Stock Crash: HEG shares tank after revenue drop, wider operating loss in Q4

Shares of HEG Ltd. declined as much as 11% on Thursday, April 30, after the company reported a weak set of earnings in the fourth quarter. This is the biggest single-day fall that the stock has seen since June 2024.For the March quarter HEG’s revenue witnessed an 8% sequential decline, likely due to the conflict in West Asia. On a year-on-year basis, the topline figure grew by 12% to ₹603 crore.

HEG reported an EBITDA loss of ₹149 crore compared to an EBITDA loss of ₹51 crore in the year-ago period. It was dragged by a mark-to-market loss of ₹190 crore on fair value on investments in GrafTech. The same figure stood at ₹157 crore in the year-ago period.
Excluding its MTM loss, the company’s margins contracted to 7.5% from 19.8%.
Its employee costs increased by 41% from last year to ₹35.3 crore from ₹25.1 crore.HEG reported a net loss of ₹119 crore compared to a loss of ₹69 crore in the fourth quarter of the previous year.

Its other income declined by 17% to ₹40 crore from ₹48 crore last year.

Shares of HEG are trading 10.5% lower on Thursday at ₹588.6. With this fall, the stock has erased all the gains made in 2026 and has turned negative on a year-to-date basis.

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