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Last Updated: April 2, 2026, 4:48 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 522215 | NSE: HLEGLAS

HLE Glascoat Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹220.23Overvalued by 18.13%vs CMP ₹269.00

P/E (35.1) × ROE (10.7%) × BV (₹73.00) × DY (0.41%)

₹155.08Overvalued by 42.35%vs CMP ₹269.00
MoS: -73.5% (Negative)Confidence: 63/100 (Moderate)Models: 1 Under, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹213.4122%Over (-20.7%)
Graham NumberEarnings₹109.3516%Over (-59.3%)
Earnings PowerEarnings₹16.7713%Over (-93.8%)
DCFCash Flow₹45.5613%Over (-83.1%)
Net Asset ValueAssets₹72.937%Over (-72.9%)
EV/EBITDAEnterprise₹231.609%Over (-13.9%)
Earnings YieldEarnings₹72.807%Over (-72.9%)
ROCE CapitalReturns₹478.289%Under (+77.8%)
Revenue MultipleRevenue₹221.825%Over (-17.5%)
Consensus (9 models)₹155.08100%Overvalued
Key Drivers: Wide model spread (₹17–₹478) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -3.1%

*Investments are subject to market risks

Investment Snapshot

60
HLE Glascoat Ltd scores 60/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health64/100 · Moderate
ROCE 12.5% GoodROE 10.7% AverageD/E 0.62 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money45/100 · Moderate
FII holding down -1.98% (6mo) SellingDII holding up 0.96% MF buyingPromoter holding at 65.6% Stable
Earnings Quality50/100 · Moderate
OPM contracting (16% → 13%) DecliningWorking capital: 10 days (improving) Efficient
Quarterly Momentum80/100 · Strong
Revenue (4Q): +29% YoY AcceleratingProfit (4Q): +52% YoY StrongOPM: 6.5% (down 4.6% YoY) Margin pressure
Industry Rank50/100 · Moderate
P/E 35.1 vs industry 37.1 In-lineROCE 12.5% vs industry 15.8% Average3Y sales CAGR: 16% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 4:48 am

Market Cap 1,870 Cr.
Current Price 269
Intrinsic Value₹155.08
High / Low 662/232
Stock P/E35.1
Book Value 73.0
Dividend Yield0.41 %
ROCE12.5 %
ROE10.7 %
Face Value 2.00
PEG Ratio-11.33

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for HLE Glascoat Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
HLE Glascoat Ltd 1,870 Cr. 269 662/23235.1 73.00.41 %12.5 %10.7 % 2.00
Windsor Machines Ltd 1,913 Cr. 218 410/200 83.60.00 %1.46 %2.38 % 2.00
Disa India Ltd 1,694 Cr. 11,647 15,800/10,75028.9 1,9051.72 %28.9 %21.2 % 10.0
Concord Control Systems Ltd 2,073 Cr. 1,996 2,840/62468.2 1370.00 %36.8 %27.4 % 10.0
Sanghvi Movers Ltd 2,315 Cr. 267 413/20515.8 1350.75 %11.8 %10.0 % 1.00
Industry Average9,009.11 Cr1,209.8537.05295.050.38%15.76%13.09%8.88

All Competitor Stocks of HLE Glascoat Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 214.23298.34197.19224.42239.23306.90227.07235.78231.03333.71283.95350.78326.57
Expenses 188.42253.98174.00197.96214.55270.41205.22201.68205.39281.71246.35312.54305.47
Operating Profit 25.8144.3623.1926.4624.6836.4921.8534.1025.6452.0037.6038.2421.10
OPM % 12.05%14.87%11.76%11.79%10.32%11.89%9.62%14.46%11.10%15.58%13.24%10.90%6.46%
Other Income 2.472.940.681.520.591.971.781.391.932.252.25-1.150.31
Interest 5.328.954.785.779.7010.349.448.658.789.328.609.337.86
Depreciation 5.615.795.966.077.336.957.267.307.387.738.368.609.90
Profit before tax 17.3532.5613.1316.148.2421.176.9319.5411.4137.2022.8919.163.65
Tax % 29.22%30.01%29.17%33.02%27.43%30.04%21.79%26.15%9.82%14.95%21.93%27.14%-26.03%
Net Profit 12.2822.799.2910.825.9714.805.4214.4210.2831.6417.8613.964.60
EPS in Rs 1.803.341.361.470.441.450.501.861.242.982.161.730.41

Last Updated: March 3, 2026, 9:10 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 27, 2026, 7:16 am

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 3594264846529329681,0281,295
Expenses 3133543925417938548911,146
Operating Profit 477393111139114136149
OPM % 13%17%19%17%15%12%13%12%
Other Income 254-18474
Interest 1513111425333935
Depreciation 7791123263035
Profit before tax 2857778499597583
Tax % 33%31%31%31%30%30%18%
Net Profit 1939535870416268
EPS in Rs 5.505.918.008.5210.234.356.847.28
Dividend Payout % 0%15%10%12%11%25%16%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)105.26%35.90%9.43%20.69%-41.43%51.22%
Change in YoY Net Profit Growth (%)0.00%-69.37%-26.46%11.26%-62.12%92.65%

HLE Glascoat Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 6 years from 2019-2020 to 2024-2025.

No data available for the compounded sales growth chart.

Balance Sheet

Last Updated: December 4, 2025, 3:03 am

MonthMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 613131414141414
Reserves 3563120239312403446493
Borrowings 11510096218258390381382
Other Liabilities 138159148289311395448528
Total Liabilities 2943353777598941,2021,2881,416
Fixed Assets 8594120245318541593611
CWIP 41033131959
Investments 00000000
Other Assets 205231254483573641690797
Total Assets 2943353777598941,2021,2881,416

Reserves and Borrowings Chart

Cash Flow

MonthMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 4945481595134
Cash from Investing Activity + -15-19-29-146-40-45-68
Cash from Financing Activity + -29-30-1016013-19-60
Net Cash Flow 5-5914-22316
Free Cash Flow 332220-67-364068
CFO/OP 119%79%75%31%27%106%110%

Free Cash Flow

MonthMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-68.00-27.00-3.00-107.00-119.00-276.00-245.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 34385283958966
Inventory Days 244264228307229259300
Days Payable 119130111150989288
Cash Conversion Cycle 159172168240226257278
Working Capital Days -2163360533310
ROCE %42%43%30%24%13%13%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 70.32%70.32%66.69%66.69%66.69%66.69%66.69%66.69%66.69%66.78%65.64%65.64%
FIIs 4.31%4.30%4.25%4.24%4.29%4.26%4.07%4.01%4.12%4.01%3.70%2.14%
DIIs 0.71%0.53%3.93%3.95%3.77%3.57%3.52%3.52%3.52%4.01%4.04%4.48%
Public 24.65%24.85%25.13%25.12%25.25%25.45%25.72%25.78%25.68%25.20%26.62%27.73%
No. of Shareholders 61,58565,16175,76279,75181,75381,05383,99383,43580,94477,41879,88874,245

Shareholding Pattern Chart

No. of Shareholders

HLE Glascoat Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
DSP Small Cap Fund 2,401,016 0.47 78.692,401,0162025-04-22 15:56:490%

ROCE / ROE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.002.002.0010.0010.00
Basic EPS (Rs.) 9.055.9910.2242.6541.13
Diluted EPS (Rs.) 9.055.9910.2242.6541.13
Cash EPS (Rs.) 13.399.8413.5550.8747.40
Book Value[Excl.RevalReserv]/Share (Rs.) 65.4070.9346.10177.1793.28
Book Value[Incl.RevalReserv]/Share (Rs.) 65.4070.9346.10177.1793.28
Revenue From Operations / Share (Rs.) 150.53141.79136.46477.71370.53
PBDIT / Share (Rs.) 20.6417.7121.2586.2573.10
PBIT / Share (Rs.) 16.3013.8517.9378.0366.52
PBT / Share (Rs.) 11.008.6014.5561.7559.07
Net Profit / Share (Rs.) 9.055.9910.2342.6540.82
NP After MI And SOA / Share (Rs.) 6.844.3510.2342.6040.01
PBDIT Margin (%) 13.7112.4815.5718.0519.72
PBIT Margin (%) 10.829.7713.1316.3317.95
PBT Margin (%) 7.306.0610.6612.9215.94
Net Profit Margin (%) 6.014.227.498.9211.01
NP After MI And SOA Margin (%) 4.543.067.498.9110.79
Return on Networth / Equity (%) 10.467.3422.1924.0542.93
Return on Capital Employeed (%) 15.3413.2324.7525.4144.88
Return On Assets (%) 3.612.467.837.6413.87
Long Term Debt / Equity (X) 0.240.360.310.530.45
Total Debt / Equity (X) 0.780.890.780.850.62
Asset Turnover Ratio (%) 0.820.921.131.151.17
Current Ratio (X) 1.141.271.411.401.36
Quick Ratio (X) 0.490.630.730.610.55
Inventory Turnover Ratio (X) 3.021.561.581.631.35
Dividend Payout Ratio (NP) (%) 16.0725.299.779.256.17
Dividend Payout Ratio (CP) (%) 9.8313.407.377.755.30
Earning Retention Ratio (%) 83.9374.7190.2390.7593.83
Cash Earning Retention Ratio (%) 90.1786.6092.6392.2594.70
Interest Coverage Ratio (X) 3.893.956.298.989.82
Interest Coverage Ratio (Post Tax) (X) 2.712.514.036.146.48
Enterprise Value (Cr.) 2096.953183.843666.767596.793027.75
EV / Net Operating Revenue (X) 2.043.293.9411.656.25
EV / EBITDA (X) 14.8826.3425.2864.5131.68
MarketCap / Net Operating Revenue (X) 1.662.883.6911.396.13
Retention Ratios (%) 83.9274.7090.2290.7493.82
Price / BV (X) 3.826.8910.9230.7224.39
Price / Net Operating Revenue (X) 1.662.883.6911.396.13
EarningsYield 0.020.010.020.010.01

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

HLE Glascoat Ltd. is a Public Limited Listed company incorporated on 26/08/1991 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L26100GJ1991PLC016173 and registration number is 016173. Currently Company is involved in the business activities of Manufacture of other special-purpose machinery. Company's Total Operating Revenue is Rs. 551.12 Cr. and Equity Capital is Rs. 13.65 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Engineering - HeavyH - 106, Phase - IV, Anand Dist. Gujarat 388121Contact not found
Management
NamePosition Held
Mr. Yatish ParekhChairman & Ind.Director
Mr. Himanshu PatelManaging Director
Mr. Harsh PatelWhole Time Director
Mr. Aalap PatelExecutive Director
Mr. Nilesh PatelNon Executive Director
Mr. Jayesh ShahIndependent Director
Mr. Sandeep RanderyIndependent Director
Ms. Vijayanti PunjabiIndependent Director

FAQ

What is the intrinsic value of HLE Glascoat Ltd and is it undervalued?

As of 14 April 2026, HLE Glascoat Ltd's intrinsic value is ₹155.08, which is 42.35% lower than the current market price of ₹269.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (10.7 %), book value (₹73.0), dividend yield (0.41 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of HLE Glascoat Ltd?

HLE Glascoat Ltd is trading at ₹269.00 as of 14 April 2026, with a FY2026-2027 high of ₹662 and low of ₹232. The stock is currently near its 52-week low. Market cap stands at ₹1,870 Cr..

How does HLE Glascoat Ltd's P/E ratio compare to its industry?

HLE Glascoat Ltd has a P/E ratio of 35.1, which is below the industry average of 37.05. This is broadly in line with or below the industry average.

Is HLE Glascoat Ltd financially healthy?

Key indicators for HLE Glascoat Ltd: ROCE of 12.5 % is moderate. Dividend yield is 0.41 %.

Is HLE Glascoat Ltd profitable and how is the profit trend?

HLE Glascoat Ltd reported a net profit of ₹62 Cr in Mar 2025 on revenue of ₹1,028 Cr. Compared to ₹58 Cr in Mar 2022, the net profit shows an improving trend.

Does HLE Glascoat Ltd pay dividends?

HLE Glascoat Ltd has a dividend yield of 0.41 % at the current price of ₹269.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in HLE Glascoat Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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