HLE Glascoat Q4 FY26 Share Price & Earnings Call Analysis
- Market cap
- ₹2,949 Cr
- P/E
- 74.87
- ROE
- 10.58%
- PEG
- -8.92
- Price to sales
- 2.16
- Debt to equity
- 0.65
- 52W high / low
- ₹645 / ₹251
- Sales growth (5Y)
- 22.80%
- EBITDA margin
- 8.99%
- Net profit margin
- 4.53%
- Promoter holding
- 65.64%
- Sales (last year)
- ₹1,370 Cr
HLE Glascoat Ltd is in the business of manufacturing and sales of glass lined equipment and filters and dryers equipment for various industries in the country.[1]
Guidance scorecard · Q4 FY26 call
What HLE Glascoat Ltd's management guided
and where it ranks in Industrial Manufacturing
Industrial Manufacturing
RevenueQ4 FY26 call
10–20%- The company aims to reach around INR2,000 crores revenue including Omeras within 2 years, indicating strong growth ambitions.
- Heat transfer equipment business expected to grow at 15%-20% annually over the next 2 years, with potential for higher growth post geopolitical stabilization.
- Glass lined business in India is currently flatlining (~INR200-250 crores), but output (volume) has increased 30%-40%, with value per equipment lower; overall revenue growth constrained by pricing/mix.
- Thaletec and Omeras expected to contribute significant growth, with Omeras targeting above INR200 crores revenue in the current year.
- Pharmaceutical API segment and custom manufacturing show steep growth; agrochemical segment more subdued.
- Expansion planned in international markets: Europe, Middle East, and U.S. expected to drive global revenue growth.
2 more points from HLE Glascoat Ltd's call on revenue
Create a free account to keep reading this call
MarginsQ4 FY26 call
FlatSee what HLE Glascoat Ltd said on margins — free account, 30 seconds.
CapexQ4 FY26 call
Planned- Capex in India for Omeras focused initially on tanks for diverse applications including wastewater, semiconductor-grade water, food, and biogas digesters.
- The India capex for Omeras is expected to be commercially operational by the end of FY27, with revenue impact from next financial year.
- Heat exchanger business is looking to create additional capacity starting next year based on current year performance.
- The company continues disciplined capital allocation emphasizing working capital optimization, operational efficiency, and cash flow enhancement.
2 more points from HLE Glascoat Ltd's call on capex
Create a free account to keep reading this call
FundraisingQ4 FY26 call
See what HLE Glascoat Ltd said on fundraising — free account, 30 seconds.
Order bookQ4 FY26 call
Rising- As of March 31, 2026, HLE Glascoat's consolidated order book stood at approximately INR 681.6 crores, indicating healthy visibility for FY27.
- The current order book for Omeras GmbH is around INR 78-79 crores, showing encouraging visibility for FY27 and a stable base for profitable operations.
- Omeras' order book nearly doubled from December 2025 to March 2026, with a strong pipeline of orders expected to continue.
- The overall strong order book across segments supports confidence in future growth trajectory for the company.
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Industrial Manufacturing
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
Portfolio builder
Build your portfolio
from the top-ranked stocks
- 1. Pick 3–15 stocks
- 2. Choose large, mid or small cap and your sectors
- 3. Get a portfolio built from the rankings
Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Industrial Manufacturing companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 0–2% | ₹1,207 Cr | 111.0 | |
| 2 | 40%+ | Up 0–2% | ₹549 Cr | 33.8 | |
| 3 | 40%+ | Flat | ₹8,076 Cr | 94.4 | |
| 4 | 40%+ | Flat | ₹3,732 Cr | 81.2 | |
| 5 | 40%+ | Flat | ₹2,580 Cr | 61.2 | |
| 6 | 40%+ | Flat | ₹743 Cr | 43.6 |
Sign up free to see every company in the sector ranking and track HLE Glascoat Ltd.
Pro shows every company guiding 40%+ revenue growth →Full Industrial Manufacturing rankingFinancials of HLE Glascoat Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of HLE Glascoat Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 298 | 197 | 224 | 239 | 307 | 227 | 236 | 231 | 334 | 284 | 351 | 327 | 392 |
| Expenses + | 254 | 174 | 198 | 215 | 270 | 205 | 202 | 205 | 282 | 246 | 313 | 305 | 349 |
| Operating Profit | 44 | 23 | 26 | 25 | 36 | 22 | 34 | 26 | 52 | 38 | 38 | 21 | 43 |
| OPM % | 15% | 12% | 12% | 10% | 12% | 10% | 14% | 11% | 16% | 13% | 11% | 6% | 11% |
| Other Income + | 3 | 1 | 2 | 1 | 2 | 2 | 1 | 2 | 2 | 2 | -1 | 0 | 1 |
| Interest | 9 | 5 | 6 | 10 | 10 | 9 | 9 | 9 | 9 | 9 | 9 | 8 | 9 |
| Depreciation | 6 | 6 | 6 | 7 | 7 | 7 | 7 | 7 | 8 | 8 | 9 | 10 | 10 |
| Profit before tax | 33 | 13 | 16 | 8 | 21 | 7 | 20 | 11 | 37 | 23 | 19 | 4 | 25 |
| Tax % | 30% | 29% | 33% | 27% | 30% | 22% | 26% | 10% | 15% | 22% | 27% | -26% | 20% |
| Net Profit + | 23 | 9 | 11 | 6 | 15 | 5 | 14 | 10 | 32 | 18 | 14 | 5 | 20 |
| EPS in Rs | 3.34 | 1.36 | 1.47 | 0.44 | 1.45 | 0.50 | 1.86 | 1.24 | 2.98 | 2.16 | 1.73 | 0.41 | 2.62 |
Financials of HLE Glascoat Ltd
Profit & Loss
Annual income statement trend
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales + | 359 | 426 | 484 | 652 | 932 | 968 | 1,028 | 1,353 |
| Expenses + | 313 | 354 | 392 | 541 | 793 | 854 | 891 | 1,213 |
| Operating Profit | 47 | 73 | 93 | 111 | 139 | 114 | 136 | 140 |
| OPM % | 13% | 17% | 19% | 17% | 15% | 12% | 13% | 10% |
| Other Income + | 2 | 5 | 4 | -1 | 8 | 4 | 7 | 2 |
| Interest | 15 | 13 | 11 | 14 | 25 | 33 | 39 | 34 |
| Depreciation | 7 | 7 | 9 | 11 | 23 | 26 | 30 | 36 |
| Profit before tax | 28 | 57 | 77 | 84 | 99 | 59 | 75 | 71 |
| Tax % | 33% | 31% | 31% | 31% | 30% | 30% | 18% | 20% |
| Net Profit + | 19 | 39 | 53 | 58 | 70 | 41 | 62 | 57 |
| EPS in Rs | 5.50 | 5.91 | 8.00 | 8.52 | 10.23 | 4.35 | 6.84 | 7.12 |
| Dividend Payout % | 0% | 15% | 10% | 12% | 11% | 25% | 16% | 15% |
Financials of HLE Glascoat Ltd
Balance Sheet
Capital structure and asset base
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 6 | 13 | 13 | 14 | 14 | 14 | 14 | 14 |
| Reserves | 35 | 63 | 120 | 239 | 312 | 403 | 446 | 520 |
| Borrowings + | 115 | 100 | 96 | 218 | 258 | 390 | 381 | 348 |
| Other Liabilities + | 138 | 159 | 148 | 289 | 311 | 395 | 448 | 500 |
| Total Liabilities | 294 | 335 | 377 | 759 | 894 | 1,202 | 1,288 | 1,382 |
| Fixed Assets + | 85 | 94 | 120 | 245 | 318 | 541 | 593 | 627 |
| CWIP | 4 | 10 | 3 | 31 | 3 | 19 | 5 | 4 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets + | 205 | 231 | 254 | 483 | 573 | 641 | 690 | 751 |
| Total Assets | 294 | 335 | 377 | 759 | 894 | 1,202 | 1,288 | 1,382 |
Financials of HLE Glascoat Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 49 | 45 | 48 | 1 | 5 | 95 | 134 | 161 |
| Cash from Investing Activity + | -15 | -19 | -29 | -146 | -40 | -45 | -68 | -86 |
| Cash from Financing Activity + | -29 | -30 | -10 | 160 | 13 | -19 | -60 | -85 |
| Net Cash Flow | 5 | -5 | 9 | 14 | -22 | 31 | 6 | -10 |
| Free Cash Flow | 33 | 22 | 20 | -67 | -36 | 40 | 68 | 108 |
| CFO/OP | 119% | 79% | 75% | 31% | 27% | 106% | 110% | 127% |
Financials of HLE Glascoat Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 34 | 38 | 52 | 83 | 95 | 89 | 66 | 73 |
| Inventory Days | 244 | 264 | 228 | 307 | 229 | 259 | 300 | 205 |
| Days Payable | 119 | 130 | 111 | 150 | 98 | 92 | 88 | 85 |
| Cash Conversion Cycle | 159 | 172 | 168 | 240 | 226 | 257 | 278 | 193 |
| Working Capital Days | -2 | 16 | 33 | 60 | 53 | 33 | 10 | 15 |
| ROCE % | 42% | 43% | 30% | 24% | 13% | 13% | 12% |
Guidance history
How HLE Glascoat Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q4 FY26 call → | 10–20% | Flat | Planned | — | Rising |
| Q2 FY26 call → | 20–40% | Up 2%+ | Planned | None planned | Rising |
| Q1 FY26 call → | 10–20% | Flat | None planned | None planned | Rising |
| Q4 FY25 call → | 10–20% | Flat | None planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
28 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −25.8% | 29% |
| Last 6 months | +32.3% | 82% |
| Last 3 months | −0.2% | 63% |
The price is 71% below its all-time high of ₹1,461.62 (14 Oct 2021). Stocks more than 20% below their peak have their score halved, so 57 became 28.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For HLE Glascoat Ltd: 0.4 × 29 + 0.4 × 82 + 0.2 × 63 = 57, halved to 28 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
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 →
Others in Industrial Manufacturing this season
- Standard Engineering Technology Ltd (Q3 FY26)
INR30 crores capex invested in the current year to date (FY26). Key concall takeaways from Standard Engineering Technology Ltd's Q3 FY26 earnings call — and…
- Honeywell Automation India Ltd (Q2 FY27)
Revenue from operations for the quarter ended September 30, 2026: ₹12,239 million (Page 4) . Key results statement takeaways from Honeywell Automation India Ltd
- Raymond Ltd (Q2 FY27)
Consolidated revenue for Q2 FY27: ₹683 Cr, a 21% YoY increase (Page 13, 15). Key investor presentation takeaways from Raymond Ltd's Q2 FY27 investor presentatio
- Mazagon Dock Shipbuilders Ltd (Q2 FY27)
Revenue from Operations for Q2 2026-27: ₹2,446 Cr (up from ₹2,929 Cr in Q2 2025-26 — a decrease year-on-year) . Key investor presentation takeaways from Mazagon