HLE Glascoat Limited
NSE: HLEGLAS · Industrial Products · sector
₹390.20NSE close 2026-10-26
Key numbers
Market cap₹2,710 cr
Price₹390.20
52w high / low₹662 / ₹250
P/E74.8xSector median 24.2x
P/B5.1xSector median 2.8x
Book value₹76.9
Dividend yield0.28%Sector median 0.50%
ROE7.2%Sector median 11.5%
ROCE10.2%Sector median 13.4%
OPM8.5%Sector median 10.3%
Debt / equity0.59xSector median 0.17x
EV/EBITDA25.5xSector median 16.7x
Interest cover2.5x
Current ratio1.19x
Sales growth 3y+13.2%Sector median +10.2%
Profit growth 3y-10.9%Sector median +12.8%
PEG–
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 152 companies in Industrial Products (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹58 cr vs borrowings ₹313 cr (FY26): borrowings are higher by ₹255 cr.
- Operating profit covered interest 2.5x in the last 12 months.
- Operating cash flow was below net profit in 1 of the last 4 years (FY23).
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 23% of net profit in the last 12 months.
- Debtor days went from 89 (FY24) to 73 (FY26).
- Dividend paid in 4 of the last 4 financial years.
- Price ₹390.20 on 2026-10-26: -41.1% from the 52-week high, +56.1% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹645.00 · low ₹231.54
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 236 | 231 | 334 | 284 | 351 | 327 | 392 | 301 |
| EBITDA | 34 | 26 | 52 | 38 | 35 | 18 | 42 | 21 |
| OPM % | 14.5% | 11.1% | 15.6% | 13.2% | 10.0% | 5.5% | 10.8% | 7.0% |
| Other income | 1 | 2 | 2 | 2 | 2 | 3 | 1 | 2 |
| Net profit | 13 | 8 | 20 | 15 | 12 | 3 | 18 | 3 |
| EPS (₹) | 2.11 | 1.51 | 4.64 | 2.62 | 1.76 | 0.41 | 2.65 | 0.40 |
| Revenue YoY | +48.8% | +41.4% | +17.4% | +5.9% | ||||
| Profit YoY | -5.5% | -66.7% | -10.6% | -81.2% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|
| Revenue | 932 | 968 | 1,028 | 1,353 | 1,370 |
| EBITDA | 137 | 107 | 134 | 133 | 116 |
| Net profit | 70 | 30 | 47 | 49 | 36 |
| EPS (₹) | 10.37 | 5.99 | 9.05 | 7.20 | 5.22 |
| Revenue growth | +3.9% | +6.2% | +31.7% | +26.3% | |
| Profit growth | -57.5% | +57.3% | +5.8% | -36.4% | |
| Dividend / share (₹) | 5.00 | 1.10 | 1.10 | 1.10 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +13.2% | – | +26.3% |
| Net profit | -10.9% | – | -36.4% |
| EPS | -11.5% | – | – |
| Share price | – | +2.0% (2y) | -28.3% |
Balance sheet
| ₹ cr | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Shareholders' equity | 327 | 417 | 459 | 534 |
| Borrowings | 247 | 390 | 350 | 313 |
| Cash & equivalents | 16 | 45 | 52 | 58 |
| Total assets | 891 | 1,202 | 1,293 | 1,382 |
| Fixed assets | 313 | 345 | 395 | 429 |
| Capital work in progress | 3 | 19 | 5 | 4 |
| Investments | 0 | 0 | 0 | 0 |
| Receivables | 243 | 237 | 185 | 270 |
| Inventory | 268 | 312 | 370 | 356 |
| Payables | 115 | 111 | 109 | 147 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Cash from operations | 6 | 93 | 134 | 161 |
| Cash from investing | -41 | -45 | -68 | -86 |
| Cash from financing | 13 | -18 | -60 | -85 |
| Capex | 48 | 54 | 66 | 56 |
| Free cash flow | -43 | 39 | 68 | 106 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| ROE % | 21.4% | 7.1% | 10.2% | 9.3% |
| ROCE % | 21.3% | 11.1% | 13.7% | 12.4% |
| Debtor days | 95 | 89 | 66 | 73 |
| Inventory days | 227 | 259 | 300 | 205 |
| Payable days | 97 | 92 | 88 | 85 |
| Cash conversion cycle (days) | 225 | 256 | 278 | 193 |
| Working capital days | 67 | 50 | 29 | 30 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 65.64% |
| FIIs | 1.60% |
| DIIs | 4.78% |
| of which Mutual funds | 2.86% |
| Public (non-institutions) | 27.98% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 66.69% | 66.69% | 66.78% | 65.64% | 65.64% | 65.64% | 65.64% | 65.64% |
| Promoter group | % |
|---|---|
| Himanshu Khushalbhai Patel | 24.47% |
| Nilesh Khushalbhai Patel | 14.77% |
| Harsh Himanshubhai Patel | 12.75% |
| Aalap Nilesh Patel | 11.36% |
| Swara Rajeev Patel | 2.10% |
| Kishoriben Nilesh Patel | 0.12% |
| Priti Himanshubhai Patel | 0.07% |
| Public holders above 1% | % |
|---|---|
| Overseas Pearl Limited | 3.58% |
| Dsp Small Cap Fund | 2.86% |
| Patel Shashikant Purshottam Das | 2.54% |
| Malabar India Fund Limited | 1.32% |
| Mauryan India Fund | 1.22% |
70,219 shareholders. Pledged: – of promoter shares.
Peers in Industrial Products
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| INDOMIM | ₹52,085 cr | – | – | – | – | – | – | – |
| CPPLUS | ₹45,577 cr | 94.7x | 24.3x | 25.5% | 33.3% | 14.5% | – | 0.04% |
| SYRMA | ₹28,803 cr | 77.7x | 10.1x | 17.4% | 17.6% | 11.1% | +33.0% | 0.10% |
| HONAUT | ₹27,500 cr | 50.1x | 6.2x | 13.0% | 16.9% | 13.3% | +10.7% | 0.34% |
| KAYNES | ₹22,167 cr | 64.0x | 4.7x | 9.1% | 11.1% | 15.5% | +47.7% | – |
| JYOTICNC | ₹20,523 cr | 63.8x | 10.3x | 17.4% | 18.5% | 24.4% | – | – |
| LMW | ₹17,267 cr | 84.2x | 5.7x | 7.0% | 9.3% | 7.1% | -12.1% | 0.19% |
| TEGA | ₹12,752 cr | 447.9x | 3.7x | 0.9% | 4.5% | 7.5% | +11.7% | 0.11% |
| LLOYDSENGG | ₹12,248 cr | 48.1x | 7.3x | 14.1% | 15.1% | 14.2% | +60.9% | 0.27% |
| HLEGLAS | ₹2,710 cr | 74.8x | 5.1x | 7.2% | 10.2% | 8.5% | +13.2% | 0.28% |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| b) Glass Lined Products | ₹676 cr | 50.0% | ₹29 cr | 4.2% |
| a) Filtration, Drying and Other Equipment | ₹474 cr | 35.1% | ₹57 cr | 12.0% |
| c) Heat Transfer Equipment | ₹200 cr | 14.8% | ₹28 cr | 14.1% |
| d) Unallocable Revenue | ₹2 cr | 0.1% | ₹0 cr | 0.0% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-09-23 | Dividend | Dividend - Rs 1.10 Per Share |
| 2025-09-19 | Dividend | Dividend - Rs 1.10 Per Share |
| 2024-09-19 | Dividend | Annual General Meeting/Dividend - Rs 1.10 Per Share |
| 2023-09-21 | Dividend | Dividend - Rs 1.10 Per Sh |
| 2022-10-18 | Split | Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 2/- Per Share |
| 2022-08-24 | Dividend | Annual General Meeting/Dividend - Rs 5 Per Share |
| 2021-08-30 | Dividend | Dividend - Rs 4 Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing of Process Equipment for the Chemicals, E30Pharmaceutical and allied Industries.: Design and Manufacturing of 1) Filtration, Drying Equipment 2) Glass Lined Equipment 3) Exotic Metal Equipment 4) Heat Transfer Equipment 5) Reactors and Pressure Vessels
| Sector | Industrials |
| Industry | Industrial Products |
| Sub-industry | Industrial Products |
| Symbol | HLEGLAS |
| BSE code | 522215 |
| ISIN | INE461D01028 |
| Face value | ₹2.0 |
| Incorporated | 1991-08-26 |
| Website | www.hleglascoat.com |
| Plants (India / abroad) | 3 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.