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HEG
PB (Price/Book ) Ratio

The Current P/B Ratio of HEG is 3.23.

Share Price ₹720.6Aug 25,2026
Market Cap ₹13,907.6 Cr
Book Value₹4,303.2 CrMar2026 - Consolidated Results
Price/Book 3.23xCalculated as MarketCap/Book Value
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Definition & Calculation of PB (Price/Book ) ratio of HEG

Price-to-Book ratio, P/B Multiple, or P/B Ratio is an important valuation multiple that is defined as:

P/B = Market Capitalization / Book Value

or, using per-share numbers:

P/B = Stock Price / Book Value Per Share

Applying the above formula, P/B ratio of HEG is calculated as :

Current Market Cap [ ₹13,907.6 Cr] as on Aug 25,2026

(/) Book Value [ ₹4,303.2 Cr] based on Mar2026 - Consolidated Results

(=) P/B Ratio [ 3.23x ]

P/B Ratio indicates 'the multiple of book value' investors are willing to pay to own one share of the company.

Thus, for HEG , the investors are currently willing to pay '3.23 times book value' to own 1 share of the company.

PB Multiples are one of the most widely used valuation multiple in industry.

Since P/B ratio uses Book Value in the calculation, P/B multiples are not always reliable for valuing companies with negative book value.

In such cases, you may consider using Price to Earnings ratio or Price to Sales ratio of HEG !

The chart below summarizes the trend in P/B Ratio of HEG over the last five years.

Historical PB (Price/Book ) ratio chart of HEG


PB Ratio Performance Analysis for HEG

- HEG 's latest p/b ratio is 3.23x.

- HEG 's p/b ratio for fiscal years ending Mar2026 to Mar2022 averaged 1.62x.

- HEG 's operated at median p/b ratio of 1.61x from fiscal years ending March 2018 to 2022.

- Looking back at the last 5 fiscal years, HEG 's p/b ratio peaked in Mar2026 at 2.2x.

- HEG 's p/b ratio hit its five-year low in Mar2023 of 0.83x.


How does HEG 's P/B Ratio benchmark against top 10 peers in Electrodes & Welding Equipment Industry?

Peer Comparison (Electrodes & Welding Equipment Industry)Book ValuePB RatioMarket Cap
HEG 4,303.173.2313,907.6
GRAPHITE INDIA LTD5,859.052.3513,790.6
ESAB INDIA LTD429.3822.169,515.0
ADOR WELDING LTD553.714.972,750.6
DIFFUSION ENGINEERS LTD404.903.631,471.0
GEE LTD204.853.36688.4
DE NORA INDIA LTD129.343.36434.0
D&H INDIA LTD46.983.46162.6
PANASONIC CARBON INDIA COMPANY LTD187.681.09204.9

Electrodes & Welding Equipment Industry Benchmark (Top 10) PB Analysis vs HEG 's P/B Ratio

Top 10 Industry PeersPB Ratio
Min industry PB 1.09x
Max industry PB 22.16x
Median industry PB 3.36x
Average industry PB 5.29x



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