HLE Glascoat profit rises as glass-lined sales increase

HLE Glascoat Limited reported consolidated profit of Rs 16.02 crore for the quarter ended September 30, 2026, compared with Rs 13.96 crore a year earlier, as Glass Lined Products revenue increased by Rs 38.09 crore to Rs 195.40 crore. The gain came despite lower year-on-year revenue in filtration and heat-transfer equipment.

What did HLE Glascoat report for the September 2026 quarter?

HLE Glascoat reported consolidated revenue from operations of Rs 346.65 crore in the quarter ended September 30, 2026, compared with Rs 350.78 crore in the corresponding quarter of 2025. The year-on-year revenue decline occurred even as Glass Lined Products expanded, because Filtration, Drying and Other Equipment and Heat Transfer Equipment both recorded lower revenue.

Profit before tax was Rs 20.70 crore, compared with Rs 19.16 crore a year earlier and Rs 4.37 crore in the preceding June 2026 quarter. Profit for the period was Rs 16.02 crore, against Rs 13.96 crore in September 2025 and Rs 2.05 crore in June 2026. Basic and diluted earnings per share were Rs 2.06, compared with Rs 1.76 a year earlier.

For the half year ended September 30, 2026, revenue from operations increased to Rs 647.41 crore from Rs 634.72 crore in the prior-year half year. Half-year profit nevertheless declined to Rs 18.07 crore from Rs 31.82 crore, while profit before tax fell to Rs 25.07 crore from Rs 42.05 crore. The lower June-quarter result was included in the six-month comparison.

Which business drove HLE Glascoat’s quarterly earnings?

Glass Lined Products was the largest reported operating segment by quarterly revenue, generating Rs 195.40 crore in the September 2026 quarter, against Rs 157.30 crore a year earlier. Revenue also exceeded the Rs 193.13 crore reported in the June 2026 quarter, while Filtration, Drying and Other Equipment generated Rs 102.04 crore and Heat Transfer Equipment generated Rs 48.79 crore.

The segment’s profit before interest and tax, or PBIT, was Rs 11.59 crore, compared with Rs 4.12 crore in the September 2025 quarter and Rs 6.21 crore in the June 2026 quarter. Glass Lined Products contributed Rs 11.59 crore of total segment PBIT of Rs 30.18 crore, compared with Rs 11.75 crore from filtration and Rs 6.84 crore from heat-transfer equipment.

For the first half of fiscal 2027, Glass Lined Products revenue increased to Rs 388.52 crore from Rs 286.93 crore in the same period of fiscal 2026. Its half-year PBIT rose to Rs 17.80 crore from Rs 14.61 crore, whereas the other two operating segments remained below their prior-year half-year revenue levels.

Glass Lined Equipment carried segment assets of Rs 736.57 crore as of September 30, 2026, compared with Rs 731.83 crore a year earlier and Rs 748.39 crore at March 31, 2026. Segment liabilities were Rs 275.18 crore, down from Rs 317.19 crore a year earlier, under the disclosure category labelled Glass Lined Equipment.

How did HLE Glascoat’s filtration and heat-transfer equipment perform?

Filtration, Drying and Other Equipment revenue declined to Rs 102.04 crore in the September 2026 quarter from Rs 137.09 crore a year earlier, although it increased from Rs 96.81 crore in the June quarter. Its PBIT fell to Rs 11.75 crore from Rs 19.19 crore in September 2025, while staying close to the Rs 11.65 crore reported in June 2026.

For the six months ended September 30, 2026, filtration revenue was Rs 198.85 crore, down from Rs 252.14 crore in the prior-year half year. Half-year PBIT declined to Rs 23.40 crore from Rs 35.33 crore. Segment assets increased to Rs 368.38 crore from Rs 319.87 crore a year earlier, while liabilities increased to Rs 161.45 crore from Rs 96.36 crore.

Heat Transfer Equipment revenue was Rs 48.79 crore in the September quarter, below Rs 55.61 crore a year earlier but above Rs 10.55 crore in the June quarter. Its PBIT was Rs 6.84 crore, compared with Rs 8.43 crore in September 2025; the latest quarter followed a Rs 4.07 crore PBIT loss in June 2026.

Heat Transfer Equipment generated Rs 59.34 crore of revenue and Rs 2.78 crore of PBIT in the first half of fiscal 2027, compared with Rs 94.17 crore and Rs 14.21 crore, respectively, a year earlier. Segment assets stood at Rs 324.25 crore at September 30, 2026, versus Rs 340.78 crore a year earlier, while liabilities were Rs 54.44 crore versus Rs 82.82 crore.

What do HLE Glascoat’s balance sheet and cash flow show?

HLE Glascoat’s total assets were Rs 1,438.46 crore at September 30, 2026, compared with Rs 1,381.80 crore at March 31, 2026. Inventories increased to Rs 439.94 crore from Rs 355.76 crore, trade receivables declined to Rs 250.98 crore from Rs 269.89 crore, and cash and cash equivalents fell to Rs 15.11 crore from Rs 34.36 crore.

Total liabilities increased to Rs 811.37 crore at September 30 from Rs 763.55 crore at March 31. Non-current borrowings rose to Rs 129.93 crore from Rs 100.65 crore, while current borrowings decreased to Rs 197.59 crore from Rs 212.60 crore. Total equity was Rs 627.09 crore, compared with Rs 618.25 crore at the preceding financial year-end.

Net cash from operating activities for the half year was Rs 14.10 crore, down from Rs 74.58 crore in the comparable 2025 period. An Rs 84.18 crore inventory outflow was the largest working-capital movement disclosed, while trade receivables generated Rs 18.55 crore of cash. Net cash used in investing activities was Rs 21.45 crore, including Rs 27.25 crore spent on property, plant and equipment, including capital work in progress and capital advances.

Financing activities used Rs 11.90 crore during the half year, compared with an outflow of Rs 28.87 crore a year earlier. HLE Glascoat raised Rs 55 crore in long-term borrowings, repaid Rs 22.36 crore of term loans, and paid Rs 7.64 crore in dividends. The combined operating, investing and financing movements reduced cash and cash equivalents by Rs 19.25 crore over the six months.

Conclusion

HLE Glascoat’s September-quarter profit increased despite a modest decline in consolidated revenue, led by a Rs 38.09 crore year-on-year increase in Glass Lined Products revenue and a Rs 7.48 crore increase in that segment’s PBIT. Filtration remained profitable but reported lower revenue and PBIT, while Heat Transfer Equipment returned to quarterly PBIT after a June-quarter loss but remained below its prior-year revenue and PBIT.

What to watch next is whether the Rs 84.18 crore inventory outflow and the decline in half-year operating cash flow to Rs 14.10 crore reverse, alongside the recovery of filtration and heat-transfer sales. Cash and cash equivalents were Rs 15.11 crore at September 30, 2026, after declining by Rs 19.25 crore during the half year.