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HLE Glascoat Ltd

HLEGLAS

NSE

₹399.45-3.82%19 Oct 2026

Reports

Glass lining Equipment

HLE Glascoat Ltd

HLEGLAS

NSE

₹399.45

-3.82%

19 Oct 2026

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Glass lining Equipment

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Deep Dive Report: In-depth business analysis.

HLE Glascoat is fundamentally a chemical-engineering solutions company that makes the specialized, corrosion-proof equipment without which modern pharmaceutical and chemical plants cannot run - it is not a standard machinery maker, but a provider of complete process systems. Born from a family chemical business founded in 1951 by a Columbia-trained PhD who returned to build an independent India, the company began making equipment for its own plants in 1981 and transformed decisively through a string of acquisitions starting in 2017, each chosen for differentiated technology and high barriers to entry. The recurring pattern is visible across its history: buy or build a niche technology platform with deep engineering moats, then scale it by adding manufacturing muscle, cross-selling into an overlapping customer base, and pulling in proven designs from acquired European leaders.

Business segments

Five engines at different stages - a dominant filtration-and-drying cash cow, a glass-lined platform that spans India and Germany, a heat-transfer bolt-on, a custom exotic-metals workshop, and a newly acquired glass-fused-steel bet on water and renewables - each built with the cash flows of the one before.

1. Filtration and Drying Equipment: the company’s foundation and India’s undisputed leader

With more than half the Indian market and the title of world’s largest maker of Agitated Nutsche Filter Dryers, this business is the profit engine that funded every subsequent acquisition.

One machine does three jobs - the flagship Agitated Nutsche Filter-Dryer (ANFD) filters solids from liquids, washes out impurities, and dries the final product inside a single sealed vessel, which cuts operating cost, improves efficiency, and meets the sterile requirements of pharmaceutical manufacturing.
Scale that feeds itself - the company produces over 600 filters a year and has more than 4,500 ANFD installations in the field, and because those units run for 15 to 25 years, a growing stream of spares and replacement orders is now layered on top of new equipment sales.
Standardised products opened a new buyer tier - about five years ago the company introduced off-the-shelf filtration and drying equipment with limited customization, initially aimed at smaller enterprises, which has since pulled in larger customers who value immediate availability.
Two plants, two jobs - the original Maroli Works handles complex, highly customized orders with over 100 qualified welders and a pilot plant where customers run trials on real ANFDs, while the newer Silvassa plant, commissioned in 2022, is tooled for low-cost, high-volume manufacturing of standardized Monoblock ANFDs.

2. Glass Lined Equipment: corrosion-proof reactors and vessels, made in India and Germany

The company is one of India’s largest glass-lined equipment players with roughly a quarter of the market, and through its German subsidiary Thaletec it also leads the DACH region with over 50% share - two platforms sharing technology in both directions.

Glass that protects steel - glass-lined reactors and storage vessels bond a corrosion-resistant glass layer to steel, letting chemical and pharma plants handle aggressive acids and high-purity processes in equipment that can range from 63-litre lab units to 65,000-litre storage tanks, the largest ever supplied in India.
Indigenous technology, then a German upgrade - the company developed its glass-lining know-how in-house, and after acquiring Thaletec GmbH in 2021 it began incorporating Thaletec-designed mixing impellers, power baffles, and heat exchangers into its Indian products, while Thaletec India started booking orders for the innovative range locally.
Thaletec is a high-value European fortress - operating the largest glass-lining plant in Europe from a 37,000 m² facility with over 160 employees, Thaletec holds 17 patents and makes vessels up to 100,000 litres, with roughly 40% of its revenue coming from sticky after-sales business rather than one-time equipment sales.
A new mega-plant is coming - the company has purchased roughly 130,000 square metres of land near Anand, Gujarat, earmarked for a new glass-lined equipment manufacturing plant that will expand capacity beyond the existing Anand Works and its five SCADA-controlled furnaces.

3. Heat Transfer Equipment: a one-stop thermal shop bolted on through acquisition

Kinam Engineering, acquired in 2023, is described as the only true one-stop-shop for heat exchange solutions in India - it brought a complementary product line that slots into the same customer base.

Every type of heat exchanger under one roof - Kinam makes shell-and-tube units up to 3,000 m², corrugated-tube designs that deliver 30-50% better efficiency, self-cleaning spiral exchangers, and box condensers with integrated corrugated-tube technology, covering the full range a chemical or pharma plant would need.
Maiden oil-and-gas entry expands the pipeline - the business recently executed its first orders in the oil and gas sector, which added a new end-market beyond the chemicals and pharmaceuticals customers that still account for 60-70% of Kinam’s revenue.
Shared customers, shared factory logic - because Kinam’s products are bought by the same chemical and pharma plants that already buy HLE’s filtration and glass-lined equipment, the acquisition brings adjacency benefits and economies of scale in procurement and sales.

4. Exotic Metal Fabrication and Custom Engineering: the high-barrier workshop for extreme jobs

When a process is too corrosive or too high-pressure for standard materials, this division fabricates equipment from Hastelloy, titanium, and other exotic alloys - and it is the only Indian company qualified to build a critical pressure vessel for the Navy’s deep-sea diving vessels.

Metals that shrug off acid - the company welds and machines equipment from nickel-based alloys like Hastelloy and Inconel, as well as titanium and tantalum, producing vessels up to 60 m3 in capacity and capable of withstanding over 100 bar of pressure.
A defence moat with no domestic competition - it became the first and only company in India certified by the Indian Register of Shipping to manufacture a technically challenging product for deep-sea diving applications, a qualification that carries high entry barriers and no Indian rivals.
Precision welding at scale - the capability rests on over 200 qualified welders, two imported robotic welding arms, and pulsed-arc welding systems, supported by a mix of large conventional machine tools and the latest CNC machines that give an edge in precision machining.

5. Omeras - Glass-Fused Steel and Architectural Systems: a green-energy bet under construction

Acquired in 2025 through a German step-down subsidiary, Omeras extends the company’s century-old glass-lining expertise into modular glass-fused-to-steel tanks for water, biogas, and architectural façades - a new engine being planted in India right now.

Steel tanks with a glass skin - OmeraStore makes bolted-together, glass-fused-to-steel tanks ranging from 8 m³ to over 20,000 m³, combining the strength of steel with the corrosion resistance of glass, used for potable water, sludge, and industrial liquids worldwide.
India entry funded and underway - the board has approved up to Rs. 25 crores of capital expenditure to set up manufacturing of glass-fused tanks and silos at the existing Silvassa campus, using Omeras’ experience and knowledge to target the emerging Indian market for renewable energy and water infrastructure.

Group structure and partners

The company is a listed Indian parent with wholly owned manufacturing subsidiaries in Germany and a newly formed international holding company in Luxembourg, plus a captive solar-wind hybrid power plant that came online in March 2026.

Thaletec GmbH owns 100% of Thaletec Inc. in the USA for market development, and 100% of HLE Surface Technologies GmbH, the German entity that directly owns OmeraStore GmbH - so the entire German glass-lined and glass-fused-steel operation sits under one chain.
A new wholly owned subsidiary, HLE International S.à.r.l., was incorporated in Luxembourg in March 2026 to serve as an international holding company.
The company holds a 26% stake in a special-purpose vehicle that built a 5.61 MW captive renewable-energy project combining 3.3 MW of wind and 2.31 MWp of solar, commissioned in March 2026 at its Gujarat operations.

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Balance Sheet

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Balance Sheet

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Mkt Cap

Market Capitalization

₹2,778Cr

Close Price

₹400.00

Industry

Glass lining Equipment

Price To Earnings

76.63

Price To Sales

2.03

Revenue

₹1,370Cr

Rev Gr TTM

Revenue Growth TTM

26.31%

PAT Gr TTM

PAT Growth TTM

-45.09%

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	224	239	307	227	236	231	334	284	351	327	392	301
Growth YoY Revenue Growth YoY%	4.6	11.7	2.9	15.2	5.1	-3.4	8.7	25.1	48.8	41.4	17.4	5.9
Expenses ExpensesCr	198	215	270	205	202	205	282	246	313	305	349	280
Operating Profit Operating ProfitCr	26	25	36	22	34	26	52	38	38	21	43	21
OPM OPM%	11.8	10.3	11.9	9.6	14.5	11.1	15.6	13.2	10.9	6.5	10.9	7.0
Other Income Other IncomeCr	2	1	2	2	1	2	2	2	-1	0	1	2
Interest Expense Interest ExpenseCr	6	10	10	9	9	9	9	9	9	8	9	8
Depreciation DepreciationCr	6	7	7	7	7	7	8	8	9	10	10	10
PBT PBTCr	16	8	21	7	20	11	37	23	19	4	25	4
Tax TaxCr	5	2	6	2	5	1	6	5	5	-1	5	2
PAT PATCr	11	6	15	5	14	10	32	18	14	5	20	2
Growth YoY PAT Growth YoY%	-44.1	-51.3	-35.1	-41.7	33.3	72.2	113.8	229.7	-3.2	-55.3	-36.4	-88.5
NPM NPM%	4.8	2.5	4.8	2.4	6.1	4.5	9.5	6.3	4.0	1.4	5.1	0.7
EPS EPS₹	1.6	0.9	2.2	0.8	2.1	1.5	4.6	2.6	1.8	0.4	2.6	0.4

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	224	239	307	227	236	231	334	284	351	327	392	301
Growth YoY Revenue Growth YoY%	4.6	11.7	2.9	15.2	5.1	-3.4	8.7	25.1	48.8	41.4	17.4	5.9
Expenses ExpensesCr	198	215	270	205	202	205	282	246	313	305	349	280
Operating Profit Operating ProfitCr	26	25	36	22	34	26	52	38	38	21	43	21
OPM OPM%	11.8	10.3	11.9	9.6	14.5	11.1	15.6	13.2	10.9	6.5	10.9	7.0
Other Income Other IncomeCr	2	1	2	2	1	2	2	2	-1	0	1	2
Interest Expense Interest ExpenseCr	6	10	10	9	9	9	9	9	9	8	9	8
Depreciation DepreciationCr	6	7	7	7	7	7	8	8	9	10	10	10
PBT PBTCr	16	8	21	7	20	11	37	23	19	4	25	4
Tax TaxCr	5	2	6	2	5	1	6	5	5	-1	5	2
PAT PATCr	11	6	15	5	14	10	32	18	14	5	20	2
Growth YoY PAT Growth YoY%	-44.1	-51.3	-35.1	-41.7	33.3	72.2	113.8	229.7	-3.2	-55.3	-36.4	-88.5
NPM NPM%	4.8	2.5	4.8	2.4	6.1	4.5	9.5	6.3	4.0	1.4	5.1	0.7
EPS EPS₹	1.6	0.9	2.2	0.8	2.1	1.5	4.6	2.6	1.8	0.4	2.6	0.4

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	359	426	484	652	932	968	1,028	1,353	1,370
Growth Revenue Growth%		18.7	13.6	34.6	42.9	3.9	6.2	31.7	26.3
Expenses ExpensesCr	314	355	393	542	795	856	895	1,213	1,247
Operating Profit Operating ProfitCr	46	71	92	110	137	112	133	140	123
OPM OPM%	12.7	16.8	18.9	16.9	14.7	11.6	12.9	10.3	9.0
Other Income Other IncomeCr	3	5	4	-1	8	4	8	2	2
Interest Expense Interest ExpenseCr	14	12	10	13	23	31	36	34	34
Depreciation DepreciationCr	7	7	9	11	23	26	30	36	38
PBT PBTCr	28	57	77	84	99	59	75	71	52
Tax TaxCr	9	17	24	26	30	18	13	14	12
PAT PATCr	19	39	53	58	70	41	62	57	41
Growth PAT Growth%		111.6	36.1	9.1	19.9	-41.4	51.1	-8.4	-45.1
NPM NPM%	5.2	9.2	11.0	8.9	7.5	4.2	6.0	4.2	3.0
EPS EPS₹	5.7	6.1	8.2	8.5	10.2	6.0	9.1	7.2	5.2

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	359	426	484	652	932	968	1,028	1,353	1,370
Growth Revenue Growth%		18.7	13.6	34.6	42.9	3.9	6.2	31.7	26.3
Expenses ExpensesCr	314	355	393	542	795	856	895	1,213	1,247
Operating Profit Operating ProfitCr	46	71	92	110	137	112	133	140	123
OPM OPM%	12.7	16.8	18.9	16.9	14.7	11.6	12.9	10.3	9.0
Other Income Other IncomeCr	3	5	4	-1	8	4	8	2	2
Interest Expense Interest ExpenseCr	14	12	10	13	23	31	36	34	34
Depreciation DepreciationCr	7	7	9	11	23	26	30	36	38
PBT PBTCr	28	57	77	84	99	59	75	71	52
Tax TaxCr	9	17	24	26	30	18	13	14	12
PAT PATCr	19	39	53	58	70	41	62	57	41
Growth PAT Growth%		111.6	36.1	9.1	19.9	-41.4	51.1	-8.4	-45.1
NPM NPM%	5.2	9.2	11.0	8.9	7.5	4.2	6.0	4.2	3.0
EPS EPS₹	5.7	6.1	8.2	8.5	10.2	6.0	9.1	7.2	5.2

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	7	13	13	14	14	14	14	14
Reserves ReservesCr	26	52	110	227	300	390	451	520
Current Liabilities Current LiabilitiesCr	188	200	183	333	407	487	570	604
Non Current Liabilities Non Current LiabilitiesCr	64	58	59	174	161	218	169	160
Total Liabilities Total LiabilitiesCr	294	335	377	760	894	1,202	1,293	1,382
Current Assets Current AssetsCr	203	229	249	479	559	620	649	716
Non Current Assets Non Current AssetsCr	90	107	128	281	335	582	645	666
Total Assets Total AssetsCr	294	335	377	760	894	1,202	1,293	1,382

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	7	13	13	14	14	14	14	14
Reserves ReservesCr	26	52	110	227	300	390	451	520
Current Liabilities Current LiabilitiesCr	188	200	183	333	407	487	570	604
Non Current Liabilities Non Current LiabilitiesCr	64	58	59	174	161	218	169	160
Total Liabilities Total LiabilitiesCr	294	335	377	760	894	1,202	1,293	1,382
Current Assets Current AssetsCr	203	229	249	479	559	620	649	716
Non Current Assets Non Current AssetsCr	90	107	128	281	335	582	645	666
Total Assets Total AssetsCr	294	335	377	760	894	1,202	1,293	1,382

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	49	45	48	1	5	95	134	161
Investing Cash Flow Investing Cash FlowCr	-15	-19	-29	-173	-40	-45	-68	-86
Financing Cash Flow Financing Cash FlowCr	-29	-30	-10	160	13	-19	-60	-85
Net Cash Flow Net Cash FlowCr	5	-5	9	-12	-22	31	6	-10
Free Cash Flow Free Cash FlowCr	33	22	20	-67	-36	40	68	108
CFO To PAT CFO To PAT%	262.1	113.9	90.4	1.8	7.0	231.7	217.5	285.0
CFO To EBITDA CFO To EBITDA%	106.3	62.5	52.6	1.0	3.6	84.5	101.2	115.4

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	49	45	48	1	5	95	134	161
Investing Cash Flow Investing Cash FlowCr	-15	-19	-29	-173	-40	-45	-68	-86
Financing Cash Flow Financing Cash FlowCr	-29	-30	-10	160	13	-19	-60	-85
Net Cash Flow Net Cash FlowCr	5	-5	9	-12	-22	31	6	-10
Free Cash Flow Free Cash FlowCr	33	22	20	-67	-36	40	68	108
CFO To PAT CFO To PAT%	262.1	113.9	90.4	1.8	7.0	231.7	217.5	285.0
CFO To EBITDA CFO To EBITDA%	106.3	62.5	52.6	1.0	3.6	84.5	101.2	115.4

Consolidated

Standalone

Financial Year	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	115	619	2,971	7,429	3,436	2,787	1,704	1,741	2,778
Price To Earnings Price To Earnings	6.4	16.2	56.8	127.7	49.2	93.8	31.6	35.2	76.6
Price To Sales Price To Sales	0.3	1.4	6.1	11.4	3.7	2.9	1.7	1.3	2.0
Price To Book Price To Book	3.5	9.5	24.1	30.9	10.9	6.9	3.7	3.3	5.2
EV To EBITDA EV To EBITDA	4.5	9.7	33.0	69.2	26.8	27.9	15.3	14.5	25.8
Profitability Ratios Profitability Ratios
GPM GPM%	26.5	30.4	33.1	33.5	38.2	38.4	41.1	37.7	37.7
OPM OPM%	12.7	16.8	18.9	16.9	14.7	11.6	12.9	10.3	9.0
NPM NPM%	5.2	9.2	11.0	8.9	7.5	4.2	6.0	4.2	3.0
ROCE ROCE%	30.2	46.3	43.5	21.3	21.4	11.3	13.2	12.0	12.0
ROE ROE%	56.3	60.3	43.3	24.2	22.2	10.1	13.3	10.6	10.6
ROA ROA%	6.3	11.7	14.2	7.7	7.8	3.4	4.8	4.1	4.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	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	115	619	2,971	7,429	3,436	2,787	1,704	1,741	2,778
Price To Earnings Price To Earnings	6.4	16.2	56.8	127.7	49.2	93.8	31.6	35.2	76.6
Price To Sales Price To Sales	0.3	1.4	6.1	11.4	3.7	2.9	1.7	1.3	2.0
Price To Book Price To Book	3.5	9.5	24.1	30.9	10.9	6.9	3.7	3.3	5.2
EV To EBITDA EV To EBITDA	4.5	9.7	33.0	69.2	26.8	27.9	15.3	14.5	25.8
Profitability Ratios Profitability Ratios
GPM GPM%	26.5	30.4	33.1	33.5	38.2	38.4	41.1	37.7	37.7
OPM OPM%	12.7	16.8	18.9	16.9	14.7	11.6	12.9	10.3	9.0
NPM NPM%	5.2	9.2	11.0	8.9	7.5	4.2	6.0	4.2	3.0
ROCE ROCE%	30.2	46.3	43.5	21.3	21.4	11.3	13.2	12.0	12.0
ROE ROE%	56.3	60.3	43.3	24.2	22.2	10.1	13.3	10.6	10.6
ROA ROA%	6.3	11.7	14.2	7.7	7.8	3.4	4.8	4.1	4.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	SETL	GMMPFAUDLR	HLEGLAS
Market CapitalizationMkt CapCr	6,882	5,808	2,778
Close PriceClose₹	345.00	1,292.00	400.00
IndustryIndustry	Glass lining Equipment	Glass lining Equipment	Glass lining Equipment
Price To EarningsPE	79.68	80.45	76.63
Price To SalesPS	8.11	1.59	2.03
RevenueRevenueCr	849	3,654	1,370
Revenue Growth TTMRev Gr TTM%	31.6%	13.9%	26.3%
PAT Growth TTMPAT Gr TTM%	19.1%	74.7%	-45.1%

	SETL	GMMPFAUDLR	HLEGLAS
Market CapitalizationMkt CapCr	6,882	5,808	2,778
Close PriceClose₹	345.00	1,292.00	400.00
IndustryIndustry	Glass lining Equipment	Glass lining Equipment	Glass lining Equipment
Price To EarningsPE	79.68	80.45	76.63
Price To SalesPS	8.11	1.59	2.03
RevenueRevenueCr	849	3,654	1,370
Revenue Growth TTMRev Gr TTM%	31.6%	13.9%	26.3%
PAT Growth TTMPAT Gr TTM%	19.1%	74.7%	-45.1%

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