Which companies are HEG Advanced Materials's closest peers?

The cockpit's peer set: Voltamp Transformers (VOLTAMP.NS), Welspun Enterprises (WELENT.NS), Elecon Engineering (ELECON.NS), Paras Defence & Space Technologies (PARAS.NS), Rites (RITES.NS), IRCON International (IRCON.NS), Transformers and Rectifiers (India) (TARIL.NS), Titagarh Rail Systems (TITAGARH.NS).

Is HEG Advanced Materials expensive compared with its peers?

On forward p/e it trades at 26.4× against a peer median of 26.3×, 10th most expensive of 20 in its peer set.

← CockpitCompetitor Analysis › HEGAM.NS HEG Advanced Materials LtdOpen in the cockpit ↗

HEG Advanced Materials LtdHEGAM.NSCompetitor analysis, valuation and peers

India · INR·Capital Goods›Electronic Components

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$1.03B

US dollars, full cap

Free float

35%

of shares outstanding

$/day

$8.72M

20-day average traded

Fwd P/E

26.4×

forward earnings

ROIC−WACC

-12.7 pp

WACC 20.0%

Hurdle

n/a

no reverse DCF

Next earnings

102 days

16 Feb 2027

Close · INR₹293.87

1D-0.5%

1W+23.7%

1M+19.0%

3Mn/a

6Mn/a

YTDn/a

1Yn/a

ATR %5.8%

52w lowhigh7.4% off high

What HEG Advanced Materials does

Employees: 1,262

HEG Advanced Materials at a glance

Size HEG Advanced Materials (HEGAM.NS) is an India Industrials company (Electronic Components) with a market value of $1.03B, the 584th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹293.87 on 6 Nov 2026.

Growth Revenue grew 14.7% over the last twelve months (peer median +9.9%); the operating margin is 12.7% (peer median 13.8%).

Valuation It trades at 26.4× forward earnings against a peer median of 26.3× (10th most expensive of 20).

Capital Return on invested capital runs 12.7 points below its cost of capital (20.0% WACC).

Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).

HEG Advanced Materials financials

Reported figures in INR; fiscal year ends 2026-03-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	₹26.8B	₹25.5B	₹21.4B	₹23.8B	₹24.4B
Revenue growth	—	+19%	-10%	-3%	—
Gross profit	₹9.42B	₹5.71B	₹4.00B	₹4.34B	₹7.78B
EBITDA	₹5.46B	₹4.83B	₹3.22B	₹3.90B	₹5.97B
Net income	₹3.72B	₹3.41B	₹1.15B	₹3.12B	₹5.32B
Free cash flow	n/a	-₹655M	₹939M	₹2.57B	-₹3.43B
Capital expenditure	n/a	₹2.53B	₹1.82B	₹3.72B	₹4.80B
Total debt	₹7.11B	₹7.96B	₹5.88B	₹6.23B	₹7.43B

Quarterly statements and history in the cockpit →

HEG Advanced Materials competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. HEG Advanced Materials is the large dot.

HEG Advanced Materials competitors and peer comparison

How HEG Advanced Materials compares with its peers

Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

HEG Advanced Materials against its 20 peers (data as of 6 Nov 2026)
Measure	HEGAM.NS	Peer median	Rank in peer set
1-month return	+19.0%	-6.1%	highest of 21
Distance from 52-week high	-7.4%	-28.6%	highest of 21
Revenue growth (TTM)	+14.7%	+9.9%	10th highest of 21
Operating margin	12.7%	13.8%	9th lowest of 21
Forward P/E	26.4×	26.3×	10th most expensive of 20
ROIC minus cost of capital	-12.7 pp	-2.8 pp	2nd lowest of 20
EV / EBITDA	18.2×	21.8×	10th cheapest of 21
Net debt / EBITDA	0.4×	0.4×	11th least indebted of 21

Peer table

Peer set: Sector in the same market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g	Delivered g
HEG Advanced Materials HEGAM.NS	India	$1.03B	n/a	+15%	13%	26.4×	n/a	n/a
Voltamp Transformers VOLTAMP.NS	India	$1.04B	+1%	+18%	15%	28.6×	35.4%	+25.5%
Welspun Enterprises WELENT.NS	India	$995M	+29%	+1%	19%	22.3×	n/a	n/a
Elecon Engineering ELECON.NS	India	$995M	-26%	+5%	17%	24.6×	31.3%	+17.8%
Paras Defence & Space Technologies PARAS.NS	India	$1.06B	+43%	+42%	23%	85.7×	n/a	n/a
Rites RITES.NS	India	$990M	-15%	+11%	20%	19.7×	19.8%	+5.3%
IRCON International IRCON.NS	India	$1.08B	-33%	-3%	7%	15.4×	n/a	n/a
Transformers and Rectifiers (India) TARIL.NS	India	$974M	-7%	+27%	15%	26.3×	n/a	n/a
Titagarh Rail Systems TITAGARH.NS	India	$967M	-20%	-10%	10%	34.8×	45.4%	+15.9%
Quality Power Electrical Equipments QPOWER.NS	India	$1.12B	+7%	+90%	19%	56.3×	n/a	n/a
KEC International KEC.NS	India	$939M	-46%	-2%	5%	13.3×	n/a	n/a
Unimech Aerospace & Manufacturing UNIMECH.NS	India	$937M	+63%	+40%	27%	61.6×	n/a	n/a
Finolex Industries FINPIPE.NS	India	$932M	-20%	+3%	14%	16.4×	13.0%	+3.5%
Blue Dart Express BLUEDART.NS	India	$1.14B	-20%	+9%	7%	26.5×	22.4%	+13.3%
India Cements INDIACEM.NS	India	$1.14B	-15%	+5%	5%	25.6×	n/a	n/a
Dynamatic Technologies DYNAMATECH.NS	India	$922M	+3%	+17%	7%	88.0×	n/a	n/a
Genus Power Infrastructures GENUSPOWER.NS	India	$922M	-14%	+74%	18%	12.2×	n/a	n/a
Techno Electric & Engineering TECHNOE.NS	India	$1.14B	-28%	+39%	13%	18.8×	n/a	n/a
KSB KSB.NS	India	$1.16B	-30%	+8%	10%	38.8×	35.3%	+17.5%
Banco Products (India) BANCOINDIA.NS	India	$905M	-7%	+22%	14%	n/a	24.8%	+20.6%
Jupiter Wagons JWL.NS	India	$896M	-35%	-12%	10%	32.8×	n/a	n/a

Questions

Which companies are HEG Advanced Materials's closest peers?: The cockpit's peer set: Voltamp Transformers (VOLTAMP.NS), Welspun Enterprises (WELENT.NS), Elecon Engineering (ELECON.NS), Paras Defence & Space Technologies (PARAS.NS), Rites (RITES.NS), IRCON International (IRCON.NS), Transformers and Rectifiers (India) (TARIL.NS), Titagarh Rail Systems (TITAGARH.NS).
Is HEG Advanced Materials expensive compared with its peers?: On forward p/e it trades at 26.4× against a peer median of 26.3×, 10th most expensive of 20 in its peer set.