HLE Glascoat order book reaches Rs 1,087.3 crore

HLE Glascoat Limited reported a record consolidated order book of Rs 1,087.3 crore at 30 September 2026, up 64.2% from Rs 662.0 crore at 30 June 2026, supported by a €20.56 million vitreous enamel cladding-panel order for the Fehmarnbelt tunnel. Management said that contract gives the business visibility through 2030.

How large is HLE Glascoat’s order book?

HLE Glascoat’s consolidated order book was Rs 1,087.3 crore at 30 September 2026, compared with Rs 662.0 crore at 30 June 2026. The Rs 425.3 crore sequential increase took the backlog above Rs 1,000 crore for the first time in the company’s history. The release does not disclose an order-book balance for the corresponding prior-year date.

The order book was more than three times HLE Glascoat’s Q2 FY27 revenue from contracts with customers of Rs 346.7 crore. Management identified conversion of the record order book into timely deliveries as a priority for H2 FY27, rather than providing a quarterly delivery schedule for the Rs 1,087.3 crore balance.

What drove HLE Glascoat’s order-book increase?

The disclosed international order was a €20.56 million contract secured by step-down subsidiary HLE Surface Technologies GmbH for vitreous enamel cladding panels for the Fehmarnbelt tunnel between Germany and Denmark. Management said the order demonstrates the value of HLE Glascoat’s European platform and provides visibility through 2030. The release describes the tunnel as set to become the world’s longest immersed tunnel once completed.

HLE Glascoat also reported improved pharmaceutical order flow across all product segments in India. Managing Director Himanshu K. Patel said pharmaceutical and specialty-chemical customer enquiries had increased, while deferred projects were being revived after geopolitical uncertainty and delayed delivery acceptances. The release does not divide the Rs 1,087.3 crore order book by segment, customer industry, geography or execution date.

The consolidated financial statements include HLE Surface Technologies GmbH from 28 July 2025 and OmeraStore GmbH from 13 August 2025. The company said Thaletec GmbH acquired the assets and global business of Omeras GmbH and shares of OmeraStores GmbH in August 2025, adding architectural and façade enamelling, glass-lined panels, tanks and metal-surface-finishing capabilities.

How did HLE Glascoat perform in Q2 FY27?

HLE Glascoat reported Q2 FY27 consolidated revenue of Rs 346.7 crore, up 15.3% from Rs 300.8 crore in Q1 FY27 but down 1.2% from Rs 350.8 crore in Q2 FY26. Earnings before interest, tax, depreciation and amortisation, or EBITDA, including other income, rose 72.3% sequentially to Rs 39.0 crore from Rs 22.6 crore.

The Q2 FY27 EBITDA margin was 11.2%, up 370 basis points from 7.5% in Q1 FY27 but 20 basis points below 11.4% in Q2 FY26. For H1 FY27, revenue increased 2.0% to Rs 647.4 crore from Rs 634.7 crore, while EBITDA declined 23.0% to Rs 61.6 crore from Rs 80.0 crore. The H1 EBITDA margin therefore fell to 9.5% from 12.6%.

Profit after tax, or PAT, was Rs 16.0 crore in Q2 FY27, compared with Rs 2.1 crore in Q1 FY27 and Rs 14.0 crore in Q2 FY26. The resulting PAT margin was 4.6%, versus 0.7% sequentially and 4.0% a year earlier. Profit before tax was Rs 20.7 crore, compared with Rs 4.4 crore in Q1 FY27 and Rs 19.2 crore in Q2 FY26, with the prior-year figure stated after exceptional items.

Which HLE Glascoat segments changed most in Q2 FY27?

Glass Lined Products was HLE Glascoat’s largest revenue segment in Q2 FY27, generating Rs 195.4 crore. Revenue rose 24.2% from Rs 157.3 crore in Q2 FY26 and 1.2% from Rs 193.1 crore in Q1 FY27. Segment earnings before interest and tax, or EBIT, increased to Rs 11.6 crore from Rs 4.1 crore a year earlier and Rs 6.2 crore sequentially.

Filtration, Drying and Other Equipment generated Q2 FY27 revenue of Rs 102.0 crore, down 25.6% from Rs 137.1 crore in Q2 FY26 but up 5.4% from Rs 96.8 crore in Q1 FY27. Its EBIT was Rs 11.7 crore, versus Rs 19.2 crore a year earlier and Rs 11.7 crore in the prior quarter. The company identifies Agitated Nutsche Filters and Dryers as flagship products in this segment.

Heat Transfer Equipment recorded the largest sequential revenue change, rising to Rs 48.8 crore in Q2 FY27 from Rs 10.6 crore in Q1 FY27, a reported 362.3% increase. Revenue remained 12.3% below Rs 55.6 crore in Q2 FY26. The segment’s EBIT moved to Rs 6.8 crore from a Rs 4.1 crore loss in Q1 FY27, but was below Rs 8.4 crore a year earlier.

What is HLE Glascoat planning after the record order book?

HLE Glascoat plans capital expenditure of Rs 42 crore to Rs 45 crore at Adas near Anand, Gujarat, to manufacture heavy-engineering and allied products. The release does not state the project’s commissioning date, capacity, funding structure or revenue contribution.

For H2 FY27, management said it will focus on converting the Rs 1,087.3 crore order book into deliveries, restoring margins through product mix and cost discipline, and expanding its product basket and customer relationships. Mr. Patel said management was confident of a stronger H2 FY27, but the release gives no quantitative revenue, margin or PAT target.

Conclusion

HLE Glascoat entered H2 FY27 with its first order book above Rs 1,000 crore, following a 64.2% sequential increase and the €20.56 million Fehmarnbelt tunnel contract. Q2 revenue rose 15.3% sequentially to Rs 346.7 crore and EBITDA margin improved to 11.2%, although H1 EBITDA remained 23.0% below the prior-year period at Rs 61.6 crore.

The next disclosed priorities are timely delivery of the Rs 1,087.3 crore order book, margin restoration through product mix and cost discipline, and the planned Rs 42 crore to Rs 45 crore Adas investment. Management’s visibility-through-2030 statement is linked specifically to the Fehmarnbelt contract, while the release leaves its execution schedule and the new facility’s commissioning date unresolved.