🔍

Haldyn Glass Ltd (515147)

📊 BSE: 515147 🏢 Packaging 📢 Latest filing: 11 Aug 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Haldyn Glass' revenue was ₹139 Cr (+20.6% year on year, +28.1% on the previous quarter), and net profit ₹10.3 Cr (+90.0% year on year); the operating margin was 15.9%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹139	+20.6%	+28.1%
Operating profit	₹22.0	+31.8%	+38.2%
Net profit	₹10.3	+90.0%	+40.3%
EPS (₹)	1.91	+91.0%	+40.4%
Operating margin	15.9%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

31.7% PAT Growth in FY26; Haldyn Glass Reports Rs 472.65 Cr Total Income in Annual Report

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 11 Aug 2026, 07:31 PM

Haldyn Glass reported a strong FY26 with consolidated total income growing 21.4% YoY to Rs 472.65 Cr. Consolidated Profit After Tax (PAT) increased by 31.7% to Rs 24.77 Cr, supported by a Rs 5.82 Cr contribution from its joint venture. The company has recommended a 70% dividend (Rs 0.70 per share), representing a total payout of Rs 3.76 Cr. Operations are now leveraging an enhanced capacity of 445 TPD, up from 350 TPD, as the company targets reducing its liquor sector exposure from 70% to 50% over the next two years.

Consolidated Total Income reached Rs 472.65 Cr in FY26, a 21.41% increase over the previous year.
Consolidated PAT rose to Rs 24.77 Cr from Rs 18.81 Cr, marking a 31.69% YoY growth.
Recommended dividend of 70% (Rs 0.70 per share) on a face value of Rs 1 per equity share.
Installed capacity successfully increased to 445 tons per day (TPD) across two glass melting furnaces.
Export footprint currently stands at 23% of revenue, with targets to expand in the US, Africa, and South Asia.

💡 Monitor the execution of the diversification strategy to reduce liquor sector dependency from 70% to 50% and the impact of fuel price volatility on margins, as fuel represents 25% of costs.

₹0.70 Dividend: Haldyn Glass Issues TDS Guidelines; Submission Deadline August 28, 2026

🟡 NEUTRAL ⭐ 3/10

DIVIDEND 📅 11 Aug 2026, 10:29 AM

Haldyn Glass has issued a formal communication to shareholders regarding the tax treatment of its recommended ₹0.70 per share dividend for FY 2025-26. The company will deduct TDS at 10% for resident shareholders with a valid PAN and 20% for those without. Resident individuals are exempt from TDS if their total dividend income from the company does not exceed ₹10,000 for FY 2026-27. Shareholders must submit relevant tax exemption documents by August 28, 2026, to ensure correct withholding.

Dividend of ₹0.70 per equity share (Face Value ₹1) recommended for FY 2025-26
Standard TDS rate of 10% for resident shareholders with updated PAN details
Higher TDS rate of 20% applicable for shareholders with no or invalid PAN
Exemption threshold of ₹10,000 for resident individual shareholders for FY 2026-27
Deadline for submission of tax-related declarations (Form 15G/15H, etc.) is August 28, 2026

💡 Shareholders should verify that their PAN and bank details are correctly registered with their Depository Participant or the RTA (MUFG Intime India) and submit necessary tax forms by the August 28 deadline to avoid higher tax withholding.

Rs 150 Cr Capex & Q1 PAT up 90% YoY; Record Date for Rs 0.70 Dividend set for Aug 28

🟢 POSITIVE ⭐ 9/10

EXPANSION 📅 03 Aug 2026, 03:10 PM

Haldyn Glass reported a strong Q1 FY27 with standalone net profit rising 90% YoY to Rs 10.26 Cr, driven by improved operational performance. The board has approved a major Rs 150 Cr capex plan for modernization and adding ~75 MT capacity, which represents approximately 32% of TTM revenue and 64% of current net worth. A dividend of Rs 0.70 per share (70% payout) was confirmed with a record date of August 28, 2026. The company is also undergoing a leadership transition with the founder moving to a Non-Executive Chairman role and the MD being re-appointed for 3 years.

Q1 FY27 standalone net profit surged 90% YoY to Rs 10.26 Cr from Rs 5.40 Cr in the previous year's quarter.
Approved a Rs 150 Cr investment for modernization and adding ~75 MT capacity to the existing 430 MT base.
Dividend of Rs 0.70 per equity share (70%) confirmed with Record Date fixed as August 28, 2026.
Expansion project is expected to be completed within 12 months, funded via internal accruals and borrowings.
Quarterly EPS improved significantly to Rs 1.91 from Rs 1.00 YoY.

💡 Investors should monitor the execution timeline of the Rs 150 Cr expansion and the resulting impact on debt levels, as the company plans to use borrowings alongside internal accruals.

Rs 150 Cr Capex Approved; Q1 FY27 Net Profit Surges 90% YoY to Rs 10.26 Cr

🟢 POSITIVE ⭐ 9/10

EXPANSION 📅 03 Aug 2026, 03:04 PM

Haldyn Glass reported a strong Q1 FY27 with net profit rising 90% YoY to Rs 10.26 Cr, driven by improved operational performance. The board has approved a major Rs 150 Cr investment for modernization and a 75 MT capacity expansion, which represents approximately 32% of TTM revenue and 64% of current net worth. A dividend of Rs 0.70 per share was confirmed with a record date of August 28, 2026. Management continuity is secured with the re-appointment of MD Tarun Shetty for three years.

Net profit for Q1 FY27 increased to Rs 10.26 Cr from Rs 5.40 Cr in the year-ago period.
Approved a significant Rs 150 Cr investment for rebuilding, modernization, and capacity expansion.
Proposed capacity addition of approximately 75 MT to the existing 430 MT base, expected within 12 months.
Confirmed dividend of Rs 0.70 per share (70%) with the record date fixed for August 28, 2026.
Managing Director Tarun Shetty re-appointed for a 3-year term effective August 16, 2026.

💡 Watch for the execution timeline of the Rs 150 Cr expansion and the company's ability to maintain margins amidst fuel price volatility, which accounts for 25% of costs.

Haldyn Glass Q1 Profit Jumps 90% YoY; Announces ₹150 Cr Capacity Expansion

🟢 POSITIVE ⭐ 9/10

EXPANSION 📅 03 Aug 2026, 02:58 PM

Haldyn Glass reported a strong Q1 FY27 with consolidated net profit rising 90% YoY to ₹10.26 Cr. The company announced a major ₹150 Cr investment for modernization and a 75 MT capacity expansion, representing approximately 32% of its TTM revenue. A dividend of ₹0.70 per share was confirmed with a record date of August 28, 2026. Management continuity is secured with the re-appointment of MD Tarun Shetty and the transition of the founder to a Non-Executive Chairman role.

Net profit for Q1 FY27 surged to ₹10.26 Cr, up from ₹5.40 Cr in Q1 FY26.
Approved a ₹150 Cr investment for rebuilding, modernization, and capacity expansion.
Proposed capacity addition of approximately 75 MT to the existing 430 MT base (a 17.4% increase).
Expansion project is expected to be completed within 12 months from August 2026.
Fixed August 28, 2026, as the record date for the ₹0.70 per share (70%) dividend.

💡 Monitor the execution timeline of the ₹150 Cr expansion and the company's progress in diversifying its revenue base away from the liquor sector (currently 70%) into premium segments like cosmetics.

Rs 150 Cr Expansion & Q1 Results: Haldyn Glass to Add 75 MT Capacity

🟢 POSITIVE ⭐ 9/10

EXPANSION 📅 03 Aug 2026, 02:52 PM

Haldyn Glass reported a strong Q1 FY27 with a net profit of Rs 10.26 Cr, up 40% sequentially from Rs 7.31 Cr in Q4 FY26. The Board approved a major Rs 150 Cr investment for modernization and a 75 MT capacity expansion, which represents approximately 32% of its TTM revenue. The company fixed August 28, 2026, as the record date for a Rs 0.70 per share dividend. Additionally, the Managing Director was re-appointed for 3 years, while the Executive Chairman transitioned to a Non-Executive role.

Approved a Rs 150 Cr investment for rebuilding, modernization, and capacity expansion, representing ~32% of TTM revenue.
Net profit for Q1 FY27 reached Rs 10.26 Cr, a significant jump from Rs 7.31 Cr in the preceding quarter.
Proposed capacity addition of 75 MT to the existing 430 MT base, expected to be completed within 12 months.
Fixed August 28, 2026, as the record date for the recommended dividend of Rs 0.70 per equity share.
Re-appointed Mr. Tarun Shetty as Managing Director for a 3-year term effective August 16, 2026.

💡 Investors should monitor the execution of the 12-month expansion timeline and observe if the modernization leads to margin expansion from the current 13.5% level.

Haldyn Glass schedules Board Meeting on August 3, 2026, for Q1 FY27 results

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 21 Jul 2026, 04:25 PM

Haldyn Glass Ltd has announced a board meeting on August 3, 2026, to consider and approve the unaudited financial results for the quarter ended June 30, 2026. The board will also review the Director's Report and Corporate Governance Report for the financial year ended March 31, 2026, and finalize the notice for the 35th Annual General Meeting. This meeting follows a TTM revenue performance of Rs 464 Cr and a net profit of Rs 25 Cr. Investors will be monitoring the impact of the recently enhanced 445 TPD capacity on the quarterly margins and revenue growth.

Board meeting scheduled for August 3, 2026, to approve Q1 FY27 results.
Review of Director's Report and Corporate Governance Report for FY26.
Convening of the 35th Annual General Meeting (AGM) to be discussed.
Company currently operates with an enhanced capacity of 445 tons per day (TPD).
Promoter holding marginally increased to 59.14% as of June 2026.

💡 Watch for the earnings release on August 3, 2026, specifically focusing on whether the OPM (currently 13.5%) is maintained despite fuel price volatility and if the 445 TPD capacity is driving volume growth.

Haldyn Glass Associate to acquire 1.39% stake in Jamnagar Renewables for ₹3.74 Cr

🟢 POSITIVE ⭐ 4/10

M&A 📅 10 Jul 2026, 04:35 PM

Haldyn Heinz Fine Glass Private Limited, an associate company of Haldyn Glass, has entered into an agreement to acquire a 1.39% stake in Jamnagar Renewables Two Private Limited. The acquisition, valued at ₹3.74 crores, is intended to facilitate the procurement of renewable power under a captive generation scheme. The target company, a subsidiary of Continuum Green Energy, reported a turnover of ₹31.79 crores for FY 2025-26. The transaction is expected to be completed by the end of August 2026.

Acquisition of 37,41,500 equity shares at a price of ₹10 per share.
Total cash consideration for the 1.39% stake amounts to ₹3.74 crores.
Target company Jamnagar Renewables Two reported a turnover of ₹31.79 crores in FY 2025-26.
The acquisition is scheduled for completion by the end of August 2026.
Investment is aimed at securing renewable power under a Captive Scheme.

💡 Investors should monitor the completion of the acquisition by August 2026 and look for potential energy cost savings in the associate company's future financial performance.

View All 515147 Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The liquor sector contributes 70% of total revenue, while the remaining 30% is derived from FMCG, food and beverage, and cosmetics segments. Total operating income grew 27.5% YoY to INR 382.69 Cr in FY25 from INR 300.16 Cr in FY24.

Geographic Revenue Split

Domestic sales account for the majority of revenue. Export contribution was 28% in FY24, 16% in FY25, and increased to 23% in H1FY26, targeting markets in the US, Africa, Nepal, and Sri Lanka.

Profitability Margins

PAT margin remained stable at 6.25% in FY24 (INR 18.76 Cr) compared to 6.11% in FY23 (INR 19.70 Cr), despite higher interest and depreciation costs from capital expenditure.

EBITDA Margin

PBILDT margin improved from 13.88% in FY24 (INR 41.68 Cr) to 14.38% in FY25 (INR 55.02 Cr) and further to 15.06% in H1FY25, driven by product premiumization and stable raw material prices.

Capital Expenditure

The company successfully completed a capacity expansion project in Q2FY25, increasing total melting capacity from 350 tons per day to 445 tons per day. Historical long-term borrowings for financing activities stood at INR 74.33 Cr as of March 31, 2024.

Credit Rating & Borrowing

Long-term bank facilities of INR 168.00 Cr are rated CARE A-; Stable (reaffirmed in January 2026). Short-term bank facilities of INR 14.00 Cr are rated CARE A2.

⚙️ Operational Drivers

Raw Materials

Key raw materials include soda ash and fuel (natural gas or furnace oil). Fuel costs are highly significant, representing approximately 25% of total production expenses.

Import Sources

Not disclosed in available documents, though the manufacturing plant is located in Vadodara, Gujarat.

Capacity Expansion

Current installed capacity is 445 tons per day (increased from 350 TPD) across two glass melting furnaces (285 + 160 TPD) and nine I.S. machines capable of producing 1.5 million containers daily.

Raw Material Costs

Raw material costs (soda ash) and fuel are subject to price volatility. The company manages this by adjusting the fuel mix (furnace oil vs. natural gas) and passing on costs to clients with a lag.

Manufacturing Efficiency

Efficiency is supported by in-house mould designing and manufacturing capabilities, allowing for the production of containers ranging from 10 ml to 2500 ml with high design flexibility.

📈 Strategic Growth

Expected Growth Rate

27.5%

Growth Strategy

Growth will be achieved by utilizing the newly enhanced 445 TPD capacity, diversifying the revenue base to reduce liquor sector exposure from 70% to 50% within two years, and expanding the export footprint (currently 23% of revenue) in premium international markets.

Products & Services

Manufacturing and marketing of glass bottles and glass-based containers for the liquor, food, beverage, FMCG, and cosmetics industries.

Brand Portfolio

Haldyn Glass Limited; Haldyn Heinz Fine Glass Private Limited (Joint Venture).

New Products/Services

The company is focusing on premium quality glass production and product diversification into the cosmetics and perfume segments through its joint venture.

Market Expansion

Targeting expansion in export markets including the US, Africa, Nepal, and Sri Lanka to diversify beyond the domestic liquor segment.

Strategic Alliances

HGL maintains a 50:50 joint venture with Heinz Glass International GmbH (Germany), named Haldyn Heinz Fine Glass Private Limited (HHFPL), with an equity investment of INR 41.75 Cr.

🌍 External Factors

Industry Trends

The glass container industry is seeing a shift toward premiumization and sustainable packaging. HGL is positioning itself by dedicating production lines to premium glass for international markets.

Competitive Landscape

The company operates in a competitive glass manufacturing sector, differentiated by its ability to produce a wide range of container sizes (10ml to 2500ml).

Competitive Moat

Moat is built on 50+ years of promoter experience, in-house mould design flexibility, and long-term associations with reputed clients which act as a barrier to entry.

Macro Economic Sensitivity

Highly sensitive to fuel price inflation and regulatory changes or demand shifts in the domestic liquor industry.

Consumer Behavior

Increasing consumer preference for premium-packaged alcoholic and non-alcoholic beverages is driving HGL's shift toward the premium segment.

Geopolitical Risks

Export profitability margins are subject to global uncertainty, particularly in the US market.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to Indian Accounting Standards (Ind AS) and Companies Act 2013. The liquor segment is subject to state-specific alcohol regulations and demand fluctuations.

Legal Contingencies

The Auditor's Report for FY25 noted qualifications under CARO clauses [i][c] (title deeds of immovable property) and [vii] (statutory dues) for the Holding Company.

⚠️ Risk Analysis

Key Uncertainties

Volatility in fuel prices (25% of costs) and high revenue concentration in the liquor sector (70%) are the primary business uncertainties.

Geographic Concentration Risk

Manufacturing is concentrated at a single location in Vadodara, Gujarat. Revenue is primarily domestic-focused with 77% of sales from India in H1FY26.