NSE: HLEGLAS · BSE: 522215
HLE GLASCOAT LIMITED
Manufactures industrial process equipment across three product lines — Glass Lined Products, Filtration, Drying and Other Equipment, and Heat Transfer Equipment — from manufacturing units at Anand, Maroli and Silvassa. Glass Lined Products was the largest segment by revenue at ₹676.36 crore in FY26, followed by Filtration, Drying and Other Equipment at ₹474.34 crore and Heat Transfer Equipment at ₹200.34 crore, with overall consolidated revenue of ₹1,352.98 crore. The company acquired Omeras Germany in August 2025, which recorded an EBITDA loss of ₹15.3 crore and a PAT loss of ₹15.6 crore in its first year due to transition challenges. An order book of ₹681.6 crore as of March 2026 provides revenue visibility, equivalent to 10 months of coverage for the international business and 4 months for the India business. Raw materials are the largest cost at 44.6% of revenue, followed by employee costs at 18.7% and other operating expenses at 24.1%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Glass Lined Products, Filtration, Drying and Other Equipment, Heat Transfer Equipment. Cyclical, asset-heavy industrial process equipment manufacturing
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 652 | 932 | 968 | 1,028 | 1,353 |
| EBITDA (ex other income) | 101 | 137 | 107 | 134 | 133 |
| margin % | 15.4 | 14.7 | 11.0 | 13.0 | 9.8 |
| Owners' profit | 58 | 70 | 30 | 47 | 49 |
| EPS, as reported (₹) | 42.65 | 10.37 | 5.99 | 9.05 | 7.20 |
| ROE % · ROCE % | 23.0 · 23.2 | 21.4 · 24.8 | 8.2 · 12.5 | 11.1 · 15.3 | 9.1 · 13.5 |
| Debt / equity (x) | 0.82 | 0.76 | 0.78 | 0.63 | 0.51 |
| Cash from operations | 10 | 6 | 93 | 134 | 161 |
| Capex | (69) | (48) | (54) | (66) | (56) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 236 | 231 | 334 | 284 | 351 | 327 | 392 | 301 |
| Profit before tax | 20 | 11 | 37 | 23 | 19 | 4 | 25 | 4 |
| Net profit | 14 | 10 | 32 | 18 | 14 | 5 | 20 | 2 |
| EPS (₹) | 2.11 | 1.51 | 4.64 | 2.62 | 1.76 | 0.41 | 2.65 | 0.40 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| a) Filtration, Drying and Other Equipment | 122 | 9.0 |
| b) Glass Lined Products | 220 | 16.2 |
| c) Heat Transfer Equipment | 50 | 3.7 |
| d) Unallocable Revenue | 0 | 0.0 |
| Filtration, Drying and Other Equipment | 352 | 26.0 |
| Glass Lined Products | 327 | 24.2 |
| Heat Transfer Equipment | 150 | 11.1 |
| Unallocable Revenue | 2 | 0.1 |
| Glass Lined Equipment | 130 | 9.6 |
| Total, before eliminations | 1,353 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,786 | 97.2 | 24.93 | 80.7 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 29,194 | 78.7 | 9.52 | 50.8 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 27,680 | 50.5 | 6.20 | — | 11.8 | 15.5 | — | 18.2 |
| KAYNES TECHNOLOGY IND LTD | 22,459 | 64.9 | 4.72 | 31.9 | 7.6 | 9.8 | — | 17.1 |
| JYOTI CNC AUTOMATION LTD | 21,078 | 65.5 | 10.53 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| LMW LIMITED | 17,356 | 99.3 | 6.05 | 56.2 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,374 | 469.7 | 3.93 | 40.0 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,314 | 48.4 | 7.32 | 50.2 | 11.7 | 11.5 | — | 15.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 78.5 | 26.5 | 106 of 130 | 19% |
| P/B | 4.6 | 3.1 | 69 of 112 | 39% |
| ROCE | 9.1 | 11.3 | 89 of 142 | 38% |
| ROE | 9.2 | 9.8 | 60 of 113 | 47% |
| Debt / Equity | 0.5 | 0.2 | 85 of 113 | 25% |
| EBITDA margin | 7.5 | 12.4 | 83 of 110 | 25% |
| Revenue growth | 5.9 | 20.6 | 75 of 114 | 35% |
| Profit growth | (88.5) | 17.1 | 95 of 109 | 13% |
| Market cap | 2846 | 279 | 24 of 141 | 84% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Board to approve September 2026 quarterly and half-year results on November 2 | results | low | — | — |
| 12 Oct 2026 · Submission of Confirmation Certificate under Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 5 Oct 2026 · Internal group restructuring among wholly owned subsidiaries | strategic transactions | medium | — | — |
| 1 Oct 2026 · AGM voting results: 5 resolutions passed, Rs 1.10 dividend declared | board shareholder meetings | medium | — | — |
| 30 Sept 2026 · HLE Glascoat 35th AGM held; 5 resolutions put to e-vote | board shareholder meetings | medium | — | — |
| 29 Sept 2026 · Trading window closed from October 1 for Q2 FY26 results | compliance | minimal | — | — |
| 25 Sept 2026 · HLE Glascoat appoints Amit Kalra as Chief Financial Officer | management changes | high | — | — |
| 25 Sept 2026 · HLE Glascoat appoints Amit Kalra as Chief Financial Officer | management changes | high | — | — |
| 18 Sept 2026 · Newspaper notice on special window for physical share dematerialisation | compliance | minimal | — | — |
| 15 Sept 2026 · Inter-se gift transfer of 10% shares between promoter family members | ownership changes | high | — | — |
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.