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HLE Glascoat Limited (HLEGLAS)

₹415.30 +4.02% last close, 16 Oct

📊 NSE: HLEGLAS 🏢 Engineering 📢 Latest filing: 12 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, HLE Glascoat's revenue was ₹301 Cr (+5.9% year on year, -23.2% on the previous quarter), and net profit ₹2.1 Cr (-88.5% year on year); the operating margin was 7.0%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹301	+5.9%	-23.2%
Operating profit	₹20.9	-44.3%	-51.1%
Net profit	₹2.1	-88.5%	-89.8%
EPS (₹)	0.40	-84.7%	-84.9%
Operating margin	7.0%	—	—

Full quarterly financials → Results calendar →

HLEGLAS delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 50.42% of the HLEGLAS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 47.35%. That is close to its usual level. Volume was 0.2 times its average, well below normal. It closed at a price band (circuit) on 9 sessions in about the last 20.

50.42%Delivery, 16 Oct

47.35%Own 20-session average

0.2×Volume vs its average

₹415.30NSE close · +4.02%

Delivery in the last 5 sessions: 53.8% · 50.6% · 47.9% · 55.5% · 50.4%

Delivery across the market →Circuit stocks →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

HLE Glascoat Submits Regulation 74(5) Certificate for Quarter Ended September 30, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 12 Oct 2026, 04:17 PM

HLE Glascoat Limited has submitted its quarterly compliance certificate pursuant to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate was issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited for the quarter ended September 30, 2026. It confirms that share certificates received for dematerialisation were duly processed, confirmed, rejected, or mutilated and cancelled as prescribed. This represents a regular procedural compliance filing with zero financial or operational impact.

Confirmation certificate submitted pursuant to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
Covers the quarterly period ended September 30, 2026.
Issued by RTA MUFG Intime India Private Limited on October 3, 2026, and submitted to exchanges on October 12, 2026.

💡 No action is required as this is a standard quarterly administrative filing. Investors should track upcoming Q2 financial results for operational updates.

HLE Glascoat Reorganizes European Arm: 100% Stake in HLE Surface Technologies Transferred

🟡 NEUTRAL ⭐ 3/10

M&A 📅 05 Oct 2026, 09:06 PM

HLE Glascoat announced an internal group restructuring effective October 5, 2026. Its wholly owned subsidiary, Thaletec GmbH, has transferred 100% of its shareholding in step-down subsidiary HLE Surface Technologies GmbH to another wholly owned subsidiary, HLE International S.à.r.l. The transaction is aimed at rationalizing and simplifying the overall group structure with no change in economic interest or promoter benefit.

100% shareholding of HLE Surface Technologies GmbH transferred internally
Seller is wholly owned subsidiary Thaletec GmbH; buyer is wholly owned subsidiary HLE International S.à.r.l.
Restructuring took effect on October 5, 2026
Undertaken strictly to rationalize and simplify the overall corporate group structure

💡 Monitor upcoming quarterly filings for any administrative or tax costs resulting from European entity realignments, as consolidated operational financials remain unchanged.

HLE Glascoat Appoints Amit Kalra as Chief Financial Officer Effective September 25, 2026

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 25 Sep 2026, 04:15 PM

HLE Glascoat has approved the appointment of Mr. Amit Kalra as Chief Financial Officer (CFO) and Key Managerial Personnel effective September 25, 2026. Mr. Kalra brings around 22 years of experience across corporate transformation, cross-border integration, and large-scale P&L management, including over 9 years with Hilti Group as CFO India and global Business Unit Controller. The appointment strengthens executive leadership at a company with Rs 1,370 Cr TTM revenue that has been integrating recent acquisitions in Germany and Kinam Engineering. The leadership transition is effective immediately with no related party ties to directors.

Appointment of Mr. Amit Kalra as Chief Financial Officer effective September 25, 2026
Appointee brings around 22 years of cross-border transformation and P&L experience
Includes 9+ years tenure at Hilti Group as CFO India and global Business Unit Controller
Board meeting commenced at 02:30 p.m. and concluded at 03:45 p.m. on September 25, 2026

💡 Track subsequent quarterly earnings calls to assess the new CFO's commentary on margin stabilization and European subsidiary integration.

HLE Glascoat Appoints Amit Kalra as Chief Financial Officer Effective September 25, 2026

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 25 Sep 2026, 04:05 PM

Appointment of Mr. Amit Kalra as Chief Financial Officer effective September 25, 2026
Appointee brings around 22 years of cross-border transformation and P&L experience
Includes 9+ years tenure at Hilti Group as CFO India and global Business Unit Controller
Board meeting commenced at 02:30 p.m. and concluded at 03:45 p.m. on September 25, 2026

💡 Track subsequent quarterly earnings calls to assess the new CFO's commentary on margin stabilization and European subsidiary integration.

HLE Glascoat Subsidiary Bags ~€20.56M (~₹190 Cr) Contract for Fehmarn Belt Tunnel Project

🟢 POSITIVE ⭐ 7/10

OTHER 📅 08 Sep 2026, 01:43 AM

HLE Glascoat's step-down subsidiary, HLE Surface Technologies GmbH (Germany), has bagged an international order valued at approximately Euro 20.56 million (~₹190 crore) from FLC Portals Group I/S, Denmark. The contract entails supplying vitreous enamel cladding panels for the Fehmarn Belt tunnel linking Germany and Denmark. With execution slated on or before April 2030, this order equals roughly 14% of HLE Glascoat's TTM consolidated revenue of ₹1,370 crore. The order supports management's strategic integration of its German acquisitions to capture high-margin European process and cladding demand.

Contract value: approx. Euro 20.56 million awarded to step-down subsidiary HLE Surface Technologies GmbH
Awarded by FLC Portals Group I/S, Denmark for vitreous enamel cladding panels
Project pertains to setting up a tunnel between the German island of Fehmarn and the Danish island of Lolland
Execution timeline set on or before April, 2030

💡 Track execution progress and quarterly contribution from European operations, monitoring whether the long-lead contract protects margins against raw material price fluctuations.

HLE Glascoat Convenes 35th AGM on Sep 30, 2026; Recommends ₹1.10/Share Dividend

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 07 Sep 2026, 05:18 PM

HLE Glascoat Limited has issued the notice for its 35th Annual General Meeting scheduled for September 30, 2026, via Video Conferencing. Key agenda items include the adoption of FY26 audited standalone and consolidated financial statements and the declaration of a ₹1.10 per equity share dividend (55% on face value of ₹2). Shareholders will also vote on the re-appointment of director Mr. Harsh Patel and the continuation of Mr. Yatish Parekh as an Independent Director upon attaining 75 years of age. Additionally, remuneration of ₹1,00,000 for the Cost Auditors for FY27 is placed for ratification.

35th AGM scheduled to be held on September 30, 2026, via VC/OAVM
Approval sought for ₹1.10 (55%) dividend per share of face value ₹2 for FY26
Continuation of Directorship of Independent Director Mr. Yatish Parekh upon turning 75 years old
Ratification of ₹1,00,000 remuneration for Cost Auditors for FY27

💡 Track the e-voting process and the final AGM voting results following the September 30, 2026 meeting. No operational action is required as these represent routine annual corporate governance resolutions.

HLE Glascoat Sets Sept 23 Record Date for ₹1.10/Share FY26 Dividend

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 03 Sep 2026, 06:14 PM

HLE Glascoat Limited has scheduled its 35th Annual General Meeting (AGM) for September 30, 2026, via video conferencing. The company has fixed September 23, 2026, as the record date and cut-off date to determine shareholder eligibility for a dividend of ₹1.10 per equity share for FY 2025-26. The dividend remains subject to shareholder approval at the AGM. Remote e-voting will run from September 27 to September 29, 2026, with share transfer books closed from September 24 to September 30, 2026.

Dividend recommended at ₹1.10 per equity share for FY 2025-26
Record date and e-voting cut-off set for September 23, 2026
35th AGM to be held virtually on September 30, 2026, at 11:00 AM IST
Remote e-voting window opens September 27, 2026 (9:00 AM) and closes September 29, 2026 (5:00 PM)
Share transfer book closure scheduled from September 24 to September 30, 2026

💡 Investors seeking dividend eligibility must hold shares before the September 23, 2026 record date; monitor shareholder voting outcomes following the AGM on September 30, 2026.

HLE Glascoat Sets 35th AGM on Sep 30, 2026; ₹1.10/Share Dividend Record Date on Sep 23

🟡 NEUTRAL ⭐ 3/10

DIVIDEND 📅 03 Sep 2026, 05:50 PM

HLE Glascoat Limited has announced its 35th Annual General Meeting (AGM) scheduled for Wednesday, September 30, 2026, via video conferencing. The company confirmed a dividend of ₹1.10 per equity share for FY 2025-26, subject to shareholder approval at the AGM. The record date for dividend entitlement has been fixed as Wednesday, September 23, 2026. The share transfer books and register of members will remain closed from September 24 to September 30, 2026.

35th AGM scheduled for Wednesday, September 30, 2026, at 11:00 AM IST via Video Conferencing.
Dividend recommended at ₹1.10 per equity share for FY 2025-26, subject to shareholder approval.
Record date set as Wednesday, September 23, 2026, to determine dividend entitlement.
Remote e-voting window opens on September 27, 2026 (9:00 AM IST) and closes on September 29, 2026 (5:00 PM IST).

💡 Investors seeking dividend eligibility must hold shares prior to the record date of September 23, 2026, and can participate in voting resolutions during the September 27-29 e-voting window.

HLE Glascoat Invests Additional €100,000 in Luxembourg Subsidiary

🟡 NEUTRAL ⭐ 2/10

EXPANSION 📅 18 Aug 2026, 03:41 PM

HLE Glascoat Limited has remitted an additional €100,000 towards the share capital of its wholly owned subsidiary, HLE International S.a.r.l., in Luxembourg on August 17, 2026. This follows an initial equity remittance of €12,000 upon incorporation in March 2026. The investment supports the company's international corporate structure and European operations. Given the nominal size of the transaction (<₹1 Cr) relative to TTM revenue of ₹1,370 Cr, the immediate financial impact is minimal.

Remitted additional €100,000 towards share capital of HLE International S.a.r.l.
Follows initial remittance of €12,000 upon incorporation disclosed in March 2026
Remittance executed on August 17, 2026
Investment represents less than 0.1% of TTM revenue (₹1,370 Cr)

💡 Track quarterly commentary for updates on European business performance and integration following recent overseas acquisitions.

88.5% PAT Drop in Q1 FY27; Order Book Grows to ₹713.8 Cr Providing Visibility

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 11 Aug 2026, 12:00 AM

HLE Glascoat reported a significant decline in profitability for Q1 FY27, with PAT crashing 88.5% YoY to ₹2.1 Cr. While consolidated revenue grew 5.9% YoY to ₹300.8 Cr, EBITDA margins contracted sharply from 14.0% to 7.5% due to geopolitical uncertainties and delayed delivery acceptances. The Heat Transfer segment was particularly hit, with revenue falling 72.6% YoY and turning EBIT negative. However, the order book remains robust at ₹713.8 Cr as of July 31, 2026, representing approximately 53% of TTM revenue.

Profit After Tax (PAT) plummeted 88.5% YoY to ₹2.1 Cr from ₹17.9 Cr in the previous year's quarter.
EBITDA margins compressed by 650 basis points YoY to 7.5%, down from 14.0% in Q1 FY26.
Order book reached ₹713.8 Cr as of July 31, 2026, up from ₹662.1 Cr on June 30, 2026.
Heat Transfer segment revenue declined 72.6% YoY to ₹10.6 Cr, resulting in an EBIT loss of ₹4.1 Cr.
Glass Lined Products segment showed resilience with 49% YoY revenue growth to ₹193.1 Cr.

💡 Investors should monitor the execution timeline of the ₹713.8 Cr order book and the recovery of margins in the Heat Transfer segment. Key to watch is whether the 'early signs of improvement' mentioned by management translate into normalized EBITDA margins (historically 10-13%) in Q2 and Q3.

HLE Glascoat Q1 Standalone PAT Falls 28% YoY to ₹11.08 Cr; Revenue Down 8%

🔴 NEGATIVE ⭐ 6/10

EARNINGS 📅 10 Aug 2026, 05:58 PM

HLE Glascoat reported a weak standalone performance for Q1 FY27, with revenue declining 8.1% YoY to ₹150.88 Cr. Standalone Net Profit saw a sharper decline of 28.1% YoY, falling to ₹11.08 Cr from ₹15.41 Cr, primarily due to lower top-line and sustained fixed costs. Consolidated performance was supported by foreign and step-down subsidiaries, which contributed ₹139.79 Cr to the group's revenue. The board also approved the continuation of Chairperson Yatish Parekh's directorship as he approaches the age of 75.

Standalone Revenue from operations fell to ₹150.88 Cr in Q1 FY27 from ₹164.26 Cr in Q1 FY26.
Standalone Net Profit declined 28.1% YoY to ₹11.08 Cr, with Standalone EPS dropping to ₹1.60 from ₹2.22.
Foreign and step-down subsidiaries (including Thaletec and Omeras) contributed ₹139.79 Cr to the consolidated revenue.
Standalone Finance costs increased to ₹7.03 Cr from ₹6.63 Cr in the corresponding quarter last year.
Total Standalone Comprehensive Income for the period stood at ₹11.05 Cr, down from ₹15.26 Cr YoY.

💡 Investors should monitor the full consolidated results to evaluate the margin performance of the German subsidiaries and Kinam Engineering. Watch for signs of recovery in the chemical and pharma capital expenditure cycles, which drive 79% of the company's revenue.

Rs 517.50 Cr Bank Facilities: ICRA Reaffirms [ICRA]A (Stable) Rating for HLE Glascoat

🟡 NEUTRAL ⭐ 5/10

ROUTINE 📅 17 Jul 2026, 10:21 PM

ICRA has reaffirmed HLE Glascoat's long-term rating at [ICRA]A (Stable) and short-term rating at [ICRA]A2+ for bank facilities totaling Rs 517.50 crore. The company reported a 32% YoY revenue growth to Rs 1,353 crore in FY2026, supported by acquisitions like Kinam and Omeras. However, EBITDA margins compressed to 10.3% from 13.0% due to integration costs and losses in the Omeras business. The credit profile remains supported by a healthy order book of Rs 682 crore and a comfortable gearing of 0.56x.

Order book stood at Rs 682 crore as of March 31, 2026, representing approximately 50% of TTM revenue.
Consolidated operating income increased 32% to Rs 1,353 crore in FY2026 from Rs 1,028 crore in FY2025.
EBITDA margins moderated to 10.3% in FY2026, down from 13.0% in the previous fiscal year.
Total debt reduced to Rs 348 crore as of March 31, 2026, from Rs 381 crore a year earlier.
Working capital intensity improved with Net Working Capital/Operating Income reducing to 21% from 28%.

💡 Investors should monitor the quarterly margin trajectory to see if the Omeras business turns profitable and if consolidated EBITDA margins return to the historical 13% range.

[ICRA]A (Stable) Rating Reaffirmed for Rs 517.50 Cr Debt Facilities of HLE Glascoat

🟡 NEUTRAL ⭐ 5/10

ROUTINE 📅 17 Jul 2026, 10:08 PM

ICRA has reaffirmed HLE Glascoat's long-term credit rating at [ICRA]A with a Stable outlook and its short-term rating at [ICRA]A2+. The reaffirmation is supported by a 32% YoY growth in consolidated revenue to Rs 1,353 crore in FY26 and a healthy order book of Rs 682 crore as of March 31, 2026. While EBITDA margins compressed to 10.3% due to integration costs of the Omeras acquisition, the company's capital structure remains comfortable with a gearing of 0.56x and improved interest coverage of 4.1x. The rating reflects the company's strong market position in glass-lined and filtration equipment despite working-capital-intensive operations.

Order book stood at Rs 682 crore as of March 31, 2026, providing near-term revenue visibility.
Consolidated operating income grew 32% YoY to Rs 1,353 crore in FY26 from Rs 1,028 crore.
EBITDA margins declined to 10.3% in FY26 from 13.0% in FY25, impacted by losses in the Omeras business.
Total debt reduced to Rs 348 crore as of March 31, 2026, from Rs 381 crore in the previous year.
Interest coverage ratio improved to 4.1 times in FY26 compared to 3.7 times in FY25.

💡 Investors should monitor the margin recovery trajectory as the company integrates its German acquisitions (Omeras and Thaletec) and watch for the execution of the Rs 682 crore order book.

HLE Glascoat Submits Quarterly Compliance Certificate for Dematerialization of Securities

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Jul 2026, 04:51 PM

HLE Glascoat Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the period ended June 30, 2026. The certificate, issued by MUFG Intime India Private Limited, confirms that physical share certificates received for dematerialization were processed, cancelled, and the register of members updated within prescribed timelines. This is a standard administrative filing required for all listed companies to ensure the integrity of the shareholding records. There are no financial implications or operational changes associated with this announcement.

Compliance certificate issued for the quarter ended June 30, 2026
Confirmation provided by Registrar and Share Transfer Agent, MUFG Intime India Private Limited
Securities received for dematerialization were confirmed (accepted/rejected) to depositories
Physical certificates were mutilated and cancelled after due verification
Register of members updated with depository names within prescribed timelines

💡 No action is required from investors as this is a routine regulatory filing. Investors should monitor the company's upcoming quarterly financial results for material performance updates.

Rs 2,911 Cr M-Cap HLE Glascoat Announces CFO Naveen Kandpal's Resignation

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 04 Jul 2026, 02:12 PM

HLE Glascoat Limited has announced the resignation of its Chief Financial Officer, Mr. Naveen Kandpal, effective July 3, 2026. The resignation, cited for personal reasons, was originally communicated on April 7, 2026, providing a transition period of nearly three months. As the company manages a TTM revenue of Rs 1,353 Cr and a debt of Rs 312 Cr, the transition in financial leadership is a key event for monitoring. No immediate successor has been named in the filing.

CFO resignation effective from July 3, 2026, after close of business hours.
Notice of resignation was provided via email on April 7, 2026, allowing for a transition period.
Company manages TTM revenue of Rs 1,353 Cr and TTM PAT of Rs 57 Cr.
Current Debt-to-Equity ratio is 0.79 with total debt of Rs 312 Cr.

💡 Monitor the appointment of a new CFO to ensure continuity in financial strategy and integration of recent German acquisitions.

View All HLEGLAS Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue for Q2 FY26 grew 48.8% YoY to INR 351 Cr. Segmental growth for H1 FY26: Filtration, Drying and Other Equipment grew 88.5% (INR 137 Cr in Q2); Glass Lined Equipment grew 8.9% YoY to INR 157 Cr; Heat Transfer Equipment grew 124.8% YoY to INR 56 Cr.

Geographic Revenue Split

Not disclosed in available documents, though the company recently expanded into Germany via HLE Surface Technologies GmbH and Omerastore GmbH.

Profitability Margins

Q2 FY26 PAT margin was 4.0% (INR 14 Cr), down from 6.1% in Q2 FY25. H1 FY26 PAT margin improved to 5.0% (INR 32 Cr) from 4.3% YoY. Margins were impacted by higher material costs and initial losses in the German business.

EBITDA Margin

Q2 FY26 EBITDA margin was 11.4% (INR 40 Cr), a decline from 15.1% in Q2 FY25. H1 FY26 EBITDA margin stood at 12.6% (INR 80 Cr) compared to 12.8% in H1 FY25, reflecting a 35.3% growth in absolute EBITDA.

Capital Expenditure

Maintenance Capex is expected to be INR 10-15 Cr per annum. No major new capex programs are planned for the foreseeable future as the company focuses on debt reduction.

Credit Rating & Borrowing

ICRA maintains the rating with an interest coverage ratio of 3.0 times in 9M FY25 (down from 8.0 times in FY22) and a DSCR of 1.2 times in FY24.

⚙️ Operational Drivers

Raw Materials

Steel is the primary raw material. Profitability is vulnerable to metal price volatility, though the company uses a back-to-back procurement strategy to hedge costs.

Capacity Expansion

Current capacity not specified in MT; however, the company recently integrated Kinam Engineering (70% stake) and acquired HLE Surface Technologies GmbH and Omerastore GmbH (effective August 2025) to expand its product and service footprint.

Raw Material Costs

Raw material costs impacted Q2 FY26 margins due to high-value orders accepted at competitive prices in previous quarters. The company procures steel immediately upon receipt of firm orders to mitigate price fluctuation risks.

Manufacturing Efficiency

The company is focused on building volumes to an optimal level to achieve healthy double-digit EBIT margins, particularly in the newly acquired German businesses.

📈 Strategic Growth

Expected Growth Rate

37.10%

Growth Strategy

Growth is driven by a 'one-stop partner' model for process equipment, the integration of Kinam Engineering for heat transfer products, and the acquisition of Thaletec and Omeras in Germany to capture international market share and high-margin service business.

Products & Services

Filtration equipment, Drying equipment, Glass Lined Equipment (GLE), Heat Transfer Equipment, and specialized surface technologies.

Brand Portfolio

HLE Glascoat, Kinam, Thaletec, Omerastore.

New Products/Services

Integration of Kinam's heat transfer equipment and Omeras' storage solutions; expected to contribute to higher consolidated margins as volumes scale.

Market Expansion

Expansion into the European market through the acquisition of HLE Surface Technologies GmbH and Omerastore GmbH in Germany.

Strategic Alliances

70% ownership in Kinam Engineering; acquisition of HLE Surface Technologies GmbH and Omerastore GmbH.

🌍 External Factors

Industry Trends

The industry is shifting toward integrated process solution providers. HLEGLAS is positioning itself as a 'one-stop partner' to capture a larger share of client wallet across filtration, drying, and glass-lining needs.

Competitive Landscape

Faces competition from established global and domestic players in the glass-lined and filtration equipment segments, which puts pressure on margins.

Competitive Moat

Moat is built on specialized glass-lining technology and a diversified product portfolio. The 'one-stop partner' model creates high switching costs for pharma clients who require integrated, high-precision equipment.

Macro Economic Sensitivity

Highly sensitive to the capex cycles of the Pharmaceutical (47% of revenue) and Specialty Chemical (32% of revenue) industries.

Consumer Behavior

Pharma and chemical clients are increasingly seeking vendors with end-to-end engineering capabilities and global service footprints.

Geopolitical Risks

Exposure to European economic stability and regulatory trends following the acquisition of German manufacturing assets.

⚖️ Regulatory & Governance

Industry Regulations

Operations must comply with stringent manufacturing standards for pharmaceutical-grade equipment and environmental norms for chemical process machinery.

Environmental Compliance

The company is focused on understanding and managing ESG risks as part of its updated risk management framework.

⚠️ Risk Analysis

Key Uncertainties

Volatility in raw material prices (Steel) and the successful turnaround/integration of the newly acquired German businesses which currently incur initial losses.