HLE Glascoat Ltd (HLEGLAS) AI Stock Analysis

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HLE Glascoat Ltd

(NSE:HLEGLAS)

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Rating:59.4Neutral

Price Target:INR 390.00▼(-3.07% Downside)

Action:reiterated

Date:09/19/26

The score is primarily supported by solid financial momentum (revenue growth, improving leverage, and better free cash flow since 2024). Technicals are constructive with the stock trading above major moving averages, but overbought indicators (high RSI/Stoch) raise near-term downside risk. The main drag is valuation, with a very high P/E and minimal dividend yield.

Positive Factors

Revenue GrowthSteady revenue expansion, with growth accelerating to approximately 12.8% in 2026, indicates continued demand for the company’s process equipment and related work. Sustained top-line progress can support operating scale, fund investment, and provide a stronger base for future earnings recovery.

Negative Factors

Margin CompressionThe sharp decline from the 2023 net margin peak shows that higher sales have not translated consistently into proportional earnings. Persistently lower or volatile margins could limit reinvestment capacity, weaken profit conversion, and make future results more sensitive to execution and cost pressures.

HLE Glascoat Ltd (HLEGLAS) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 28.00B
Dividend Yield: 0.27%
Average Volume (3M): 25.05K
Price to Earnings (P/E): 77.7
Beta (1Y): 1.25
Revenue Growth: 26.31%
EPS Growth: -37.52%
Country: India
Employees: 740
Sector: General
Sector Strength: 55
Industry: Industrial - Machinery

HLE Glascoat Ltd Business Overview & Revenue Model

Company Description

Established in 1991 and headquartered in Anand, India, HLE Glascoat Limited is an Indian enterprise specializing in the design and production of carbon steel glass-lined equipment for a global clientele. Their extensive portfolio features critical co...

How the Company Makes Money

HLE Glascoat makes money primarily by selling corrosion-resistant process equipment and executing related engineering and service work for industrial customers, especially in chemical process applications. Key revenue streams include: (1) Product sal...

HLE Glascoat Ltd Financial Statement Overview

Summary

Steady revenue growth (accelerating to ~12.8% in 2026) and improved balance sheet trends (lower debt-to-equity and reduced debt in 2026) support the score. However, profitability has been volatile with margins well below the 2023 peak, and cash flows—while improved since 2024—have shown lumpiness and earlier negative free cash flow.

Income Statement

62Positive

Balance Sheet

66Positive

Cash Flow

58Neutral

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	13.70B	13.53B	10.28B	9.68B	9.32B	6.53B
Gross Profit	3.89B	2.77B	4.64B	5.18B	4.99B	3.03B
EBITDA	1.23B	1.42B	1.34B	1.15B	1.41B	1.08B
Net Income	357.81M	494.24M	467.14M	296.87M	698.14M	581.68M
Balance Sheet
Total Assets	0	13.82B	12.93B	12.02B	8.91B	7.60B
Cash, Cash Equivalents and Short-Term Investments	584.98M	584.98M	521.57M	332.86M	274.79M	249.30M
Total Debt	0	3.48B	3.81B	3.90B	2.57B	2.17B
Total Liabilities	-6.18B	7.64B	7.39B	7.05B	5.64B	5.07B
Stockholders Equity	6.18B	5.34B	4.59B	4.17B	3.27B	2.54B
Cash Flow
Free Cash Flow	514.38M	753.62M	679.75M	390.92M	-435.87M	-590.78M
Operating Cash Flow	745.76M	1.31B	1.34B	942.62M	48.76M	103.00M
Investing Cash Flow	-484.80M	-883.86M	-683.81M	-454.71M	-404.18M	-1.73B
Financing Cash Flow	-288.74M	-522.11M	-596.75M	-182.03M	132.94M	1.60B

HLE Glascoat Ltd Technical Analysis

Technical Analysis SentimentPositive

Last Price402.35

Price Trends

50DMA387.77Positive

100DMA391.93Positive

200DMA364.74Positive

Market Momentum

MACD-0.66Positive

RSI48.74Neutral

STOCH71.38Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:HLEGLAS, the sentiment is Positive. The current price of 402.35 is below the 20-day moving average (MA) of 414.07, above the 50-day MA of 387.77, and above the 200-day MA of 364.74, indicating a neutral trend. The MACD of -0.66 indicates Positive momentum. The RSI at 48.74 is Neutral, neither overbought nor oversold. The STOCH value of 71.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:HLEGLAS.

HLE Glascoat Ltd Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:HLEGLAS against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:KIRLOSBROS	60Neutral	INR 127.28B	33.82	―	0.44%	10.85%	-4.06%
IN:HLEGLAS	59Neutral	INR 27.95B	77.67	―	0.27%	26.31%	-37.52%
IN:SETL	57Neutral	INR 78.85B	92.49	―	―	―	―
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:KRN	53Neutral	INR 75.04B	74.83	―	―	77.18%	88.95%
IN:KSB	44Neutral	INR 113.26B	1.31	―	0.67%	4.63%	-4.40%
IN:GMMPFAUDLR	40Underperform	INR 54.54B	73.31	―	0.16%	13.91%	73.54%

* General Sector Average

Performance Comparison

IN:HLEGLAS and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:HLEGLAS	HLE Glascoat Ltd	402.35	-242.90	-37.64%
IN:GMMPFAUDLR	GMM Pfaudler Limited	1213.25	-79.98	-6.18%
IN:KIRLOSBROS	Kirloskar Brothers Ltd.	1602.85	-280.48	-14.89%
IN:KRN	Krn Heat Exchanger and Refrigeration Limited	1146.40	343.45	42.77%
IN:KSB	KSB Ltd.	650.75	-130.49	-16.70%
IN:SETL	Standard Glass Lining Technology Ltd.	395.25	212.30	116.04%

HLE Glascoat Ltd Corporate Events

HLE Glascoat Restructures European Subsidiaries to Simplify Group Structure

Oct 5, 2026

HLE Glascoat Ltd has carried out an internal reorganization of its European subsidiaries, transferring 100% shareholding in HLE Surface Technologies GmbH from Thaletec GmbH to HLE International S.à.r.l., effective October 5, 2026. The company st...

HLE Glascoat Subsidiary Wins €20.56 Million Denmark Tunnel Panel Contract

Sep 7, 2026

HLE Glascoat Limited has announced that its step-down subsidiary, HLE Surface Technologies GmbH, has secured an international contract from FLC Portals Group I/S of Denmark. The agreement is for the supply of vitreous enamel cladding panels to be use...

HLE Glascoat Publishes Q1 FY27 Unaudited Results in Newspapers

Aug 12, 2026

HLE Glascoat Ltd has notified stock exchanges that it has published its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026 in leading English and Gujarati newspapers. The quarterly figures have also been made...

HLE Glascoat Sees Profit Squeeze in Q1 FY27 but Banks on Strong Order Book and Demand Revival

Aug 10, 2026

HLE Glascoat reported consolidated Q1 FY27 revenue of ₹300.8 crore, up 5.9% year-on-year, but saw sharp margin compression, with EBITDA falling to ₹22.6 crore and PAT dropping to ₹2.1 crore, reflecting weakened profitability across...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Sep 19, 2026

HLE Glascoat Ltd AI Stock Analysis