HLE GLASCOAT LIMITED
₹402.35-₹18.85 (-4.5%)
Last close · Data as of Oct 30, 2026
- Market cap
- ₹3,115 Cr
- P/E
- 79.5x
- EV / EBITDA
- 46.3x
- Revenue
- ₹551 Cr
- Net margin
- 4.6%
- ROCE
- 9.6%
Price chart
Technical chartScreen technicals →-29.7% over the last year
Daily closes.
Go deeper
Technical chart: candles, 9 moving averages, RSI, MACD and drawing tools
Performance
Price change over each period, before dividends.
- 1M
- -8.4%
- 3M
- -5.3%
- 6M
- +25.7%
- 1Y
- -29.7%
- 5Y
- -69.9%
52-week range
Day change -₹18.85 (-4.5%) from ₹421 to ₹402 · Last close Oct 30, 2026
Best weekday to invest, historically
The same weekly amount in HLEGLAS, bought on each weekday since 2021.
AI Summary
Indian StockStrengths1
- Maintains healthy dividend payout of 28.0%
Concerns1
- Low return on equity of 7.8%
Rule-based from financial data. Not advice.
About the company
HLE Glascoat Limited manufactures and sells carbon steel glass lined equipment in India and internationally. It operates through Filtration, Drying and Other Equipment; Glass Lined Equipment; and Heat Transfer Equipment segments.
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HLE Glascoat Limited manufactures and sells carbon steel glass lined equipment in India and internationally. It operates through Filtration, Drying and Other Equipment; Glass Lined Equipment; and Heat Transfer Equipment segments. The Filtration, Drying and Other Equipment segment offers agitated nutsche filter-dryers, rotary vacuum paddle dryers, kilo-lab filter dryers, rapid disc dryer-coolers, orbicular dryers, and other chemical process equipment, as well as related spares and accessories. Its Glass Lined Equipment segment produces reactors, heat exchangers, storage vessels and receivers, storage tanks, columns, agitators, valves, pipes and fittings, and other similar equipment, as well as related spares and accessories. The Heat Transfer Equipment segment manufactures shell and tube, corrugated, spiral, plate heat, and box type heat exchangers; and condensing systems. It also offers exotic metal and cGMP pharma model products. The company serves the pharmaceutical, agrochemicals; specialty and fine chemicals; dyes, pigments, and intermediates; paints and coatings; bulk chemicals; active pharmaceutical ingredients; nutraceutical; food and food flavours; oil and gas; mineral processing; aerospace; marine; petrochemicals; fertilizers; steel; paper; and textile industries. The company was formerly known as Swiss Glascoat Equipments Limited and changed its name to HLE Glascoat Limited in December 2019. HLE Glascoat Limited was founded in 1981 and is based in Anand, India.
- Sector
- Industrials
- Shares outstanding
- 6.9 Cr shares
- ISIN
- INE461D01028
- BSE code
- 522215
Key statistics
Screen fundamentals →Valuation, profitability, growth and solvency at the latest close; hover a label for its meaning.
Valuation
- Market cap
- ₹3,115 Cr
- P/E
- 79.5x
- P/B
- 8.2x
- EV / EBITDA
- 46.3x
- EV / Sales
- 5.7x
- P/S
- 5.3x
- Earnings yield
- 1.3%
- 52-week high
- ₹646.85
- 52-week low
- ₹250.70
Profitability
- Operating margin
- 11.2%
- Net margin
- 4.6%
- EBITDA margin
- 12.4%
- ROE
- 7.8%
- ROCE
- 9.6%
- ROA
- 3.2%
- Dividend payout
- 28.0%
- Tax rate
- 15.0%
- Other income, % of PBT
- 22.6%
Growth
- RevenueLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹551 Cr
- Revenue growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -6.8%
- Revenue CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 8.8%
- EBITDALatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹73.0 Cr
- EBITDA growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -32.4%
- Net profit growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -40.7%
- Net profit CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -6.6%
- Cash from operationsLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹48.0 Cr
- CFO growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 269.2%
- Free cash flowLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹9.00 Cr
- Asset growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 9.6%
Solvency and efficiency
- Current ratio
- 3.69
- Debt / Equity
- 0.98
- Debt / Assets
- 0.40
- Debt / EBITDA
- 4.68
- Interest coverage
- 2.36
- Financial leverage
- 2.45
- CFO / Net profit
- 1.78
- Cash / Market cap
- 12.1%
- Cash per share
- ₹54.34
- Asset turnover
- 0.69
- Fixed asset turnover
- 2.55
- Capital intensity
- 0.39
- Debtor days
- 82 days
- Inventory turnover
- 1.55
- Cash conversion cycle
- 228 days
Where the revenue went
Some FY2025 lines are not reported, so the ones that are appear as a table.
| Line | FY2025 |
|---|---|
| Sales | ₹551 Cr |
| Expenses | ₹497 Cr |
| Operating profit | ₹54 Cr |
| Other income | ₹11 Cr |
| Interest | ₹30 Cr |
| Depreciation | ₹15 Cr |
| Profit before tax | ₹21 Cr |
| Tax and other | ₹5 Cr |
| Net profit | ₹16 Cr |
Revenue and net profit
Revenue fell 6.8% in FY2025; net profit is the dashed line.
| Date | Revenue | Net profit |
|---|---|---|
| FY2021 | ₹421 Cr | ₹52 Cr |
| FY2022 | ₹508 Cr | ₹62 Cr |
| FY2023 | ₹649 Cr | ₹54 Cr |
| FY2024 | ₹591 Cr | ₹27 Cr |
| FY2025 | ₹551 Cr | ₹16 Cr |
Cash flows
FY2025: ₹110 Cr from operations, ₹74.0 Cr free after investment (dashed).
| Date | Operating cash flow | Free cash flow |
|---|---|---|
| FY2021 | ₹34 Cr | -₹11 Cr |
| FY2022 | ₹19 Cr | -₹165 Cr |
| FY2023 | ₹13 Cr | -₹6 Cr |
| FY2024 | ₹48 Cr | -₹60 Cr |
| FY2025 | ₹110 Cr | ₹74 Cr |
Growth
Latest fiscal year FY2025 (ending March): each figure with its change over the year before.
- Revenue
- ₹551 Cr-6.8%1Y
- Net profit
- ₹16 Cr-40.7%1Y
- Cash from operations
- ₹110 Cr
- Free cash flow
- ₹74 Cr
- Revenue CAGR, 5Y
- 8.8%
- EBITDA CAGR, 5Y
- 0.0%
- Net profit CAGR, 5Y
- -6.6%
| Year | Revenue | Operating income | EBITDA | Net profit | CFO | FCF | ROE | Revenue growth 1Y | Net profit growth 1Y |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | ₹551 Cr | ₹54 Cr | — | ₹16 Cr | ₹110 Cr | ₹74 Cr | 4.5% | -6.8% | -40.7% |
Monthly returns
Month-by-month returns of HLEGLAS across the years, with the seasonal pattern.
Balance sheet
What the company owns and owes at the end of FY2025.
| Line | FY2025 |
|---|---|
| Liabilities and equity | ₹874 Cr |
| Equity capital | ₹14 Cr |
| Reserves | ₹342 Cr |
| Borrowings | ₹314 Cr |
| Other liabilities | ₹205 Cr |
| Assets | ₹874 Cr |
| Fixed assets | ₹271 Cr |
| Capital work in progress | ₹1 Cr |
| Investments | ₹227 Cr |
| Other assets | ₹375 Cr |
Market cap against peers
8 peers: same sector group, nearest by size.
P/E against peers
HLEGLAS trades at 79.5x earnings against a peer median of 38.3x (a 108% premium).
Peer comparison
Same-sector peers by market cap, with the median.
| Company | Market cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|
| HLE GLASCOAT LIMITEDHLEGLASthis companyP/E ↑ premium | ₹3,115 Cr | 79.5x | 8.2x | 7.8% | 46.3x |
| Uflex LimitedUFLEX | ₹3,418 Cr | 16.4x | 1.0x | 5.3% | 7.5x |
| MSTC LimitedMSTCLTD | ₹3,346 Cr | 15.4x | 4.0x | 25.9% | 10.8x |
| PSP Projects LimitedPSPPROJECT | ₹3,278 Cr | 126.0x | 2.7x | 13.6% | 11.9x |
| Kirloskar Industries LtdKIRLOSIND | ₹3,245 Cr | 41.9x | 0.6x | 1.9% | 29.9x |
| Shanthi Gears Ltd.SHANTIGEAR | ₹3,218 Cr | 34.6x | 7.4x | 23.7% | 25.6x |
| Quess Corp LimitedQUESS | ₹3,169 Cr | 15.3x | 3.5x | — | — |
| Bharat Bijlee Ltd.BBL | ₹3,153 Cr | 21.4x | 1.4x | 7.0% | 14.5x |
| Sindhu Trade Links LimitedSINDHUTRAD | ₹2,904 Cr | 162.0x | 3.1x | 6.2% | 26.0x |
| Peer median | — | 38.3x | 5.2x | 15.2% | 25.8x |
Year-to-date ROI
HLEGLAS since 1 January, against earlier years.
Historical volatility
HLEGLAS's day-to-day swings over 30, 60 and 180 days.
Financial statements
Income statement, balance sheet and cash flow as reported, in ₹ crore, grouped into plain-language lines.
Figures in ₹ crore as reported, fiscal years ending March, newest first; the trailing twelve months (TTM) last.
Operating margin by fiscal year
| Date | Operating margin |
|---|---|
| FY2021 | 19.0% |
| FY2022 | 18.0% |
| FY2023 | 15.0% |
| FY2024 | 11.0% |
| FY2025 | 10.0% |
| Line | FY2025 |
|---|---|
| RevenueSales | ₹551 Cr |
| Costs | |
| Interest | ₹30 Cr |
| Expenses | ₹497 Cr |
| Operating profitOperating Profit | ₹54 Cr |
| Other income and charges | |
| Profit before tax | ₹21 Cr |
| Tax | |
| Net profitNet Profit | ₹16 Cr |
| Per share |
| Line | FY2025 |
|---|---|
| Liabilities and equityTotal Liabilities | ₹874 Cr |
| Equity capitalEquity Capital | ₹14 Cr |
| Reserves | ₹342 Cr |
| Borrowings | ₹314 Cr |
| Other liabilitiesOther Liabilities | ₹205 Cr |
| AssetsTotal Assets | ₹874 Cr |
| Fixed assetsFixed Assets | ₹271 Cr |
| Capital work in progressCWIP | ₹1 Cr |
| Investments | ₹227 Cr |
| Other assetsOther Assets | ₹375 Cr |
| Line | FY2025 |
|---|---|
| Operating cash flowCash from Operating Activity | ₹110 Cr |
| Investing cash flowCash from Investing Activity | -₹36 Cr |
| Financing cash flowCash from Financing Activity | -₹65 Cr |
| Change in cashNet Cash Flow | ₹9 Cr |
Learn while you research
Academy chapters picked for HLE GLASCOAT LIMITED and the metrics on this page.
- 01 Taxes on Investments (India)LTCG, STCG, dividend tax, what every Indian investor needs.6 min read
- 02 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read
- 03 Valuation Multiples ExplainedThis stock trades at a P/E of 79.5, learn when high multiples are justified.6 min read
- 04 Stock Market RisksSmall caps carry concentrated, idiosyncratic risk, learn to manage it.6 min read
- 05 Business Cycles & StocksThese cyclical sectors win and lose in different macro phases.6 min read
- 06 Essential Stock RatiosP/E, P/B, EV/EBITDA, what they mean and when to use each.7 min read