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HLE Glascoat Ltd.

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hleglascoat.comBSE: 522215NSE: HLEGLAS
Market Cap₹ 2,808 Cr.
Current Price
High / Low₹ 662 / 250
Stock P/E78.5
Book Value₹ 77
Price to Book3.71
Dividend Yield0.27 %
ROCE14.4 %
ROE14.1 %
Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Glass Lined Equipment: 56.7% • Filtration, Drying & Other Equipment: 30.5% • Heat Transfer Equipment: 11.9%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence
72%
View full sector analysis →

PROS

  • Company has consistently been profitable over the last 5 years
  • Company has delivered good sales growth of 19.2% CAGR over last 5 years
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.32x)
  • Working capital cycle has improved - days down from 50 to 29
  • Company generates healthy free cash flow
  • Company has a consistent dividend-paying track record

CONS

  • Recent results are weak - TTM profit is down 58.8% versus prior year
  • Operating margins have contracted to 13.2% from 18.6%
  • Company has delivered a poor profit growth of 9.5% over past five years
  • Growth is decelerating - 3Y profit CAGR (0.6%) trails the 5Y trend (9.5%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsEngineering - Industrial Equipments
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.BHEL430.6061.64149937.650.33376.71182.707697.7240.299.246.69
2.INDOMIM1018.9094.4350382.660.582401.22—12187.42—24.4833.36
3.THERMAX3680.2573.9143852.500.5421.79-85.612302.737.0915.852.98
4.HONAUT34514.0555.3730515.680.32150.7020.951204.401.8017.0414.32
5.JYOTICNC987.9569.8422468.260.0057.14-19.99508.4723.9721.3421.40
6.INOXINDIA2245.7580.1220418.910.09580.72850.163707.90991.7733.5420.46
7.AZAD2846.00132.2518379.960.0035.1619.46172.6025.9012.0437.29
8.TRITURBINE569.1053.8018091.600.7551.10-20.65442.7019.2335.9511.59
9.TEGA1731.10615.5213005.360.12-108.25-406.361723.44383.998.373.27
10.LLOYDSENGG82.7257.3612830.190.3068.23-77.28527.15142.9217.9915.04
11.KRN1595.75107.7510445.540.0032.90164.84252.32118.8716.0619.44
12.HLEGLAS404.2578.472807.710.272.05-88.50300.755.9214.376.96
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
197224239307227236231334284351327392301
174198215270205202205282246313305349298
Operating Profit2326253622342652383821433
OPM %11.76%11.79%10.32%11.89%9.62%14.46%11.10%15.58%13.24%10.90%6.46%10.93%0.89%
121221222-1012
Interest561010999999898
Depreciation6677777889101010
Profit before Tax1316821720113723194254
Tax %29.17%32.96%27.55%30.09%21.79%26.16%9.90%14.95%21.97%27.14%-26.03%20.24%52.98%
Net Profit0000514103218145202
1.491.810.932.290.791.991.243.982.621.760.412.650.40

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
3594264426449239601,0281,370
3133543545317838428911,265
Operating Profit467388113140117136105
OPM %12.86%17.01%19.96%17.49%15.14%12.24%13.25%7.65%
353-28482
Interest1513111425333934
Depreciation7771022263038
Profit before Tax28577487100627552
Tax %32.65%30.70%30.96%30.06%29.42%28.55%17.72%22.27%
Net Profit1939516171456241
EPS14.3330.3141.138.5310.224.356.84—
Dividend Payout %0.00%15.22%10.00%11.74%10.76%25.29%16.07%—

COMPOUNDED SALES GROWTH

10 Years:
—
5 Years:
19%
3 Years:
17%

COMPOUNDED PROFIT GROWTH

10 Years:
—
5 Years:
4%
3 Years:
-7%

STOCK PRICE CAGR

10 Years:
—
5 Years:
-16%
3 Years:
-12%
1 Year:
-25%

RETURN ON EQUITY

10 Years:
—
5 Years:
28%
3 Years:
17%
Last Year:
14%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2026

Sep 23

₹ 0.55

Rs.1.1000 per share(55%)Final Dividend

2025

Sep 19

₹ 0.55

Rs.1.1000 per share(55%)Final Dividend

2024

Sep 19

₹ 0.55

Rs.1.1000 per share(55%)Final Dividend

2023

Sep 21

₹ 0.55

Rs.1.1000 per share(55%)Dividend

2022

Aug 24

₹ 0.50

Rs.5.0000 per share(50%)Dividend

2021

Aug 30

₹ 0.40

Rs.4.0000 per share(40%)Dividend

2020

Feb 18

₹ 0.20

Rs.2.0000 per share(20%)Interim Dividend

2018

Jul 26

₹ 0.20

Rs.2.0000 per share(20%)Final Dividend

2017

Aug 21

₹ 0.20

Rs.2.0000 per share(20%)Dividend

2016

Jul 18

₹ 0.22

Rs.2.2000 per share(22%)Dividend

2026

Sep 4

₹ 0.55

Rs.1.1000 per share(55%)Final Dividend

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
6131314141414
Minority Interest110008095
2461100239312403446
11510094219275361325
Trade Payables647572131115111109
838497156179234299
Total Liabilities2943353777598941,2021,288
8594119244317540589
Capital Work in Progress4103313195
131153148268268312369
00000237185
Cash & Bank18102139164552
5568871772904887
Total Assets2943353777598941,2021,288

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
565769343895134
Cash from Investing-15-19-29-173-40-45-68
Cash from Financing-29-30-1016013-19-60
5-59-12-22316

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
66.6966.6966.6966.6966.7865.6465.6465.6465.64
4.264.074.014.124.013.702.142.272.05
3.573.523.523.524.014.044.484.874.71
Government0.000.000.000.000.000.000.000.000.00
25.4725.7225.7825.6725.2026.6227.7427.2227.60

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-08
Copy of Newspaper Publication

2026-09-08 - HLE Glascoat Limited has informed the Exchange about Copy of Newspaper Publication for 35th Annual General Meeting notice and other relevant information.

2026-09-08
Bagging/Receiving of orders/contracts

2026-09-08 - HLE Glascoat Limited has informed the Exchange about receipt of order / contract

2026-09-07
Shareholders meeting

2026-09-07 - HLE Glascoat Limited has informed the Exchange regarding Notice of Annual General Meeting along with Explanatory Statement, to be held on September 30, 2026

2026-09-03
Disclosure under SEBI Takeover Regulations

2026-09-03 - HLE Glascoat Limited has Submitted to the Exchange a copy of Disclosure under Regulation 10 (5) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

2026-09-03
Record Date

2026-09-03 - HLE Glascoat Limited has informed the Exchange that Record date for the purpose of Dividend is 23-Sep-2026.

2026-09-03
Shareholders meeting

2026-09-03 - HLE Glascoat Limited has informed the Exchange regarding Intimation of 35th Annual General Meeting to be held on Wednesday, September 30, 2026.

2026-08-18
General Updates

2026-08-18 - HLE Glascoat Limited has informed the Exchange about Updates on further investment of Euro 100,000 towards the Share Capital of a Wholly Owned Subsidiary, HLE International S. a. r. l. in Luxembourg

2026-08-12
Copy of Newspaper Publication

2026-08-12 - HLE Glascoat Limited has informed the Exchange about Copy of Newspaper Publication regarding Standalone and Consolidated Unaudited Financial Result for the Quarter ended on June 30, 2026

2026-08-12
Copy of Newspaper Publication

2026-08-12 - HLE Glascoat Limited has informed the Exchange about Copy of Newspaper Publication regarding Standalone and Consolidated Unaudited Financial Result for Quarter ended on June 30, 2026

News

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