NSE: HALDYNGL · BSE: 515147
HALDYN GLASS LTD.
Manufactures glass bottles as its single operating segment, with FY26 revenue from operations of Rs 463.67 crore. To secure captive renewable power for its manufacturing operations, the company and its associate Haldyn Heinz Fine Glass are acquiring stakes in Jamnagar Renewables Two Private Limited — a subsidiary of Continuum Green Energy — under a Power Consumption Agreement. Other operating expenses form the largest cost line at 46.7% of revenue, followed by raw materials at 23.1%, employee costs at 12.8%, and depreciation at 6.6%, with FY26 EBITDA margin at 15.02%. Operations span a US subsidiary (Haldyn Glass USA Inc.) and a joint venture (Haldyn Heinz Fine Glass). Bank facilities of Rs 168 crore (long-term) and Rs 14 crore (short-term) carry CARE A- and CARE A2 ratings respectively, with a Stable outlook. The board has recommended a dividend of Rs 0.70 per equity share for FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Glass bottle manufacturing (100%). Single-segment, manufacturing-focused glass bottle producer with a renewable power procurement initiative
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 213 | 320 | 299 | 382 | 464 |
| EBITDA (ex other income) | 16 | 30 | 40 | 54 | 61 |
| margin % | 7.6 | 9.4 | 13.3 | 14.1 | 13.1 |
| Owners' profit | 12 | 27 | 25 | 19 | 25 |
| EPS, as reported (₹) | 2.20 | 5.01 | 4.57 | 3.50 | 4.61 |
| ROE % · ROCE % | 7.7 · 8.6 | 15.2 · 13.0 | 12.3 · 11.9 | 8.7 · 9.8 | 10.6 · 11.9 |
| Debt / equity (x) | 0.05 | 0.24 | 0.60 | 0.59 | 0.48 |
| Cash from operations | 10 | 31 | 19 | 45 | 62 |
| Capex | (8) | (63) | (104) | (38) | (30) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 87 | 106 | 105 | 84 | 115 | 116 | 125 | 108 |
| Profit before tax | 5 | 4 | 5 | 4 | 6 | 6 | 6 | 7 |
| Net profit | 5 | 5 | 4 | 4 | 5 | 7 | 5 | 7 |
| EPS (₹) | 0.95 | 0.97 | 0.74 | 0.84 | 1.00 | 1.27 | 0.98 | 1.36 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| EPL LIMITED | 6,871 | 14.1 | 2.40 | 7.5 | 13.7 | 13.6 | 9.0 | 19.1 |
| AGI GREENPAC LIMITED | 4,627 | 12.8 | 1.92 | 7.0 | 14.6 | 16.5 | — | 23.4 |
| UFLEX LIMITED | 4,203 | 6.2 | 0.52 | 6.7 | 3.9 | 2.7 | 11.6 | 17.1 |
| TCPL PACKAGING LIMITED | 3,722 | 32.2 | 5.18 | 14.1 | 13.6 | 13.0 | 15.4 | 17.8 |
| JINDAL POLY FILMS LIMITED | 2,951 | 144.3 | 0.72 | 10.1 | 0.6 | 0.8 | 8.5 | 23.0 |
| POLYPLEX CORPORATION LTD | 2,899 | 18.7 | 0.41 | 8.0 | 0.6 | 0.3 | 7.6 | 14.3 |
| XPRO INDIA LIMITED | 2,360 | 71.5 | 2.96 | 51.2 | 2.4 | 2.8 | 6.2 | 11.4 |
| COSMO FIRST LIMITED | 1,923 | 11.4 | 1.19 | 7.2 | 9.6 | 6.4 | 9.8 | 12.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 29.9 | 16.2 | 46 of 64 | 29% |
| P/B | 3.2 | 1.3 | 52 of 61 | 15% |
| ROCE | 7.8 | 6.9 | 33 of 68 | 52% |
| ROE | 10.6 | 6.8 | 20 of 61 | 68% |
| Debt / Equity | 0.5 | 0.4 | 33 of 61 | 47% |
| EBITDA margin | 16.1 | 12.1 | 20 of 62 | 69% |
| Revenue growth | 29.5 | 14.0 | 15 of 61 | 77% |
| Profit growth | 62.5 | 23.4 | 21 of 60 | 66% |
| Market cap | 742 | 118 | 17 of 73 | 78% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Board to review September 2026 quarter and half-year results | results | low | — | — |
| 5 Oct 2026 · Routine SEBI Compliance Filing for Q2 FY27 Dematerialisation | compliance | minimal | — | — |
| 22 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 5 Sept 2026 · 35th AGM results: 70% dividend approved, all 5 resolutions passed | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Haldyn Glass holds 35th AGM, approves Rs 0.70 dividend, re-appoints directors | board shareholder meetings | low | — | — |
| 13 Aug 2026 · Newspaper publication of SEBI special window notice for physical shares | compliance | minimal | — | — |
| 12 Aug 2026 · Haldyn Glass informs about 35th AGM notice in newspapers | compliance | minimal | — | — |
| 11 Aug 2026 · Haldyn Glass posts record FY26 results, enters beer bottle segment | results | high | — | — |
| 11 Aug 2026 · Haldyn Glass 35th AGM on Sept 4: Rs 0.70 dividend, MD re-appointment | board shareholder meetings | low | — | — |
| 11 Aug 2026 · Haldyn Glass: TDS details on Rs 0.70 dividend for FY26 | corporate actions | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.