ICICI Direct's research report on HEG
HEG is one of the leading graphite electrode manufacturers and exporters globally. HEG has a graphite electrode manufacturing plant of 80000 tonnes per annum at Mandideep in Madhya Pradesh • HEG has a captive power generation capacity of ~76.5 MW (two thermal power plants and one hydro power plant).
Outlook
Hence, we downgrade the stock from BUY to HOLD. We value HEG at Rs 1400, 6x FY24E EV/EBITDA.
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