Hle Glascoat Limited (HLEGLAS)

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Hle Glascoat Limited (HLEGLAS) · mywealthgrid

About

Hle Glascoat manufactures industrial products with a market cap of ₹2,277.52 Cr, operating through standalone and consolidated entities. Consolidated operations generate ₹300+ Cr in quarterly revenue; standalone revenue declined from ₹326.57 Cr (Dec 2025) to ₹150.88 Cr (Jun 2026). The company operates with moderate leverage (D/E 0.59) and 65.64% promoter ownership.

Face value: ₹2

Market cap

₹3,072 Cr

P/E

85.9×

P/B

5.8×

Dividend yield

0.2%

ROE

10%

ROCE

14.9%

Debt / equity

0.59

OPM

10.3%

EPS (TTM)

₹5.2

Book value

₹76.9

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation risk: PE of 63.65 is elevated given 9.95% ROE and -23.38% annual shareholder return, offering limited downside protection
Margin volatility: OPM ranges from 6.46% (Dec 2025) to 13.39% (Mar 2026), indicating operational or demand inconsistency
Consolidated operations deterioration: Jun 2026 consolidated revenue ₹300.75 Cr generated only ₹2.05 Cr profit (0.68% margin) versus ₹20.14 Cr (5.14% margin) in Mar 2026
Revenue trajectory: standalone revenue fell 54% from ₹326.57 Cr (Dec 2025) to ₹150.88 Cr (Jun 2026); verify whether cyclical downturn or structural contraction

Generated analysis · source review pending

Growth drivers

Operating margin recovery from current 9.74% (Jun 2026) toward demonstrated 13.39% peak (Mar 2026) would significantly expand profits on consolidated revenue base of ₹300+ Cr
Consolidated operations efficiency: consolidated revenue of ₹300.75 Cr (Jun 2026) is 2× standalone ₹150.88 Cr, providing scale for profit growth if execution improves
Verify industrial sector stabilization: recent standalone revenue decline from ₹326.57 Cr requires confirmation that this reflects cyclical weakness rather than structural market loss

Generated analysis · source review pending

1,382 historical price candles were omitted because the exchange source has not been verified.

₹442.1+1.7%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 22.8% over the last 5 years
+High promoter holding of 65.6% with no pledge

Cons

−Low return on equity of 9.5% (3-yr avg)
−Profit declined 1.5% a year over the last 5 years
−Expensive at 85.9× trailing earnings

Research score

Structured signal from quality, growth, valuation and momentum.

25/100

Business quality: 31
Growth: 22
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	484	652	932	968	1,028	1,353
COGS	237	318	433	440	449	634
Gross profit	248	334	499	528	578	719
	156	224	362	415	445	580
	92	110	137	112	134	140
OPM %	18.9%	16.9%	14.7%	11.6%	13%	10.3%
Depreciation	9	11	23	26	30	36
Interest	10	13	23	31	36	34
	4	-1	8	4	7	2
Profit before tax	77	84	99	59	75	71
Tax	24	26	30	18	13	14
Tax %	30.9%	30.9%	29.7%	30.3%	17.7%	20.3%
	53	58	70	41	62	57
PAT margin %	11%	8.9%	7.5%	4.2%	6%	4.2%
EPS (₹)	41.1	42.7	10.4	6	9.1	7.2
EPS adjusted (₹)	8.2	8.5	10.2	4.4	6.8	7.1
	9.7%	11.7%	10.6%	18.4%	12.2%	15.3%
Annual report	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	13	13	14	14	14	14	14
Reserves	—	122	240	313	403	446	520
Minority interest	—	0	0	0	80	95	84
	—	93	207	247	390	350	313
	—	149	299	317	316	389	450
Total equity & liabilities	—	377	760	891	1,202	1,293	1,382
	94	119	244	317	540	589	625
CWIP	—	3	31	3	19	5	4
Investments	—	1	1	1	1	4	2
	—	254	484	570	641	695	751
Total assets	—	377	760	891	1,202	1,293	1,382

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Glass Lined Products	676.36	28.61	748.39	288.22	460.17	6.22
Filtration, Drying and Other Equipment	474.34	57

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	51.1%	51.2%	53.6%	54.5%	56.3%	53.2%
EBITDA margin %	18.9%	16.9%	14.7%	11.6%	13%	10.3%
EBIT margin %	17.1%	15.1%	12.3%	8.9%	10.1%	7.6%
PAT margin %	11%	8.9%	7.5%	4.2%	6%	4.2%
Working capital
Receivable days	52	83	95	89	66	73
Inventory days	228	307	227	259	300	205
Payable days	111	150	97	92	88	85
NWC days	168	240	225	256	278	193
Leverage
Current ratio	1.37	1.44	1.43	1.27	1.14	1.19
Debt to EBITDA	1.02	1.88	1.8	3.48	2.62	2.24
Debt to equity	0.69	0.82	0.76	0.93	0.76	0.59
Interest coverage	8.9	8.2	5.3	3.1	3.1	3.3
Asset turnover	1.28	0.86	1.05	0.81	0.79	0.98
Return ratios
Return on assets %	14.2%	7.7%	7.8%	3.4%	4.8%	4.1%
Return on capital employed %	44.7%	34.2%	26.6%	15.6%	15.5%	14.9%
Return on equity %	39.6%	23%	21.4%	9.8%	13.4%	10.6%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	66.69%	66.69%	66.69%	66.69%	66.69%	66.69%	66.69%	66.78%	65.64%	65.64%	65.64%	65.64%
	4.25%	4.24%	4.28%	4.27%	4.07%	4.01%	4.12%	4.01%	3.7%	2.14%	2.27%	2.05%
	3.93%	3.94%	3.77%	3.57%	3.52%	3.52%	3.52%	4.01%	4.04%	4.48%	4.87%	4.71%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	25.13%	25.13%	25.26%	25.47%	25.72%	25.78%	25.67%	25.2%	26.62%	27.74%	27.22%	27.6%
No. of shareholders	—	—	—	—	—	—	—	—	79,888	74,245	71,271	71,078

Promoter holding down 1.05 percentage points since Sep 2023.

20 deals · 26 Sept 2023 – 3 Jun 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
3 Jun 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Buy	4,68,888	₹396.42	₹18.59 Cr
3 Jun 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Sell	4,68,888	₹396.60	₹18.60 Cr
3 Jun 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	4,03,474	₹394.48	₹15.92 Cr
3 Jun 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	4,03,474	₹394.25	₹15.91 Cr
3 Jun 2026	QE SECURITIES LLP	Bulk	NSE	Buy	3,86,706	₹393.31	₹15.21 Cr
3 Jun 2026	QE SECURITIES LLP	Bulk	NSE	Sell	3,85,647	₹397.03	₹15.31 Cr
3 Jun 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Buy	3,75,858	₹394.44	₹14.83 Cr
3 Jun 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Sell	3,74,157	₹394.78	₹14.77 Cr
20 Aug 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	6,32,974	₹532.60	₹33.71 Cr
20 Aug 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	6,32,974	₹532.16	₹33.68 Cr

1–10 of 20

1 / 2

Mr. YATISH CHANDRAKANT PAREKHNon-Executive - Independent Director-Chairperson
Mr. HIMANSHU K PATELExecutive Director-MD
Mr. AALAP NILESHBHAI PATELExecutive Director
Mr. NILESH K PATELNon-Executive - Non Independent Director
Mr. HARSH H PATELExecutive Director
Mrs. VIJAYANTI PUNJABINon-Executive - Independent Director
Mr. SANDEEP DEEPAK RANDERYNon-Executive - Independent Director
Mr. JAYESHBHAI VASTUPAL SHAHNon-Executive - Independent Director
Mr. Achal ThakkarCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 2 fund houses

Held by these funds

2.86%

of the company's equity

All mutual funds

3.46%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

2 schemes · 2 fund houses

		Shares
Small Cap Fund	DSP Mutual Fund	19.86 L	62.48	0.29%	2.857%	-2.96 L
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	68	0	0%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

25 announcementsExport CSV

1 Oct 2026, 7:58 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM

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Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	51.1%	51.2%	53.6%	54.5%	56.3%	53.2%
EBITDA margin %	18.9%	16.9%	14.7%	11.6%	13%	10.3%
EBIT margin %	17.1%	15.1%	12.3%	8.9%	10.1%	7.6%
PAT margin %	11%	8.9%	7.5%	4.2%	6%	4.2%
Working capital
Receivable days	52	83	95	89	66	73
Inventory days	228	307	227	259	300	205
Payable days	111	150	97	92	88	85
NWC days	168	240	225	256	278	193
Leverage
Current ratio	1.37	1.44	1.43	1.27	1.14	1.19
Debt to EBITDA	1.02	1.88	1.8	3.48	2.62	2.24
Debt to equity	0.69	0.82	0.76	0.93	0.76	0.59
Interest coverage	8.9	8.2	5.3	3.1	3.1	3.3
Asset turnover	1.28	0.86	1.05	0.81	0.79	0.98
Return ratios
Return on assets %	14.2%	7.7%	7.8%	3.4%	4.8%	4.1%
Return on capital employed %	44.7%	34.2%	26.6%	15.6%	15.5%	14.9%
Return on equity %	39.6%	23%	21.4%	9.8%	13.4%	10.6%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Indo-Mim LimitedINDOMIMINDOMIM	₹62,891 Cr	₹63,981 Cr	₹4,193 Cr	₹1,071 Cr	25.5%	₹534 Cr	12.7%	29.6%	21.3%	—
Aditya Infotech LimitedCPPLUSCPPLUS	₹44,797 Cr	₹44,910 Cr	₹4,883 Cr	₹709 Cr	13.4%	₹477 Cr	8.7%	33.8%	25.5%	61
Syrma Sgs Technology LimitedSYRMASYRMA	₹33,121 Cr	₹33,474 Cr	₹5,464 Cr	₹610 Cr	11.3%	₹402 Cr	7.2%	18.7%	15%	48
Honeywell Automation India LimitedHONAUTHONAUT	₹29,454 Cr	₹29,454 Cr	₹4,703 Cr	₹637 Cr	12.9%	₹551 Cr	11.2%	16.7%	12.4%	-12
Jyoti Cnc Automation LimitedJYOTICNCJYOTICNC	₹23,470 Cr	₹24,320 Cr	₹2,191 Cr	₹535 Cr	25.2%	₹322 Cr	16.1%	25.3%	18.2%	359
Kaynes Technology India LimitedKAYNESKAYNES	₹22,773 Cr	₹23,648 Cr	₹3,899 Cr	₹609 Cr	15.8%	₹346 Cr	10%	15.4%	9.6%	193
Lmw LimitedLMWLMW	₹17,706 Cr	₹17,706 Cr	₹3,374 Cr	₹219 Cr	5.3%	₹175 Cr	4.1%	6.4%	4.6%	23
Tega Industries LimitedTEGATEGA	₹15,721 Cr	₹16,039 Cr	₹3,059 Cr	₹231 Cr	13.7%	₹21 Cr	8.4%	8.5%	5.9%	153
Lloyds Engineering Works LimitedLLOYDSENGGLLOYDSENGG	₹14,553 Cr	₹14,587 Cr	₹1,611 Cr	₹229 Cr	14.5%	₹163 Cr	15.2%	17.5%	16.4%	184
Kennametal India LimitedKENNAMETKENNAMET	₹9,411 Cr	₹9,411 Cr	₹991 Cr	₹179 Cr	18.1%	₹114 Cr	11.5%	24.5%	18.5%	170
Dynamatic Technologies LimitedDYNAMATECHDYNAMATECH	₹9,354 Cr	₹9,883 Cr	₹1,675 Cr	₹200 Cr	11.3%	₹42 Cr	2%	12.3%	4.3%	142
Standard Engineering Technology LimitedSETLSETL	₹8,318 Cr	₹8,376 Cr	₹849 Cr	₹129 Cr	15.4%	₹89 Cr	10.7%	15.5%	10.7%	335

Date	Category	Subject	Filing
1 Oct 2026, 7:58 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
30 Sept 2026, 5:18 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
29 Sept 2026, 4:52 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
18 Sept 2026, 4:37 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
12 Sept 2026, 1:15 pm	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
12 Sept 2026, 1:14 pm	Insider Trading / SAST Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011	PDF
12 Sept 2026, 1:12 pm	Insider Trading / SAST Disclosures under Reg. 10(6) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 10(6) of SEBI (SAST) Regulations, 2011	PDF
8 Sept 2026, 4:24 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	49	45	48	1	6	93	134	161
	-15	-20	-29	-173	-41	-45	-68	-86
	-29	-30	-10	160	13	-18	-60	-85
Net cash flow	5	-5	9	-12	-22	31	6	-10
Free cash flow	—	—	16	-68	-43	39	68	106
CFO / Operating profit %	—	—	52.6%	1%	4.2%	83.4%	100.6%	115.4%

Hle Glascoat Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

19

1

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Filtration, Drying and Other Equipment · revenue

Hle Glascoat Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends19

Board meetings1

Stock splits1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Filtration, Drying and Other Equipment · revenue

19

1

1