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HLE Glascoat

Q4 FY25Industrial Manufacturing

HLE Glascoat Q4 FY25 earnings call: Revenue & Margins

Q4 FY25 earnings call: what management guided on revenue, margins and order book.

Price₹319
Market cap₹2.3K Cr
P/E57.8
Updated23 Aug 2026
Read5 min read

The short version

Thaletec standalone growth expected at around 15% for the coming year with EBITDA margin of 14-15%. - Overall business growth guidance in the high teens, approximately 16% to 20%. - Glass-lined equipment business showed 17% growth in FY '25; expected to continue benefiting from pharma sector. - Heat transfer equipment business grew 38% in FY '25, contributing Rs. The company expects overall revenue growth in the high teens, specifically between 16% to 20%, driven primarily by the pharma sector and recovery in chemical industries. - Thaletec standalone business is projected to grow around 15% with EBITDA margins in the 14%-15% range. - Kinam unit is expected to cross Rs.

From HLE Glascoat's Q4 FY25 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

  • Thaletec standalone growth expected at around 15% for the coming year with EBITDA margin of 14-15%.
  • Overall business growth guidance in the high teens, approximately 16% to 20%.
  • Glass-lined equipment business showed 17% growth in FY '25; expected to continue benefiting from pharma sector.
  • Heat transfer equipment business grew 38% in FY '25, contributing Rs. 122 crores, expected to grow with large projects.
  • Filtration, drying (F&D) business had a subdued FY '25 but has a strong order book and is expected to recover revenues with over six months visibility.
  • Kinam business expected to cross Rs. 200 crores in FY '26 with margin maintenance and disproportionate growth.

2 more points from HLE Glascoat's call on revenue

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Profitability & Margins

See what HLE Glascoat said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

  • No major CAPEX is currently planned for any of HLE Glascoat's plants, including the Anand facility. The focus is on minimal maintenance CAPEX, estimated between Rs. 12 to 15 crores annually across five plants (India and Germany).
  • The company does not foresee large short-term CAPEX but is working near 75% capacity utilization, indicating room for growth without heavy capital expenditure.
  • Strategic investment includes the ongoing proposed amalgamation with Kinam Enterprise, to be finalized in July 2025, expected to unlock operational synergies and expand market reach.
  • Kinam Engineering has started supplying a large oil & gas order, marking a strategic entry into this vertical, expected to be executed fully in Q1 FY 25-26.

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Top-ranked in Industrial Manufacturing

Ranked on what management guided this quarter

Guidance-ranked
1ICE Make Refrig.
Rev 1Mar 2
2Taurian MPS
Rev 1Mar 2
3
Rev 1Mar 3
4
Rev 1Mar 3
5
Rev 1Mar 3
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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

See what HLE Glascoat said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

  • As of March 31, 2024, the repeated order book stood at Rs. 575.1 crores.
  • Since then, even after accounting for sales, the order book has increased by about Rs. 100 crores.
  • This provides roughly six months of visibility on orders for the India business and about seven months for the international business.
  • The majority of the orders in the Rs. 575 crore order book are from the pharmaceutical industry.
  • Regarding the large order from Kinam Enterprise in oil and gas, the size is approximately Rs. 60 crores, with about 25% supplied so far.

2 more points from HLE Glascoat's call on order book

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HLE Glascoat — Quarterly revenue & net profit

Revenue Net profit
Dec 2024Q3 FY25
Mar 2025Q4 FY25
Jun 2025Q1 FY26
Sep 2025Q2 FY26
Dec 2025Q3 FY26
Mar 2026Q4 FY26

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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Frequently Asked Questions

What were HLE Glascoat Q4 FY25 results?

Thaletec standalone growth expected at around 15% for the coming year with EBITDA margin of 14-15%. - Overall business growth guidance in the high teens, approximately 16% to 20%. - Glass-lined equipment business showed 17% growth in FY '25; expected to continue benefiting from pharma sector. - Heat transfer equipment business grew 38% in FY '25, contributing Rs. The company expects overall revenue growth in the high teens, specifically between 16% to 20%, driven primarily by the pharma sector and recovery in chemical industries. - Thaletec standalone business is projected to grow around 15% with EBITDA margins in the 14%-15% range. - Kinam unit is expected to cross Rs.

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?

No major CAPEX is currently planned for any of HLE Glascoat's plants, including the Anand facility.

Keep HLE Glascoat on your radar — track it to get its next earnings analysis in your feed.

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.