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HLE Glascoat Results: Latest Quarterly Results & Analysis

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HLE Glascoat Ltd. 12 Aug 2025 12:21 PM
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Q1FY26 Quarterly Result Announced for HLE Glascoat Ltd.

Industrial Machinery company HLE Glascoat announced Q1FY26 results

  • The consolidated Revenue for the Q1FY26 stood at Rs 28,394.7 lakh, achieving a growth of 25.0% on a YoY basis.
  • EBITDA for Q1FY26 stood at Rs 3,984.6 lakh, reflecting a year-on-year growth of 68.6%, with an EBITDA margin of 14.0%.
  • PAT for the Q1FY26 reached Rs 1,786.5 lakh, marking a growth of 229.6% on a YoY basis, with a PAT margin of 6.3%.

Himanshu K. Patel, Managing Director, said: “We are pleased to report a robust start to FY26, with Q1 delivering healthy growth across all key financial metrics. Revenues rose 25.0% YoY, reaching Rs28,394.7 lakh, reflecting the strengthened demand and successful order execution. Our efforts to drive business growth and operational efficiency resulted in EBIDTA growing 68.6% YoY and margin expansion to 14.0%, a significant improvement over the corresponding prior period. The profit for the year surged 229.6% YoY, underscoring our sustained focus on profitability and value creation.

The expansion in both revenue and margins is a testament to our strategic initiatives in customer engagement, product and quality enhancement, and process excellence. Importantly, HLE Glascoat today is not only an equipment manufacturer but also a comprehensive solutions provider, catering to diverse client segments and enabling them to achieve operational efficiency and business transformation. We believe HLE Glascoat is now a true engineering solutions partner, delivering innovation-driven, end-to-end capabilities across the value chain.

With a robust order book, we are well-positioned to capture additional growth opportunities in the upcoming quarters. The environment remains supportive, with encouraging tailwinds in our end-user industries, including increased capital expenditure spending and favourable market sentiment. These factors, combined with our disciplined execution, engineering expertise, and innovative approach, give us confidence in delivering sustained performance.

Our teams remain committed to scaling new milestones, enhancing stakeholder value, and reinforcing our leadership position across our business segments, while continuing to contribute to the advancement of engineering and manufacturing standards in India.

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Industrial Machinery company HLE Glascoat announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue from Contract with Customers was Rs 33,370.7 lakh, up 8.7% YoY from Rs 30,689.8 lakh in Q4FY24.
  • EBITDA stood at Rs 5,424.5 lakh, growing 41.1% YoY compared to Rs 3,845.4 lakh in Q4FY24.
  • EBITDA margin improved to 16.3% from 12.5%, a rise of 380 bps YoY.
  • Profit before Tax and Exceptional Items was Rs 3,720.1 lakh, rising 75.7% YoY from Rs 2,116.7 lakh.
  • PAT (Profit for the Year) surged to Rs 3,164.4 lakh, a sharp 113.8% YoY growth from Rs 1,480.2 lakh.
  • PAT margin rose to 9.5% from 4.8%, up by 470 bps YoY.

FY25 Financial Highlights:

  • The consolidated Revenue for the FY25 stood at Rs 1,02,758.7 lakh, achieving a growth of 6.2% on YoY basis.
  • EBITDA for FY25 stood at Rs 14,093.4 lakh, reflecting a year-on-year growth of 16.6%, with an EBITDA margin of 13.7%.
  • PAT for the FY25 reached Rs 6,176.7 lakh, marking growth of 51.1% on a year-on-year basis, with a PAT margin of 6.0%.
  • The Company has reduced its long-term and short-term debt obligations by Rs 4,976.5 lakh during the year.

Commenting on the Results, Himanshu K. Patel, Managing Director said, “FY25 marked a year of strong execution and meaningful strategic progress for HLE Glascoat Ltd. We concluded the year with a consolidated revenue of Rs 1,02,758.7 lakh, reflecting a 6.2% year-on-year growth. Our Profit After Tax (PAT) saw a significant increase of 51.1% YoY, reaching Rs 6,176.7 lakh. In particular, Q4 PAT more than doubled YoY to Rs 3,164.4 lakh, underscoring enhanced operating leverage and improved profitability. With an order book of Rs 57,506.2 lakh as of March 31, 2025, we enter FY26 with strong revenue visibility.

We continued to reinforce our position as a trusted partner to India’s chemical and pharmaceutical industries, both of which are benefiting from structural tailwinds such as increased global outsourcing, supply chain diversification, and rising domestic demand. As these process industries focus on capacity expansion and technology upgrades, the demand for high-quality and highly efficient equipment remains strong. HLE Glascoat’s differentiated strengths in design, manufacturing, and application-specific engineering allow us to respond swiftly and effectively to these evolving customer requirements.

We also made significant strides on our strategic priorities. The inauguration of our state-of-the-art Centre of Excellence in Anand, Gujarat, marks a key milestone enhancing customer engagement, accelerating innovation, and deepening technical capabilities. Furthermore, our subsidiary Kinam commenced its first deliveries in the oil & gas sector, opening new avenues for growth.

As India’s process industries shift toward more advanced and sustainable manufacturing practices, we remain committed to driving value through innovation, reliability, and operational excellence. We extend our sincere gratitude to our customers, partners, and shareholders for their continued trust and support.”

Result PDF

Industrial Machinery company HLE Glascoat announced Q3FY25 results

  • Revenue: Rs 23,102.9 lakh compared to Rs 23,923.1 lakh during Q3FY24, change -3.4%.
  • EBIDTA: Rs 2,757.1 lakh compared to Rs 2,870.6 lakh during Q3FY24, change -4.0%.
  • EBIDTA margin: 11.9% for Q3FY25.
  • PAT: Rs 1,028.2 lakh compared to Rs 597.4 lakh during Q3FY24, change 72.1%.
  • PAT margin: 4.5% for Q3FY25.

Himanshu K. Patel, Managing Director, said: “We are pleased to report a stable performance for the quarter and nine-month period ended December 31, 2024, supported by a robust order book. Sequentially, the order book grew by approximately 13.4%, marking a 24.1% YoY increase.

While the industrial chemical sector saw subdued demand upto Q3FY25, the pharmaceutical segment maintained steady traction. With inventory levels stabilizing, the chemical industry is expected to witness a gradual recovery in the coming quarters.

Our Filtration, Drying, and Other Equipment segment continued to gain traction, recording sequential growth. Additionally, the Indian Glass-Lined Equipment business is showing signs of recovery, leading to margin improvements compared to last year. The steady buildup of its order book strengthens our confidence in further topline and margin expansion in the coming quarters.

We remain focused on leveraging our recent acquisitions, which continue to provide strategic adjacencies, broaden our product portfolio, and enable entry into new industries—helping us diversify risks while driving sustainable growth. The acquisition of a 26% stake in Clean Max Anchorage Private Limited will enable us to optimize energy costs with a short payback period while furthering our sustainability goals through captive use, enhancing profitability.”

Result PDF

Industrial Machinery company HLE Glascoat announced Q2FY25 results

Financial Highlights:

  • The consolidated Revenue for the Q2FY25 stood at Rs 23,577.9 lakh, achieving a growth of 5.1% on YoY basis.
  • EBITDA for Q2FY25 stood at Rs 3,548.8 lakh, reflecting a YoY growth of approximately 19.0%, with an EBITDA margin of 15.1%.
  • PAT for the quarter reached Rs 1,442.1 lakh, marking a robust growth of around 33.1% on a YoY basis, with a PAT margin of 6.1%.
  • The Company has reduced its long-term and short-term debt obligations by ~Rs 35 crore.

Other Highlights:

  • The Orderbook as at September 2024 end of Rs 60,247.1 lakh provides reasonable visibility. The Company continues to receive enquiries for orders for all its segments. The outlook is promising.
  • The Company will acquire a 26% equity stake in Clean Max Anchorage P Ltd (CMAPL), enabling access to a captive open access model in Gujarat, which will boost renewable energy usage and reduce energy costs for the Company.
  • The Operating Cashflow improved on the back of improved receivables and better working capital management.
  • The Scheme of Amalgamation of Kinam Enterprise Private Limited with HLE Glascoat Limited has received the approval from the Stock Exchanges.

Himanshu K. Patel, Managing Director, said: “Despite global challenges over the past six quarters, that delayed capex decisions by chemical companies and other user industries, we are pleased to report a stable performance for the quarter and half-year. This performance was supported by a robust order book, which grew by approximately 27% sequentially. Our global business order book now stands at ~Rs 602 crore, which provides a healthy visibility for the coming quarters.

In the chemical sector, demand remained subdued due to deferred capex plans. However, we observed good momentum in the pharmaceutical industry. The overall prospects are looking more encouraging now.

Our Filtration, Drying and Other Equipment segment witnessed strong traction, while our global Glass Lined Equipment business is set to outperform last year. Additionally, we have leveraged our past acquisitions in the Heat Transfer Business to explore new sectors like Oil and Gas, opening up fresh opportunities for growth.

We are also pleased to announce the strategic joint venture - Clean Max Anchorage Private Limited – which will enable us to optimize energy costs, while furthering our sustainability goals through captive use.”

Result PDF

Industrial Machinery company HLE Glascoat announced Q4FY24 results:

  • The consolidated Revenue for the Q4FY24 stood at Rs 30,689.8 lakh, achieving a growth of 2.9% on YoY basis.
  • EBITDA stood at Rs 3,845.4 lakh with an EBITDA margin of 12.5% in Q4FY24
  • PAT stood at Rs 1,480.2 lakh with a PAT margin of 4.8% in Q4FY24

Operating Highlights:

  • Strong Orderbook as at March 2024 end of Rs 47,936.07 lakhs.
  • Orderbook provides visibility of 4 months for the India business and 9-10 months for the Thaletec business.
  • The Board had approved the Scheme of Amalgamation of Kinam Enterprise Private Limited with HLE Glascoat Limited. Consequent to the Scheme, the Company will acquire the control over the balance 34.44% shares (to make it 70% controlling stake) in Kinam Engineering Industries Private Limited.
  • Thaletec, India has started receiving orders for the innovative range of products of Thaletec in India. The initial response is extremely encouraging.
  • ICRA has reaffirmed the long-term rating at ICRA A, and also reaffirmed the short-term ratingat ICRA A2 . The Outlook on the long-term rating is Stable

Commenting on the Results, Himanshu Patel, Managing Director said, “The global geopolitical landscape remains challenging, marked by ongoing conflicts and significant elections worldwide. These events are poised to influence the direction of the global economy. Major central banks have hinted at potential rate cuts throughout the year; however, the persistent lack of progress on global inflation remains a concern.

In the chemical sector, we continued to witness demand slackness due to dumping and lower capacity utilization caused by international events. The sector also faces headwinds from inventory rationalization. Despite these challenges, there has been some positive commentary from large chemical companies indicating an improvement in the fourth quarter, with further recovery expected to pick up pace in the second half of FY25.

Globally, the rise in energy prices due to war has further impacted demand, but the impending issue of inventory destocking seems to be nearing an end. The overall order book is showing gradual improvement. There is growing anticipation of a rise in exports from Indian chemical companies, albeit at a lower rate than initially expected for FY25 after a challenging FY24.

Regarding our operations, our Indian glass-lined equipment segment experienced slow performance due to demand weakness. Nonetheless, we remain committed to our growth strategy. Our earlier acquisition of Thaletech GmbH has allowed us to introduce the Thaletec products to the Indian market. Additionally, our strategic acquisition of Kinam Engineering Industries aligns well with our product diversification strategy and expand our product offerings. Despite the challenging market conditions, we are focused on growing in size and enhancing our capabilities. Thank you for your continued support and confidence in our Company.”

Result PDF

Industrial Machinery company HLE Glasscoat announced Q4FY23 & FY23 results:

  • Strong Financial Performance
    • FY23 Revenue from Operations growth of 42.8% YoY, EBITDA growth of 23.3% YoY
    • Q4FY23 Revenue from Operations growth of 19.7% YoY, EBITDA growth of 19.4% YoY
    • Q4FY23 Revenue from Operations growth of 39.3% QoQ, EBITDA growth of 67.3% QoQ
  • An order book of approximately 4-5 months for the Indian business and approximately 9 months for the European business. Several new customers were added in India and Europe.
  • Plans for phased implementation of a new manufacturing facility for Glass Lined Equipment at the land parcel acquired at Anand, Gujarat are being prepared.
  • The process of integration of the operations of Thaletec GmbH, Germany is ongoing. We believe the advantages of the combined operations will continue to accrue in the coming quarters.
  • The Board recommended a final dividend of Rs 1.10 per equity share, face value of Rs 2 (PY Rs 5 per equity share, face value of Rs 10), subject to shareholders' approval.

Commenting on the Results, Himanshu Patel, Managing Director said, “There have been overlapping crises in the world, the latest being the liquidity crunch in the global banking system combined with the recessionary predictions in advanced economies. The Indian economy however continues to be resilient but faces the challenges of increase in interest rates and higher inflation. Despite these challenges, the Company has performed very well, as reflected in our revenues from operations, which grew at approximately 42.8%, and EBITDA, which grew at 23.3%. We continue to observe an encouraging trend in demand, as evidenced by our robust order book.

The raw material prices during the first half of FY23 witnessed unprecedented volatility, thereby adversely impacting the business margins. Fortunately, we are now observing stability in the prices of key raw materials and we continue to monitor the situation very closely. The EBITDA margins were maintained at 15.6% (PY 18.0%) on account of close monitoring of costs and focus on operating efficiencies.

The Company continues to work very closely with Thaletec Germany to take advantage of our synergies.

We continuously strive to meet the evolving needs of our clients through constant efforts in innovation and research and development. By investing in cutting-edge technologies and proactive product development, we ensure that we deliver solutions that exceed customer expectations and maintain our position as a trusted industry leader.”

Result PDF

Industrial machinery firm HLE Glasscoat announced Q3FY23 results:

  • Q3FY23 & 9MFY23:
    • Total revenue of Rs 63,829.0 lakh is up by 56.0%
    • EBITDA of Rs 9,776.9 lakh is up by 25.1%
    • Profit after tax of Rs 4,701.9 lakh is up by  34.4%
    • Q3FY23 revenue from operations growth of 38.4% YoY and PAT growth of 58.3% YoY
    • An order book of approximately 5-6 months for the Indian business and approximately 9 months for the European business

Commenting on the Results, Himanshu Patel, Managing Director, said, “The Indian economy continues to be resilient despite the geopolitical uncertainties on account of the Russia-Ukraine war and emerging global recessionary trends. This is also reflected in our business, which saw Q3 revenue from operations grow ~38% and Q3 PAT grow 58%. We continue to see encouraging demand from clients which is also reflected in our robust order book.

On the cost side, we are now witnessing stability in the prices of key raw materials and we are monitoring this very closely. This will have a positive impact on our gross margins from the new business in the coming quarters. The company continues to work very closely with the Thaletec team and expects to further capitalize on the synergies going forward.

The company continues to strengthen its strategic positioning through constant focus on innovation/R&D to offer differentiated solutions to its clients.”

Result PDF

Industrial Machinery firm HLE Glasscoat announced Q1FY23 Result :

  • Revenue from Operations Rs. 20,442 lakhs up 65%
  • EBITDA Rs. 3,150 lakhs up 27%
  • Profit After Tax Rs. 1,538 up 8%

Commenting on the Results, Mr. Himanshu Patel, Managing Director said, “Despite the geo-political uncertainties, the Indian economy continues to consolidate its growth andinvestment activity is gaining traction with higher business confidence. The commodity price fluctuationsand the energy cost increase had briefly threatened to decelerate growth but these threats are nowreceding. The benefits of the acquisition of Thaletec GmbH and its combination with the Indian companyare beginning to reflect and we believe these will also increasingly contribute positively in the comingquarters. The recent increases in manufacturing capacities at Anand, Maroli and Silvassa Plants will alsocontribute to enhanced business growth.

In this background, your Company has reported good performance for the Q1 of FY23 with ConsolidatedRevenue growing by 65% and Consolidated EBITDA by 27%. The jump in the revenue was due to higherproduction, increase in demand from end user industries, consolidation of Thaletec and the order book. With some stabilisation being visible in the global commodities markets, we are expecting an improvementin our order book for all the segments. The end user industries are continuing to perform well and theincrease in the Company’s manufacturing capacities will further augment the activity levels in all businesssegments. We continue to focus on adding newer customers from the MSME sector, which has tremendouspotential. We will also continue our thrust on building on the post sales and spares/ component business,which is increasing continually.

In order to further boost our internal capabilities, the Company has strengthened its management andexecutive team by making senior level hires in marketing, operations and support functions in recentmonths. Continuing ahead, the Company will sharpen its focus on augmenting and increasing its market share in theFiltration, Drying and Glass Lined Equipment segments in India and abroad, whilst persevering toconcentrate on product and application innovations and improved quality to fulfil unmet customer needs.”

Result PDF

HLE Glasscoat declares Q4FY22 result:

  • Revenue from Operations Rs. 249 crores up 69%
  • EBITDA Rs. 40 crores up 37%
  • Profit After Tax Rs. 23 crores up 30%

Commenting on the Results, Mr. Himanshu Patel, Managing Director said, “The Indian economy is back on the growth track and investment activity is gaining traction with improvingbusiness confidence and opening-up of the economy after the removal of COVID-19 related restrictions.

On the back of this buoyancy, your Company has reported good performance for the FY22 with Revenuegrowing by 35% and EBITDA by 23%. The jump in the revenue was due to increased demand from end userindustries and robust order book for both HLE Glascoat and Thaletec GmbH. The recent geo-politicaldevelopments in Ukraine have created hurdles in the energy and material supply chains and costs and leadtimes are currently volatile.

On stabilisation of the global situation, we expect to see an improvement in our order book for all thesegments. The end user industries are continuing to perform well and the increase in the Company’smanufacturing capacities – including recently installed - will further augment the activity levels in allbusiness segments. We believe that MSME as a sector has tremendous potential, and the team is focusedon adding newer customers from this segment. We also plan to expand geographically with a renewedthrust on global markets.

In order to further increase our competitiveness, the Company has strengthened its executive team bymaking senior level hires in operations and support functions. Going forward, the Company will focus specifically on augmenting and increasing its market share in theFiltration, Drying and Glass Lined Equipment segments in India and abroad, whilst continuing to focus oninnovations and improved quality to meet customer needs.”

Result PDF

Highlights:

  • Revenue from Operations was Rs. 248 crores, up by 21%
  • EBITDA Rs. 48 crores, up by 31%
  • Profit After Tax Rs. 27 crores, up by 49%
  • Order Book of approximately 6 months for both filter dryers and glass lined equipment
  • Order book for both the segments continued to remain encouraging reflecting the continued demand from the user industries and the product quality and acceptance 
  • The Company has achieved substantially higher production levels during Q2FY22, which augurs very well for the coming quarters 
  • Return on Capital Employed (RoCE) and Return on Equity (RoE) remain at over 30% 
  • Net Debt to EBITDA stands at 0.1x in September 2021, reduced further from 0.6x in March 2021 

Commenting on the Results, Mr. Himanshu Patel, Chairman and Managing Director said, “Your Company has reported good performance for the first half of fiscal year 2022 with Revenue growing by 21% and EBITDA and PAT growing by 29% and 49% respectively. The increased demand from end user industries and strong order book provides ample scope for growth in the coming years. The high production levels, reflected in higher processed inventory, provides the lever for growth potential in the coming quarters.

As the economy is recovering and approaching normalcy, we foresee increase in our order book for the filtration, drying and glass lined equipment segments, which continues to be strong at ~6-7 months. The end user industries are performing well, and most of them continue their investments in future growth, which augers well for our Company’s future. We are also taking steps to introduce better technologies to smaller players in the end user industries as this market is rapidly growing. Our focus on customer retention, satisfaction and post sales service support continues. 

In September 2021, we announced the signing of definitive documents to acquire 100% of the global business of Thaletec GmbH, Germany as well as its subsidiary Thaletec Inc., USA, as a part of our strategy to strengthen our position further in the global markets with innovative technology. The process of acquisition of Thaletec GmbH is progressing well and we expect the acquisition to be completed by end of this quarter. The acquisition will enhance efficiencies and combine the similar business interests for both the entities, resulting in operational synergies, streamlining and optimization of the businesses.

Our endeavor is to continually add newer and innovative products to our portfolio, enhance our addressable market and be a preferred vendor for our customers. The Company is continuously exploring new growth opportunities to use the engineering capabilities and to introduce value added products.

Our efforts towards achieving operational efficiencies on a sustainable basis are ongoing. The Company continues to have a long-term focus on meeting our customers’ evolving expectations.” 

 

 

Result PDF

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