H.E.G. cash flow

Latest FY26

Cash from operations: ₹213cr−23.8% on FY25
Capital spending: ₹253cr+38.7% on FY25
Free cash flow: −₹39.5cr₹97.5 cr in FY25
Cash from financing: ₹96.9cr−₹159 cr in FY25

₹ crore except per share

Tap a line for its trend	Last 12Mto Jun 2026	FY26Mar 2026	FY25Mar 2025	FY24Mar 2024	FY23Mar 2023	FY22 and earlierAlpha Plus

Changes in working capital
Adjustments to reconcile profit — non-cash items						FY22 and earlierEvery year the company has filed comes with Alpha Plus.
	—	213	201	175	102
	—	37.0	35.8	35.7	26.0
	—	−6.7	−16.2	−43.2	−50.8
	—	−2.5	−1.9	−2.4	−2.0
	—	0.3	46.5	−8.1	−20.3
	—	33.9	3.0	−0.5	−0.3
	—	−27.4	−12.4	−55.0	−2.8
	—	110	−65.6	246	−462
	—	−444	34.1	−109	167
	—	10.8	−39.6	41.5	−55.4
	—	0.7	0.0	0.0	0.0
	—	20.5	−3.9	52.1	−36.2
	—	1.2	1.3	2.4	−3.4
Cash from operating activities
	312	289	143	314	599
	—	−53.4	182	334	−338
	—	235	324	648	261
	—	22.3	44.7	35.4	148
	—	213	280	612	113
Cash from investing activities
	—	253	182	403	480
	—	3.7	3.3	2.5	0.9
	—	917	779	587	1,264
	—	991	567	330	1,665
	—	0.0	37.3	0.0	0.0
	—	2.5	1.9	2.4	2.0
	—	10.7	28.1	52.6	44.1
	—	−158	189	417	10.7
	—	−320	−208	−186	−21.1
Cash from financing activities
	—	0.0	0.0	−122	77.5
	—	−173	37.6	0.0	0.0
	—	0.5	0.5	−1.1	0.5
	—	39.3	33.8	38.7	23.1
	—	36.7	87.3	163	154
	—	96.9	−159	−323	−100.0
	—	−10.2	−87.9	104	−7.7
	—	−10.2	−87.9	104	−7.7
	—	—	—	137	33.3
Reference items
	263	398	255	382	618
	10.0%	15.5%	11.8%	16.0%	25.1%
	−39.5	−39.5	97.5	209	−366
	—	127	31.4	49.0	—
	−₹2.05	−₹2.05	₹5.05	₹10.84	−₹18.99
	—	0.62×	2.43×	1.96×	0.21×
	—	22.3	44.7	35.4	148
	—	39.3	33.8	38.7	23.1

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From the company's filings with NSE and BSE (Ind-AS), consolidated. For information only, not investment advice.

alphave

HEG₹200.00

H.E.G. Ltd.

· Capital Goods & Defence

₹ CrorePeersGRAPHITE GALLANTT FINCABLES EMMVEE JINDALSAW ELGIEQUIP ELECON JWLMcap ₹3,860 Cr

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In ₹ Crore except Per Share 12 Months Ending	FY23 31/03/2023	FY24 31/03/2024	FY25 31/03/2025	FY26 31/03/2026	Last 12M 30/06/2026
Adjustments to Reconcile Profit — Non-cash Items
+ Depreciation & Amortisation	102.3	174.7	200.6	213.3	—
+ Finance Costs	26.0	35.7	35.8	37.0	—
+ Interest Income	-50.8	-43.2	-16.2	-6.7	—
+ Dividend Income	-2.0	-2.4	-1.9	-2.5	—
+ Fair Value (Gains) / Losses	-20.3	-8.1	46.5	0.3	—
+ Unrealised FX (Gain) / Loss	-0.3	-0.5	3.0	33.9	—
+ Other Reconciling Items	-2.8	-55.0	-12.4	-27.4	—
Changes in Working Capital
+ Inventories	-462.3	246.0	-65.6	109.9	—
+ Other Current Assets	167.3	-109.1	34.1	-444.5	—
+ Other Non-current Assets	-55.4	41.5	-39.6	10.8	—
+ Other Financial Liabilities — Current	0.0	0.0	0.0	0.7	—
+ Provisions — Current	-36.2	52.1	-3.9	20.5	—
+ Provisions — Non-current	-3.4	2.4	1.3	1.2	—
Cash from Operating Activities
Profit Before Tax (per I/S)	599.2	313.7	142.9	288.9	311.9
+ Total Adjustments (incl. Working Capital)	-337.9	333.9	181.5	-53.4	—
Cash from Operations (pre-tax)	261.3	647.7	324.4	235.5	—
+ Income Taxes Paid	148.0	35.4	44.7	22.3	—
Cash from Operating Activities	113.3	612.2	279.7	213.2	—
Cash from Investing Activities
+ Acq of Fixed Assets (Capex)	479.7	403.0	182.2	252.7	—
+ Disp of Fixed Assets	0.9	2.5	3.3	3.7	—
+ Acq of Investment Property	1,263.8	587.4	778.6	917.2	—
+ Disp of Investment Property	1,664.7	330.4	567.4	990.9	—
+ Acq of Subsidiaries / Businesses (net)	0.0	0.0	37.3	0.0	—
+ Dividends Received — Investing	2.0	2.4	1.9	2.5	—
+ Interest Received — Investing	44.1	52.6	28.1	10.7	—
+ Other Inflows / (Outflows) — Investing	10.7	416.5	188.9	-158.2	—
Cash from Investing Activities	-21.1	-185.8	-208.5	-320.2	—
Cash from Financing Activities
+ Proceeds from Borrowings	77.5	-121.5	0.0	0.0	—
+ Repayment of Borrowings	0.0	0.0	37.6	-173.4	—
+ Payment of Lease Liabilities	0.5	-1.1	0.5	0.5	—
+ Interest Paid	23.1	38.7	33.8	39.3	—
+ Dividends Paid	153.8	163.5	87.3	36.7	—
Cash from Financing Activities	-100.0	-322.6	-159.2	96.9	—
Net Changes in Cash (pre-FX)	-7.7	103.8	-87.9	-10.2	—
Net Changes in Cash	-7.7	103.8	-87.9	-10.2	—
Closing Cash	33.3	137.1	—	—	—
Reference Items
EBITDA	618.4	382.4	255.1	398.3	263.0
EBITDA Margin %	25.06	15.97	11.81	15.51	9.96
Free Cash Flow (CFO − Capex)	-366.4	209.2	97.5	-39.5	-39.5
Free Cash Flow to Equity	—	49.0	31.4	127.4	—
Free Cash Flow per Basic Share	-18.99	10.84	5.05	-2.05	-2.05
Cash Flow to Net Income	0.21	1.96	2.43	0.62	—
Cash Paid for Taxes	148.0	35.4	44.7	22.3	—
Cash Paid for Interest	23.1	38.7	33.8	39.3	—

As filed, sign as filed: a payment tagged as a positive magnitude in the filing stays positive here, so read the label, not the sign. A line appears only when the company tagged that concept in at least one period shown — depth follows the filer, so a thin statement means a thin filing. Total Adjustments is the filer's own grand total of the reconciliation and spans BOTH the non-cash items and the working-capital block; Profit Before Tax plus it equals Cash from Operations (pre-tax). It can be reported when its components are not, so it is never a sum of the rows above it. No consensus estimates → no Est columns. Click any row to chart it.

« ‹ › »Latest: FY26 · ConsolidatedFA Financial Analysis · alphave

Data & compliance. Descriptive financial information from official NSE/BSE filings — for information and education only, not investment advice, a recommendation, or a valuation. Standalone = parent entity; consolidated includes subsidiaries. Historical multiples pair each fiscal year's filed figures with that FY-end market close; the Current column uses the last close with the latest filed annuals. Figures are cross-verified via accounting identities and NSE×BSE agreement — XBRL cross-verified ✓ 95%.