Graphite electrodes & energy (formerly HEG)Historical case study · data as of 30 Jul 2026 · published 02 Nov 2026 (95 days later)
HEG Advanced Materials — 100-point case study
How HEG Advanced Materials looked on 50 technical and 50 fundamental measures on 30 Jul 2026 — and what happened over the next three months. Education only; not a current view.
9 bullish · 32 neutral · 2 caution · 6 bearish — the picture was mixed.
Price chart
Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance
Data note: On the snapshot date this company was HEG Ltd, which still owned the graphite electrode business. That business was demerged into HEG Graphite Ltd (1 share for every 1 held, ex-date 7 Sep 2026), Bhilwara Energy was merged in, and the listed company was renamed HEG Advanced Materials. Prices from 7 Sep 2026 onward are divided by 0.357 (₹260 opening price on the ex-date ÷ ₹728.25 last close before it) so they line up with the pre-demerger price; the chart's 'after' section and the 3-month return use these adjusted figures and do not include the value of the HEG Graphite shares shareholders received. Financials are the pre-demerger combined company.
Technical analysis — 50 points
Calculated by code from daily prices up to 30 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).
How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →
A. Trend
#
Point
Reading
Tag
Commentary
1
Short-term trend (20 days)
slope +1.35%/day
Bullish
Over the last 20 sessions the regression line of closing prices was rising about 1.35% a day — a short-term uptrend.
Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2
Medium-term trend (~5 months)
3M return +0.1%
Bullish
The 100-session trend line was up (+0.06%/day) and the stock was +0.1% over three months, so the medium-term picture was bullish.
Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3
Long-term trend (1 year)
1Y return +23.4%
Bullish
Compared with a year earlier the price was +23.4%. A strong positive year.
Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4
Weekly chart trend
10W 564.62 / 30W 565.63
Neutral
On the weekly chart the stock showed a weekly close tangled between the 10-week and 30-week averages.
Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5
Swing structure (highs/lows)
last highs 637.50→552.90; lows 510.90→509.10
Bearish
The two most recent swing points showed lower swing highs and lower swing lows — classic downtrend structure.
Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6
ADX (14) — trend strength
43.0
Bullish
ADX at 43.0 shows a strong trend in force. ADX measures strength only, not direction.
Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7
+DI vs –DI
+DI 35.9 / –DI 4.8
Bullish
+DI was above –DI: upward price pressure outweighed downward pressure.
Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.
B. Moving averages
#
Point
Reading
Tag
Commentary
8
Price vs 20-day SMA
590.56 (+11.6%)
Bullish
Close of 659.25 was 11.6% above the 20-day SMA — the short-term trend filter was positive.
Bullish close above the average · Bearish close below the average · No neutral zone.
9
Price vs 50-day SMA
563.11 (+17.1%)
Bullish
Close of 659.25 was 17.1% above the 50-day SMA — the medium-term trend filter was positive.
Bullish close above the average · Bearish close below the average · No neutral zone.
10
Price vs 200-day SMA
557.07 (+18.3%)
Bullish
Close of 659.25 was 18.3% above the 200-day SMA — the long-term trend filter was positive.
Bullish close above the average · Bearish close below the average · No neutral zone.
11
9 / 21 EMA crossover
9E 636.21 / 21E 603.05
Bullish
The 9-day EMA was above the 21-day EMA; the last crossover happened on 13 Jul 2026.
The 50-day average was 1.1% above the 200-day. No 50/200 crossover occurred in the data window.
Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13
50-day SMA slope
-2.2% in 20 sessions
Bearish
The 50-day average fell 2.2% over the past month — declining.
Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14
MA ribbon alignment
591 / 563 / 568 / 557
Neutral
The 20/50/100/200-day averages were tangled — no clean order, typical of a transition or range.
Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15
Monthly anchored VWAP
603.64 (+9.2%)
Bullish
Anchored to the start of July, the volume-weighted average price was 603.64; the close was above it — buyers that month were on average in profit.
Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.
C. Momentum
#
Point
Reading
Tag
Commentary
16
RSI (14)
69.6
Bullish
RSI at 69.6 showed positive momentum without being overbought.
Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17
RSI divergence (last 40 days)
none
Neutral
Comparing the last 20 sessions with the 20 before: no divergence — RSI moved in line with price.
Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18
MACD line vs signal
MACD 30.19 / signal 21.07
Bullish
MACD was above its signal line — momentum turning or staying positive.
Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19
MACD histogram (5-day change)
9.64 → 9.12
Bearish
The histogram fell over the last five sessions, meaning momentum was weakening.
Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.
D. Volatility
#
Point
Reading
Tag
Commentary
25
Bollinger Band position (%B)
%B 0.85 (bands 492.07–689.04)
Neutral
%B of 0.85 — inside the bands, upper half.
How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26
Bollinger width / squeeze
width 33.4% (94th pct of 6M)
Neutral
Band width was at the 94th percentile of the last six months, so volatility was elevated.
How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27
ATR (14)
₹26.79 (4.1% of price)
Neutral
A typical day's range was about ₹26.79, or 4.1% of the price — useful for judging how much 'normal noise' to expect.
How to read: Information only. A higher % means bigger normal daily swings.
28
Historical volatility (30-day)
38.6% vs 1Y 41.0%
Neutral
Annualised 30-day volatility was 38.6%, close to the one-year level of 41.0%.
How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29
Keltner Channel (20, 2×ATR)
547.99–661.87
Neutral
The close was inside the channel, so no volatility breakout.
Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30
Beta vs Nifty 50 (1Y daily)
1.13
Neutral
A beta of 1.13 means the stock tended to move more than the Nifty 50 day to day.
How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.
E. Volume & money flow
#
Point
Reading
Tag
Commentary
31
Volume vs 20-day average
last day 0.65× / 5-day 1.07×
Neutral
The final session traded 0.65× its 20-day average volume and the last five sessions averaged 1.07× — normal participation.
How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32
Up-day vs down-day volume (20d)
ratio 3.30
Bullish
Average volume on up days was 3.30× that on down days — accumulation-leaning.
Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33
On-Balance Volume (20d)
OBV rising
Bullish
OBV rose over the month while price rose — volume confirmed the price move.
About ₹194 crore changed hands per day on average over 20 sessions — liquid.
How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.
F. Price levels
#
Point
Reading
Tag
Commentary
38
Support levels (S1/S2/S3)
579.12 / 545.00 / 536.00
Neutral
Nearest support (prior swing lows) sat at 579.12, 13.8% below the close, then 545.00, 536.00.
How to read: Information only. Levels to watch, not good or bad.
39
Resistance levels (R1/R2/R3)
680.90
Neutral
Nearest resistance (prior swing highs) sat at 680.90, 3.3% above the close.
How to read: Information only.
40
Monthly pivot points (for next month)
P 617.12 | R1 725.13 | S1 551.23
Neutral
Classic pivots from July's high/low/close gave a pivot of 617.12; the close was above it.
How to read: Information only.
41
Fibonacci retracement (6M swing)
23.6% 638 | 38.2% 606 | 50.0% 580 | 61.8% 555
Neutral
Measuring the 6-month rise from 470.80 to 690.00, the close was nearest the 23.6% retracement at 638.27.
How to read: Information only.
42
52-week high / low
H 690.00 / L 459.80
Bullish
The close was 4.5% below the 52-week high and 43.4% above the 52-week low.
Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43
Unfilled price gaps (6M)
none
Neutral
No unfilled price gaps in the last six months.
How to read: Information only.
G. Patterns
#
Point
Reading
Tag
Commentary
44
Price structure / chart pattern
rising channel
Bullish
Rule-based pattern scan: rising channel — successive higher highs and lows. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.)
Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45
Breakout / breakdown (20-day)
range 509.10–675.90
Neutral
The close was inside the prior 20-day range of 509.10–675.90.
Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46
Latest candlestick
Ordinary red candle
Neutral
On 30 Jul the candle opened 675.00, ranged 656.00–683.00 and closed 659.25: Ordinary red candle. Single candles are weak signals on their own.
Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47
Ichimoku Cloud
cloud 545.30–597.50; Tenkan 632.85 / Kijun 596.05
Bullish
Price was above the cloud and the Tenkan line was above the Kijun line — a bullish Ichimoku setup.
Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.
H. Relative strength & summary
#
Point
Reading
Tag
Commentary
48
Relative strength vs Nifty 50
1M +24.9% / 3M -0.4%
Neutral
The stock underperformed the Nifty 50 by 0.4 points over three months and outperformed by 24.9 points over one month.
Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49
Relative strength vs Nifty 50 (6M)
6M +24.2%
Bullish
No sector index in today's data set, so we show the 6-month comparison instead: 24.2 points ahead of the Nifty 50.
Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50
Technical summary
24 bullish · 3 bearish · 19 neutral · 3 caution
Bullish
Across the 49 readings the technical picture leaned positive. Levels that mattered: support 579.12, resistance 680.90. This is a description of the chart on 30 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell.
Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.
Fundamental analysis — 50 points
Uses only results published by 30 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Jun 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 30 Jul 2026 close.
How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →
A. Valuation
#
Point
Reading
Tag
Commentary
1
P/E (trailing 12 months)
63.7×
Neutral
At ₹659.25 the market valued the company at about ₹21,705 crore, or 63.7× the ₹341 crore profit of the four quarters to Mar 2026. That is a premium multiple — the market expected growth.
How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2
Price / Book
4.56×
Neutral
Market cap was 4.56× the Mar 2026 book value (equity + reserves) of ₹4,758 crore.
How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3
Price / Sales
8.44×
Neutral
The company was valued at 8.44× its trailing-12-month sales of ₹2,571 crore.
How to read: Information only.
4
EV / EBITDA (approx.)
102.7×
Neutral
Enterprise value (market cap + ₹796 cr borrowings; cash not netted) was 102.7× trailing operating profit of ₹219 crore.
How to read: Information only. Lower means cheaper relative to operating profit.
5
Earnings yield
1.6%
Neutral
The inverse of P/E: each ₹100 invested bought about ₹1.6 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds.
How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6
PEG (P/E ÷ 3-yr profit CAGR)
n/m
Neutral
PEG is not meaningful because 3-year profit growth was -13.8%.
Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7
Dividend yield (trailing 12M)
0.79%
Neutral
Dividends with ex-dates in the 12 months to the snapshot totalled ₹5.2 a share, a 0.79% yield on the ₹659.25 price.
Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8
Market capitalisation
₹21,705 cr
Neutral
At about ₹0.22 lakh crore the company was a small-cap.
How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9
Graham number vs price
₹183.51 vs ₹659.25
Neutral
Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹183.51; the price was 259% above it. Quality franchises usually trade above this number.
Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).
B. Growth
#
Point
Reading
Tag
Commentary
10
Revenue growth FY26 (YoY)
+19.4%
Bullish
Revenue for FY26 was ₹2,568 crore, +19.4% versus FY25.
Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49
Automated screen flags
3 strength(s) · 2 weakness(es)
Neutral
Strengths: Stock is trading at 0.96 times its book value; Company has been maintaining a healthy dividend payout of 25.8%; Promoter holding has increased by 4.45% over last quarter. Weaknesses: Company has a low return on equity of 5.73% over last 3 years; Earnings include an other income of Rs.432 Cr. (Flags generated by the data source’s rule screen.)
How to read: Information only.
50
Fundamental summary
9 bullish · 6 bearish · 32 neutral · 2 caution
Neutral
On the numbers published by 30 Jul 2026 the fundamental picture was mixed. Valuation: P/E 63.7×, P/B 4.56×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell.
Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.
News in the three months before the snapshot
Company news from 30 Apr 2026 – 30 Jul 2026 that an investor could have known on the snapshot date.
30 Apr 2026HEG shares fall about 11% after Q4 FY26 consolidated loss — HEG reported a consolidated net loss of Rs 113.77 crore for the March 2026 quarter against a Rs 206.97 crore profit in Q3 FY26; revenue was Rs 603.21 crore. The board recommended a final dividend of Rs 3.40 per share. Shares saw their sharpest one-day fall in about two years. source
26 Jun 2026HEG schedules 54th AGM on July 29, 2026; dividend record date July 22 — HEG set its 54th AGM for 29 July 2026 by video conference, with 22 July 2026 as record date for the proposed Rs 3.40 final dividend and book closure 23-29 July. source
23 Jul 2026HEG Q1 FY27: consolidated PAT Rs 122.34 crore, total income up 7.6% — Results for the June 2026 quarter, announced on 22 July 2026, showed total income of Rs 724.35 crore (up 7.6% YoY) and consolidated net profit of Rs 122.34 crore (up 22.6% YoY). Shares rose the next day. source
30 Jul 2026HEG shareholders approve all resolutions at 54th AGM, including Rs 3.40 dividend — At the AGM held 29 July 2026, shareholders adopted FY26 accounts, approved the Rs 3.40 final dividend, re-appointed Manish Gulati and ratified cost auditor remuneration. source
What happened next (30 Jul 2026 → 30 Oct 2026)
Price went from ₹659.25 to ₹665.54 by 30 Oct 2026 (+1.0%) while the Nifty 50 moved -5.2% — outperforming by 6.2 points.
Highest ₹764.66 on 07 Sep 2026; lowest ₹536.97 on 23 Oct 2026.
S1 579.12: broken on a closing basis on 22 Oct 2026.
S2 545.00: held on a closing basis.
R1 680.90: cleared on a closing basis on 05 Aug 2026.
200-day SMA: price was above it at the snapshot and crossed below on 21 Oct 2026.
Apr–Jun 2026 results (reported 22 Jul 2026): revenue ₹681 crore (+11.1% YoY), net profit ₹122 crore (+16.2% YoY), operating margin 22% vs 17% a year earlier (Screener consolidated figures).
Later news
19 Aug 2026HEG gets NCLT approval for demerger plan in 1:1 ratio — The NCLT Indore Bench sanctioned HEG's Composite Scheme of Arrangement to demerge the graphite business and amalgamate Bhilwara Energy Ltd; shareholders to receive shares of the graphite entity in a 1:1 ratio. source
26 Aug 2026HEG sets September 1 effective date and September 7 record date for demerger — The board fixed 1 Sep 2026 as the effective date and 7 Sep 2026 as record date. The graphite electrode business moves to HEG Graphite Ltd (to be renamed HEG Ltd); the listed entity, to be renamed HEG Advanced Materials, keeps advanced materials, battery energy and green power businesses. source
03 Sep 2026HEG renamed HEG Advanced Materials after scheme becomes effective — The company received a fresh certificate of incorporation effective 2 Sep 2026 under the name HEG Advanced Materials Ltd; Bhilwara Energy merged into it, and HEG Graphite listing was expected in the second half of October 2026. source
07 Sep 2026HEG trades ex-demerger; stock price adjusts by about 63% — On the record date the stock opened near Rs 260-265 against a prior close of about Rs 728-729, reflecting the separation of the graphite electrode business rather than a loss in value for holders, who receive 1 HEG Graphite share per share held. source
Educational summary. On 30 Jul 2026 the technical picture leaned positive and the fundamental picture was mixed. Over the next three months the stock moved +1.0% against -5.2% for the Nifty 50. Here the chart's message lined up with what followed. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold HEG Advanced Materials today.
Method designed by our founder, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.
Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 02 Nov 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction
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