HLE Glascoat
HLE Glascoat Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
FY '27 expected as a logical culmination of current efforts, with continued growth into FY '28 and FY '29. FY '27 is seen as a logical culmination of current growth efforts, with management focusing on new products, technologies, and capacity building.
From HLE Glascoat's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- FY '27 expected as a logical culmination of current efforts, with continued growth into FY '28 and FY '29.
- Filtration drying segment showing strong growth, with FY '25 revenue at INR 314 crores and H1 FY '26 at INR 252 crores (~60% annual growth).
- Heat transfer (Kinam) business growing over 40% annually, stable EBIT margins expected around 20-22%.
- Glass Line Equipment (GLE) segment rebuilding volumes and capacity utilization, aiming for 80% utilization by Q4 FY '26 with margin improvements expected.
- Thaletec (Europe) and Omeras (new acquisition) businesses scaling, with Omeras expected to breakeven by end of FY '26 and meaningful contribution from FY '27.
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Profitability & Margins
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Capital Expenditure Plans
- There is no mention of any current or immediate future acquisitions; the recent acquisition is fully completed with no further formalities pending. No new acquisitions are planned at the moment, although the company is open to interesting proposals.
- The company is focusing on improving capacity utilization across segments with targets such as increasing glass line business capacity utilization to about 80% by Q4, filtration/drying to 85-90%, and heat transfer business to 65-70%.
- The management is consciously investing efforts in new products, new technologies, and new product lines, as well as capacity building for execution to sustain growth beyond FY '27.
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Top-ranked in Industrial Manufacturing
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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Order Book & Pipeline
- HLE Glascoat's consolidated order book currently stands at a little over 5 months of revenue for the India business, which is considered very healthy.
- The Thaletec Germany and Thaletec U.S. businesses have order books exceeding 9 months, also very strong.
- Kinam's order book as of September is in excess of INR 100 crores, indicating positive outlook and expected growth.
- Omeras Store has a marginal order book of about EUR 4 to 4.5 million; execution has started with goods worth EUR 1.8 million delivered in the first 45 days.
- Omeras Store has a healthy inquiry pipeline of over EUR 28 million, growing continuously, though conversion of inquiries into orders is ongoing with some large projects expected.
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HLE Glascoat — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹392 Cr, net profit ₹20 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What HLE Glascoat Ltd's management said in earlier quarters
- Q1 FY25 earnings call analysis →
- Q3 FY25 earnings call analysis →
- Q1 FY24 earnings call analysis →
- Q1 FY26 earnings call analysis →
- Q2 FY25 earnings call →
- Q4 FY24 earnings call →
- Q2 FY24 earnings call →
- Q4 FY23 earnings call →
- Q2 FY23 earnings call →
- Q4 FY22 earnings call →
- Q2 FY22 earnings call →
- Q1 FY22 earnings call →
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Frequently Asked Questions
What were HLE Glascoat Q2 FY26 results?
FY '27 expected as a logical culmination of current efforts, with continued growth into FY '28 and FY '29. FY '27 is seen as a logical culmination of current growth efforts, with management focusing on new products, technologies, and capacity building.
What is HLE Glascoat share price analysis?
HLE Glascoat currently shows a neutral. The stock trades at a P/E of 57.8 with a market cap of ₹2,276 Cr. Investors should review the full earnings analysis for detailed insights.
Is HLE Glascoat planning capital expenditure?
There is no mention of any current or immediate future acquisitions; the recent acquisition is fully completed with no further formalities pending.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.