HLE Glascoat Limited — Investor Meet, 29-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

HLE Glascoat reported Q4 revenue of INR 334 Cr, up 8.7% YoY, with EBITDA at INR 54 Cr (15.3% margin) and PAT doubling to INR 32 Cr (9.5% margin). FY25 revenue grew 6.2% to INR 1,028 Cr; EBITDA margin expanded to 13.7%. Glass-lined equipment rose 17%, while filtration/drying dipped 5%, expected to recover. Heat transfer grew 38% to INR 122 Cr; debt fell by INR 50 Cr.

Management highlighted strong pharma and specialty chemicals demand aided by Kinam Engineering’s entry into oil & gas (INR 60 Cr+ order) and Thaletec’s 20% revenue growth with stable margins. Margin expansion is expected from pricing power and operating leverage, targeting 17-18% (India) and 14-15% (Germany). Capex remains maintenance-focused (~INR 12-15 Cr). A new Center of Excellence will boost innovation. Order book provides 6-7 months visibility. Promoters increased shareholding, signaling confidence. The company is diversifying into oil & gas and defense sectors.