Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹2656 Cr.
Stock P/E
46.9
P/B
5
Current Price
₹382.4
Book Value
₹ 77.2
Face Value
2
52W High
₹662
52W Low
₹ 250
Dividend Yield
0.29%

HLE Glascoat Overview

Business

HLE Glascoat Ltd. is an Indian engineering company primarily engaged in the manufacturing of specialized industrial equipment. Its core business revolves around producing high-quality Glass Lined Equipment (e.g., reactors, storage tanks, receivers, columns) and various Filtration & Drying Equipment (e.g., Rotary Vacuum Paddle Dryers, Agitated Nutsche Filters). These critical pieces of equipment are essential for a wide range of process industries, including pharmaceuticals, specialty chemicals, agrochemicals, dyes & pigments, and food processing. The company makes money by selling these manufactured equipment units and offering related services, catering to the capital expenditure requirements of these industries.

Revenue Mix

HLE Glascoat Ltd. operates primarily through two main segments:

Glass Lined Equipment: This segment includes glass-lined reactors, storage tanks, receivers, condensers, columns, and accessories. These are vital for processes requiring corrosion resistance and inert surfaces.

Filtration & Drying Equipment: This segment comprises specialized equipment like agitated nutsche filters, rotary vacuum paddle dryers, conical processors, and other allied equipment crucial for separation and drying processes in various industries.

While specific revenue percentages fluctuate, both segments are significant contributors, with Glass Lined Equipment historically forming a substantial part of its business.

Industry

The company operates in the highly specialized industrial equipment manufacturing sector, serving niche but critical requirements of process industries. This industry is characterized by the need for precision engineering, high-quality materials, and strict adherence to industry standards. HLE Glascoat is positioned as one of the leading manufacturers in India for Glass Lined Equipment, competing with both domestic players (such as GMM Pfaudler) and a few international suppliers. Its strong technological capabilities and established presence give it a prominent standing, particularly within the Indian chemical and pharmaceutical sectors.

MOAT

HLE Glascoat possesses several durable advantages:

Specialized Expertise & Technology: Manufacturing glass-lined and high-end filtration/drying equipment requires significant technical know-how, precise engineering, and specialized manufacturing processes that are difficult to replicate quickly.

High Switching Costs: For process industries, integrating new equipment involves significant costs beyond the purchase price, including re-validation, potential process adjustments, and downtime, leading to high switching costs for customers once a supplier is chosen and equipment is installed.

Brand Reputation & Trust: In critical process equipment where reliability, safety, and longevity are paramount, a long-standing reputation for quality and performance builds strong customer trust, acting as a significant barrier for new entrants.

Client Relationships: Deep-rooted relationships with major players in the pharmaceutical and chemical industries built over years of reliable service and product delivery.

Growth Drivers

Capital Expenditure Cycle in Process Industries: Sustained growth and expansion in India's pharmaceutical, specialty chemical, and agrochemical sectors drive demand for new and replacement equipment.

"China Plus One" Strategy: Global diversification of supply chains away from China is boosting manufacturing investments in India, particularly in chemicals and pharmaceuticals, increasing demand for industrial equipment.

API Manufacturing Push: Government initiatives and industry focus on increasing domestic Active Pharmaceutical Ingredient (API) production.

Technological Upgrades: Existing plants require modernization and upgrades, creating a steady demand for advanced and efficient equipment.

Export Opportunities: Potential for expanding market reach into international markets, leveraging its expertise and competitive pricing.

Risks

Cyclicality of Client Industries: Demand for equipment is inherently tied to the capital expenditure cycles of the chemical, pharmaceutical, and agrochemical industries, making it susceptible to economic downturns in these sectors.

Intense Competition: Competition from domestic peers and potential imports can lead to pricing pressures and impact profit margins.

Raw Material Price Volatility: Fluctuations in the prices of key raw materials like steel, glass, and other specialized components can directly impact manufacturing costs and profitability.

Technological Obsolescence: The need for continuous R&D and innovation to keep pace with evolving industry standards and customer requirements.

Regulatory Changes: Stricter environmental, health, and safety regulations in client industries could necessitate costly product or process modifications.

Management & Ownership

HLE Glascoat Ltd. is a promoter-led company, with the promoter group holding a significant stake. The management team typically comprises experienced professionals with deep industry knowledge, having grown the business in a specialized and technically demanding sector. The ownership structure reflects a typical Indian corporate structure with a dominant promoter holding, alongside institutional and public shareholding.

Outlook

HLE Glascoat operates in a crucial segment supporting India's growing industrial manufacturing capabilities. The company is well-positioned to benefit from strong tailwinds in the pharmaceutical, specialty chemical, and agrochemical sectors, driven by domestic growth, API manufacturing push, and the "China Plus One" strategy. Its established brand, technological expertise, and long-standing client relationships provide a solid foundation for growth. However, the business remains exposed to the inherent cyclicality of its end-user industries and intense competition, which could impact order inflows and pricing power. Efficient project execution, continued innovation, and effective management of raw material costs will be critical for sustaining its growth trajectory and profitability in the competitive landscape.

HLE Glascoat Share Price

Live · BSE / NSE · Inception: 1991
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

HLE Glascoat Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 307 227 236 231 334 284 351 327 392 301
Other Income 2 2 1 2 2 2 2 3 1 2
Total Income 309 229 237 233 336 286 353 330 393 302
Total Expenditure 270 205 202 205 282 246 313 305 349 280
Operating Profit 38 24 35 28 54 40 40 25 44 23
Interest 10 9 9 9 9 9 9 8 9 8
Depreciation 7 7 7 7 8 8 9 10 10 10
Exceptional Income / Expenses 0 0 0 0 0 0 -3 -3 -0 0
Profit Before Tax 21 7 20 11 37 23 19 4 25 4
Provision for Tax 6 2 5 1 6 5 5 -1 5 2
Profit After Tax 15 5 14 10 32 18 14 5 20 2
Adjustments -5 -2 -1 -2 -4 -1 -2 -2 -2 1
Profit After Adjustments 10 3 14 8 27 16 12 3 18 3
Adjusted Earnings Per Share 1.5 0.5 2 1.2 3.9 2.4 1.7 0.4 2.6 0.4

HLE Glascoat Profit & Loss

#(Fig in Cr.) Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 359 426 442 644 923 960 1028 1353 1371
Other Income 3 5 3 7 8 9 8 9 8
Total Income 362 431 445 652 931 969 1036 1362 1378
Total Expenditure 313 354 354 531 783 842 892 1211 1247
Operating Profit 49 77 92 120 147 126 144 151 132
Interest 15 13 11 14 25 33 39 37 34
Depreciation 7 7 7 10 22 26 30 36 39
Exceptional Income / Expenses 0 0 0 -9 0 -5 0 -7 -6
Profit Before Tax 28 57 74 87 100 62 75 71 52
Provision for Tax 9 17 23 26 30 18 13 14 11
Profit After Tax 19 39 51 61 71 45 62 57 41
Adjustments -1 -1 1 -3 -1 -15 -7 -7 -5
Profit After Adjustments 18 38 52 58 70 30 55 49 36
Adjusted Earnings Per Share 5.5 5.9 8 8.5 10.2 4.3 8 7.1 5.1

HLE Glascoat Balance Sheet

#(Fig in Cr.) Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 41 76 135 254 327 417 478 534
Minority's Interest 1 1 0 0 0 80 76 84
Borrowings 60 54 55 130 98 147 108 101
Other Non-Current Liabilities 4 4 5 43 63 71 56 45
Total Current Liabilities 188 200 182 333 407 487 570 604
Total Liabilities 294 335 377 759 894 1202 1288 1368
Fixed Assets 85 94 119 244 317 540 589 625
Other Non-Current Assets 5 12 11 37 18 42 50 26
Total Current Assets 203 229 247 479 559 620 649 716
Total Assets 294 335 377 759 894 1202 1288 1368

HLE Glascoat Cash Flow

#(Fig in Cr.) Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 1 6 1 10 25 3 33 40
Cash Flow from Operating Activities 49 45 48 1 5 95 134 161
Cash Flow from Investing Activities -15 -19 -29 -173 -40 -45 -68 -86
Cash Flow from Financing Activities -29 -30 -10 160 13 -19 -60 -85
Net Cash Inflow / Outflow 5 -5 9 -12 -22 31 6 -10
Closing Cash & Cash Equivalent 6 1 10 25 3 33 40 34

HLE Glascoat Ratios

# Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 5.5 5.91 8 8.52 10.23 4.35 8.04 7.12
CEPS(Rs) 7.71 7.21 8.89 10.39 13.61 10.3 13.39 13.39
DPS(Rs) 0 0.9 0.8 1 1.1 1.1 1.1 1.1
Book NAV/Share(Rs) 9.31 11.47 17.31 36.97 47.75 61 69.99 76.87
Core EBITDA Margin(%) 12.86 16.99 19.95 17.49 15.14 12.23 13.19 10.51
EBIT Margin(%) 11.84 16.38 19.15 15.64 13.56 9.91 11.1 7.98
Pre Tax Margin(%) 7.65 13.25 16.75 13.47 10.86 6.48 7.3 5.24
PAT Margin (%) 5.15 9.18 11.56 9.42 7.67 4.63 6.01 4.18
Cash Profit Margin (%) 6.97 10.93 13.14 11.01 10.06 7.32 8.89 6.87
ROA(%) 6.31 12.46 14.36 10.68 8.56 4.25 4.96 4.26
ROE(%) 61.23 75.1 54.6 33.19 24.49 11.99 13.81 11.18
ROCE(%) 27.32 42.13 41.93 29.26 24.22 14.07 14.22 12.9
Receivable days 33.97 33.17 46.76 61.52 77.22 91.16 74.92 61.31
Inventory Days 133.36 121.78 124.26 117.76 106.01 110.28 120.99 97.78
Payable days 98.32 98.33 94.24 88.14 88.33 91.88 84.55 69.91
PER(x) 6.43 16.19 56.79 127.72 49.21 93.88 31.07 35.23
Price/Book(x) 3.8 8.35 26.25 29.43 10.54 6.69 3.57 3.26
Dividend Yield(%) 0 0.94 0.18 0.09 0.22 0.27 0.44 0.44
EV/Net Sales(x) 0.59 1.67 6.89 11.8 3.97 3.23 1.95 1.48
EV/Core EBITDA(x) 4.31 9.19 33.23 63.26 24.89 24.58 13.91 13.21
Net Sales Growth(%) 0 18.66 3.65 45.74 43.34 3.97 7.05 31.67
EBIT Growth(%) 0 64.24 21.15 18.97 24.33 -24 19.89 -5.38
PAT Growth(%) 0 111.6 30.46 18.64 16.71 -37.15 38.78 -8.42
EPS Growth(%) 0 7.45 35.32 6.47 20.02 -57.48 84.77 -11.44
Debt/Equity(x) 3.79 1.32 0.81 0.82 0.76 0.87 0.73 0.59
Current Ratio(x) 1.08 1.14 1.36 1.44 1.37 1.27 1.14 1.19
Quick Ratio(x) 0.38 0.38 0.55 0.64 0.71 0.63 0.49 0.6
Interest Cover(x) 2.83 5.24 7.98 7.2 5.03 2.89 2.92 2.92
Total Debt/Mcap(x) 1 0.16 0.03 0.03 0.07 0.13 0.2 0.18

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +32% +14% +25% —
Operating Profit CAGR +5% +1% +10% —
PAT CAGR -8% -7% +2% —
Share Price CAGR -29% -9% -22% +31%
ROE Average +11% +12% +19% +36%
ROCE Average +13% +14% +19% +26%

HLE Glascoat Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 65.64 %
FII 2.05 %
DII (MF + Insurance) 4.71 %
Public (retail) 27.6 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 66.6966.6966.6966.6966.6966.7865.6465.6465.6465.64
FII 4.284.274.074.014.124.013.72.142.272.05
DII 3.773.573.523.523.524.014.044.484.874.71
Public 25.2625.4725.7225.7825.6725.226.6227.7427.2227.6
Others 0000000000
Total 100100100100100100100100100100

HLE Glascoat Peer Comparison

Engineering - Industrial Equipments Edit Columns

HLE Glascoat Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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HLE Glascoat Pros & Cons

Pros

  • Debtor days have improved from 84.55 to 69.91days.
  • Company has reduced debt.

Cons

  • Company has a low return on equity of 12% over the last 3 years.
  • Stock is trading at 5 times its book value.
  • The company has delivered a poor profit growth of 2% over past five years.
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