax % | 19 | 18 | 27 | 29 | 3 | 20 | 30 | -13 | 17 | 18 | 16 | -19 | 26 |
| Net Profit | 139 | 96 | 44 | 33 | 23 | 82 | 83 | -74 | 105 | 143 | 207 | -114 | 122 |
| EPS in Rs | 7.21 | 4.97 | 2.26 | 1.71 | 1.19 | 4.26 | 4.32 | -3.82 | 5.43 | 7.43 | 11 | -5.89 | 6.34 |
| Diluted EPS in Rs | -3.82 | 5.43 | 7.43 | 11 | -5.90 | 6.34 |
Profit & loss
Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,228 | 870 | 859 | 2,748 | 6,591 | 2,145 | 1,254 | 2,201 | 2,463 | 2,393 | 2,151 | 2,568 | 2,639 |
| Expenses | 1,046 | 733 | 778 | 1,027 | 1,930 | 2,150 | 1,308 | 1,670 | 1,844 | 2,011 | 1,891 | 2,169 | 2,376 |
| Material Cost | 955 | 976 | |||||||||||
| Change in Inventories | -51 | 88 | |||||||||||
| Purchases of Stock-in-Trade | 0 | 0 | |||||||||||
| Employee Cost | 104 | 124 | |||||||||||
| Other Expenses | 897 | 983 | |||||||||||
| Operating Profit | 182 | 137 | 81 | 1,721 | 4,662 | -5 | -53 | 530 | 619 | 382 | 260 | 399 | 263 |
| OPM % | 15 | 16 | 9 | 63 | 71 | -0.20 | -4.20 | 24 | 25 | 16 | 12 | 16 | 10 |
| Other Income | 15 | 4 | 7 | 12 | 106 | 143 | 114 | 117 | 187 | 223 | 141 | 259 | 432 |
| Exceptional items (within Other Income) | 0 | 0 | |||||||||||
| Interest | 77 | 60 | 55 | 56 | 18 | 37 | 11 | 7 | 26 | 36 | 39 | 37 | 39 |
| Depreciation | 75 | 79 | 74 | 73 | 72 | 72 | 73 | 79 | 102 | 175 | 201 | 213 | 210 |
| Profit before tax | 44 | 1 | -41 | 1,605 | 4,677 | 29 | -23 | 560 | 677 | 395 | 162 | 408 | 446 |
| Tax % | 12 | 886 | 23 | 33 | 35 | -82 | -23 | 23 | 21 | 21 | 29 | 16 | |
| Net Profit | 36 | 4 | -44 | 1,099 | 3,026 | 68 | -18 | 431 | 532 | 312 | 115 | 341 | 359 |
| EPS in Rs | 1.82 | 0.22 | -2.20 | 55 | 157 | 3.50 | -0.93 | 22 | 28 | 16 | 5.96 | 18 | 19 |
| Diluted EPS in Rs | 5.96 | 18 | |||||||||||
| Dividend Payout % | 33 | 0 | 0 | 29 | 10 | 143 | -65 | 36 | 31 | 28 | 30 | 19 |
Compounded growth
Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.
Compounded sales growth
- 10 years
- 11%
- 5 years
- 15%
- 3 years
- 1%
- TTM
- 20%
Compounded profit growth
- 10 years
- 63%
- 5 years
- 46%
- 3 years
- -14%
- TTM
- 80%
Stock price CAGR
- 10 years
- 33%
- 5 years
- 5%
- 3 years
- 22%
- 1 year
- 23%
Return on equity
- 10 years
- 17%
- 5 years
- 8%
- 3 years
- 6%
- Last year
- 7%
Balance sheet
What the company owns and what it owes, at the end of each year. ₹ crore.
| Line item | 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 | 40 | 40 | 40 | 39 | 39 | 39 | 39 | 39 | 39 | 39 | 39 |
| Reserves | 974 | 956 | 913 | 1,868 | 3,755 | 3,473 | 3,456 | 3,875 | 4,242 | 4,387 | 4,415 | 4,719 |
| Borrowings | 917 | 782 | 684 | 297 | 667 | 594 | 298 | 665 | 743 | 623 | 588 | 796 |
| Other Liabilities | 315 | 176 | 216 | 534 | 684 | 332 | 451 | 730 | 668 | 653 | 607 | 612 |
| Total Liabilities | 2,246 | 1,953 | 1,853 | 2,739 | 5,144 | 4,438 | 4,244 | 5,308 | 5,692 | 5,701 | 5,648 | 6,166 |
| Fixed Assets | 907 | 932 | 889 | 833 | 788 | 745 | 694 | 763 | 1,363 | 1,816 | 1,938 | 1,788 |
| CWIP | 108 | 27 | 1 | 2 | 19 | 101 | 373 | 696 | 472 | 212 | 71 | 224 |
| Investments | 223 | 227 | 231 | 248 | 942 | 1,245 | 1,358 | 1,171 | 859 | 1,200 | 1,400 | 1,478 |
| Other Assets | 1,009 | 767 | 732 | 1,656 | 3,396 | 2,348 | 1,819 | 2,678 | 2,998 | 2,474 | 2,238 | 2,676 |
| Total Assets | 2,246 | 1,953 | 1,853 | 2,739 | 5,144 | 4,438 | 4,244 | 5,308 | 5,692 | 5,701 | 5,648 | 6,166 |
Cash flows
Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.
| Line item | 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 | 276 | 249 | 157 | 594 | 1,488 | 739 | 716 | -141 | 113 | 612 | 280 | 213 |
| Cash from Investing Activity | -83 | -29 | -1 | -9 | -676 | -275 | -417 | -183 | -21 | -184 | -207 | -320 |
| Cash from Financing Activity | -202 | -219 | -153 | -588 | -788 | -460 | -310 | 344 | -100 | -324 | -159 | 97 |
| Net Cash Flow | -8 | 1 | 3 | -3 | 24 | 4 | -11 | 20 | -8 | 104 | -86 | -10 |
| Free Cash Flow | 249 | 218 | 154 | 580 | 1,441 | 503 | 460 | -499 | -364 | 244 | 102 | -35 |
Ratios
How fast customers pay, how long stock sits, and how well capital earns — year by year.
| Line item | 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 | 3 | 1 | 86 | 139 | -0 | -2 | 14 | 15 | 9 | 4 | 8 |
Price trend
The price as a Renko brick chart: small moves drop out so the bigger path stands out.
In the last 1 year the price has not moved enough to draw bricks. Try a longer range.
Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.
Open interestPRO
Where option traders are positioned on this stock.
Industry numbers
The numbers that matter most in this industry, from the company's own filings.
1 when an audit qualification is filed as repetitive
0.00flag
2026-03-31
the company's own unlisted debt securities in default at period end
0.00cr
2026-06-30
exports as % of revenue
70.00pct
2026-06-30
the company's own loans / revolving facilities in default at period end (standalone filing)
0.00cr
2026-06-30
net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash
143inr_cr
2026-03-31
guarantees / comfort given for promoter, promoter group, directors and KMP
0.00cr
2026-03-31
loans outstanding to promoter, promoter group, directors and KMP (governance filing)
219cr
2026-03-31
security given for the borrowing of promoter, promoter group, directors and KMP
0.00cr
2026-03-31
News
News and filings about HEG Advanced Materials Limited. Open one to see why it matters.
1 Oct, 14:00 IST · Company event · medium impact
HEG Advanced Materials Limited — Receipt of orders by Replus Engitech Private Limited, a subsidiary of the Company
Supply chain
Who it buys from, sells to and competes with — as recorded in our map of company links.
Competes with
Uses as raw material
- needle coke
- pitch
Depends on the price of
- Crude Oil Brent
- fuel
Sells to
- Acerinox Europa · graphite electrodes
- ArcelorMittal · graphite electrodes
- CELSA Group · graphite electrodes
- Emirates Steel · graphite electrodes
- JINDAL STEEL LIMITED · Graphite electrodes for EAF steelmaking
- Jindal Stainless Limited · graphite electrodes
- Jindal Steel & Power Limited · graphite electrodes
- Qatar Steel · graphite electrodes
- Steel Authority of India · graphite electrodes
- Tata Steel · graphite electrodes
Buys from
- Xtranet Technologies Limited · IT solutions and services - system integration, ERP implementation and support, applicatio…
About
What the company is, from our own records: where it sits, where it makes things, and what it is made of.
- Sector
- Capital Goods
- Industry
- Electrodes & Refractories
- Classification
- Capital Goods › Electrodes & Refractories
- ISIN
- INE545A01024
Business segments
- Graphite · 99%
- Power · 1%
- Others · 0%
Plants
- HEG Captive Thermal Power Plant
- Mandideep graphite electrode plant · Mandideep, Madhya Pradesh
- Tawa Hydro Electric Power Plant
News impact
Big market events that reach HEG Advanced Materials Limited, and how the effect spreads.
1 Oct, 18:02 IST · Market event · medium impact
HEG Advanced Materials secures ₹127.35-crore lithium-ion battery bank order
HEG Advanced Materials won a Rs 127.35 crore lithium-ion battery order for Indus Towers' sites, helping HEG's sales with no clear loser among listed rivals.
Who it hits first
- HEG Advanced Materials, which makes graphite products and battery packs, won a Rs 127.35 crore order to supply lithium-ion battery banks (large backup batteries) to Replus Engitech, a unit of mobile-tower operator Indus Towers, with deliveries through May 2027.
- The order adds new sales to HEG's battery business and shows its tower-backup product is selling.
- Indus Towers and Replus Engitech have no fundamentals row in this pack, so no stock signal is given for the buyer side.
Who may gain
- HEG Advanced Materials, the battery-pack supplier, which books Rs 127.35 crore of tower-backup sales through May 2027
- Replus Engitech and Indus Towers, the tower operator, which secures backup power for its sites (buyer, not a stock pick here)
Along the supply chain
Downstream
Downstream, Replus Engitech and its parent Indus Towers, the mobile-tower operator, receive battery banks for tower backup through May 2027, while HEG's steel customers that buy graphite electrodes — Jindal Stainless, Tata Steel, Steel Authority of India and Jindal Steel — buy a different product and see no flow from this battery win.
Upstream
No direct upstream pull — XTRANET, the listed information-technology supplier to HEG, does not make battery cells or parts, so the Rs 127.35 crore battery order does not flow to it, and no battery-part supplier is shown in this pack.
Where demand moves
Business
Business demand flows one way: Indus Towers needs backup power for its mobile towers, so its unit Replus Engitech buys Rs 127.35 crore of battery banks from HEG Advanced Materials, lifting HEG's factory use through May 2027, while graphite-electrode and furnace-lining peers see none of this battery demand.
Capital
Capital follows the seller: investors are likely to bid up HEGAM shares modestly on the confirmed order, while peer names Graphite India, RHI Magnesita, RPEL and Vesuvius India see no new money from this win and trade on their own results.
How it spreads across sectors
Capital Goods
Small positive read for battery and power-gear makers as a Rs 127.35 crore tower-backup order confirms demand, but graphite-electrode and refractory makers that compete with HEG see no spillover.
Power
Neutral for power producers — a telecom tower-backup battery order does not change electricity demand or plant sales.
When it plays out
Immediate
In 1–7 days HEGAM shares react modestly to the Rs 127.35 crore order news while peers stay flat.
Medium term
In 1–6 months HEG books battery revenue and may chase repeat tower orders, while peers move only on their own electrode and refractory demand.
Short term
In 1–4 weeks focus shifts to delivery start and payment terms with Replus Engitech through May 2027.
22 Sept, 21:43 IST · Market event · high impact
RHI Magnesita block deal: Dalmia Bharat refractories divests 11.11% stake for Rs 826 crore; SBI MF, Bandhan MF among buyers
Dalmia sold an 11% RHI Magnesita stake for Rs 826 crore to mutual funds, lifting RHI shares and clearing selling pressure, which helps RHI holders and gives Dalmia cash while rivals and steel buyers feel nothing.
Who it hits first
- RHI Magnesita India, which makes heat-proof linings for steel and cement furnaces, saw 11.11% of its shares (2.29 crore shares) change hands in one block trade (a large pre-agreed sale) at Rs 360 each for Rs 826 crore.
- The seller Dalmia Bharat Refractories cashed out that chunk while SBI Mutual Fund led the buying with Bandhan Mutual Fund, and RHI shares still rose 3.04% to Rs 379.20, showing strong demand for the stock.
Who may gain
- RHI Magnesita India shareholders, who see a higher price near Rs 379.20 with the large-seller overhang gone and bigger mutual-fund ownership
- Dalmia Bharat Refractories, which turns an 11.11% stake into Rs 826 crore of cash it can use elsewhere
Along the supply chain
Downstream
No downstream change — steel and cement customers such as Tata Steel, JSW Steel and UltraTech Cement still buy the same furnace linings on the same terms; only who owns RHI shares changed.
Upstream
No upstream change — the pack lists no raw-material suppliers for RHI Magnesita India, and a shareholder shuffle does not change what it buys or pays.
Where demand moves
Business
No new business demand — steel and cement makers order no extra furnace linings because of this trade; only existing shares moved from one owner to new owners.
Capital
Clear capital demand — SBI Mutual Fund and Bandhan Mutual Fund paid Rs 826 crore to absorb 2.29 crore shares at Rs 360, and the price rising to Rs 379.20 shows buyers wanted more stock than offered, leaving steadier institutional hands.
How it spreads across sectors
Capital Goods
Only mood, no orders — rival lining and electrode makers such as GRAPHITE, HEG and BLEL may feel a brief sentiment lift from big mutual-fund buying but no new sales.
Construction Materials
No impact — cement makers including Dalmia Bharat and UltraTech Cement face no change in demand or costs from this share trade.
Metals & Mining
No impact — steel makers that buy RHI linings, such as Tata Steel and JSW Steel, see no change in supply or price.
When it plays out
Immediate
1-7 days: RHI shares digest the block; with the 11.11% overhang gone and funds holding stock bought at Rs 360, the price near Rs 379.20 holds unless wider selling hits.
Medium term
1-6 months: RHI moves on furnace-lining earnings and steel demand, not on who bought this block; rivals and customers stay unaffected throughout.
Short term
1-4 weeks: focus shifts back to lining orders and margins as the trade itself fades as a price driver.
Dividends, splits & big trades
Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.
Dividends
| 7 Sep 2026 | demerger | ₹0 |
|---|---|---|
| 22 Jul 2026 | unspecified | ₹3.4 |
| 13 Aug 2025 | unspecified | ₹1.8 |
| 18 Oct 2024 | split | ₹0 |
| 31 Jul 2024 | unspecified | ₹22.5 |
| 24 Aug 2023 | unspecified | ₹42.5 |
| 24 Aug 2022 | unspecified | ₹40 |
| 19 Jul 2021 | unspecified | ₹3 |
Documents
Annual reports, results presentations and earnings calls, straight from the source.
- Earnings call · Q1FY2724 Jul 2026
- Results presentation30 Jun 2026
Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.