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
| ₹ 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) |
| ₹ 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 |
| 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 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Sept 2026 · 35th AGM notice published - HLE Glascoat sets meeting for Sep 30, 2026 | compliance | minimal | — | — |
| 7 Sept 2026 · HLE Glascoat arm wins Euro 20.56M order from Denmark's FLC Portals | business updates | high | — | — |
| 7 Sept 2026 · Notice of 35th AGM on September 30, 2026 with key resolutions | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Inter-se promoter gift transfer of 10% shares at HLE Glascoat | ownership changes | medium | — | — |
| 3 Sept 2026 · HLE Glascoat sets Sep 23 record date for Rs 1.10 dividend | corporate actions | medium | — | — |
| 3 Sept 2026 · 35th AGM on September 30, 2026; dividend of Rs. 1.10 per share proposed | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Inter-se gift transfer of 69.45 lakh shares (10%) among promoters, no change in total holding | ownership changes | high | — | — |
| 25 Aug 2026 · Promoter Aalap Patel to acquire 10% stake via gift from father Nilesh Patel | ownership changes | medium | — | — |
| 18 Aug 2026 · Further investment of Euro 100,000 in Luxembourg subsidiary | general | low | — | — |
| 12 Aug 2026 · Newspaper publication of Q1 FY27 unaudited financial results | compliance | minimal | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 45,150 | 93.8 | 24.06 | 77.9 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 30,717 | 82.8 | 10.02 | 53.5 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 30,536 | 55.7 | 6.84 | — | 11.8 | 15.5 | — | 18.2 |
| KAYNES TECHNOLOGY IND LTD | 23,496 | 67.9 | 4.93 | 33.3 | 7.6 | 9.8 | — | 17.1 |
| JYOTI CNC AUTOMATION LTD | 22,490 | 69.9 | 11.24 | 39.7 | 16.8 | 19.2 | — | 22.2 |
| LMW LIMITED | 19,058 | 109.1 | 6.65 | 61.8 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 12,982 | 455.9 | 3.81 | 38.8 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,285 | 48.3 | 7.30 | 50.1 | 11.7 | 11.5 | — | 15.0 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 77.5 | 26.9 | 111 of 138 | 20% |
| P/B | 4.5 | 3.5 | 65 of 111 | 42% |
| ROCE | 9.1 | 11.3 | 90 of 144 | 38% |
| ROE | 9.2 | 9.5 | 61 of 117 | 48% |
| Debt / Equity | 0.5 | 0.2 | 89 of 117 | 24% |
| 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 | 2808 | 356 | 26 of 140 | 82% |
| 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 |
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.
