HLE Glascoat Ltd(HLEGLAS)

NSE: HLEGLASBSE: 522215

₹ 365-4.90%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,535 crWebsite: www.hleglascoat.comUpdated: 24 Oct 2026

About

HLE Glascoat Ltd is an Indian manufacturer of specialised process equipment - glass-lined equipment, filtration and drying systems, and heat transfer equipment - serving pharmaceutical, chemical, agrochemical, and oil and gas industries. The company operates across India and Germany (via subsidiary Thaletec) and added glass-fused-to-steel products through the acquisition of Omeras GmbH in August 2025. Consolidated revenue from operations reached INR 1,353 crores in FY26, up 31.7% year-on-year.^[1][2][3]

Business segments

Glass Lined Products: 50.0% of FY26 consolidated revenue (INR 676.36 cr), EBIT margin 4.2% in FY26.^[4]
Filtration, Drying and Other Equipment: 35.1% of FY26 consolidated revenue (INR 474.34 cr), EBIT margin 12.0% in FY26.^[4]
Heat Transfer Equipment (Kinam): 14.8% of FY26 consolidated revenue (INR 200.34 cr), EBIT margin 14.1% in FY26.^[4]

Products and brands

Thaletec (Germany) manufactures premium glass-lined reactors and vessels; Thaletec products contributed ~20% of overall Glass Lined India product revenues in FY26.^[2]
Omeras (acquired August 2025) produces glass-fused-to-steel modular storage tanks (8 to 20,000 m³), biogas digesters, and architectural enamel facade panels.^[3]
Kinam Engineering manufactures heat transfer equipment including shell-and-tube and other exchangers, serving chemicals, pharma, and - since FY25 - oil and gas customers.^[5]
A Center of Excellence for glass lining R&D, new product development, and rapid prototyping was inaugurated at Anand, Gujarat, supporting joint India-Thaletec product innovation.^[5]

Operations

Five manufacturing plants operate in India; maintenance capex of INR 12 - 15 cr was guided for FY26 across these five plants.^[5]
Thaletec operates a manufacturing facility in Germany with the Omeras facility also located in Germany; Omeras was running at ~50% capacity utilisation at time of acquisition in August 2025.^[3]
Omeras India division is being established, initially targeting tanks for water, wastewater, and biogas, with commercial operations targeted by end of FY27.^[2]
HLE holds a 26% JV stake in Clean Max Anchorage to supply renewable energy to its Anand plant, reducing energy costs.^[5]

Key operating numbers

Consolidated order book was INR 681.6 cr in Q4 FY26, down from INR 722.2 cr in Q2 FY26 and INR 738.7 cr (all-time high) in Q1 FY26.^[2][6][3]
International order book (Thaletec + Omeras) provided 10 months of revenue visibility in Q4 FY26; India business provided 4 months.^[2]
Glass-lined equipment capacity utilisation in India recovered to ~75% in Q4 FY26, up from 60 - 65% in Q2 FY26.^[2][6]
Heat transfer (Kinam) capacity utilisation was 70 - 75% in Q4 FY26.^[2]
Filtration & Drying capacity utilisation was ~80% in Q2 FY26.^[6]
Heat transfer segment revenue grew 64.6% YoY to INR 200.3 cr in FY26, following 38% growth to INR 122 cr in FY25.^[2][5]
Filtration & Drying revenue reached INR 252 cr in H1 FY26 alone, compared to INR 314 cr for full-year FY25.^[6]

Customers and distribution

Pharma customers accounted for 66% of industry-wise revenue in Q4 FY25, up from 45% in Q3 FY25; pharma and API segments showed double-digit YoY growth across India, Europe, and the US in Q1 FY26.^[5][3]
HLE's global customer network exceeds 1,500 companies, a base that Omeras products are intended to reach via cross-selling.^[3]
Kinam entered oil and gas as a new vertical in FY25 via a maiden order of >INR 60 cr, establishing a track record for further domestic and offshore O&G pursuit.^[5][6]
Agrochemical and CDMO customers were deferring investment decisions due to geopolitical uncertainty as of Q4 FY26.^[2]
Thaletec has been expanding its US market presence over the past 2 - 2.5 years, building team size and adding service personnel to target MNC pharma capex in the US.^[6]

Expansion and capex

Omeras GmbH assets (including 100% of Omeras Store GmbH) were acquired in August 2025 for €2.75 million, funded entirely from internal accruals with no new debt.^[3]
No major capex is required at the Omeras facility given ~50% utilisation at acquisition; only incremental balancing equipment spend is anticipated.^[3]
Kinam is to evaluate creating additional heat transfer capacity from FY27 onwards, subject to demand trajectory.^[2]
Consolidated revenue is targeted at INR 2,000 cr within approximately 2 years (by FY28), including Omeras.^[2]

Recent developments

NCLT Ahmedabad approved the amalgamation of Kinam Enterprise Private Limited with HLE Glascoat (appointed date 7 August 2023), consolidating HLE's 70% ownership and resulting in ~1.7% equity dilution.^[6][3]
Omeras incurred an EBITDA loss of INR 15.3 cr and PAT loss of INR 15.6 cr in FY26, its first year under HLE ownership, compressing consolidated EBITDA margin to 11.0% vs 13.7% in FY25.^[2]
Omeras order book nearly doubled in a single quarter from December 2025 to March 2026, reaching INR 78 - 79 cr as of Q4 FY26.^[2]
Middle East identified as a major incremental growth target for Kinam heat transfer equipment; a dedicated sales team is being built.^[2]

Market Cap

₹2,535 Cr

High / Low

₹662 / 250

Stock P/E

75.4

Price / Book

5.0

Book Value

₹77

EPS

₹7.1

No. of Shares

6.95 Cr

ROCE

11.8%

ROE

10.0%

OPM

8.2%

Debt / Equity

0.59

Sales

₹1,353 Cr

Net Profit

₹57 Cr

Promoter holding

65.6%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials

HLE Glascoat Ltd(HLEGLAS)

About

Business segments

Products and brands

Operations

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

Product Segments

Corporate Actions