Graphite India vs HEG: Share Price, Comparison and Key Differences
- August 10, 2026
- Posted by: Neeraj Pandey
- Category: News
Graphite India MCap Rs 14,098 Cr, PE 67.44x (cyclical trough), ROE 2.99%, D/E 0.06. HEG MCap Rs 13,226 Cr, PE 36.85x, ROE 7.17%, D/E 0.17.
Graphite India vs HEG is a natural comparison for graphite electrode investors as both are India’s two major graphite electrode manufacturers and global competitors. Graphite India, promoted by the Bangur Group, operates electrode plants in Bengaluru and Nashik, while HEG is promoted by the LNJ Bhilwara Group and operates from Mandideep, Madhya Pradesh. Both sell to electric arc furnace (EAF) steelmakers globally. Graphite electrodes are a commodity-cyclical product with earnings heavily tied to global steel production and electrode supply-demand.
This Graphite India vs HEG article covers reach and market position, key products, latest declared results and stock valuation. The Graphite India vs HEG data below is sourced from Groww and public company filings and reflects the most recently available information at the time of writing.
Graphite India vs HEG: Reach and Market Position
On the Graphite India side of the Graphite India vs HEG comparison, Graphite India exports graphite electrodes to EAF steelmakers in Europe, North America, the Middle East and Asia. It is also associated with Clecim (arc furnace engineering). Market capitalisation is Rs 14,098 Cr.
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On the HEG side of the Graphite India vs HEG comparison, HEG exports graphite electrodes across global EAF steel markets and is one of the world’s largest graphite electrode plants by single-plant capacity. Market capitalisation is Rs 13,226 Cr.
Graphite India vs HEG: Key Products and Business Mix
In the Graphite India vs HEG product comparison, Graphite India offers: Graphite India earns from graphite electrodes (UHP, HP grade) for EAF steel furnaces. EPS is Rs 10.70. PE is 67.44x, ROE 2.99 percent, D/E 0.06. The high PE reflects cyclically depressed earnings at the current electrode price trough.
For HEG in this Graphite India vs HEG breakdown: HEG earns from graphite electrodes (UHP, HP grade). EPS is Rs 18.60. PE is 36.85x, ROE 7.17 percent, D/E 0.17. Both companies’ earnings are severely compressed by low electrode prices globally.
Graphite India vs HEG: Latest Results
The Graphite India vs HEG results for Graphite India: Graphite India has a market cap of Rs 14,098 Cr and PE of 67.44x. ROE is 2.99 percent. The elevated PE reflects the cyclical trough in graphite electrode pricing post the 2017 to 2018 supercycle.
The Graphite India vs HEG results for HEG: HEG has a market cap of Rs 13,226 Cr and PE of 36.85x. ROE is 7.17 percent. HEG is cheaper on PE and has a higher ROE than Graphite India at current trough levels.
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Graphite India vs HEG: Stock and Valuation
The Graphite India vs HEG stock comparison uses the latest available market data from Groww. Investors tracking Graphite India vs HEG should verify current prices on NSE or BSE before trading.
Graphite India vs HEG at current valuations: Graphite India trades at Rs 14,098 Cr market cap, PE 67.44x, ROE 2.99 percent. HEG trades at Rs 13,226 Cr market cap, PE 36.85x, ROE 7.17 percent. Both are cyclical trough valuations. HEG is cheaper on PE and has a higher current ROE.
Graphite India vs HEG: Quick Comparison Table
The Graphite India vs HEG comparison table below summarises the key metrics covered in this article side by side.
| Parameter | Graphite India | HEG |
|---|---|---|
| Sector | Graphite electrodes for EAF steel (Bengaluru/Nashik) | Graphite electrodes for EAF steel (Mandideep, MP) |
| Market Cap | Rs 14,098 Cr | Rs 13,226 Cr |
| P/E Ratio | 67.44x (cyclical trough) | 36.85x (cyclical trough) |
| ROE | 2.99% (trough) | 7.17% (trough) |
| Debt to Equity | 0.06 | 0.17 |
| Promoter | Bangur Group | LNJ Bhilwara Group (Lohia family) |
| Dividend | 0.97% yield | 0.50% yield |
Conclusion
The Graphite India vs HEG comparison above covers the key data points on reach, products, results and valuation. Graphite India vs HEG is a comparison of India’s two graphite electrode champions – a pure commodity cyclical investment. Both companies have very depressed earnings and ROE at the current electrode price trough. The investment case for either depends entirely on one’s view of when EAF steel production grows and electrode oversupply from China normalises. Graphite India vs HEG investors should review global electrode prices, EAF steel production trends, Chinese electrode export volumes and carbon needle coke costs. Graphite India vs HEG are strictly cyclical – consult a SEBI-registered advisor before investing.
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Disclaimer: Data and figures in this article are sourced from publicly available information, including company results filings and exchange data, and are current as of the time of writing. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions
What is a graphite electrode?
Ans. A graphite electrode is a carbon rod used in electric arc furnaces (EAF) to produce the extreme heat needed to melt scrap steel into molten steel. It is consumed in the steelmaking process.
Why are graphite electrode earnings cyclical?
Ans. Graphite electrode prices swing dramatically with EAF steel production and supply from Chinese manufacturers. During the 2017 to 2018 supercycle, prices surged 5 to 10 times. In the current trough, Chinese supply has depressed global prices.
Who are the main customers for Graphite India and HEG?
Ans. Both companies sell to EAF steelmakers globally – mini mills in the US, European steelmakers and Asian electric furnace producers. Key customers include Steel Dynamics (US), Nucor (US), ArcelorMittal and Indian steelmakers.
Is China a competitor in graphite electrodes?
Ans. Yes. China is the world’s largest graphite electrode producer and exporter. Chinese oversupply has severely depressed global electrode prices since 2019, compressing earnings for Graphite India and HEG.
Which is larger, Graphite India or HEG?
Ans. Graphite India at Rs 14,098 Cr is marginally larger than HEG at Rs 13,226 Cr – essentially similar in size.
Are Graphite India and HEG in Nifty 50?
Ans. Neither is in Nifty 50. Both are tracked in Nifty Metal and broader indices.
What is EAF steel?
Ans. EAF (Electric Arc Furnace) steel is made by melting scrap metal using electricity rather than processing iron ore in a blast furnace. EAF steel is more environmentally friendly and is growing globally as a share of total steel production.
