HLEGLAS

HLE Glascoat share price & financials

Price
₹422
Market cap
₹2.8k Cr
Sector
Capital Goods
Calls analysed
4
Latest concall · Q4 FY26 · call held 25 May 2026

HLE Glascoat Q4 FY26

Consolidated Revenue ₹1,353 cr +32%Consolidated EBITDA ₹148.5 cr +5%Consolidated EBITDA Margin 11% Consolidated PAT ₹56.6 cr

What went well

  • FY26 consolidated revenue from operations reached ₹1,353 crores, reflecting a strong 31.7% year-on-year growth.
  • Q4 FY26 consolidated revenue from operations was ₹391.7 crores, a 17.4% growth compared to Q4 FY25.
  • The consolidated order book stood at approximately ₹681.6 crores as of March 31, 2026, providing healthy visibility for FY27.

What to watch

  • FY26 EBITDA margin stood at 11%, lower than the 16% guidance given in Q2 FY26, primarily due to an EBITDA loss of ₹15.3 crores and PAT loss of ₹15.6 crores from the newly acquired Omeras business, as well as exceptional items of ₹2.1 crores for New Labour Codes and ₹4.6 crores for acquisition costs.
  • The heat transfer equipment segment showed a revenue degrowth of 7.4% in Q4 FY26.
Read the full call →

What HLE Glascoat Limited does

HLE Glascoat designs and manufactures critical process equipment for batch chemical, pharmaceutical, agrochemical and specialty-chemical manufacturers — glass-lined reactors, storage vessels and columns, Agitated Nutsche Filter-Dryers and other filtration/drying systems, and shell-and-tube, plate and corrugated heat exchangers. It earns by selling this equipment, built to customer specifications and international design codes (including for exotic alloys such as Hastelloy, Inconel and Monel), along with spares and after-sales service. The company has grown through acquisitions of Swiss Glascoat Equipments, Thaletec GmbH (Germany), Kinam Engineering Industries, and Omeras GmbH, which together give it three complementary product verticals plus a global manufacturing and R&D footprint.

Segments

  • Glass Lined Products
  • Filtration, Drying and Other Equipment
  • Heat Transfer Equipment
Manufacturing facilities
5 (Anand, Maroli, Silvassa, Kinam Engineering in India, and Thaletec in Germany)
Employees
1,160
Global market position in ANFDs
Largest manufacturer of Agitated Nutsche Filter-Dryers globally
Market share in Indian filtration & drying equipment
>50%
Market share in Indian glass-lined equipment
~25%
Cumulative installations
30,000+ in the last decade
Founded 1981Employees 1,160 (FY2024-25) Company website

Guidance record · Q4 FY26

what the last two calls moved 14 tracked 3 delivered 5 missed 6 open
  • Consolidated Revenue Growth delivered said Q4 FY25 Promised: 16% to 20% Q4 FY26: FY26 revenue grew 31.7% YoY, far exceeding the target range.
  • Net Profit missed said Q4 FY25 Promised: Attempt Rs. 100 crores this year Q4 FY26: FY26 Consolidated PAT was Rs. 56.6 crores, significantly missing the target.
  • Consolidated EBITDA Margin open said Q4 FY26 Promised: 14% to 15% in FY27 Q4 FY26: Will be in the range of between 14% and 15% on a consol basis.

All 14 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 7.9%, net profit down 26.7% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue114 130 195 164 193 +69%164 +26%202 +4%151 −8%
EBITDA11 12 26 20 23 +109%13 +8%27 +4%15 −25%
Net profit0 1 14 15 8 1 +0%13 −7%11 −27%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −27.7% 1Y

₹300₹400₹500₹600Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 12 Nov 2025Q4 FY26 — 25 May 2026

1Y: ₹559.15 on 10 Sept 2025 → ₹404.35. High ₹645 (3 Nov 2025), low ₹251 (30 Mar 2026).

How the price took the results

close before → close after

Q4 FY26
+1.9%
25 May
Q2 FY26
−0.3%
12 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 8.1% a year over 3 years, FY23 to FY26. Operating margin narrowed to 11.5%.

Year endingFY23FY24FY25FY26
Revenue₹931 Cr₹591 Cr₹550 Cr₹723 Cr
Operating profit₹133 Cr₹61 Cr₹53 Cr₹83 Cr
Operating margin14.3%10.3%9.6%11.5%
Interest₹23 Cr₹26 Cr₹29 Cr₹28 Cr
Depreciation₹23 Cr₹15 Cr₹16 Cr₹17 Cr
Net profit₹69 Cr₹26 Cr₹16 Cr₹37 Cr
Net margin7.4%4.4%2.9%5.1%
Cash from operations₹13 Cr₹48 Cr₹110 Cr₹66 Cr
Free cash flow₹-25 Cr₹7 Cr₹65 Cr₹36 Cr
ROCE18.0%11.0%7.0%12.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹13 Cr₹14 Cr₹14 Cr₹14 Cr₹14 Cr₹14 Cr
Reserves₹150 Cr₹267 Cr₹315 Cr₹334 Cr₹493 Cr₹379 Cr
Borrowings₹94 Cr₹206 Cr₹245 Cr₹342 Cr₹382 Cr₹312 Cr
Other liabilities₹129 Cr₹165 Cr₹204 Cr₹164 Cr₹528 Cr₹201 Cr
Total liabilities₹387 Cr₹652 Cr₹778 Cr₹853 Cr₹1.4k Cr₹907 Cr
Fixed assets₹114 Cr₹151 Cr₹227 Cr₹232 Cr₹611 Cr₹278 Cr
Capital work in progress₹3 Cr₹31 Cr₹2 Cr₹16 Cr₹9 Cr₹2 Cr
Investments₹34 Cr₹157 Cr₹146 Cr₹228 Cr₹0 Cr₹233 Cr
Other assets₹236 Cr₹312 Cr₹402 Cr₹377 Cr₹797 Cr₹393 Cr
Total assets₹387 Cr₹652 Cr₹778 Cr₹853 Cr₹1.4k Cr₹907 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +2.40 pp while FIIs trimmed −1.96 pp. The shareholder count shrank 8% to 71,078.

Promoters
65.6%
FIIs
2.0%
DIIs
4.7%
Public
27.6%

Since Jun 2025

  • Public +2.40 pp
  • FIIs −1.96 pp
  • Promoters −1.14 pp

How it drifted, 12 quarters

Over this window the public went from 25.1% to 27.6% — +2.5 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 66.7%, FIIs 4.3%, DIIs 3.9%, Public 25.1%.Dec '23: Promoters 66.7%, FIIs 4.2%, DIIs 4.0%, Public 25.1%.Mar '24: Promoters 66.7%, FIIs 4.3%, DIIs 3.8%, Public 25.3%.Jun '24: Promoters 66.7%, FIIs 4.3%, DIIs 3.6%, Public 25.4%.Sep '24: Promoters 66.7%, FIIs 4.1%, DIIs 3.5%, Public 25.7%.Dec '24: Promoters 66.7%, FIIs 4.0%, DIIs 3.5%, Public 25.8%.Mar '25: Promoters 66.7%, FIIs 4.1%, DIIs 3.5%, Public 25.7%.Jun '25: Promoters 66.8%, FIIs 4.0%, DIIs 4.0%, Public 25.2%.Sep '25: Promoters 65.6%, FIIs 3.7%, DIIs 4.0%, Public 26.6%.Dec '25: Promoters 65.6%, FIIs 2.1%, DIIs 4.5%, Public 27.7%.Mar '26: Promoters 65.6%, FIIs 2.3%, DIIs 4.9%, Public 27.2%.Jun '26: Promoters 65.6%, FIIs 2.0%, DIIs 4.7%, Public 27.6%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of HLE Glascoat Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Nilesh Khushalbhai Patel 24.77%unchanged
Himanshu Khushalbhai Patel 24.47%unchanged
Harsh Himanshubhai Patel 12.75%unchanged
Overseas Pearl Ltd 3.58%unchanged
DSP Small Cap Fund Mutual fund3.46%unchanged
Patel Shashikant Purshottam Das 2.54%unchanged
Swara Rajeev Patel 2.10%unchanged
Malabar India Fund Limited FPI fund1.85%unchanged
Aalap Nilesh Patel 1.36%unchanged
Mauryan India Fund AIF1.12%newly disclosed
Kishoriben Nilesh Patel 0.12%unchanged
Priti Himanshubhai Patel 0.07%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

All earnings calls (4)

Read the Q4 FY26 call →

Learn to analyse HLE Glascoat Limited

Guides on how to read this kind of business and the numbers that matter.