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HLE Glascoat Ltd (HLEGLAS)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 522215 NSE: HLEGLAS Engineering - Industrial Equipments | Small Cap | HLE Glascoat Share Price

₹468.30 22.30 (5.00%)

As on 21-Sep'26 16:59

HLE Glascoat Ltd (HLEGLAS)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 522215 NSE: HLEGLAS Engineering - Industrial Equipments | Small Cap | HLE Glascoat Share Price

₹468.30 22.30 (5.00%)

As on 21-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹3,098 Cr.
Current Price
₹468.3
52-Week Low / High
₹250 / 662
TTM EPS
₹5.2
TTM Sales
₹1,370 Cr.
Book Value per Share
₹77.2
P/E Ratio
86.57
Higher than its 5-year historical median
Industry PE
58.4
Price to Book (P/B)
5.78
Lower than its 5-year historical median
Price to Sales (P/S)
2.26
Lower than its 5-year historical median
EV/EBITDA
25.53
Higher than its 5-year historical median
Dividend Yield
0.23%
Profitability Efficiency
Return on Equity (ROE)
11.18%
Underperforms industry median
Return on Capital Employed (ROCE)
12.90%
Underperforms industry median
Return on Assets (ROA)
4.26%
Operating Profit Margin
13.3%
Net Profit Margin
4.18%
Gross Profit Margin
8.4%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-5.42%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
4.99%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-8.42%
Asset Quality
Promoter Holding
65.64%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹522 Cr.
Equity
₹13.9 Cr.
Face Value
₹2
All Time Low / High
₹1.50 / 1509.80

HLE Glascoat stock performance

Key Ratios
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Check Before You Invest

Quality

Very Good
Check detailed performance

Valuation

Fair

Check Valuation charts

Price Trend

Strong
Check Price chart
Q.1 Is HLE Glascoat Ltd a good quality company?
HLE Glascoat Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

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We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

View More
How does HLE Glascoat Ltd performance compare with that of its Peers?
Q.1 Revenue growth of HLE Glascoat Ltd vs industry peers?
HLE Glascoat Ltd revenue CAGR is 19.23%, compared to the industry median CAGR of 0.00%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of HLE Glascoat Ltd?
Promoters hold 65.64% of the HLE Glascoat Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of HLE Glascoat Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 35.9% based on the current price.
View More

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
HLE Glascoat Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation ⓘ

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % ⓘ21.9%14.1%14.6%37.6%40.1%36.5%26%18.3%10.1%7.5%-
Value Creation
Index ⓘ		0.60.00.11.71.91.60.90.3-0.3-0.5-

Growth Parameters ⓘ
Sales ⓘ92.481.596.5337387378500641583551710
Sales YoY Gr.--11.9%18.5%248.9%15%-2.4%32.3%28%-9.1%-5.4%-
Adj EPS ⓘ1.711.755.578.585.42.44.9
YoY Gr.--44.1%73.7%201.2%10.9%27.8%20.9%-6.6%-32.1%-54.8%-
BVPS (₹) ⓘ10.614.515.810.211.521.941.148.150.953.158.2
Adj Net
Profit ⓘ		4.23.15.416.235.64658.154.336.916.634
Cash Flow from Ops. ⓘ8.25.510.244.639.13419.112.648.3110-
Debt/CF from Ops. ⓘ2.32.10.62.52.52.710.619.172.8-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ21.9%7.3%3.3%-5.4%
Adj EPS ⓘ4.1%-15%-34.1%-54.8%
BVPSⓘ19.6%35.8%8.9%4.3%
Share Price 36.3% -17.3% -6.8% -10.5%

Key Financial Parameters ⓘ

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity % ⓘ		16.98.410.934.860.538.226.117.810.94.78.8
Op. Profit
Mgn % ⓘ		12.411.810.812.116.620.118.315.212.39.811
Net Profit
Mgn % ⓘ		4.63.85.64.89.212.211.68.56.334.8
Debt to
Equity ⓘ		0.70.30.13.41.30.60.70.710.9-
Working Cap
Days ⓘ		20922621712717820319019923724187
Cash Conv.
Cycle ⓘ		10912113874101122122125156163-4

Valuation of HLE Glascoat - Consolidated

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

mw4me loader

Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales3594264426449239601,0281,353
Operating Expenses ⓘ + 3133543545317838428921,211
Manufacturing Costs678549106133143151205
Material Costs196212237318429439450634
Employee Cost 27323667147179201253
Other Costs ⓘ 23253240758190119
Operating Profit ⓘ 467388113140117136142
Operating Profit Margin (%) 12.9%17.0%20.0%17.5%15.1%12.2%13.2%10.5%
Other Income ⓘ + 35378989
Exceptional Items ⓘ 000-90-50-7
Interest ⓘ 1513111425333937
Depreciation ⓘ 7771022263036
Profit Before Tax ⓘ 28577487100627571
Tax ⓘ 917232630181314
Profit After Tax 1939516171456257
PAT Margin (%) 5.2%9.2%11.6%9.4%7.7%4.6%6.0%4.2%
Adjusted EPS (₹)5.55.98.08.510.24.48.07.1
Dividend Payout Ratio (%)0%15.20%10%11.70%10.80%25.30%13.70%15.50%
PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 3076115254327417478534
Share Capital ⓘ 715151514141414
Reserves ⓘ 2461100239312403464520
Debt +1068477183204322290272
Long Term Debt60545513098147108101
Short Term Debt46292253105175182171
Minority Interest11000807684
Trade Payables647572131115111109147
Others Liabilities ⓘ 9299113191249272335331
Total Liabilities ⓘ 2943353777598941,2021,2881,368

Fixed Assets

Net Fixed Assets ⓘ +8594119244317540589626
Gross Block100116144310403656732808
Accumulated Depreciation1622256786117143183
CWIP ⓘ 41033131954
Investments ⓘ 00000000
Inventories131153148268268312369356
Trade Receivables334469148243237185270
Cash Equivalents 1810213916455258
Others Assets ⓘ 2224182947488754
Total Assets ⓘ 2943353777598941,2021,2881,368
PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 4945481595134161
PBT ⓘ 2857778499597571
Adjustment ⓘ 2018192245646987
Changes in Working Capital ⓘ 8-17-27-72-106-2620
Tax Paid ⓘ -7-13-21-33-33-26-15-16
Cash Flow From Investing Activity ⓘ + -15-19-29-173-40-45-68-86
Capex -16-23-29-68-41-55-66-53
Net Investments 03-1709-4-37
Others ⓘ 111-1120124
Cash Flow From Financing Activity ⓘ + -29-30-1016013-19-60-85
Net Proceeds from Shares ⓘ 0040677-7901
Net Proceeds from Borrowing ⓘ 980984934336
Interest Paid ⓘ -14-8-7-11-18-21-32-34
Dividend Paid ⓘ -1-3-3-5-7-8-8-8
Others ⓘ -23-27-401128-4-63-80
Net Cash Flow ⓘ 5-59-12-22316-10
PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)61.2375.154.633.1924.4911.9913.8111.18
ROCE (%)27.3242.1341.9329.2624.2214.0714.2212.9
Asset Turnover Ratio1.221.361.241.131.120.920.831.02
PAT to CFO Conversion(x)2.581.150.940.020.072.112.162.82
Working Capital Days
Receivable Days3433.2046.8061.5077.2091.2074.9061.30
Inventory Days133.40121.80124.30117.80106110.3012197.80
Payable Days98.3098.3094.2088.1088.3091.9084.6069.90

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HLE Glascoat Ltd FAQs

The current trading price of HLE Glascoat on 21-Sep-2026 16:59 is ₹468.3.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 20-Sep-2026 the market cap of HLE Glascoat stood at ₹3,097.7 Cr

The latest P/E ratio of HLE Glascoat as of 20-Sep-2026 is 91.44.

The latest P/B ratio of HLE Glascoat as of 20-Sep-2026 is 7.67.

The 52-week high of HLE Glascoat is ₹662.0 and the 52-week low is ₹250.0.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of HLE Glascoat is ₹710 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that HLE Glascoat Ltd is a good quality company.

The key valuation ratios of HLE Glascoat Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of HLE Glascoat Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About HLE Glascoat Ltd

Swiss Glascoat Equipments Ltd was incorporated on August 26, 1991 under the name of Shri Glassteel Equipments Limited. Subsequently the name of the company was changed to Swiss Glasscoat Equipment Limited on March 3,1992 and certificate of commencment of businss was obtained on March 5,1992.

Swiss Glascoat Equipments is a company engaged in the manufacture of glass lined equipment and spares. Their objective is to ensure a corrosion-free technosphere under the sun. As an organisation, they are engaged in fighting against the evil forces of corrosion and protect your machinery and balance sheet both in a very unprecedented manner.

In a very short span of its existence, they've showcased the true spirit of a Spartan by accomplishing many projects of varied nature. Today, they've emerged as a front-runner of domestic glasslining fraternity with the help of their trend-setting products and services by catering to industries as diverse as from dyes to pigments; from pharmaceuticals to food processing from chemicals to pesticides; from intermediates to resins or any other conceivable corrosion-prone areas in chemical processing industry.

Their mission is to create, sustain and enhance a powerful platform with a Total Qualitative Approach, where the fusion between demand and supply can happen in a systematic way, thanks to their ability to integrate people, products and practices.

Glascoat has embarked upon the technological drive to synthesize the best of engineering practices and technological advancements to come up with the superior quality solutions in the glasslined products. They started their sprint to success by launching two 6300 litre reactors with all the contemporary features included in the very first year.

By consolidating quality, performance, engineering design, service and much more, Glascoat has today established itself as an OPSP (One-Point-Solution-Provider) for glasslined products of any type, size or output plus a complete range of accessories.

Product range of the company includes:

The Glascoat product range consists of both ready-made (for standard requirement) and custom-built (for unique requirement) equipment and accessories of versatile nature.

Glass Lined Reactors

  • AE Type
  • CE Type
  • Agitation
  • Stainless Steel GLRs
  • GMP Model Reactors

Storage Tanks

  • Vertical Type
  • Horizontal Type

Condensors

  • Shell & Shell Type
  • Plate Type

ColumnsRotary Vaccum Dryers

  • Agitated Nutche Filters

Other products

  • Glass Lined Flush Bottom Outlet Valve
  • Bellows- Sealed Valve
  • Glass Lined Diaphragm Valve
  • GL Pipes & Fittings
  • Flanged Pipe
  • Flanged Elbows 45
  • Flanged Elbows 90
  • Flanged Crosses
  • Flanged T- Pieces
  • Flanged Crosses with reduced connection
  • Flanged T- Pieces with reduced connection
  • Reducing Flanges
  • Reducer

Achievements/ recognition:

  • BS EN ISO 9001:1994
  • IS / ISO 9001:1994
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