HLE Glascoat Ltd.

•

₹ 3192.31%

2026-08-21

hleglascoat.comBSE: 522215NSE: HLEGLAS

Market Cap₹ 2,194 Cr.

Current Price₹ 312

High / Low₹ 662 / 250

Stock P/E61.3

Book Value₹ 77

Price to Book3.71

Dividend Yield0.35 %

ROCE14.4 %

ROE14.1 %

Face Value₹ 2

Add ratio to table

ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Glass Lined Equipment: 56.7% • Filtration, Drying & Other Equipment: 30.5% • Heat Transfer Equipment: 11.9% • Other: 0.9%

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

EDIT COLUMNS

Capital GoodsCapital GoodsEngineering - Industrial Equipments

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

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	BHEL	418.50	59.91	145724.35	0.33	376.71	182.70	7697.72	40.29	9.24	6.69
2.	THERMAX	4024.55	80.82	47955.05	0.50	21.79	-85.61	2302.73	7.09	15.85	2.98
3.	INDOMIM	966.60	89.58	47796.52	0.61	2401.22	—	12187.42	—	24.48	33.36
4.	KIRLOSENG	2081.95	55.47	30296.51	0.34	111.06	-20.05	1999.53	13.36	14.46	15.02
5.	JYOTICNC	951.90	67.29	21648.40	0.00	57.14	-19.99	508.47	23.97	23.88	21.40
6.	AZAD	2827.20	131.38	18258.55	0.00	35.16	19.46	172.60	25.90	12.28	37.29
7.	TRITURBINE	569.95	53.88	18118.62	0.75	51.10	-20.65	442.70	19.23	35.95	11.59
8.	INOXINDIA	1932.55	68.83	17540.50	0.10	580.72	850.16	3707.90	991.77	33.54	20.46
9.	LLOYDSENGG	92.99	64.48	14423.11	0.27	68.23	-77.28	527.15	142.92	17.99	15.04
10.	TEGA	1724.35	613.12	12954.64	0.12	-108.25	-406.36	1723.44	383.99	18.56	3.27
11.	KRN	1502.65	101.46	9836.12	0.00	32.90	164.84	252.32	118.87	21.21	19.44
12.	HLEGLAS	315.95	61.33	2194.42	0.35	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	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	1	3	4	2	2	1	2	2	2	2	3	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
	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	2	1	2	1	2	1	4	3	2	0	3	0
Equity Capital	14	14	14	14	14	14	14	14	14	14	14	14	14
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Equity Capital	14	14	14	14	14	14	14	14	14	14	14	14	14
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Jun 2023

: 197
: 174
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 5
Depreciation: 6
: 13
Tax %: 29.17%
Net Profit: 0
: 1
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 224
: 198
Operating Profit: —
OPM %: —
Other Income: 3
Interest: 6
Depreciation: 6
: 16
Tax %: 32.96%
Net Profit: 0
: 2
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 239
: 215
Operating Profit: —
OPM %: —
Other Income: 4
Interest: 10
Depreciation: 7
: 8
Tax %: 27.55%
Net Profit: 0
: 1
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 307
: 270
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 10
Depreciation: 7
: 21
Tax %: 30.09%
Net Profit: 0
: 2
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 227
: 205
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 9
Depreciation: 7
: 7
Tax %: 21.79%
Net Profit: 5
: 1
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 236
: 202
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 9
Depreciation: 7
: 20
Tax %: 26.16%
Net Profit: 14
: 2
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 231
: 205
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 9
Depreciation: 7
: 11
Tax %: 9.90%
Net Profit: 10
: 1
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 334
: 282
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 9
Depreciation: 8
: 37
Tax %: 14.95%
Net Profit: 32
: 4
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 284
: 246
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 9
Depreciation: 8
: 23
Tax %: 21.97%
Net Profit: 18
: 3
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 351
: 313
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 9
Depreciation: 9
: 19
Tax %: 27.14%
Net Profit: 14
: 2
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 327
: 305
Operating Profit: —
OPM %: —
Other Income: 3
Interest: 8
Depreciation: 10
: 4
Tax %: -26.03%
Net Profit: 5
: 0
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 392
: 349
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 9
Depreciation: 10
: 25
Tax %: 20.24%
Net Profit: 20
: 3
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 301
: 298
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 8
Depreciation: 10
: 4
Tax %: 52.98%
Net Profit: 2
: 0
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%

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	49	77	92	120	147	126	144	—
OPM %	14	18	21	19	16	13	14	—
Other Income	3	5	3	7	8	9	8	8
Interest	15	13	11	14	25	33	39	34
Depreciation	7	7	7	10	22	26	30	38
	28	57	74	87	100	62	75	52
Tax %	33	31	31	30	29	29	18	22
Net Profit	19	39	51	61	71	45	62	41
EPS	14	30	41	9	10	4	7	—
Dividend Payout %	0	15	10	12	11	25	16	—
Minority Interest	-1	-1	-1	-0	0	-11	-15	-1
Share of Associates	0	0	0	0	0	0	0	0
Adjusted EPS	6	6	8	9	10	4	7	—
Minority Interest	-1	-1	-1	-0	0	-11	-15	-1
Share of Associates	0	0	0	0	0	0	0	0
Adjusted EPS	6	6	8	9	10	4	7	—

Mar 2019

: 359
: 313
Operating Profit: 49
OPM %: 14
Other Income: 3
Interest: 15
Depreciation: 7
: 28
Tax %: 33
Net Profit: 19
EPS: 14
Dividend Payout %: 0
Minority Interest: -1
Share of Associates: 0
Adjusted EPS: 6
Minority Interest: -1
Share of Associates: 0
Adjusted EPS: 6

Mar 2020

: 426
: 354
Operating Profit: 77
OPM %: 18
Other Income: 5
Interest: 13
Depreciation: 7
: 57
Tax %: 31
Net Profit: 39
EPS: 30
Dividend Payout %: 15
Minority Interest: -1
Share of Associates: 0
Adjusted EPS: 6
Minority Interest: -1
Share of Associates: 0
Adjusted EPS: 6

Mar 2021

: 442
: 354
Operating Profit: 92
OPM %: 21
Other Income: 3
Interest: 11
Depreciation: 7
: 74
Tax %: 31
Net Profit: 51
EPS: 41
Dividend Payout %: 10
Minority Interest: -1
Share of Associates: 0
Adjusted EPS: 8
Minority Interest: -1
Share of Associates: 0
Adjusted EPS: 8

Mar 2022

: 644
: 531
Operating Profit: 120
OPM %: 19
Other Income: 7
Interest: 14
Depreciation: 10
: 87
Tax %: 30
Net Profit: 61
EPS: 9
Dividend Payout %: 12
Minority Interest: -0
Share of Associates: 0
Adjusted EPS: 9
Minority Interest: -0
Share of Associates: 0
Adjusted EPS: 9

Mar 2023

: 923
: 783
Operating Profit: 147
OPM %: 16
Other Income: 8
Interest: 25
Depreciation: 22
: 100
Tax %: 29
Net Profit: 71
EPS: 10
Dividend Payout %: 11
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 10
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 10

Mar 2024

: 960
: 842
Operating Profit: 126
OPM %: 13
Other Income: 9
Interest: 33
Depreciation: 26
: 62
Tax %: 29
Net Profit: 45
EPS: 4
Dividend Payout %: 25
Minority Interest: -11
Share of Associates: 0
Adjusted EPS: 4
Minority Interest: -11
Share of Associates: 0
Adjusted EPS: 4

Mar 2025

: 1,028
: 891
Operating Profit: 144
OPM %: 14
Other Income: 8
Interest: 39
Depreciation: 30
: 75
Tax %: 18
Net Profit: 62
EPS: 7
Dividend Payout %: 16
Minority Interest: -15
Share of Associates: 0
Adjusted EPS: 7
Minority Interest: -15
Share of Associates: 0
Adjusted EPS: 7

TTM

: 1,370
: 1,265
Operating Profit: —
OPM %: —
Other Income: 8
Interest: 34
Depreciation: 38
: 52
Tax %: 22
Net Profit: 41
EPS: —
Dividend Payout %: —
Minority Interest: -1
Share of Associates: 0
Adjusted EPS: —
Minority Interest: -1
Share of Associates: 0
Adjusted EPS: —

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:: -15%
3 Years:: -18%
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
LIABILITIES	-	-	-	-	-	-	-
	6	13	13	14	14	14	14
	24	61	100	239	312	403	446
	54	46	38	77	149	175	182
Trade Payables	64	75	72	131	115	111	109
	145	140	154	299	305	499	538
Total Liabilities	294	335	377	759	894	1,202	1,288
ASSETS	-	-	-	-	-	-	-
	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
Total Debt	115	100	93	207	247	362	350
Net Working Capital	16	29	65	147	152	132	80
Contingent Liabilities	52	65	22	41	22	1	1
Book Value per Share	46.55	57.33	86.57	184.87	47.75	61.00	67.28
Face Value	10.00	10.00	10.00	10.00	2.00	2.00	2.00
Total Debt	115	100	93	207	247	362	350
Net Working Capital	16	29	65	147	152	132	80
Contingent Liabilities	52	65	22	41	22	1	1
Book Value per Share	46.55	57.33	86.57	184.87	47.75	61.00	67.28
Face Value	10.00	10.00	10.00	10.00	2.00	2.00	2.00

Mar 2019

: 6
: 24
: 54
Trade Payables: 64
: 145
Total Liabilities: 294
: 85
Capital Work in Progress: 4
: 131
: 0
Cash & Bank: 18
: 55
Total Assets: 294
Total Debt: 115
Net Working Capital: 16
Contingent Liabilities: 52
Book Value per Share: 46.55
Face Value: 10.00
Total Debt: 115
Net Working Capital: 16
Contingent Liabilities: 52
Book Value per Share: 46.55
Face Value: 10.00

Mar 2020

: 13
: 61
: 46
Trade Payables: 75
: 140
Total Liabilities: 335
: 94
Capital Work in Progress: 10
: 153
: 0
Cash & Bank: 10
: 68
Total Assets: 335
Total Debt: 100
Net Working Capital: 29
Contingent Liabilities: 65
Book Value per Share: 57.33
Face Value: 10.00
Total Debt: 100
Net Working Capital: 29
Contingent Liabilities: 65
Book Value per Share: 57.33
Face Value: 10.00

Mar 2021

: 13
: 100
: 38
Trade Payables: 72
: 154
Total Liabilities: 377
: 119
Capital Work in Progress: 3
: 148
: 0
Cash & Bank: 21
: 87
Total Assets: 377
Total Debt: 93
Net Working Capital: 65
Contingent Liabilities: 22
Book Value per Share: 86.57
Face Value: 10.00
Total Debt: 93
Net Working Capital: 65
Contingent Liabilities: 22
Book Value per Share: 86.57
Face Value: 10.00

Mar 2022

: 14
: 239
: 77
Trade Payables: 131
: 299
Total Liabilities: 759
: 244
Capital Work in Progress: 31
: 268
: 0
Cash & Bank: 39
: 177
Total Assets: 759
Total Debt: 207
Net Working Capital: 147
Contingent Liabilities: 41
Book Value per Share: 184.87
Face Value: 10.00
Total Debt: 207
Net Working Capital: 147
Contingent Liabilities: 41
Book Value per Share: 184.87
Face Value: 10.00

Mar 2023

: 14
: 312
: 149
Trade Payables: 115
: 305
Total Liabilities: 894
: 317
Capital Work in Progress: 3
: 268
: 0
Cash & Bank: 16
: 290
Total Assets: 894
Total Debt: 247
Net Working Capital: 152
Contingent Liabilities: 22
Book Value per Share: 47.75
Face Value: 2.00
Total Debt: 247
Net Working Capital: 152
Contingent Liabilities: 22
Book Value per Share: 47.75
Face Value: 2.00

Mar 2024

: 14
: 403
: 175
Trade Payables: 111
: 499
Total Liabilities: 1,202
: 540
Capital Work in Progress: 19
: 312
: 237
Cash & Bank: 45
: 48
Total Assets: 1,202
Total Debt: 362
Net Working Capital: 132
Contingent Liabilities: 1
Book Value per Share: 61.00
Face Value: 2.00
Total Debt: 362
Net Working Capital: 132
Contingent Liabilities: 1
Book Value per Share: 61.00
Face Value: 2.00

Mar 2025

: 14
: 446
: 182
Trade Payables: 109
: 538
Total Liabilities: 1,288
: 589
Capital Work in Progress: 5
: 369
: 185
Cash & Bank: 52
: 87
Total Assets: 1,288
Total Debt: 350
Net Working Capital: 80
Contingent Liabilities: 1
Book Value per Share: 67.28
Face Value: 2.00
Total Debt: 350
Net Working Capital: 80
Contingent Liabilities: 1
Book Value per Share: 67.28
Face Value: 2.00

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	49	45	48	1	5	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
Free Cash Flow	49	23	28	-194	-60	-175	73
OCF / Net Profit	2.62	1.14	0.94	0.02	0.07	2.13	2.18
Cumulative 5-Year FCF	0	0	0	0	0	-378	-327
OCF / Net Profit	2.62	1.14	0.94	0.02	0.07	2.13	2.18
Cumulative 5-Year FCF	0	0	0	0	0	-378	-327

Mar 2019

: 49
Cash from Investing: -15
Cash from Financing: -29
: 5
Free Cash Flow: 49
OCF / Net Profit: 2.62
Cumulative 5-Year FCF: 0
OCF / Net Profit: 2.62
Cumulative 5-Year FCF: 0

Mar 2020

: 45
Cash from Investing: -19
Cash from Financing: -30
: -5
Free Cash Flow: 23
OCF / Net Profit: 1.14
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.14
Cumulative 5-Year FCF: 0

Mar 2021

: 48
Cash from Investing: -29
Cash from Financing: -10
: 9
Free Cash Flow: 28
OCF / Net Profit: 0.94
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.94
Cumulative 5-Year FCF: 0

Mar 2022

: 1
Cash from Investing: -173
Cash from Financing: 160
: -12
Free Cash Flow: -194
OCF / Net Profit: 0.02
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.02
Cumulative 5-Year FCF: 0

Mar 2023

: 5
Cash from Investing: -40
Cash from Financing: 13
: -22
Free Cash Flow: -60
OCF / Net Profit: 0.07
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.07
Cumulative 5-Year FCF: 0

Mar 2024

: 95
Cash from Investing: -45
Cash from Financing: -19
: 31
Free Cash Flow: -175
OCF / Net Profit: 2.13
Cumulative 5-Year FCF: -378
OCF / Net Profit: 2.13
Cumulative 5-Year FCF: -378

Mar 2025

: 134
Cash from Investing: -68
Cash from Financing: -60
: 6
Free Cash Flow: 73
OCF / Net Profit: 2.18
Cumulative 5-Year FCF: -327
OCF / Net Profit: 2.18
Cumulative 5-Year FCF: -327

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE	-	-	-	-	-	-	-
EPS (₹)	27.52	29.57	40.01	42.60	10.23	4.35	6.84
Book Value (₹)	46.55	57.33	86.57	184.87	47.75	61.00	67.28
Dividend per Share (₹)	0.00	4.50	4.00	5.00	1.10	1.10	1.10
Cash EPS (₹)	7.71	7.21	8.89	10.39	13.61	10.30	13.39
PROFITABILITY	-	-	-	-	-	-	-
Operating Margin %	13.65%	18.12%	20.73%	18.64%	15.95%	12.23%	13.24%
Net Margin %	5.15%	9.18%	11.56%	9.42%	7.67%	4.63%	6.01%
ROE %	61.23%	75.10%	54.60%	33.19%	24.49%	11.99%	14.11%
ROCE %	27.32%	42.13%	41.93%	29.26%	24.22%	14.07%	14.37%
	6.31%	12.46%	14.36%	10.68%	8.56%	4.25%	4.96%
EFFICIENCY	-	-	-	-	-	-	-
Debtor Days	34	33	47	62	77	91	75
Inventory Days	133	122	124	118	106	110	121
Payable Days	98	98	94	88	88	92	85
	69	57	77	91	95	110	111
FINANCIAL HEALTH	-	-	-	-	-	-	-
Debt to Equity (x)	3.79x	1.32x	0.81x	0.82x	0.76x	0.87x	0.76x
Interest Coverage (x)	2.83x	5.24x	7.98x	7.20x	5.03x	2.89x	2.92x
	1.08x	1.14x	1.36x	1.44x	1.37x	1.27x	1.14x
GROWTH	-	-	-	-	-	-	-
Revenue Growth %	0.00%	18.66%	3.65%	45.74%	43.34%	3.97%	7.05%
Operating Profit Growth %	0.00%	57.55%	18.50%	31.06%	22.67%	-14.29%	13.86%
Net Profit Growth %	0.00%	111.60%	30.46%	18.64%	16.71%	-37.15%	38.78%
	0.00%	0.00%	0.00%	0.00%	0.00%	-57.48%	57.35%
VALUATION	-	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	93.88x	36.48x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	6.69x	3.71x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.27%	0.44%
	0.00x	0.00x	0.00x	0.00x	0.00x	24.58x	13.92x

Mar 2019

EPS (₹): 27.52
Book Value (₹): 46.55
Dividend per Share (₹): 0.00
Cash EPS (₹): 7.71
Operating Margin %: 13.65%
Net Margin %: 5.15%
ROE %: 61.23%
ROCE %: 27.32%
: 6.31%
Debtor Days: 34
Inventory Days: 133
Payable Days: 98
: 69
Debt to Equity (x): 3.79x
Interest Coverage (x): 2.83x
: 1.08x
Revenue Growth %: 0.00%
Operating Profit Growth %: 0.00%
Net Profit Growth %: 0.00%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): 29.57
Book Value (₹): 57.33
Dividend per Share (₹): 4.50
Cash EPS (₹): 7.21
Operating Margin %: 18.12%
Net Margin %: 9.18%
ROE %: 75.10%
ROCE %: 42.13%
: 12.46%
Debtor Days: 33
Inventory Days: 122
Payable Days: 98
: 57
Debt to Equity (x): 1.32x
Interest Coverage (x): 5.24x
: 1.14x
Revenue Growth %: 18.66%
Operating Profit Growth %: 57.55%
Net Profit Growth %: 111.60%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): 40.01
Book Value (₹): 86.57
Dividend per Share (₹): 4.00
Cash EPS (₹): 8.89
Operating Margin %: 20.73%
Net Margin %: 11.56%
ROE %: 54.60%
ROCE %: 41.93%
: 14.36%
Debtor Days: 47
Inventory Days: 124
Payable Days: 94
: 77
Debt to Equity (x): 0.81x
Interest Coverage (x): 7.98x
: 1.36x
Revenue Growth %: 3.65%
Operating Profit Growth %: 18.50%
Net Profit Growth %: 30.46%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 42.60
Book Value (₹): 184.87
Dividend per Share (₹): 5.00
Cash EPS (₹): 10.39
Operating Margin %: 18.64%
Net Margin %: 9.42%
ROE %: 33.19%
ROCE %: 29.26%
: 10.68%
Debtor Days: 62
Inventory Days: 118
Payable Days: 88
: 91
Debt to Equity (x): 0.82x
Interest Coverage (x): 7.20x
: 1.44x
Revenue Growth %: 45.74%
Operating Profit Growth %: 31.06%
Net Profit Growth %: 18.64%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 10.23
Book Value (₹): 47.75
Dividend per Share (₹): 1.10
Cash EPS (₹): 13.61
Operating Margin %: 15.95%
Net Margin %: 7.67%
ROE %: 24.49%
ROCE %: 24.22%
: 8.56%
Debtor Days: 77
Inventory Days: 106
Payable Days: 88
: 95
Debt to Equity (x): 0.76x
Interest Coverage (x): 5.03x
: 1.37x
Revenue Growth %: 43.34%
Operating Profit Growth %: 22.67%
Net Profit Growth %: 16.71%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 4.35
Book Value (₹): 61.00
Dividend per Share (₹): 1.10
Cash EPS (₹): 10.30
Operating Margin %: 12.23%
Net Margin %: 4.63%
ROE %: 11.99%
ROCE %: 14.07%
: 4.25%
Debtor Days: 91
Inventory Days: 110
Payable Days: 92
: 110
Debt to Equity (x): 0.87x
Interest Coverage (x): 2.89x
: 1.27x
Revenue Growth %: 3.97%
Operating Profit Growth %: -14.29%
Net Profit Growth %: -37.15%
: -57.48%
P/E (x): 93.88x
P/B (x): 6.69x
Dividend Yield %: 0.27%
: 24.58x

Mar 2025

EPS (₹): 6.84
Book Value (₹): 67.28
Dividend per Share (₹): 1.10
Cash EPS (₹): 13.39
Operating Margin %: 13.24%
Net Margin %: 6.01%
ROE %: 14.11%
ROCE %: 14.37%
: 4.96%
Debtor Days: 75
Inventory Days: 121
Payable Days: 85
: 111
Debt to Equity (x): 0.76x
Interest Coverage (x): 2.92x
: 1.14x
Revenue Growth %: 7.05%
Operating Profit Growth %: 13.86%
Net Profit Growth %: 38.78%
: 57.35%
P/E (x): 36.48x
P/B (x): 3.71x
Dividend Yield %: 0.44%
: 13.92x

Shareholding Pattern

Numbers in percentages

TRADES

	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

Jun 2024

: 66.69
: 4.26
: 3.57
Government: 0.00
: 25.47

Sep 2024

: 66.69
: 4.07
: 3.52
Government: 0.00
: 25.72

Dec 2024

: 66.69
: 4.01
: 3.52
Government: 0.00
: 25.78

Mar 2025

: 66.69
: 4.12
: 3.52
Government: 0.00
: 25.67

Jun 2025

: 66.78
: 4.01
: 4.01
Government: 0.00
: 25.20

Sep 2025

: 65.64
: 3.70
: 4.04
Government: 0.00
: 26.62

Dec 2025

: 65.64
: 2.14
: 4.48
Government: 0.00
: 27.74

Mar 2026

: 65.64
: 2.27
: 4.87
Government: 0.00
: 27.22

Jun 2026

: 65.64
: 2.05
: 4.71
Government: 0.00
: 27.60

Documents

Announcements

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
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

Annual Reports

Credit Ratings

Credit Rating
2026-07-17 - HLE Glascoat Limited has informed the Exchange about Credit Rating
Credit Rating
2026-07-17 - HLE Glascoat Limited has informed the Exchange about Credit Rating

Concalls

Jun 2026
TranscriptPPTREC
May 2026
TranscriptPPTREC
Nov 2025
Transcript PPTREC