HLEGLASIndustrials

HLE Glascoat Limited

Industrial Products · ISIN INE461D01028 · BSE 522215 · NSE EQ · FV ₹2
Last price
₹416
-0.29%today
What this company does

HLE Glascoat Limited operates in Industrial Products, part of the Industrials sector. It booked ₹301 cr of revenue in its latest quarter (Q1 FY27) and kept 0.9% of sales as profit.

the third-largest consumer of polymers, the fourth-largest producer of agrochemicals, and the sixth-largest producer of HLE Glascoat Limited (hereafter referred to as ‘the Company’ chemicals overall, contributing 3.4% to the global chemical or ‘HGL’) is a leading Indian manufacturer of specialised process industry and 7% to India's GDP.
In the report:
43out of 100
Equitytale Health Score
Strained

Healthier than 43% of companies in Industrials, on all six measures of filed financials. Each measure is ranked against the 129–290 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
68

At close. Not part of the score.

Profitability & returns19

How much profit it earns on the money it employs

Balance sheet24

How much it owes, and whether earnings cover the interest

Cash quality83

Whether reported profit actually arrives as cash

Growth & consistency61

Whether sales and profit have grown, and how steadily

Valuation9

What today's price implies, against our models or its peers

Governance & risk100

How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure

Is this company doing well?
not investment advice
Strengths
Makes a profit
Sales up 6% vs last year
Promoters hold 66%
No promoter shares pledged
Turns profit into real cash
Watch-outs
! Thin 0.9% net margin
! Profit down 81% vs last year
! Low 2.1% return on equity

What if I invest in HLEGLAS?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 15% a year, it would become
₹26.30 lakh

The slider starts at 15%, taken from this company's own free-cash-flow trend. That is history, not a forecast — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹416 -0.29%
latest close · 2026-09-17
52-wk low ₹30442 sessions so far52-wk high ₹485
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio259.8High
LowAverageHigh
P/B ratio5.41High
Below bookModerateHigh
EV / EBITDA35.0High
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity2.1%Weak
WeakFairStrong ▸15%
Return on capital6.5%Weak
WeakFairStrong
Net margin0.9%Thin
ThinDecentStrong
EBITDA margin7.5%Thin
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.51Moderate
LowModerateHigh ▸1
Interest cover1.5×Risky
RiskyOkayStrong ▸5×
Current ratio1.19Healthy
Tight ◂1HealthyAmple
More figures
Market cap
₹2,887 cr
Book value
₹77
EPS
₹0.40
latest quarter
Net debt
₹279 cr
owes more than its cash
Enterprise value
₹3,166 cr
EBITDA
₹91 cr
annualised
EBIT
₹51 cr
annualised
Operating margin
4.2%
Return on assets
0.8%
Earnings yield
0.38%
P/S
2.40
Sales / share
₹173.2
Tax rate
53.0%
Face value
₹2
Shares
6.9 cr
Working capital
₹112 cr
Current assets
₹716 cr
Current liabilities
₹604 cr
Delivery %
40.2%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-09-17.

Worth vs price · from the FY 2025 report & filings
not investment advice
Hard to value confidentlyLow confidence
The market price is far above what these earnings- and book-based models support — a fast-growing or asset-light business can trade well above them for years, so we won't put a confident number on how overpriced it is.
Models span ₹109₹175, midpoint ₹142

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q1 FY27 (consolidated)
Revenue from Operations₹301 cr
Other Income₹2 cr
Total Income₹302 cr
Cost of Materials₹135 cr
Purchases of Stock-in-Trade₹0 cr
Inventory Change (±)₹-14 cr
Employee Benefit Expense₹75 cr
Finance Costs₹8 cr
Depreciation & Amortisation₹10 cr
Other Expenses₹84 cr
Total Expenses₹298 cr
Profit before Tax₹4 cr
Tax Expense₹2 cr
Net Profit₹2 cr
Net margin on total income0.7%
Where the money goes · Q1 FY27
% of total income
Materials + stock-in-trade₹121 cr40.0%
Employee benefit expense₹75 cr24.7%
Finance costs₹8 cr2.8%
Depreciation & amortisation₹10 cr3.3%
Other expenses₹84 cr27.9%
Tax expense₹2 cr0.8%
Profit for the period₹2 cr0.7%
Total income ₹302 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ3 FY26Q4 FY26Q1 FY27
Revenue327 cr392 cr301 cr
Total income330 cr393 cr302 cr
Expenses323 cr367 cr298 cr
Profit before tax4 cr25 cr4 cr
Tax-94.8 L5 cr2 cr
Net profit (owners' share)3 cr18 cr3 cr
Net margin (owners' share, on revenue)0.9%4.6%0.9%
EPS (₹)0.412.650.40
YoY (latest quarter): total income +5.7% · net profit -81.2%
Balance sheet & cash flow · as of Mar 2026
Moderate debt
Total assets
₹1,382 cr
Shareholder equity
₹534 cr
parent shareholders
Total debt
₹313 cr
Cash
₹34 cr
Cash flow · H1 FY26
Operating
₹75 cr
Investing
₹-48 cr
Financing
₹-29 cr
Peer comparison
Industrial Products · by market value
CompanyPriceMarket capP/E
INDO-MIM Limited₹993₹48,086 cr50.1
Aditya Infotech Limited₹3,378₹39,814 cr70.0
Syrma SGS Technology Limited₹1,618₹31,158 cr77.9
Honeywell Automation India Limited₹33,915₹29,845 cr49.7
Kaynes Technology India Limited₹3,520₹23,596 cr104.5
Jyoti CNC Automation Limited₹981₹22,305 cr97.7
LMW Limited₹18,170₹19,406 cr87.4
Tega Industries Limited₹1,920₹14,425 cr
LLOYDS ENGINEERING WORKS LIMITED₹80₹11,801 cr42.7
Same industry · latest reported numbers · not a recommendation.
Corporate actions
Dividend yield
0.26%
trailing 12 months
Dividend / share (TTM)
₹1.1
Last dividend
₹1.1
ex 19 Sep 2025
ActionDetailEx-date
Dividend₹1.1 / share19 Sep 2025
Dividend₹1.1 / share19 Sep 2024
Dividend₹1.1 / share21 Sep 2023
Stock splitStock Split From Rs.10/- to Rs.2/-18 Oct 2022
Dividend₹5 / share24 Aug 2022
Dividend₹4 / share30 Aug 2021
Who owns it · 2026-06-30
No pledge
Promoter
65.6%
FII / Foreign
2.0%
DII / Domestic
4.7%
Retail / others
27.6%
Promoter stake down 1.0% over the last 12 quarters.
Smart-money activity
Insider trades
SoldMr Nilesh Khushalbhai Patel · Promoter69.45 L10 Sep 26
BoughtMr Aalap Nilesh Patel · Promoter69.45 L10 Sep 26
BoughtHarsh Himanshubhai Patel · Promoters25,588 · ₹63.9 L28 Mar 25
Bulk / block deals
BoughtQE SECURITIES LLP · NSE3.87 L @ ₹393.313 Jun 26
SoldQE SECURITIES LLP · NSE3.86 L @ ₹397.033 Jun 26
BoughtNK SECURITIES RESEARCH PRIVATE LIMITED · NSE4.03 L @ ₹394.253 Jun 26
Stake changes
SoldMr. Himanshu Khushalbhai Patel · promoter→ 24.87% · 10.00 L26 Sep 23
SoldMr. Harsh Himanshubhai Patel · promoter→ 12.93% · 4.66 L26 Sep 23
SoldMr. Nilesh Khushalbhai Patel · promoter→ 25.17% · 10.10 L26 Sep 23
What shareholders were asked to approve
3 proposals passed only on promoter votes

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Yearly shareholder meeting · 26 Sep 2025
See the official result
1
A) To receive, consider and adopt the Audited Standalone Financial Statements B) To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the year ended March 31, 2025
Backed by 100% of shareholders other than promotersneeded 50%
53.82 L votes for, 95 against · 0% of mutual funds and other big investors said no
2
To declare dividend of Rs.1.1 (55%) per equity share having face value of Rs. 2 each for the financial year ended March 31, 2025.
Backed by 100% of shareholders other than promotersneeded 50%
53.82 L votes for, 55 against · 0% of mutual funds and other big investors said no
3
To appoint a Director in place of Mr. Nilesh Patel (DIN: 00141873), Director, who retires by rotation and being eligible, offers himself for reappointment.
Backed by 100% of shareholders other than promotersneeded 50%
53.79 L votes for, 2,931 against · 0% of mutual funds and other big investors said no
4
To approve re-appointment of Mr. Himanshu Patel as a Managing Director of the Company.
⚑ Passed only because promoters voted yes
Backed by 55% of shareholders other than promotersneeded 75%
29.81 L votes for, 24.01 L against · 49% of mutual funds and other big investors said no
5
To approve re-appointment of Mr. Aalap Patel as an Executive Director of the Company.
⚑ Passed only because promoters voted yes
Backed by 55% of shareholders other than promotersneeded 75%
29.42 L votes for, 24.40 L against · 50% of mutual funds and other big investors said no
6
To approve re-appointment of Mr. Harsh Patel as a Whole-time Director of the Company
⚑ Passed only because promoters voted yes
Backed by 55% of shareholders other than promotersneeded 75%
29.81 L votes for, 24.01 L against · 49% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 7 named members
owning 65.6% between them · as of 2026-06-30
Nilesh Khushalbhai Patel24.77%
Himanshu Khushalbhai Patel24.47%
Harsh Himanshubhai Patel12.75%
Swara Rajeev Patel2.10%
Aalap Nilesh Patel1.36%
Kishoriben Nilesh Patel0.12%
Priti Himanshubhai Patel0.07%

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.