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HLE Glascoat Ltd
(HLEGLAS)
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Rating:57Neutral
Price Target:
₹418.00
▼(-7.05% Downside)
Action:Reiterated
Date:09/12/26
The score is driven primarily by solid financial fundamentals—revenue growth, improving leverage, and a rebound in free cash flow—tempered by inconsistent profitability and cash-flow variability. Technically, the stock is above major moving averages but momentum signals are mixed with negative MACD and elevated RSI/Stochastics. Valuation is a meaningful headwind due to the very high P/E and minimal dividend yield.
Positive Factors
Steady revenue growth
Sustained revenue expansion indicates continued demand for the company’s corrosion-resistant process equipment and related work. If growth persists, higher scale can support broader customer penetration, better operating leverage, and continued investment in engineering and after-sales capabilities.
Negative Factors
Profitability volatility
Falling and uneven net margins show that higher sales have not translated consistently into earnings. This weakens confidence in margin sustainability and could constrain internal funding, investment capacity, and returns if cost or execution pressures continue across future reporting periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Steady revenue growth
Sustained revenue expansion indicates continued demand for the company’s corrosion-resistant process equipment and related work. If growth persists, higher scale can support broader customer penetration, better operating leverage, and continued investment in engineering and after-sales capabilities.
Read all positive factors
HLE Glascoat Ltd (HLEGLAS) vs. iShares MSCI India ETF (INDA)
Market Cap
₹28.08B
Dividend Yield0.27%
Average Volume (3M)32.60K
Price to Earnings (P/E)77.9
Beta (1Y)1.20
Revenue Growth26.31%
EPS Growth-37.52%
CountryIN
Employees740
SectorGeneral
Sector StrengthN/A
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)5.19
Shares Outstanding69,454,740
10 Day Avg. Volume32,547
30 Day Avg. Volume32,604
Financial Highlights & Ratios
PEG Ratio6.62
Price to Book (P/B)3.23
Price to Sales (P/S)1.27
P/FCF Ratio22.86
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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...
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 ...
HLE Glascoat Ltd Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
66
Positive
Cash Flow
58
Neutral
| 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 | 1.44B | 1.08B |
| Net Income | 357.81M | 494.24M | 467.14M | 296.87M | 698.14M | 581.68M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 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 | 0.00 | 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
Positive
449.70
Price Trends
378.54
Positive
365.14
Positive
370.67
Positive
Market Momentum
-1.33
Negative
68.66
Neutral
88.82
Negative
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 449.7 is above the 20-day moving average (MA) of 327.49, above the 50-day MA of 378.54, and above the 200-day MA of 370.67, indicating a bullish trend. The MACD of -1.33 indicates Negative momentum. The RSI at 68.66 is Neutral, neither overbought nor oversold. The STOCH value of 88.82 is Negative, 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | ₹141.74B | 37.94 | ― | 0.39% | 5.04% | -10.39% | |
65 Neutral | ₹93.38B | 109.38 | ― | ― | ― | ― | |
62 Neutral | ₹104.46B | 103.95 | ― | ― | 64.04% | 78.68% | |
57 Neutral | ₹28.08B | 77.91 | ― | 0.27% | 26.31% | -37.52% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ₹139.74B | -1.88 | ― | 0.55% | 4.63% | -4.40% | |
53 Neutral | ₹58.83B | 78.88 | ― | 0.15% | 13.91% | 73.54% |
* General Sector Average
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HLE Glascoat Ltd Corporate Events
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 ...
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 ma...
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 acro...
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.