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HLE Glascoat Limited HLEGLAS NSEINFRA

Industrials · Specialty Industrial Machinery · India
https://www.hleglascoat.com

HLE Glascoat Limited manufactures and sells carbon steel glass lined equipment in India and internationally. It operates through Filtration, Drying and Other Equipment; Glass Lined Equipment; and Heat Transfer Equipment segments. The Filtration, Drying and Other Equipment segment offers agitated nutsche filter-dryers, rotary vacuum paddle dryers, kilo-lab filter dryers, rapid disc dryer-coolers, orbicular dryers, and other chemical process equipment, as well as related spares and accessories. Its Glass Lined Equipment segment produces reactors, heat exchangers, storage vessels and receivers, storage tanks, columns, agitators, valves, pipes and fittings, and other similar equipment, as well as related spares and accessories. The Heat Transfer Equipment segment manufactures shell and tube, corrugated, spiral, plate heat, and box type heat exchangers; and condensing systems. It also offers exotic metal and cGMP pharma model products. The company serves the pharmaceutical, agrochemicals; specialty and fine chemicals; dyes, pigments, and intermediates; paints and coatings; bulk chemicals; active pharmaceutical ingredients; nutraceutical; food and food flavours; oil and gas; mineral processing; aerospace; marine; petrochemicals; fertilizers; steel; paper; and textile industries. The company was formerly known as Swiss Glascoat Equipments Limited and changed its name to HLE Glascoat Limited in December 2019. HLE Glascoat Limited was founded in 1981 and is based in Anand, India.

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₹319.75
-23.83% 1Y

Market & Price

Market Cap
₹2,220.82 Cr
Current Price
₹319.75
High / Low (52W)
₹645.00 / ₹251.00
Beta
0.61

Valuation

Stock P/E
44.47
Industry PE
27.78
Forward P/E
-
PEG Ratio
-
Book Value
₹77.80
Price to Book
4.11
P/S
1.64
EV/EBITDA
18.38
Dividend Yield
0.34%

Profitability & Returns

ROCE
13.55%
ROE
9.65%
ROA
4.83%
Profit Margin
3.65%
Op Margin
8.48%
EPS (Latest Qtr)
₹2.65
EPS (TTM)
₹7.19

Balance Sheet & Liquidity

Debt/Equity
0.56
Quick Ratio
0.54
Current Ratio
1.19
Debt
₹347.60 Cr
Total Assets
₹1,381.80 Cr
Current Assets
₹716.33 Cr
Working Capital
₹112.60 Cr

Ownership

Promoter Holding
72.77%
Chg in Prom Hold
-
FII / Inst Holding
5.35%
Chg in FII Hold
-

Financial Snapshot

Enterprise Value
₹2,567.88 Cr
Total Revenue (TTM)
₹1,352.98 Cr
EBITDA
₹139.75 Cr
Free Cash Flow
₹35.97 Cr
Operating Cash Flow
₹161.22 Cr
Shares Outstanding
₹6.95 Cr
Gross Margin
41.92%
Payout Ratio
15.28%

Growth (CAGR)

Revenue 5Y
13.56%
Profit 5Y
-10.88%
Revenue (YoY)
17.10%
Earnings (YoY)
-47.50%

PROS

  • Compounding revenue at 13.6% over 5 years.
  • Generates positive free cash flow.

CONS

  • Earnings shrank at -10.9% CAGR over 5 years.
  • Trading 50.4% below its 52-week high.
  • In a downtrend (50-DMA below 200-DMA).

* The pros and cons are auto-generated from financial metrics.

Price Chart

NSE TradingView Screener.in

Fundamental Growth

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Industrials).

#NameCMP ₹P/E Mkt CapDiv Yld % ROCE %ROE % Rev CAGR 5Y %Profit CAGR 5Y %
1 HLEGLAS HLE Glascoat Limited NSEINFRA 319.75 44.47 ₹2,220.82 Cr 0.34% 13.55% 9.65% 13.56% -10.88%
2 LT Larsen & Toubro Limited NIFTY50NSEAIINFRA 4,076.50 34.84 ₹5.61 L Cr 0.93% 14.55% 16.95% 16.09% 15.38%
3 ADANIPORTS Adani Ports and Special Economic Zone Limited NIFTY50NSEINFRA 1,804.60 30.96 ₹4.16 L Cr 0.42% 11.02% 15.59% 22.93% 34.11%
4 HAL Hindustan Aeronautics Limited NSEAIDEFENCEINFRAPSU 4,303.80 31.55 ₹2.88 L Cr 1.16% 13.80% 23.98% 7.87% 16.08%
5 POWERINDIA Hitachi Energy India Limited NIFTY_MIDNSEINFRA 38,445.00 172.41 ₹1.71 L Cr 0.02% 24.92% 21.04% 22.24% 119.12%
6 INDIGO InterGlobe Aviation Limited NSEINFRA 4,405.00 - ₹1.70 L Cr 0.24% 15.53% - 44.12% 72.60%
7 CUMMINSIND Cummins India Limited NSEINFRA 5,881.00 68.97 ₹1.63 L Cr 1.12% 34.95% 29.45% 16.07% 24.35%
8 CGPOWER CG Power and Industrial Solutions Limited NSEINFRA 917.45 118.99 ₹1.44 L Cr 0.14% 19.35% 19.56% 21.67% 7.81%
9 POLYCAB Polycab India Limited NIFTY_MIDNSEAIINFRA 9,477.50 53.48 ₹1.43 L Cr 0.37% 30.44% 24.58% 26.57% 28.11%
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Quarterly Results

Figures in INR.

Metric Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Revenue --333.71 Cr283.95 Cr350.78 Cr326.57 Cr391.69 Cr
Cost of Revenue --160.38 Cr128.11 Cr172.68 Cr151.08 Cr180.61 Cr
Gross Profit --173.33 Cr155.83 Cr178.09 Cr175.48 Cr211.08 Cr
Operating Expenses --129.07 Cr126.59 Cr148.47 Cr164.28 Cr177.86 Cr
Operating Income --44.26 Cr29.24 Cr29.63 Cr11.20 Cr33.23 Cr
EBITDA --54.24 Cr39.85 Cr37.08 Cr21.41 Cr43.50 Cr
Interest Expense --9.32 Cr8.60 Cr9.33 Cr7.86 Cr8.66 Cr
Pretax Income --37.20 Cr22.89 Cr19.16 Cr3.65 Cr25.25 Cr
Tax Provision --5.56 Cr5.03 Cr5.20 Cr-94.76 L5.10 Cr
Net Income --27.34 Cr14.76 Cr11.99 Cr2.83 Cr18.19 Cr
Diluted EPS --3.982.161.760.412.65

Profit & Loss (Annual)

Figures in INR.

Metric Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue -923.77 Cr961.84 Cr1,027.53 Cr1,352.98 Cr
Cost of Revenue -455.53 Cr468.87 Cr450.38 Cr633.63 Cr
Gross Profit -468.24 Cr492.97 Cr577.15 Cr719.35 Cr
Operating Expenses -350.61 Cr399.56 Cr474.11 Cr616.05 Cr
Operating Income -117.63 Cr93.41 Cr103.04 Cr103.30 Cr
EBITDA -142.10 Cr115.18 Cr140.93 Cr141.85 Cr
Interest Expense -20.08 Cr30.19 Cr36.19 Cr34.45 Cr
Pretax Income -99.33 Cr58.68 Cr75.07 Cr70.95 Cr
Tax Provision -29.52 Cr17.79 Cr13.30 Cr14.38 Cr
Net Income -69.81 Cr29.69 Cr54.85 Cr49.42 Cr
Diluted EPS -10.225.997.997.20

Compounded Sales Growth

5 Years:13.56%
1 Year:17.10%

Compounded Profit Growth

5 Years:-10.88%
1 Year:-47.50%

Stock Price Performance

1 Year:-23.83%
6 Months:-28.89%
3 Months:+0.28%
1 Month:-1.48%

Balance Sheet (Annual)

Figures in INR.

Metric Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Total Assets -894.48 Cr1,201.96 Cr1,293.36 Cr1,381.80 Cr
Current Assets -559.21 Cr619.80 Cr648.81 Cr716.33 Cr
Cash & Equivalents -2.68 Cr33.29 Cr39.59 Cr34.36 Cr
Inventory -268.47 Cr312.15 Cr369.50 Cr355.76 Cr
Receivables -242.80 Cr237.18 Cr184.90 Cr269.89 Cr
Total Liabilities -567.65 Cr705.25 Cr739.08 Cr763.55 Cr
Current Liabilities -406.73 Cr487.31 Cr568.40 Cr603.73 Cr
Long Term Debt -91.84 Cr146.71 Cr109.26 Cr100.65 Cr
Total Debt -250.23 Cr389.62 Cr380.65 Cr347.60 Cr
Total Equity -326.70 Cr416.80 Cr459.31 Cr533.92 Cr
Shares Outstanding -6.83 Cr6.83 Cr6.83 Cr6.95 Cr

Cash Flows (Annual)

Figures in INR.

Metric Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow -4.88 Cr94.73 Cr134.36 Cr161.22 Cr
Investing Cash Flow --40.42 Cr-45.47 Cr-68.38 Cr-85.91 Cr
Financing Cash Flow -13.29 Cr-18.67 Cr-59.67 Cr-84.89 Cr
Capital Expenditure --48.46 Cr-55.17 Cr-66.39 Cr-55.66 Cr
Free Cash Flow --43.59 Cr39.56 Cr67.98 Cr105.56 Cr
Net Change in Cash --22.25 Cr30.59 Cr6.31 Cr-9.58 Cr

Ratios (Annual)

Figures in %.

Metric Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Gross Margin % -50.7%51.3%56.2%53.2%
Operating Margin % -12.7%9.7%10.0%7.6%
Net Margin % -7.6%3.1%5.3%3.7%
ROE % -21.4%7.1%11.9%9.3%
ROCE % -24.1%13.1%14.2%13.3%

Shareholding Pattern

Insiders
72.77%
Institutions
5.35%
Public Float
19.66%

Analyst View

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