HLE Glascoat Ltd.

•

hleglascoat.comBSE: 522215NSE: HLEGLAS

Market Cap₹ 2,335 Cr.

Current Price

High / Low₹ 662 / 250

Stock P/E68.9

Book Value₹ 58

Price to Book4.79

Dividend Yield0.33 %

ROCE7.5 %

ROE4.7 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2024 • Filtration, Drying & Other Equipment: 63.3% • Glass Lined Equipment: 35.4% • Other: 1.4%

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

Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.67x)
Company has been maintaining a healthy dividend payout of 45.8%
Working capital cycle has improved - days down from 20 to -23
Company has a consistent dividend-paying track record

CONS

Recent results are weak - TTM profit is down 55.5% versus prior year
A large part of profit comes from other income (57.4% of PBT)
Interest coverage is weak at 1.7x - earnings barely cover interest
Company has a low return on capital employed of 12.0%
Company has delivered a poor profit growth of -15.6% over past five years
Operating margins have contracted to 9.7% from 20.8%

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

Peer comparison

Capital GoodsCapital GoodsEngineering - Industrial Equipments

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BHEL	421.50	60.34	146768.97	0.33	376.71	182.70	7697.72	40.29	9.24	6.69
2.	INDOMIM	947.70	87.83	46861.96	0.62	2401.22	—	12187.42	—	24.48	33.36
3.	THERMAX	3623.50	72.77	43176.29	0.55	21.79	-85.61	2302.73	7.09	15.85	2.98
4.	HONAUT	35564.65	57.06	31444.57	0.31	150.70	20.95	1204.40	1.80	17.04	14.32
5.	JYOTICNC	1018.20	71.98	23156.22	0.00	57.14	-19.99	508.47	23.97	23.88	21.40
6.	INOXINDIA	2230.95	79.60	20284.35	0.09	580.72	850.16	3707.90	991.77	33.54	20.46
7.	AZAD	2869.20	133.33	18529.79	0.00	35.16	19.46	172.60	25.90	12.04	37.29
8.	TRITURBINE	569.00	53.79	18088.42	0.75	51.10	-20.65	442.70	19.23	35.95	11.59
9.	LLOYDSENGG	83.06	57.60	12882.93	0.30	68.23	-77.28	527.15	142.92	17.99	15.04
10.	TEGA	1606.65	571.27	12070.39	0.12	-108.25	-406.36	1723.44	383.99	8.37	3.27
11.	KRN	1627.05	109.86	10650.42	0.00	32.90	164.84	252.32	118.87	16.06	19.44
12.	HLEGLAS	336.15	65.25	2334.72	0.33	2.05	-88.50	300.75	5.92	14.37	6.96

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	126	157	142	166	111	114	130	195	164	193	164	202	151
	109	141	130	150	107	104	119	169	145	170	151	175	148
Operating Profit	18	16	12	15	4	11	12	26	20	23	13	27	3
OPM %	13.96%	10.16%	8.53%	9.28%	3.46%	9.31%	8.87%	13.39%	11.96%	11.81%	8.16%	13.39%	2.17%
	1	1	8	1	9	1	1	1	9	0	-1	3	11
Interest	4	5	8	9	8	7	7	7	7	7	7	7	7
Depreciation	3	4	4	4	4	4	4	4	4	4	4	5	4
Profit before Tax	11	8	8	4	1	1	2	17	18	12	1	18	14
Tax %	26.85%	27.54%	-11.60%	13.81%	-27.43%	93.83%	25.57%	19.25%	15.28%	31.16%	-21.50%	24.76%	23.59%
Net Profit	8	6	9	3	1	0	1	14	15	8	1	13	11
	1.26	1.12	1.43	0.62	0.21	0.01	0.19	1.97	2.26	1.18	0.19	1.95	1.60

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	92	81	97	337	387	378	500	641	583	551	710
	81	72	86	296	324	304	409	544	516	497	643
Operating Profit	11	10	10	40	64	74	91	97	67	54	66
OPM %	12.29%	11.81%	10.77%	11.98%	16.47%	19.52%	18.18%	15.10%	11.50%	9.74%	9.36%
	1	0	1	6	9	12	13	11	10	12	13
Interest	3	3	2	14	13	10	13	23	28	30	28
Depreciation	2	3	3	6	7	7	8	12	13	15	18
Profit before Tax	6	5	7	25	53	68	83	73	35	21	45
Tax %	33.69%	34.08%	20.57%	28.54%	27.87%	26.64%	23.02%	24.30%	13.50%	20.18%	24.95%
Net Profit	4	3	5	18	38	50	64	55	30	16	34
EPS	8.31	6.24	8.24	14.01	29.53	40.35	9.04	7.97	4.43	2.40	—
Dividend Payout %	26.48%	41.66%	24.26%	0.00%	15.24%	10.44%	10.63%	13.55%	24.82%	45.83%	—

COMPOUNDED SALES GROWTH

10 Years:: 20%
5 Years:: 7%
3 Years:: 3%

COMPOUNDED PROFIT GROWTH

10 Years:: 14%
5 Years:: -16%
3 Years:: -37%

STOCK PRICE CAGR

10 Years:: —
5 Years:: -19%
3 Years:: -17%
1 Year:: -42%

RETURN ON EQUITY

10 Years:: 26%
5 Years:: 22%
3 Years:: 11%
Last Year:: 5%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	5	6	6	6	13	13	14	14	14	14
	21	41	45	27	61	130	267	315	334	342
	20	17	7	113	98	92	205	264	316	262
Trade Payables	17	14	21	61	69	62	104	93	79	78
	16	16	18	75	81	89	68	92	111	178
Total Liabilities	80	94	97	283	322	387	657	777	853	874
	23	26	25	80	88	113	149	226	231	270
Capital Work in Progress	1	0	2	4	10	3	31	2	16	1
	0	0	1	8	9	34	157	146	228	227
	46	44	50	123	143	139	194	182	206	229
	0	0	0	0	0	0	0	0	132	86
Cash & Bank	1	12	8	18	9	20	12	11	10	15
	9	12	12	49	63	79	113	211	30	46
Total Assets	80	94	97	283	322	387	657	777	853	874

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	11	7	12	50	49	52	41	32	48	110
Cash from Investing	-3	-16	-0	-20	-15	-45	-184	-19	-108	-36
Cash from Financing	-6	12	-10	-20	-29	21	154	6	64	-65
	-0	1	-0	5	-5	9	-10	-0	3	9

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	66.69	66.69	66.69	66.69	66.78	65.64	65.64	65.64	65.64
	4.26	4.07	4.01	4.12	4.01	3.70	2.14	2.27	2.05
	3.57	3.52	3.52	3.52	4.01	4.04	4.48	4.87	4.71
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	25.47	25.72	25.78	25.67	25.20	26.62	27.74	27.22	27.60

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

Recent coverage and analyst commentary for HLEGLAS

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HLE Glascoat Ltd.

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Free 5nance Account

Name

BHEL

421.50

60.34

146768.97

0.33

376.71

182.70

7697.72

40.29

9.24

6.69

INDOMIM

947.70

87.83

46861.96

0.62

2401.22

—

12187.42

—

24.48

33.36

THERMAX

3623.50

72.77

43176.29

0.55

21.79

-85.61

2302.73

7.09

15.85

2.98

HONAUT

35564.65

57.06

31444.57

0.31

150.70

20.95

1204.40

1.80

17.04

14.32

JYOTICNC

1018.20

71.98

23156.22

0.00

57.14

-19.99

508.47

23.97

23.88

21.40

INOXINDIA

2230.95

79.60

20284.35

0.09

580.72

850.16

3707.90

991.77

33.54

20.46

AZAD

2869.20

133.33

18529.79

0.00

35.16

19.46

172.60

25.90

12.04

37.29

TRITURBINE

569.00

53.79

18088.42

0.75

51.10

-20.65

442.70

19.23

35.95

11.59

LLOYDSENGG

83.06

57.60

12882.93

0.30

68.23

-77.28

527.15

142.92

17.99

15.04

TEGA

1606.65

571.27

12070.39

0.12

-108.25

-406.36

1723.44

383.99

8.37

3.27

KRN

1627.05

109.86

10650.42

0.00

32.90

164.84

252.32

118.87

16.06

19.44

HLEGLAS

336.15

65.25

2334.72

0.33

2.05

-88.50

300.75

5.92

14.37

6.96

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

126

157

142

166

111

114

130

195

164

193

164

202

151

109

141

130

150

107

104

119

169

145

170

151

175

148

Operating Profit

OPM %

13.96%

10.16%

8.53%

9.28%

3.46%

9.31%

8.87%

13.39%

11.96%

11.81%

8.16%

13.39%

2.17%

-1

Interest

Depreciation

Profit before Tax

Tax %

26.85%

27.54%

-11.60%

13.81%

-27.43%

93.83%

25.57%

19.25%

15.28%

31.16%

-21.50%

24.76%

23.59%

Net Profit

1.26

1.12

1.43

0.62

0.21

0.01

0.19

1.97

2.26

1.18

0.19

1.95

1.60

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

337

387

378

500

641

583

551

710

296

324

304

409

544

516

497

643

Operating Profit

OPM %

12.29%

11.81%

10.77%

11.98%

16.47%

19.52%

18.18%

15.10%

11.50%

9.74%

9.36%

Interest

Depreciation

Profit before Tax

Tax %

33.69%

34.08%

20.57%

28.54%

27.87%

26.64%

23.02%

24.30%

13.50%

20.18%

24.95%

Net Profit

EPS

8.31

6.24

8.24

14.01

29.53

40.35

9.04

7.97

4.43

2.40

—

Dividend Payout %

26.48%

41.66%

24.26%

0.00%

15.24%

10.44%

10.63%

13.55%

24.82%

45.83%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

130

267

315

334

342

113

205

264

316

262

Trade Payables

104

111

178

Total Liabilities

283

322

387

657

777

853

874

113

149

226

231

270

Capital Work in Progress

157

146

228

227

123

143

139

194

182

206

229

132

Cash & Bank

113

211

Total Assets

283

322

387

657

777

853

874

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

110

Cash from Investing

-3

-16

-0

-20

-15

-45

-184

-19

-108

-36

Cash from Financing

-6

-10

-20

-29

154

-65

-0

-5

-10

-0

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

66.69

66.78

65.64

4.26

4.07

4.01

4.12

4.01

3.70

2.14

2.27

2.05

3.57

3.52

4.01

4.04

4.48

4.87

4.71

Government

0.00

25.47

25.72

25.78

25.67

25.20

26.62

27.74

27.22

27.60

HLE Glascoat Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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HLE Glascoat Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI