HLE Glascoat Ltd
NSE:HLEGLAS
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HLE Glascoat Ltd
HLE Glascoat Ltd. specializes in design and manufacturing of carbon steel glass lined equipment. The company is headquartered in Anand, Gujarat. The firm is engaged in three business: Glass Lined Equipment, Other Engineering Equipment and Chemical. Glass Lined Equipment business is engaged in manufactures of carbon steel glass lined equipment, such as reactors, receivers, storage tanks, columns, agitators, valves, pipes and fittings, and other similar equipment, related spares and accessories. Other Engineering Equipment is engaged in manufacturing of agitated filters and dryers, rotary vacuum paddle dryers, other chemical process equipment, and related spares and accessories. Chemical is engaged in manufacturing of organic chemicals.
HLE Glascoat Ltd. specializes in design and manufacturing of carbon steel glass lined equipment. The company is headquartered in Anand, Gujarat. The firm is engaged in three business: Glass Lined Equipment, Other Engineering Equipment and Chemical. Glass Lined Equipment business is engaged in manufactures of carbon steel glass lined equipment, such as reactors, receivers, storage tanks, columns, agitators, valves, pipes and fittings, and other similar equipment, related spares and accessories. Other Engineering Equipment is engaged in manufacturing of agitated filters and dryers, rotary vacuum paddle dryers, other chemical process equipment, and related spares and accessories. Chemical is engaged in manufacturing of organic chemicals.
Strong Revenue Growth: HLE Glascoat reported consolidated revenue of INR 351 crores for Q2 FY '26, up 48.8% year-on-year, and H1 FY '26 revenue of INR 635 crores, up 37.1% versus last year.
Margin Pressure: EBITDA margin for Q2 was 11.4%, impacted by earlier competitively priced orders and initial losses at the newly acquired Omeras business. Margins are expected to recover in H2.
Omeras Acquisition: The acquisition of Omeras was completed using internal accruals, with the new business expected to reach breakeven or better by year-end.
Order Book Visibility: The order book stood robust at INR 722 crores as of September 30, 2025, providing healthy revenue visibility.
Segment Growth: Filtration, drying, and heat transfer equipment segments grew strongly, with heat transfer equipment revenue up 124.8% and filtration/drying up 111.1% year-on-year in Q2.
Guidance and Outlook: Management expects overall EBITDA margins to reach about 16% in H2, with improved margins and profitability in the coming quarters, especially as capacity utilization rises.
No Near-Term M&A: No further acquisitions are planned at present, with focus on consolidating recent expansions.
Capacity Utilization: Current utilization levels in glass lined and filtration/drying segments are set to rise, supporting future margin expansion and growth.
