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Swing Capital

HLE Glascoat Ltd

NSE: HLEGLAS BSE: 522215

HLE Glascoat Ltd is in the business of manufacturing and sales of glass lined equipment and filters and dryers equipment for various industries in the country.[1]

₹301
52W: ₹250 — ₹662
PE 50.1 · Book ₹54.5 · +452% vs book
Market Cap₹2,093 Cr
Stock P/E50.1Price to Earnings
ROCE7.52%Return on Capital
ROE4.74%Return on Equity
Div. Yield0.36%Face Value ₹2

Strengths

  • +Company is expected to give good quarter
  • +Company has been maintaining a healthy dividend payout of 29.3%
  • +Debtor days have improved from 78.4 to 56.9 days.

Weaknesses

  • −Stock is trading at 5.55 times its book value
  • −The company has delivered a poor sales growth of 7.31% over past five years.
  • −Company has a low return on equity of 10.4% over last 3 years.
  • −Promoter holding has decreased over last 3 years: -4.68%

Shareholding Pattern

Promoters65.64%
FIIs2.27%
DIIs4.88%
Public27.22%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters66.69%66.69%66.69%66.69%66.78%▲0.165.64%▼1.165.64%65.64%
FIIs4.26%4.07%▼0.24.01%▼0.14.12%▲0.14.01%▼0.13.7%▼0.32.14%▼1.62.27%▲0.1
DIIs3.57%3.52%▼0.03.52%3.52%4.01%▲0.54.04%▲0.04.48%▲0.44.88%▲0.4
Public25.45%25.72%▲0.325.78%▲0.125.68%▼0.125.2%▼0.526.62%▲1.427.73%▲1.127.22%▼0.5

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales156.79141.82165.6111.26114.48130.38195164.26193.08164.24
Expenses140.85129.72150.23107.41103.81118.81168.88144.62170.28150.85
Operating Profit15.9412.115.373.8510.6711.5726.1219.6422.813.39
OPM %10.17%8.53%9.28%3.46%9.32%8.87%13.39%11.96%11.81%8.15%
Net Profit6.139.433.371.430.051.3113.5915.428.041.3
EPS ₹0.91.380.490.210.010.191.992.261.160.19

AI Insights

Revenue Trend

TTM revenue at ₹717Cr, up 30.1% YoY. OPM at 11%.

Debt Position

Borrowings at ₹325Cr. Debt-to-equity ratio: 0.89x. Moderate leverage.

Capex Cycle

CWIP at ₹4Cr (1% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 4.88% (+4.35pp change). FIIs: 2.27% (-2.03pp change). Promoters hold 65.64%.

Margin & Efficiency

ROCE declining from 22% (Mar 2014) to 8% (Mar 2025). Working capital days: -33.

Valuation

PE 50.1x with 7.52% ROCE. Price is 452% above book value of ₹54.5. Dividend yield: 0.36%.

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