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Prices as of 8 Oct 2026 close · Not investment advice

HLE Glascoat Limited

NSE: HLEGLASIndustrial ProductsShort-term ASM stage 1

Share price

₹446.00

-5.00% close of 8 Oct 2026

Market cap ₹3,122 CrP/E 78.0

Business score

How strong the business is, in one number. The parts behind it are in Pro.

58

out of 100 · worked out 8 Oct 2026

Your ratios

The numbers you want to see first. Tap Edit to change them.

Market cap

₹3,122 Cr

P/E ratio

78.0

P/B ratio

5.8

ROCE

12.1%

ROE

10.7%

Dividend yield

0.2%

Price & valuation chart

How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.

Prices as of 8 Oct 2026 close52-week high ₹645.0052-week low ₹251.00

Answers

Simple answers to the questions investors ask most, from the company's own numbers.

How fast it has been growing

Sales grew 26.3% over the past year, and 22.1% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales slipped from 15.9% to 8.8% over the last four years.

Whether it grew faster than its sector

It grew 22.1% a year against a sector median of 10.6% — 11.4 percentage points faster.

Room to re-rate, or risk of de-rating

At 78.0× earnings it costs 3.3× the market, which pays 23.9× across 2199 companies we can price. Its own industry sits at 87.4×, across 5 companies. It is against its own five-year median of 68.1×, the 72nd percentile of its own range.

Whether growth justifies the valuation

Its earnings are falling, so growth cannot justify the price.

Profit growthPrice per ₹1 profitPer 1% growth
HLE Glascoat Limited — this one-8%/yr78.0×—
INDOMIM8%/yr101.1×₹12.6
Aditya Infotech Limited48%/yr99.9×₹2.1
Syrma SGS Technology Limited39%/yr87.4×₹2.2
Honeywell Automation India Limited7%/yr52.9×₹7.6
Jyoti CNC Automation Limited157%/yr70.3×—

Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

How it compares with its peers

Against companies the exchange files under the same label (Industrial Products), it ranks 43 of 75 on returns, 19 of 75 on growth, 47 of 75 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

What makes it hard to beat — and is that still true?

No durable advantage shows in the numbers: it earns 12.1% on capital, ahead of 43% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

Whether its growth pays for itself

Yes — Over the last five years it made ₹396 crore of cash from the business, spent ₹283 crore on plant and equipment, and returned ₹9 crore to lenders and shareholders. And the profit is real: of every 100 rupees it reported over 8 years, about 135 arrived as cash (before interest, which is why it can exceed the profit). Its cash comes back faster than it used to: it went from being waiting 60 days for its cash to waiting 15 days for its cash.

Profit reality check

Is the profit real cash? Simple checks on the accounts. Facts only, not advice.

7 of 9 checks clear · 78%

Latest result · Q1 FY27

What the last results showed. Whether management kept its word is in Pro.

Revenue rose 5.9% year over year, while net profit fell 88.6%.

Announced 10 Aug 2026 · Consolidated · Unaudited

Revenue

₹301 Cr

Revenue vs last year

+5.9%

Revenue vs last quarter

-23.3%

Net profit

₹2 Cr

Profit vs last year

-88.6%

Profit vs last quarter

-89.7%

Net margin

0.7%

EPS

₹0.40

Checklist before you investPRO

Points for and against, in one list.

Key numbers & peers

The main numbers grouped by topic, and how the company compares with similar ones.

Price

Market cap
₹3,122 Cr
Prev close
₹446.00
52w High
₹662
52w Low
₹250
Enterprise value
₹3,412 Cr
Beta
1.2
Price CAGR 1y
-6.0%
Price CAGR 3y
-4.0%
Price CAGR 5y
-19.0%
Price CAGR 10y
36.0%

Ratios

Return on assets
4.2%
PEG ratio
-9.8
P/E ratio
78.0
P/B ratio
5.8
EV / EBITDA
27.7
Industry P/E
36.9
ROCE
12.1%
ROCE 5y average
18.4%
ROE
10.7%
Debt / Equity
0.7
Interest coverage
2.9
Dividend yield
0.2%
ROE 3y average
11.0%
ROE last year
11.0%

Annual P&L

Annual revenue
₹1,353 Cr
Annual profit
₹57 Cr
Operating margin
11.0%
Net profit margin
4.2%
EBITDA margin
10.5%
Sales growth 3y
13.2%
Sales growth 5y
22.8%
Profit growth 3y
-8.0%
Profit growth 5y
1.0%
EPS
₹7.1
Sales growth TTM
26.0%
Profit growth TTM
-30.0%
Dividend payout
15.0%

Quarter P&L

Sales latest quarter
₹301 Cr
Profit latest quarter
₹2 Cr
YoY quarterly sales growth
5.9%
YoY quarterly profit growth
-88.5%
OPM latest quarter
7.0%

Balance Sheet

Book Value
₹76.3
Face Value
₹2.0
Total debt
₹348 Cr
Total cash
₹58 Cr
Borrowings
₹348 Cr
Reserves / Equity
37.1

Cash Flow

Operating cash flow
₹161 Cr
Free cash flow
₹108 Cr
FCF yield
2.3%
Net cash flow
-₹5 Cr

Shareholding

Promoter holding
65.6%
FII holding
2.0%
DII holding
4.7%
Public holding
27.6%

Peer comparison

CompanyPrice ₹P/EMkt cap ₹ CrDiv yield %Profit qtr ₹ CrProfit var %Sales qtr ₹ CrSales var %ROCE %
Indo-MIM1,359.90104.267,2440.00240.131.61,218.79.425.0
Aditya Infotech4,064.90104.449,8470.04142.2332.51,402.489.528.6
Syrma SGS Tech.1,746.7090.733,6820.09105.7101.21,588.668.316.8
Honeywell Auto33,345.0052.729,4770.33150.720.91,204.41.816.9
Jyoti CNC Auto.1,071.0075.724,3570.0057.1-20.0508.524.021.3
Kaynes Tech3,365.0065.122,6200.0056.4-24.4946.040.512.7
LMW16,819.0098.417,9680.2155.5369.2860.724.05.6
HLE Glascoat469.4582.83,2610.232.1-81.2300.85.912.1
Median347.4836.06710.005.731.675.023.616.1

Competes with: Aditya Infotech Limited, Honeywell Automation India Limited, INDOMIM, Jyoti CNC Automation Limited, Kaynes Technology India Limited, LLOYDS ENGINEERING WORKS LIMITED, LMW Limited, Syrma SGS Technology Limited, Tega Industries Limited

Quarterly results

Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.

Consolidated · to 30 Jun 2026
Line itemJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales197224239307227236231334284351327392301
Expenses174198215270205202205282246313305349280
Material Cost134168138162135
Change in Inventories-6.065.071318-14
Purchases of Stock-in-Trade00000
Employee Cost5262657475
Other Expenses6678899484
Operating Profit23262536223426523838214321
OPM %121210129.6214111613116.46116.96
Other Income0.681.520.591.971.781.391.932.252.25-1.150.310.681.70
Exceptional items (within Other Income)0-3.08-3.18-0.430
Interest4.785.779.70109.448.658.789.328.609.337.868.668.36
Depreciation5.966.077.336.957.267.307.387.738.368.609.909.609.90
Profit before tax13168.24216.9320113723193.65254.37
Tax %2933273022269.82152227-262053
Net Profit9.29115.97155.4214103218144.60202.05
EPS in Rs1.361.470.441.450.501.861.242.982.161.730.412.620.40
Diluted EPS in Rs2.621.760.412.650.40

Profit & loss

Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.

Consolidated · to 31 Mar 2026
Line itemMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales3594264846529329681,0281,3531,370
Expenses3133543925417938548921,2111,247
Material Cost603
Change in Inventories30
Purchases of Stock-in-Trade0
Employee Cost253
Other Expenses326
Operating Profit477393111139114136142123
OPM %13171917151213119
Other Income254-184822
Exceptional items (within Other Income)-6.69
Interest151311142533393734
Depreciation779112326303638
Profit before tax285777849959757152
Tax %3331313130301820
Net Profit193953587041625741
EPS in Rs5.505.9188.52104.358.037.125.16
Diluted EPS in Rs7.20
Dividend Payout %015101211251415

Compounded growth

Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.

Compounded sales growth

10 years
—
5 years
23%
3 years
13%
TTM
26%

Compounded profit growth

10 years
—
5 years
1%
3 years
-8%
TTM
-30%

Stock price CAGR

10 years
36%
5 years
-19%
3 years
-4%
1 year
-6%

Return on equity

10 years
—
5 years
15%
3 years
11%
Last year
11%

Balance sheet

What the company owns and what it owes, at the end of each year. ₹ crore.

Consolidated
Line itemMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital613131414141414
Reserves3563122239312403464520
Borrowings11510093218258390379348
Other Liabilities138159149289311395431486
Minority Interest84
Total Liabilities2943353777598941,2021,2881,368
Fixed Assets8594120245318541593627
CWIP41033131954
Investments00000000
Other Assets205231254483573641690737
Total Assets2943353777598941,2021,2881,368

Cash flows

Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.

Consolidated
Line itemMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity4945481595134161
Cash from Investing Activity-15-19-29-146-40-45-68-82
Cash from Financing Activity-29-30-1016013-19-60-85
Net Cash Flow5-5914-22316-5
Free Cash Flow332220-67-364068108

Ratios

How fast customers pay, how long stock sits, and how well capital earns — year by year.

Consolidated
Line itemMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days3438528395896673
Inventory Days244264228307229259299205
Days Payable11913011115098928885
Cash Conversion Cycle159172168240226257277193
Working Capital Days-216346053331015
ROCE %42433024131312

Shareholding pattern

Who owns the company — founders (promoters), foreign funds, Indian funds and the public. In %.

Consolidated · to 30 Jun 2026
Line itemSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters676767676767676766666666
FIIs4.254.244.294.264.074.014.124.013.702.142.272.05
DIIs3.933.953.773.573.523.523.524.014.044.484.884.71
Public252525252626262527282728
No. of Shareholders75,76279,75181,75381,05383,99383,43580,94477,41879,88874,24571,27171,078

Price trend

The price as a Renko brick chart: small moves drop out so the bigger path stands out.

Change over 1 year -14.0% (₹518.85 → ₹446.00)Brick size ₹25.79 (fixed)Bricks 35
₹300₹400₹500₹600₹446Nov '25Feb '26May '26Aug '26
Price moved up one brickPrice moved down one brickLast close ₹446.00 on 8 Oct 2026

Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.

Open interestPRO

Where option traders are positioned on this stock.

Industry numbers

The numbers that matter most in this industry, from the company's own filings.

1 when an audit qualification is filed as repetitive

0.00flag

2026-03-31

the company's own unlisted debt securities in default at period end

0.00cr

2026-06-30

the company's own loans / revolving facilities in default at period end (standalone filing)

0.00cr

2026-06-30

net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash

290inr_cr

2026-03-31

guarantees / comfort given for promoter, promoter group, directors and KMP

0.00cr

2026-03-31

loans outstanding to promoter, promoter group, directors and KMP (governance filing)

0.00cr

2026-03-31

security given for the borrowing of promoter, promoter group, directors and KMP

0.00cr

2026-03-31

FY revenue / permanent employees + workers, same basis (calc)

99,32,893inr

2026-03-31

News

News and filings about HLE Glascoat Limited. Open one to see why it matters.

Supply chain

Who it buys from, sells to and competes with — as recorded in our map of company links.

Competes with

Uses as raw material

  • carbon steel
  • glass frit / borosilicate glass lining
  • stainless steel and special alloys (Inconel, Monel, Hastelloy, nickel, titanium)

Depends on the price of

  • steel

About

What the company is, from our own records: where it sits, where it makes things, and what it is made of.

Sector
Capital Goods
Industry
Industrial Products
Classification
Capital Goods › Industrial Products
ISIN
INE461D01028

Business segments

  • b) Glass Lined Products · 50%
  • a) Filtration, Drying and Other Equipment · 35%
  • c) Heat Transfer Equipment · 15%
  • d) Unallocable Revenue · 0%

Plants

  • HLE Glascoat Anand Works
  • HLE Glascoat Maroli Works
  • HLE Glascoat Silvassa Works
  • Thaletec GmbH

News impact

Big market events that reach HLE Glascoat Limited, and how the effect spreads.

No recent market events reach this company.

Dividends, splits & big trades

Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.

Dividends

23 Sep 2026unspecified₹1.1
19 Sep 2025unspecified₹1.1
19 Sep 2024unspecified₹1.1
21 Sep 2023unspecified₹1.1
18 Oct 2022split₹0
24 Aug 2022unspecified₹5
30 Aug 2021unspecified₹4

Splits, bonuses & buybacks

  • daily-prices repair: 8 rows from NSE's archive (replace 2, delete 1, insert 5), 2023-11-12..2026-02-01 (docs/flat_day_repair.md)1× · 12 Nov 2023

Bulk & block deals

DateWhoBought / soldSharesPrice
3 Jun 2026MICROCURVES TRADING PRIVATE LIMITEDSELL4,68,888₹396.60
3 Jun 2026MICROCURVES TRADING PRIVATE LIMITEDBUY4,68,888₹396.42
3 Jun 2026NK SECURITIES RESEARCH PRIVATE LIMITEDBUY4,03,474₹394.25
3 Jun 2026NK SECURITIES RESEARCH PRIVATE LIMITEDSELL4,03,474₹394.48
3 Jun 2026QE SECURITIES LLPBUY3,86,706₹393.31
3 Jun 2026QE SECURITIES LLPSELL3,85,647₹397.03
3 Jun 2026JUNOMONETA FINSOL PRIVATE LIMITEDBUY3,75,858₹394.44
3 Jun 2026JUNOMONETA FINSOL PRIVATE LIMITEDSELL3,74,157₹394.78

Insider trades

DisclosedWhoTypeSharesValue ₹ Cr
15 Sep 2026Mr Aalap Nilesh Patel · PromoterBUY69,45,474—
15 Sep 2026Mr Nilesh Khushalbhai Patel · PromoterSELL69,45,474—

Documents

Annual reports, results presentations and earnings calls, straight from the source.

Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.