HLE Glascoat Limited

NSE: HLEGLAS · Industrial Products

52W Range₹250 ₹662

Snapshot

Unlock HLE Glascoat Limited's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

HLE Glascoat Limited specialises in the design and manufacture of carbon steel glass-lined equipment and advanced chemical process machinery. The company serves a diverse range of sectors including pharmaceuticals, dyes, pigments, and food processing industries.

Business Model

The company generates revenue through the engineering, fabrication, and sale of specialised industrial equipment such as reactors, filters, dryers, and associated spare parts. It operates as a key supplier to process-intensive industries requiring corrosion-resistant infrastructure.

Growth Outlook

Growth is driven by sustained demand for high-quality chemical process equipment across the pharmaceutical and specialty chemical sectors. The company continues to expand its product portfolio to cater to evolving industrial requirements.

Key Risks

  • Raw Material Price Volatility. Fluctuations in the prices of steel and other raw materials can significantly impact manufacturing costs and profit margins.
  • Cyclical Industrial Demand. The company's performance is closely linked to capital expenditure cycles within the chemical and pharmaceutical industries.
  • Competitive Intensity. The market for glass-lined equipment faces competition from both domestic and international manufacturers, potentially pressuring pricing power.
  • Regulatory Compliance. Strict adherence to industrial safety and environmental standards is required, and failure to comply could lead to operational disruptions.

Price

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Key Metrics

REVENUE

₹1,637 Cr

TTM · consolidated

+59.3%YoY

NET PROFIT

₹74 Cr

TTM · consolidated

+20.5%YoY

EPS

₹9.84

TTM · consolidated

+8.7%YoY

RETURN ON EQUITY

15.6%

TTM · consolidated

+1.2 ppYoY

RETURN ON CAPITAL EMPLOYED

18.5%

TTM · consolidated

+3.0 ppYoY

P/E

44.5x

Q4 FY26 · consolidated

44.5 vs 61.5x5Y avg

EV/EBITDA

17.6x

Q4 FY26 · consolidated

17.6 vs 30.7x5Y avg

EBITDA MARGIN

11.5%

TTM · consolidated

-2.2 ppYoY

NET PROFIT MARGIN

5.1%

Q4 FY26 · consolidated

-4.4 ppYoY

DEBT TO EQUITY

0.6x

Q4 FY26 · consolidated

-0.17xYoY

Peers · Industrial Products

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
HLE Glascoat LimitedHLEGLAS
1,94544.4617.6159.3%11.5%15.6%18.5%+4.9%
Honda IndiaHONDAPOWER
2,06933.3617.449.0%13.8%7.6%10.1%-29.5%
HMT LimitedHMT
2,044-14.17-10.5%-62.7%8.5%3.8%-1.3%
Windsor MachinesWINDMACHIN
1,958-851.8177.8854.7%6.2%-0.4%1.3%-15.3%
Pennar IndustriePENIND
1,94213.506.5438.4%11.1%16.4%29.1%-29.3%
DEE DevelopmentDEEDEV
1,82863.0426.5638.0%18.2%9.4%16.2%+130.2%

As of Q4 FY26

Financials