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Haldyn Glass Ltd

HALDYNGL

BSE

₹151.75+0.53%19 Oct 2026

Reports

Packaging FMCG and Consumers

Haldyn Glass Ltd

HALDYNGL

BSE

₹151.75

+0.53%

19 Oct 2026

SOICxStockScans Reports

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Packaging FMCG and Consumers

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Haldyn Glass is a specialist bottle-maker that turns sand and energy into the containers holding India’s spirits, soft drinks, and sauces - a single-plant manufacturer founded in 1991 by a glass-industry veteran, now run by the second generation, that has spent three decades refining one craft: making high-quality glass packaging for customers who demand consistency at scale. The company was built on a recurring approach - own the furnace, control the quality, and stay close enough to the liquor industry to become its preferred supplier while steadily branching into food, personal care, and exports.

Business segments

A single engine - glass container manufacturing - run from one plant in Gujarat, serving liquor as its anchor customer while extending into food, personal care, and export markets.

1. Glass containers: a bottle factory serving India’s liquor aisle and beyond

One integrated plant in Vadodara makes glass bottles for spirits, food, and cosmetics - the liquor industry is the largest customer, and the company competes on quality and cost in a market where glass is gaining ground against plastic.

Liquor is the anchor customer - the alcoholic beverage industry forms the largest segment, and the company has diversified from that base into non-alcoholic beverages, food, personal care, and homecare, acquiring new brands in each category.
One plant, two furnaces - all production happens at a single site in Village Gavasad, Gujarat, with two furnaces running state-of-the-art German melting technology and electric boosting, so the company can make both commercial-grade and premium-quality glass from the same location.
Quality is the moat - every production line has automatic inspection machines, and the company uses best-in-class blowers and lehrs (annealing ovens that cool glass slowly to prevent cracking), which means bottles leave the plant already checked for defects rather than being sorted later.
Decoration adds value - recently commissioned multi-colour printing machines let the company sell decorated bottles, not just plain ones, giving liquor and cosmetics brands a finished product straight off the line.
Input costs can be passed through - when raw-material and fuel prices spiked during FY23, the company successfully passed those increases on to customers, showing that its bottles are not easily substituted and that buyers accept price adjustments.

Group structure and partners

The company extends its reach through a German joint venture in premium cosmetics glass and a tiny US subsidiary for marketing - plus a small stake in a renewable-power entity to feed its furnaces.

Haldyn Heinz Fine Glass: the premium play - a 56.8%-owned joint venture with Germany’s HEINZ GLAS makes clear glass containers for cosmetics and perfumery, has turned profitable, and is gaining international customers while increasing its share of India’s premium segment.
Control stays shared despite the majority - even though Haldyn Glass owns more than half, the joint venture agreement restricts its substantive rights, so the entity is treated as an associate rather than a subsidiary, and its furnace at Kosamba-Surat was rebuilt with expanded capacity in FY24.
Haldyn Glass USA: a one-thousand-dollar beachhead - incorporated in October 2022 as a wholly owned subsidiary to provide marketing services and open up North American revenue channels, and it earned a profit of ` 55.16 Lakhs during the year.
Captive renewable power on the way - in June 2026 the company agreed to acquire a stake in Jamnagar Renewables Two Private Limited, a solar generator, so it can buy electricity under a captive scheme and reduce its reliance on grid power for the glass furnaces.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹809Cr

Close Price

₹150.50

Industry

Packaging FMCG and Consumers

Price To Earnings

27.26

Price To Sales

1.66

Revenue

₹487Cr

Rev Gr TTM

Revenue Growth TTM

18.93%

PAT Gr TTM

PAT Growth TTM

55.10%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	46	95	84	87	106	105	84	115	116	125	108	139
Growth YoY Revenue Growth YoY%	-42.5	7.5	14.1	19.1	128.1	10.5	-0.7	32.5	9.3	18.5	29.5	20.6
Expenses ExpensesCr	48	79	71	75	91	93	70	98	102	108	92	117
Operating Profit Operating ProfitCr	-1	16	14	12	15	12	14	17	14	16	16	22
OPM OPM%	-2.8	17.0	16.1	14.2	14.5	11.7	16.4	14.6	11.7	13.1	14.7	15.9
Other Income Other IncomeCr	8	0	9	3	2	4	3	1	6	2	3	2
Interest Expense Interest ExpenseCr	1	2	5	4	4	4	4	4	3	3	3	3
Depreciation DepreciationCr	3	6	7	6	8	8	7	8	8	8	7	7
PBT PBTCr	2	8	10	6	6	5	6	7	8	7	9	13
Tax TaxCr	-1	2	3	1	1	1	1	2	2	2	2	3
PAT PATCr	3	6	7	5	5	4	5	5	7	5	7	10
Growth YoY PAT Growth YoY%	-64.0	0.7	3.0	-44.3	81.0	-31.0	-33.4	5.9	30.0	32.4	62.4	90.0
NPM NPM%	6.2	6.1	8.0	5.9	4.9	3.8	5.4	4.7	5.9	4.2	6.8	7.4
EPS EPS₹	0.5	1.1	1.3	0.9	1.0	0.7	0.8	1.0	1.3	1.0	1.4	1.9

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	46	95	84	87	106	105	84	115	116	125	108	139
Growth YoY Revenue Growth YoY%	-42.5	7.5	14.1	19.1	128.1	10.5	-0.7	32.5	9.3	18.5	29.5	20.6
Expenses ExpensesCr	48	79	71	75	91	93	70	98	102	108	92	117
Operating Profit Operating ProfitCr	-1	16	14	12	15	12	14	17	14	16	16	22
OPM OPM%	-2.8	17.0	16.1	14.2	14.5	11.7	16.4	14.6	11.7	13.1	14.7	15.9
Other Income Other IncomeCr	8	0	9	3	2	4	3	1	6	2	3	2
Interest Expense Interest ExpenseCr	1	2	5	4	4	4	4	4	3	3	3	3
Depreciation DepreciationCr	3	6	7	6	8	8	7	8	8	8	7	7
PBT PBTCr	2	8	10	6	6	5	6	7	8	7	9	13
Tax TaxCr	-1	2	3	1	1	1	1	2	2	2	2	3
PAT PATCr	3	6	7	5	5	4	5	5	7	5	7	10
Growth YoY PAT Growth YoY%	-64.0	0.7	3.0	-44.3	81.0	-31.0	-33.4	5.9	30.0	32.4	62.4	90.0
NPM NPM%	6.2	6.1	8.0	5.9	4.9	3.8	5.4	4.7	5.9	4.2	6.8	7.4
EPS EPS₹	0.5	1.1	1.3	0.9	1.0	0.7	0.8	1.0	1.3	1.0	1.4	1.9

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	141	172	166	223	229	178	213	320	299	382	464	487
Growth Revenue Growth%		22.1	-3.3	34.2	2.9	-22.4	19.6	50.4	-6.6	27.7	21.5	18.9
Expenses ExpensesCr	124	145	153	199	204	158	197	290	259	328	401	420
Operating Profit Operating ProfitCr	17	27	13	24	25	20	16	30	40	54	63	68
OPM OPM%	11.8	15.6	7.9	10.7	10.9	11.3	7.5	9.5	13.3	14.1	13.5	13.9
Other Income Other IncomeCr	3	2	-2	3	4	5	6	11	21	13	13	13
Interest Expense Interest ExpenseCr	1	1	0	0	1	0	1	1	10	15	13	13
Depreciation DepreciationCr	8	11	11	11	13	10	7	8	19	29	30	30
PBT PBTCr	11	17	0	16	15	14	14	33	32	23	32	38
Tax TaxCr	4	6	1	4	5	4	3	6	8	4	7	9
PAT PATCr	7	11	0	12	11	10	12	27	25	19	25	30
Growth PAT Growth%		61.1	-104.6	2,557.2	-13.3	-4.7	17.9	127.6	-8.7	-23.4	31.7	55.1
NPM NPM%	4.7	6.3	-0.3	5.4	4.6	5.6	5.6	8.4	8.2	4.9	5.3	6.1
EPS EPS₹	1.2	2.0	-0.1	1.0	1.5	1.4	2.2	5.0	4.6	3.5	4.6	5.5

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	141	172	166	223	229	178	213	320	299	382	464	487
Growth Revenue Growth%		22.1	-3.3	34.2	2.9	-22.4	19.6	50.4	-6.6	27.7	21.5	18.9
Expenses ExpensesCr	124	145	153	199	204	158	197	290	259	328	401	420
Operating Profit Operating ProfitCr	17	27	13	24	25	20	16	30	40	54	63	68
OPM OPM%	11.8	15.6	7.9	10.7	10.9	11.3	7.5	9.5	13.3	14.1	13.5	13.9
Other Income Other IncomeCr	3	2	-2	3	4	5	6	11	21	13	13	13
Interest Expense Interest ExpenseCr	1	1	0	0	1	0	1	1	10	15	13	13
Depreciation DepreciationCr	8	11	11	11	13	10	7	8	19	29	30	30
PBT PBTCr	11	17	0	16	15	14	14	33	32	23	32	38
Tax TaxCr	4	6	1	4	5	4	3	6	8	4	7	9
PAT PATCr	7	11	0	12	11	10	12	27	25	19	25	30
Growth PAT Growth%		61.1	-104.6	2,557.2	-13.3	-4.7	17.9	127.6	-8.7	-23.4	31.7	55.1
NPM NPM%	4.7	6.3	-0.3	5.4	4.6	5.6	5.6	8.4	8.2	4.9	5.3	6.1
EPS EPS₹	1.2	2.0	-0.1	1.0	1.5	1.4	2.2	5.0	4.6	3.5	4.6	5.5

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	5	5	5	5	5	5	5	5	5	5	5
Reserves ReservesCr	115	128	125	128	133	139	148	172	194	210	229
Current Liabilities Current LiabilitiesCr	46	24	24	32	26	35	41	63	142	158	172
Non Current Liabilities Non Current LiabilitiesCr	10	12	12	8	8	7	7	31	108	116	95
Total Liabilities Total LiabilitiesCr	176	170	166	175	173	186	202	271	450	490	502
Current Assets Current AssetsCr	66	68	70	89	97	118	120	118	137	172	174
Non Current Assets Non Current AssetsCr	110	101	96	85	76	68	82	153	313	318	328
Total Assets Total AssetsCr	176	170	166	175	173	186	202	271	450	490	502

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	5	5	5	5	5	5	5	5	5	5	5
Reserves ReservesCr	115	128	125	128	133	139	148	172	194	210	229
Current Liabilities Current LiabilitiesCr	46	24	24	32	26	35	41	63	142	158	172
Non Current Liabilities Non Current LiabilitiesCr	10	12	12	8	8	7	7	31	108	116	95
Total Liabilities Total LiabilitiesCr	176	170	166	175	173	186	202	271	450	490	502
Current Assets Current AssetsCr	66	68	70	89	97	118	120	118	137	172	174
Non Current Assets Non Current AssetsCr	110	101	96	85	76	68	82	153	313	318	328
Total Assets Total AssetsCr	176	170	166	175	173	186	202	271	450	490	502

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	14	21	9	7	16	22	10	31	19	45	62
Investing Cash Flow Investing Cash FlowCr	-49	-1	-5	-2	1	-1	-12	-58	-86	-34	-34
Financing Cash Flow Financing Cash FlowCr	9	-21	-3	3	-10	-2	-1	30	65	-10	-30
Net Cash Flow Net Cash FlowCr	-25	-1	2	7	6	20	-3	3	-2	1	-2
Free Cash Flow Free Cash FlowCr	-37	19	7	2	11	17	2	-32	-77	7	33
CFO To PAT CFO To PAT%	214.5	196.6	-1,878.4	54.5	149.7	219.9	85.4	116.1	77.2	237.0	249.4
CFO To EBITDA CFO To EBITDA%	85.9	78.8	70.3	27.8	63.1	109.7	62.8	103.3	47.6	83.0	98.8

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	14	21	9	7	16	22	10	31	19	45	62
Investing Cash Flow Investing Cash FlowCr	-49	-1	-5	-2	1	-1	-12	-58	-86	-34	-34
Financing Cash Flow Financing Cash FlowCr	9	-21	-3	3	-10	-2	-1	30	65	-10	-30
Net Cash Flow Net Cash FlowCr	-25	-1	2	7	6	20	-3	3	-2	1	-2
Free Cash Flow Free Cash FlowCr	-37	19	7	2	11	17	2	-32	-77	7	33
CFO To PAT CFO To PAT%	214.5	196.6	-1,878.4	54.5	149.7	219.9	85.4	116.1	77.2	237.0	249.4
CFO To EBITDA CFO To EBITDA%	85.9	78.8	70.3	27.8	63.1	109.7	62.8	103.3	47.6	83.0	98.8

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	157	242	203	188	100	171	229	338	793	474	387	809
Price To Earnings Price To Earnings	25.6	22.5		34.0	12.2	22.9	19.4	12.5	32.3	25.2	15.6	27.3
Price To Sales Price To Sales	1.1	1.4	1.2	0.8	0.4	1.0	1.1	1.1	2.7	1.2	0.8	1.7
Price To Book Price To Book	1.3	1.8	1.6	1.4	0.7	1.2	1.5	1.9	4.0	2.2	1.6	3.5
EV To EBITDA EV To EBITDA	10.2	8.9	15.2	7.7	3.3	6.9	13.4	11.8	22.8	11.0	7.9	13.5
Profitability Ratios Profitability Ratios
GPM GPM%	29.2	33.2	29.6	28.4	28.7	31.5	28.1	28.3	35.0	36.4	35.4	35.4
OPM OPM%	11.8	15.6	7.9	10.7	10.9	11.3	7.5	9.5	13.3	14.1	13.5	13.9
NPM NPM%	4.7	6.3	-0.3	5.4	4.6	5.6	5.6	8.4	8.2	4.9	5.3	6.1
ROCE ROCE%	8.7	13.3	0.3	11.2	11.4	9.8	9.1	15.2	13.0	11.0	12.9	12.9
ROE ROE%	5.5	8.0	-0.4	9.1	7.6	7.0	7.7	15.2	12.3	8.7	10.6	10.6
ROA ROA%	3.8	6.3	-0.3	7.0	6.1	5.4	5.9	9.9	5.5	3.8	4.9	4.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	157	242	203	188	100	171	229	338	793	474	387	809
Price To Earnings Price To Earnings	25.6	22.5		34.0	12.2	22.9	19.4	12.5	32.3	25.2	15.6	27.3
Price To Sales Price To Sales	1.1	1.4	1.2	0.8	0.4	1.0	1.1	1.1	2.7	1.2	0.8	1.7
Price To Book Price To Book	1.3	1.8	1.6	1.4	0.7	1.2	1.5	1.9	4.0	2.2	1.6	3.5
EV To EBITDA EV To EBITDA	10.2	8.9	15.2	7.7	3.3	6.9	13.4	11.8	22.8	11.0	7.9	13.5
Profitability Ratios Profitability Ratios
GPM GPM%	29.2	33.2	29.6	28.4	28.7	31.5	28.1	28.3	35.0	36.4	35.4	35.4
OPM OPM%	11.8	15.6	7.9	10.7	10.9	11.3	7.5	9.5	13.3	14.1	13.5	13.9
NPM NPM%	4.7	6.3	-0.3	5.4	4.6	5.6	5.6	8.4	8.2	4.9	5.3	6.1
ROCE ROCE%	8.7	13.3	0.3	11.2	11.4	9.8	9.1	15.2	13.0	11.0	12.9	12.9
ROE ROE%	5.5	8.0	-0.4	9.1	7.6	7.0	7.7	15.2	12.3	8.7	10.6	10.6
ROA ROA%	3.8	6.3	-0.3	7.0	6.1	5.4	5.9	9.9	5.5	3.8	4.9	4.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	EPL	AGI	TCPLPACK	KNACK	MOLDTKPAC	HUHTAMAKI	HALDYNGL
Market CapitalizationMkt CapCr	7,424	4,678	3,777	2,490	2,027	1,806	809
Close PriceClose₹	231.40	723.00	4,151.00	203.50	305.00	239.20	150.50
IndustryIndustry	Packaging FMCG and Consumers	Packaging FMCG and Consumers	Packaging FMCG and Consumers	Packaging FMCG and Consumers	Packaging FMCG and Consumers	Packaging FMCG and Consumers	Packaging FMCG and Consumers
Price To EarningsPE	19.11	12.92	32.71	26.64	26.66	13.24	27.26
Price To SalesPS	1.47	1.69	2.01	3.02	2.14	0.69	1.66
RevenueRevenueCr	5,043	2,763	1,879	823	947	2,610	487
Revenue Growth TTMRev Gr TTM%	16.9%	4.3%	5.0%		14.7%	4.7%	18.9%
PAT Growth TTMPAT Gr TTM%	-1.6%	4.1%	-13.6%		14.5%	83.1%	55.1%

	EPL	AGI	TCPLPACK	KNACK	MOLDTKPAC	HUHTAMAKI	HALDYNGL
Market CapitalizationMkt CapCr	7,424	4,678	3,777	2,490	2,027	1,806	809
Close PriceClose₹	231.40	723.00	4,151.00	203.50	305.00	239.20	150.50
IndustryIndustry	Packaging FMCG and Consumers	Packaging FMCG and Consumers	Packaging FMCG and Consumers	Packaging FMCG and Consumers	Packaging FMCG and Consumers	Packaging FMCG and Consumers	Packaging FMCG and Consumers
Price To EarningsPE	19.11	12.92	32.71	26.64	26.66	13.24	27.26
Price To SalesPS	1.47	1.69	2.01	3.02	2.14	0.69	1.66
RevenueRevenueCr	5,043	2,763	1,879	823	947	2,610	487
Revenue Growth TTMRev Gr TTM%	16.9%	4.3%	5.0%		14.7%	4.7%	18.9%
PAT Growth TTMPAT Gr TTM%	-1.6%	4.1%	-13.6%		14.5%	83.1%	55.1%

FY2026

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FY2026

Jun 26