HLE Glascoat Limited – Investor Presentation Summary

Key Operational Highlights

  • Consolidated order book reached ~ ₹1,087.3 crore as of 30 September 2026, up from ₹662.0 crore as of 30 June 2026.
  • Company's step-down subsidiary HLE Surface Technologies GmbH, Germany secured a landmark order of about €20.56 million for vitreous enamel cladding panels.
  • Order flow from pharma industry improved across all product segments in India.
  • The company has 6 manufacturing facilities, produces 5,000+ equipment annually, and has 30,000+ installations in the last decade.
  • Global employee count: 1,350+ employees.

Segment-wise Performance

Filtration, Drying & Other Equipment

  • Revenue: ₹102 Cr (-25.6% YoY | +5.4% QoQ)
  • EBIT: ₹11.7 Cr (-38.8% YoY | +0.8% QoQ)
  • Assets: ₹368.4 Cr
  • Liabilities: ₹161.5 Cr

Glass Lined Equipment

  • Revenue: ₹195.4 Cr (+24.2% YoY | +1.2% QoQ)
  • EBIT: ₹11.6 Cr (+181.7% YoY | +86.7% QoQ)
  • Assets: ₹736.6 Cr
  • Liabilities: ₹275.2 Cr

Heat Transfer Equipment

  • Revenue: ₹48.8 Cr (-12.3% YoY | +362.3% QoQ)
  • EBIT: ₹6.8 Cr (-18.9% YoY | -268.3% QoQ)
  • Assets: ₹324.3 Cr
  • Liabilities: ₹54.4 Cr

Financial Highlights

Q2 FY27 Performance

  • Revenue from Operations: ₹346.7 Cr (-1.2% YoY | +15.3% QoQ)
  • EBITDA: ₹39.0 Cr (-2.9% YoY | +72.3% QoQ)
  • PAT: ₹16.0 Cr (+14.8% YoY | +680% QoQ)
  • EBITDA Margin: 11.2% (vs 11.4% in Q2 FY26)
  • PAT Margin: 4.6%

H1 FY27 Performance

  • Revenue from Operations: ₹647.4 Cr (+2.0% YoY)
  • EBITDA: ₹61.6 Cr (-23.0% YoY)
  • PAT: ₹18.1 Cr (-43.2% YoY)
  • EBITDA Margin: 9.5% (vs 12.6% in H1 FY26)
  • PAT Margin: 2.8%

Geographical Revenue Split

Not Specified

Balance Sheet Snapshot (As on 30th September 2026)

  • Total Assets: ₹1,438.5 Cr (vs ₹1,381.8 Cr as of Mar-26)
  • Total Equity: ₹627.1 Cr (vs ₹618.2 Cr as of Mar-26)
  • Non-Current Assets: ₹671.8 Cr
  • Current Assets: ₹766.7 Cr (Inventories: ₹439.9 Cr, Trade Receivables: ₹251.0 Cr)
  • Non-Current Liabilities: ₹187.1 Cr
  • Current Liabilities: ₹624.2 Cr (Borrowings: ₹197.6 Cr, Trade Payables: ₹149.4 Cr)
  • Cash and Cash Equivalents: ₹15.1 Cr (vs ₹34.4 Cr as of Mar-26)

Capex & Cash Flow Health

  • Capital Expenditure: The Company to undertake capital expenditure of ₹42-45 crores to manufacture heavy engineering and other allied products at Adas (near Anand), Gujarat.
  • Cash Flow from Operating Activities (6M Sep-26): ₹14.1 Cr
  • Cash Flow from Investing Activities (6M Sep-26): -₹21.5 Cr
  • Cash Flow from Financing Activities (6M Sep-26): -₹11.9 Cr
  • Free Cash Flow: Not Specified

Strategic & R&D Initiatives

  • Engineering capability supported by world class R&D infrastructure.
  • 10 Utility Patents, 41 Design Patents and/or Registrations, 59 Trademarks, 08 Patents under approval.
  • R&D Centre in Anand focused on indigenization, digital transformation and sustainable process engineering.
  • Application Centres in Anand & Maroli with reactors/autoclaves, melt crystallizer, loop reactor.
  • Pilot Plant in Maroli for customer ANFD/RVPD trials and process development.
  • Analytical Laboratories in Anand & Maroli with HPLC, gas chromatography and spectrophotometry.

Industry Trends & Business Environment

  • The company serves process-critical requirements across core process industries and infrastructure applications including: Chemicals & Pharmaceuticals, Thermal Process Applications, Energy Sector (Oil & Gas, Refining, Petrochemicals, Renewable Energy), and Infrastructure (Waste water treatment, Water and grain storage).

Management Commentary & Growth Outlook

  • With an all-time-high orderbook, execution priorities include operational efficiency, integration of expanded capabilities and sustainable profitable growth.
  • A broader engineering platform creates growth opportunities; converting growth into stronger profitability is the next priority.