HLE Glascoat Limited (HLEGLAS) share price

₹469.45 on NSE as of 2026-10-07. +5.00% on the day. market cap ₹3,261 Cr. P/E 89.9. 52-week range ₹251.00 to ₹645.00. Capital Goods.

www.hleglascoat.com

What the company does

Incorporated in 1992, HLE Glascoat Limited (HGL) is a diversified process equipment manufacturer catering to the pharmaceutical, specialty chemical, agrochemical, oil & gas, water infrastructure and other industrial sectors. The company strengthened its business profile through the merger of HLE Engineers in 2019 and the subsequent acquisitions of Thaletec (FY2022), Kinam (FY2024) and Omeras (FY2026). As of FY2026, HGL operates across four key segments — glass-lined equipment, filtration & drying equipment, heat transfer equipment and glass -fused-to-steel storage solutions — with manufacturing operations in India and Europe.

Filed by ICRA, page 6.

HLE Glascoat Q1 FY27: Revenue ₹300.8 Cr, Operating Margin at 6.96%, and a ₹713.8 Cr Order Book

At a glance

HLE Glascoat makes process equipment: glass-lined vessels, filters, dryers and heat exchangers for chemical plants. Revenue in the three months to June 2026 was ₹300.75 crore, against ₹283.95 crore a year earlier. Operating profit came in at ₹20.93 crore, against ₹37.60 crore in the same quarter last year. Profit after tax was ₹2.77 crore, against ₹14.76 crore.

Management's press release of 10 August put the order book at ₹713.8 crore. ICRA, a credit-rating agency, wrote on 19 August that the quarter's profitability was subdued. It attributed that to deferment in dispatches, particularly in the heat transfer equipment business. ICRA described production levels as healthy, and noted that revenue recognition here is linked to dispatches. Equipment that is built but not dispatched sits in the yard, being equipment.

The segment table shows where the quarter went. Heat Transfer Equipment recorded revenue of ₹10.55 crore, against ₹38.56 crore a year earlier. That division's segment result for the quarter was negative ₹4.07 crore. Glass Lined Products moved the other way, at ₹193.13 crore against ₹129.62 crore. Filtration and Drying came in at ₹96.81 crore.

The chief financial officer, Naveen Kandpal, resigned from the close of business on 3 July 2026. On 10 August the board approved the quarterly results and the notice for the 35th annual general meeting. The same meeting approved the continuation of Yatish Parekh as an independent director. On 17 August the company remitted 100,000 euros to its Luxembourg subsidiary, with its own exchange filing.

The financial year behind this quarter was the largest in the company's history, at ₹1,353 crore of revenue.

Introduction

HLE Glascoat Limited was incorporated in 1992, according to ICRA, a credit-rating agency. It manufactures process equipment, the vessels, filters and dryers that chemical plants are built around. The company sells into pharmaceutical, specialty chemical and agrochemical plants. Oil and gas, water infrastructure and other industrial sectors also appear among the markets it names. It is registered in Anand, and manufactures at Maroli and Silvassa as well. It has also spent the past seven years buying companies in Germany.

ICRA sets out the sequence. HLE Engineers merged into the company in 2019. Thaletec followed in the year to March 2022, and Kinam in the year to March 2024. Omeras was acquired in the year to March 2026. By that year the group ran four segments: glass-lined equipment, filtration and drying, heat transfer, and glass-fused-to-steel storage. Manufacturing sits in both India and Europe, and nine entities appear in the consolidated results. Those nine span India, Germany, Luxembourg and the United States. The accounts pass through several currencies before anyone can add them up.

Not everything was added. In May 2020 the company announced a wind-down of its chemical manufacturing at Maroli. The company said residential development was arriving next door. The neighbours turned up, and the chemistry left. That division had been roughly a fifth of revenue in the year to March 2020.

The Kinam transaction took the long route. A 35.56% partnership stake was acquired in September 2023 for about ₹80 crore. The board approved the amalgamation of Kinam Enterprise Private Limited in February 2024. The National Company Law Tribunal in Ahmedabad, which signs off such schemes, approved it on 14 August 2025. The scheme's appointed date is 7 August 2023, roughly two years before that order. The company allotted 11,89,259 equity shares on 27 September 2025 to settle the transaction. Comparative figures for earlier periods were restated in the accounts to match.

Omeras arrived in August 2025, bought by a wholly-owned step-down subsidiary. The purchase covered the assets of Omeras GmbH and all shares of Omerastore GmbH, for 2.75 million euros. Management has flagged expected revenue of 20 million to 25 million euros in the year to March 2027.

Business model

The company lines steel with glass, and that is not a figure of speech. Many chemical processes corrode plain steel. A glass coat is fused onto the inside of a large steel vessel. The result holds substances that would otherwise eat through an ordinary container.

The company's own filings call it the second-largest domestic player in glass-lined equipment. The same filings put its share of that market at roughly 25%. Glass Lined Products billed ₹193.13 crore in the three months to June 2026, the largest of the three divisions.

Filtration and drying is the second pillar, separating solids from liquids. The equipment then removes the moisture left behind. It is a salad spinner scaled up until it needs its own foundation. Company filings describe the division as market leader, with more than half the market. Stated capacity is about 600 filters and 2,000 glass-lined units a year. Those are made across seven manufacturing facilities globally.

Heat transfer came with Kinam, and covers shell-and-tube and corrugated heat exchangers. The largest carry up to 4,000 square metres of heat-exchange surface, folded inside a single machine.

Customer disclosure names Bayer, UPL, Sun Pharma and Atul among the buyers. GSK, BASF, PI Industries and SRF appear on the same list. Zydus, Dr Reddy's and Sanofi complete the disclosed names. In the year to March 2023 the top ten customers were about 35% of glass-lined segment revenue. The same ten were around 44% of filtration and drying segment revenue that year. For the three months to September 2023 the company disclosed its industry mix. Specialty chemicals were 42% of it, and API and pharma 39%. Agrochemicals accounted for 9%, and other sectors for the remaining 10%.

On the concall, management addressed why India glass-lined revenue has looked flat across years. Management said the number of equipment dispatched has risen by 30% to 40%. Value per piece of equipment has fallen enough that the growth does not reach the revenue line, it said. On that account, more vessels leave the works and the invoice total stays where it was. Management also said Thaletec-branded advanced glass-lined products contributed about 20% of India glass-lined revenue this year. It put India glass-lined utilisation at around 75%.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for HLE Glascoat Limited.

Companies in the same industry as HLE Glascoat Limited

Industrial Products

All listed companies