HLE Glascoat Ltd.

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hleglascoat.comBSE: 522215NSE: HLEGLAS

Market Cap₹ 2,335 Cr.

Current Price

High / Low₹ 662 / 250

Stock P/E65.2

Book Value₹ 77

Price to Book3.71

Dividend Yield0.33 %

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 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

Consolidated Figures in Rs. Crores / View Standalone

	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
	197	224	239	307	227	236	231	334	284	351	327	392	301
	174	198	215	270	205	202	205	282	246	313	305	349	298
Operating Profit	23	26	25	36	22	34	26	52	38	38	21	43	3
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%
	1	2	1	2	2	1	2	2	2	-1	0	1	2
Interest	5	6	10	10	9	9	9	9	9	9	8	9	8
Depreciation	6	6	7	7	7	7	7	8	8	9	10	10	10
Profit before Tax	13	16	8	21	7	20	11	37	23	19	4	25	4
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 Profit	0	0	0	0	5	14	10	32	18	14	5	20	2
	1.49	1.81	0.93	2.29	0.79	1.99	1.24	3.98	2.62	1.76	0.41	2.65	0.40

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	359	426	442	644	923	960	1,028	1,370
	313	354	354	531	783	842	891	1,265
Operating Profit	46	73	88	113	140	117	136	105
OPM %	12.86%	17.01%	19.96%	17.49%	15.14%	12.24%	13.25%	7.65%
	3	5	3	-2	8	4	8	2
Interest	15	13	11	14	25	33	39	34
Depreciation	7	7	7	10	22	26	30	38
Profit before Tax	28	57	74	87	100	62	75	52
Tax %	32.65%	30.70%	30.96%	30.06%	29.42%	28.55%	17.72%	22.27%
Net Profit	19	39	51	61	71	45	62	41
EPS	14.33	30.31	41.13	8.53	10.22	4.35	6.84	—
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:: -19%
3 Years:: -17%
1 Year:: -42%

RETURN ON EQUITY

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

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	6	13	13	14	14	14	14
Minority Interest	1	1	0	0	0	80	95
	24	61	100	239	312	403	446
	115	100	94	219	275	361	325
Trade Payables	64	75	72	131	115	111	109
	83	84	97	156	179	234	299
Total Liabilities	294	335	377	759	894	1,202	1,288
	85	94	119	244	317	540	589
Capital Work in Progress	4	10	3	31	3	19	5
	131	153	148	268	268	312	369
	0	0	0	0	0	237	185
Cash & Bank	18	10	21	39	16	45	52
	55	68	87	177	290	48	87
Total Assets	294	335	377	759	894	1,202	1,288

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	56	57	69	34	38	95	134
Cash from Investing	-15	-19	-29	-173	-40	-45	-68
Cash from Financing	-29	-30	-10	160	13	-19	-60
	5	-5	9	-12	-22	31	6

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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

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