Announcement
Announcement under Regulation 30 (LODR)-Updates on Acquisition 5 Oct - Thaletec transferred HLE Surface Technologies GmbH to HLE International S.à.r.l. to simplify group structure.
Source: Bse
HLE Glascoat Limited (HLEGLAS)
Small CapIndustrials stocks · Small cap · NSE
HLE Glascoat Limited operates in Glass Lined Equipment, within the Industrials sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result16 Aug, 01:07 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
54NeutralSMA20 +19.9% / mo · MACD −
Stock trend: 59
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
HLEGLASD candles · FIT view+17.8%Latest close ₹386.10 on 2026-10-21
Bar
-3.5%
RSI
43
MACD hist
-7.87
52W pos
33%
2026-10-21O ₹400.00H ₹405.75L ₹379.50C ₹386.10Vol 1.4L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
HLEGLASNifty India ManufacturingNifty 500
- HLEGLAS
- -11.8%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- -5.3 pp
Chart stats
21 Oct 2026- From 52W high
- -41.7%
- 52W range position
- 33%
- ATR (14)
- 6.3%
- Volume vs 20D
- 0.69x
- Avg traded value
- ₹8.6 Cr
- 20D price channel
- ₹379.5 - ₹483.4
₹662
₹250 - ₹662
₹24.3
Latest completed session
20-session average
59.0% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED29
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +5.9% · PAT -88.5% YoY
Technical
Neutral54
Price trend and sector-relative-strength timing.
Valuation
Legacy model-828.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence67
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -89% YoY · margin compression · Rev +6% YoY
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹300.8 Cr | +5.9% | -23.2% |
| EBITDA | ₹20.9 Cr | -44.3% | -51.1% |
| Operating margin | 7.0% | -628 bps | -397 bps |
| PAT | ₹2.1 Cr | -88.5% | -89.8% |
| PAT margin | 0.7% | -561 bps | -446 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 75.10
- P/B
- 5.54
- EV/EBITDA
- 20.54
- Market Cap
- 2959.00Cr
Profitability
- ROE
- 10.60%
- ROCE
- 12.10%
- ROA
- 3.00%
- Dividend Y
- 0.26%
Growth (CAGR)
- Revenue 5Y
- 23.00%
- EPS 5Y
- 1.00%
- Revenue 3Y
- 13.00%
- EPS 3Y
- -8.00%
Balance Sheet
- Debt/Equity
- 0.65
- Interest Coverage
- 3.62×
- Altman Z
- 4.10
- Book Value
- 76.90
Cash Flow
- FCF Yield
- 2.67%
- FCF Positive Y
- 6/5
- OCF
- 161.00 Cr
- EPS TTM
- 5.16
Shareholding
- Promoter Hold
- 65.64%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 43%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 301-23.2% vs prev
Net Profit
₹ CrLatest: 2.0-89.8% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 43. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~16.6% over last month) — short-term momentum positive.
- RSI(14) at 43 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 42% off 52W high · 54% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
45
RS percentile
Stage 2 UptrendRecent S2
1M return
-17.7%
3M return
-11.8%
6M return
+17.9%
1Y return
-32.4%
RS 1D
-5
RS 20D
-32
Sector rank
#2
Industry rank
#22
Stage evidence
- Price is 6.1% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +4.6%.
50-DMA
price above
200-DMA
price above
S2 entered
23 Sept 2026
S2 age
19 trading sessions
Sector
leading
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 86.92-2.44%
RS vs Nifty 50087
Valuation & peers
U-Score 29 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 29 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth7/25
Quality2/20
Balance Sheet7/15
Cash Flow8/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
29
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
29/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Cash flow contributes 8/10 to the score.
- Balance sheet contributes 7/15 to the score.
Main drags
- Fair-value margin of safety is negative at -828.4%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 2/20; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
75.1
PB
5.5
EV/EBITDA
20.5
ROE
10.6%
ROCE
12.1%
FCF Yield
2.7%
Debt/Equity
0.7
MoS
-828.4%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
29
Previous: 29
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-828.4%
Previous: -860.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
29
29
29
29
29
29
29
29
29
29
29
29
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹94.49
-308.6% MoS
Growth-justified P/E
8.1
Growth-justified Value
₹41.59
-828.4% MoS
PEG
75.10
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
KABRAEXTRU
Small
Kabra Extrusion Technik Limited
Industrial Machinery
match 61
26
652.0
-1.9%
-1546%
OVERVALUED
WINDMACHIN
Small
Windsor Machines Limited
Industrial Machinery
match 60
11
994.0
0.4%
-16342%
OVERVALUED
JNKINDIA
Small
JNK India Limited
Industrial Machinery
match 60
35
32.2
12.1%
+22%
WATCHLIST
JASH
Small
Jash Engineering Limited
Industrial Machinery
match 59
43
40.0
16.0%
+0%
WATCHLIST
HMT
Small
HMT Limited
Industrial Machinery
match 58
16
—
—
—
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Issuer presentation review pending
HLE Glascoat Limited operates in Glass Lined Equipment, within the Industrials sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers. The structured result feed currently covers the quarter ended 30 Jun 2026. Investor presentations and earnings-call PDFs will be added as issuer-backed evidence before management claims appear here.
Trust Score
67Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 52nd percentile of the scored universe and 50th percentile within Industrials. Main check: results consistency is weak at 39/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
81 docs text-extracted · 27 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
52nd percentile
overall median 67 · Industrials: 50th pctile, median 68 · Small: 56th pctile, median 66
Evidence depth
Financial-only
81 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
48
watch · capital discipline
Results
39
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 65.6%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.2%.
- ▸6 years of positive FCF.
Trust risks
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸Revenue CAGR is 13% but EPS CAGR is -8%.
- ▸0/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching HLE Glascoat Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 25 Sep - Board appointed Amit Kalra as CFO and KMP effective September 25, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 18 Sep - Intimation regarding newspaper publication of notice regarding Special Window for Transfer and Dematerialisation of Physical Securities.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Sep - Newspaper Publication for 35th Annual General Meeting Notice and other relevant information.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement Under Regulation 30 - Updates 18 Aug - On August 17, 2026, HLE Glascoat remitted €100,000 to Luxembourg subsidiary HLE International S.a.r.l.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Resignation of Chief Financial Officer (CFO) 4 Jul - CFO Naveen Kandpal resigned, effective close of business on 3 July 2026.
Source: Bse
Credit ratingJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Credit Rating 17 Jul - ICRA reaffirmed HLE Glascoat ratings on Rs. 517.50 crore facilities on July 17, 2026.
Source: Bse
Credit ratingJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Credit Rating 17 Jul - ICRA reaffirmed HLE Glascoat’s ratings on Rs 517.5 crore facilities on July 17, 2026.
Source: Bse
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Bse
Investor presentationJun 2026
Jun 2026 · PPT
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 12 Aug - HLE Glascoat Limited has informed about copy of Newspaper Publication regarding Standalone and Consolidated Unaudited Financial Results for the quarter ended June 30, 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 10 Aug - HLE Glascoat reported Q1FY27 revenue of ₹300.8 Cr, PAT ₹2.1 Cr, and order book of ₹713.8 Cr.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.