MarketFriction

HLE Glascoat Ltd

NSE HLEGLAS · BSE 522215 · Industrial Products
₹442.05 +0.60%
NSE close2026-10-01
52 week range250.00 - 661.95
Market cap₹3,013 Cr.
P/E76.5
ASM short-term Price band 5% Delivery 56.5%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales224.42239.23306.90227.07235.78231.03333.71283.95350.78326.57391.69300.75
Expenses197.96214.55270.41205.22201.68205.39281.71246.35312.54305.47348.86279.82
Operating Profit26.4624.6836.4921.8534.1025.6452.0037.6038.2421.1042.8320.93
OPM %11.79%10.32%11.89%9.62%14.46%11.10%15.58%13.24%10.90%6.46%10.93%6.96%
Other Income1.520.591.971.781.391.932.252.25-1.150.310.681.70
Interest5.779.7010.349.448.658.789.328.609.337.868.668.36
Depreciation6.077.336.957.267.307.387.738.368.609.909.609.90
Profit before tax16.148.2421.176.9319.5411.4137.2022.8919.163.6525.254.37
Tax %33.02%27.43%30.04%21.79%26.15%9.82%14.95%21.93%27.14%-26.03%20.20%52.86%
Net Profit10.825.9714.805.4214.4210.2831.6417.8613.964.6020.152.05
EPS in Rs1.470.441.450.501.861.242.982.161.730.412.620.40
Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales3594264846529329681,0281,3531,370
Expenses3133543925417938548921,2111,247
Operating Profit477393111139114136142123
OPM %13%17%19%17%15%12%13%11%9%
Other Income254-184822
Interest151311142533393734
Depreciation779112326303638
Profit before tax285777849959757152
Tax %33%31%31%31%30%30%18%20%
Net Profit193953587041625741
EPS in Rs5.505.918.008.5210.234.358.037.125.16
Dividend Payout %0%15%10%12%11%25%14%15%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth%23%13%26%
Compounded Profit Growth%1%-8%-30%
Stock Price CAGR35%-20%-8%-6%
Return on Equity%15%11%11%
Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital613131414141414
Reserves3563122239312403464520
Borrowings11510093218258390379348
Other Liabilities138159149289311395431486
Total Liabilities2943353777598941,2021,2881,368
Fixed Assets8594120245318541593627
CWIP41033131954
Investments00000000
Other Assets205231254483573641690737
Total Assets2943353777598941,2021,2881,368
Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity4945481595134161
Cash from Investing Activity-15-19-29-146-40-45-68-82
Cash from Financing Activity-29-30-1016013-19-60-85
Net Cash Flow5-5914-22316-5
Free Cash Flow332220-67-364068108
CFO/OP119%79%75%31%27%106%110%125%
Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days3438528395896673
Inventory Days244264228307229259299205
Days Payable11913011115098928885
Cash Conversion Cycle159172168240226257277193
Working Capital Days-216346053331015
ROCE %42%43%30%24%13%13%12%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters66.69%66.69%66.69%66.69%66.69%66.69%66.69%66.78%65.64%65.64%65.64%65.64%
FIIs4.25%4.24%4.29%4.26%4.07%4.01%4.12%4.01%3.70%2.14%2.27%2.05%
DIIs3.93%3.95%3.77%3.57%3.52%3.52%3.52%4.01%4.04%4.48%4.88%4.71%
Public25.13%25.12%25.25%25.45%25.72%25.78%25.68%25.20%26.62%27.73%27.22%27.60%
No. of Shareholders75,76279,75181,75381,05383,99383,43580,94477,41879,88874,24571,27171,078

Fundamentals

Market Cap₹ 3,013 Cr.
Current Price₹ 435
Stock P/E76.5
Book Value₹ 76.9
ROCE12.1 %
ROE10.6 %
Dividend Yield0.25 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)26%
Compounded Profit Growth (TTM)-30%
Consolidated figures.
Valuation
Market capRs 3,018 Cr
Enterprise valueRs 3,362 Cr
P/E (TTM)84.34x
Price to book7.25x
Price to sales2.20x
EV / EBITDA26.98x
EV / EBIT38.81x
EV / sales2.45x
Price to cash flow31.86x
Earnings yield1.19%
Dividend yield0.25%
P/E, 3-year average56.27x
P/B, 3-year average7.72x
P/E, 5-year average36.69x
P/B, 5-year average5.85x
Profitability
Operating margin (excl. other income)11.82%
Operating margin (incl. other income)12.18%
EBITDA margin9.10%
Pre-tax margin3.83%
Net profit margin2.61%
Net margin, latest quarter0.92%
ROE8.00%
ROCE13.18%
ROA2.83%
ROE, 3-year average20.73%
ROCE, 3-year average21.64%
ROA, 3-year average7.17%
ROE, 5-year average35.42%
ROCE, 5-year average30.11%
ROA, 5-year average9.67%
ROIC (approx.)7.93%
Tax rate30.32%
Other income / net worth0.84%
Growth
Sales growth (latest year)3.85%
Profit growth (latest year)-57.47%
Sales CAGR, 3 years25.95%
Sales CAGR, 5 years21.92%
Profit CAGR, 3 years-17.21%
Profit CAGR, 5 years10.66%
Sales growth QoQ-23.22%
Profit growth QoQ-84.77%
Sales growth YoY (latest quarter)5.92%
Profit growth YoY (latest quarter)-81.23%
Per share
EPS (TTM)Rs 5.24
EPS (latest year)Rs 4.35
EPS (latest quarter)Rs 0.41
EPS, 3-year averageRs 19.06
EPS, 5-year averageRs 25.35
Book value per shareRs 61.00
Sales per shareRs 200.66
Cash flow per shareRs 13.88
Free cash flow per shareRs 15.82
Dividend per share (latest year)Rs 1.10
Dividend per share, 3-year averageRs 2.40
Dividend per share, 5-year averageRs 3.14
Dividends
Dividend payout25.29%
Dividend payout, 3-year average15.93%
Dividend payout, 5-year average14.60%
Efficiency
Asset turnover0.81x
Fixed asset turnover1.79x
Inventory turnover1.91x
Inventory days191 days
Debtor days89 days
Debtors turnover4.08x
Creditor days85 days
Cash conversion cycle193 days
Working capital days15 days
Leverage
Total debtRs 390 Cr
Cash and bankRs 45 Cr
Net debtRs 345 Cr
Debt to equity0.94x
Net debt / EBITDA2.76x
Interest coverage2.53x
Current ratio (filing 2026-03-31)1.19x
Quick ratio (filing 2026-03-31)0.60x
Trade payables (filing 2026-03-31)Rs 147 Cr
Owners' fund to total sources34.65%
Debt to assets32.45%
Cash flow
Cash from Operating Activity (latest year)Rs 95 Cr
Cash from Investing Activity (latest year)Rs -45 Cr
Cash from Financing Activity (latest year)Rs -19 Cr
Net Cash Flow (latest year)Rs 31 Cr
Free cash flow (latest year)Rs 108 Cr
FCFE (approx.: FCF + change in debt)Rs 240 Cr
Cash from ops / profit, 5 years1.38x
Sales to cash flow10.22x
Statement figures
Net sales (TTM)Rs 1,370 Cr
Net sales (latest year)Rs 968 Cr
Sales (latest quarter)Rs 301 Cr
Operating profit excl. other income (latest year)Rs 114 Cr
Operating profit (latest quarter)Rs 21 Cr
Other income (TTM)Rs 2 Cr
EBITDA (TTM)Rs 125 Cr
PBDT (TTM)Rs 90 Cr
Profit before tax (TTM)Rs 52 Cr
Tax (latest year)Rs 18 Cr
Net profit (TTM)Rs 36 Cr
Net profit (latest year)Rs 30 Cr
Net profit (latest quarter)Rs 3 Cr
Depreciation (TTM)Rs 38 Cr
Depreciation (latest quarter)Rs 10 Cr
Interest (TTM)Rs 34 Cr
Cost of goods sold (latest year)Rs 596 Cr
Total expenditure (latest year)Rs 854 Cr
Total income (latest year)Rs 971 Cr
Share capitalRs 14 Cr
ReservesRs 403 Cr
Shareholders' fundsRs 416 Cr
Total assetsRs 1,202 Cr
Net blockRs 541 Cr
Capital work in progressRs 19 Cr
ReceivablesRs 237 Cr
InventoryRs 312 Cr
Other liabilitiesRs 395 Cr
Shares outstanding (crore)6.83
Ownership
Promoter holding65.64% (-1.14 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 84.3 is at the 67th percentile of its own 4.8-year range (median 68.0, low 34.3, high 354.2).
P/B 7.25 is at the 16th percentile (median 21.03).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodHLEGLASNifty 50Difference
1 week+3.1%-2.8% +5.9 pts
1 month+39.6%-6.8% +46.3 pts
3 months+16.0%-7.6% +23.6 pts
6 months+76.1%+0.4% +75.7 pts
1 year-13.7%-9.9% -3.8 pts
2 years+10.7%-13.6% +24.3 pts
3 years-21.2%+14.2% -35.4 pts
5 years-66.1%+27.9% -94.0 pts
2 mutual fund schemes hold about ₹62 Cr. Over three months 0 bought more and 1 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
DSP Small Cap Fund0.29%62 -47%
Motilal Oswal BSE 1000 Index Fund0.00%0

Red flags

F-score 4 of 8
explainDebt up, profit down Borrowings up 51% while net profit fell in 2026
lookOn NSE surveillance On NSE surveillance: ASM short-term
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹301 Cr +5.9% vs Jun 2025. Net profit ₹2 Cr -88.5%.

Activity

Compare
CompanyMcap (Cr)P/EROCE
Indo-MIM Ltd61,71995.625.0 %
Aditya Infotech Ltd46,81498.128.6 %
Syrma SGS Technology Ltd32,63887.916.8 %
Honeywell Automation India Ltd30,03853.717.0 %
Jyoti CNC Automation Ltd24,09174.921.3 %
Kaynes Technology India Ltd23,60568.012.7 %
LMW Ltd18,11599.25.58 %
Lloyds Engineering Works Ltd15,85070.916.1 %
Tega Industries Ltd15,4818.14 %
Kennametal India Ltd8,87845.333.2 %
Dynamatic Technologies Ltd8,87315110.2 %
Standard Engineering Technology Ltd8,55710014.7 %
Raymond Ltd7,89446.93.14 %
Omnitech Engineering Ltd6,93966.817.6 %
GMM Pfaudler Ltd6,64152.713.6 %
No bulk or block deals on record.
Ex-dateActionFactor
2026-09-23Dividend - Rs 1.10 Per Share
2025-09-19Dividend - Rs 1.10 Per Share
2024-09-19Annual General Meeting/Dividend - Rs 1.10 Per Share
2023-09-21Dividend - Rs 1.10 Per Sh
2022-10-18Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 2/- Per Share0.2000
2022-08-24Annual General Meeting/Dividend - Rs 5 Per Share
2021-08-30 Dividend - Rs 4 Per Share
DateTypeWhat it says
2026-10-01Shareholder meetingVoting results, pursuant to Regulation 44 of SEBI (LODR) Regulations, 2015.
2026-09-30Shareholder meetingProceedings of 35th Annual General Meeting held on September 30, 2026 through VC / OAVM.
2026-09-25AppointmentAppointment of Mr. Amit Kalra as Chief Financial Officer of the company w.e.f. September 25, 2026.
2026-09-25Board meeting outcomeAt the Board Meeting of HLE Glascoat Limited held today i.e. on Friday, September 25, 2026, theBoard of Directors of the Company, have inter-alia, app...
2026-09-15Disclosure under SEBI TakeovAalap Nilesh Patel has submitted to the Exchange a copy of Disclosures under Regulation 10(6)-Report to stock Exchange in respect of any acquisition m...
2026-09-08Order winReceipt of order / contract
2026-09-07Shareholder meetingNotice of Annual General Meeting along with Explanatory Statement, to be held on September 30, 2026
2026-09-03Disclosure under SEBI TakeovHLE Glascoat Limited has Submitted to the Exchange a copy of Disclosure under Regulation 10 (5) of the Securities and Exchange Board of India (Substan...
2026-09-03Record DateRecord date for the purpose of Dividend is 23-Sep-2026.
2026-09-03Shareholder meetingIntimation of 35th Annual General Meeting to be held on Wednesday, September 30, 2026.
2026-08-18General UpdatesUpdates on further investment of Euro 100,000 towards the Share Capital of a Wholly Owned Subsidiary, HLE International S. a. r. l. in Luxembourg
2026-08-11Press ReleaseA press release dated August 10, 2026, titled "Press Release Q1 FY 2026-27.".
2026-08-10Board meeting outcomeHLE Glascoat Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-17Credit RatingCredit Rating
2026-07-17Credit RatingCredit Rating
2026-07-04ResignationResignation of Director/KMP/SMP
2026-07-04ResignationResignation of Director/KMP/SMP
2026-07-04ResignationResignation of Mr. Naveen Kandpal as Chief Financial Officer of the company w.e.f. July 03, 2026 after close of business hours.
2026-06-30Disclosure under SEBI TakeovAalap Patel has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acqui...
2026-06-26AppointmentAppointment of Mr. Darshak Chandarana as Vice President - Operations, Maroli Unit, of the company w.e.f. Jun 25, 2026.
2026-06-01Concall / analyst meetTranscript of the Earnings Call held on 25 May, 2026 for Q4 and year ended FY 2025-26.
2026-05-25Concall / analyst meetLink of Recording of the Earnings Call held on 25/05/2026, for the period ended 31/03/2026.
2026-05-20Concall / analyst meetSchedule of meet.
2026-05-20Investor PresentationInvestor Presentation
2026-05-19Press ReleaseA press release dated May 19, 2026, titled "Investor Release for Q4 FY 2025-26".
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Scrip PE is greater than 50 (4 trailing quarters)Short Term Additional Surveillance Measure (Short Term ASM): stage 1
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03