Overview

Detailed Summary

Hilltone Software & Gases Limited is a leader in producing industrial and medical gases, with a strong foothold in the medical sector. It has a state-of-the-art production facility in Santej that excels in quality control. The company is diversifying into the eco-energy sector, including solar energy production. Although it unsuccessfully pursued software ventures, it maintains a division for software integration and consulting.

Sector: Chemicals & Petrochemicals
Industry: Industrial Gases
Market Cap: 64 Cr
Volatility: Low Risk
P/E Ratio: -235.6
Industry P/E: 42.3
PEG Ratio: —
P/B Ratio: 2.6
52W High: 93.00
52W Low: 31.59

Sales CAGR

1Y: 9.78%
3Y: 5.01%
5Y: 13.03%
10Y: —

Profit CAGR

1Y: -131.37%
3Y: —
5Y: —
10Y: —

ROE

TTM: -7.86%
3Y: 3.31%
5Y: 3.31%
10Y: —

ROCE

TTM: -4.84%
3Y: 5.72%
5Y: 5.65%
10Y: —

Technicals

‌

Forecasts

Peers

Commodities Chemicals Chemicals & Petrochemicals Industrial Gases

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
LINDEINDIA		7294.50	61,710 Cr	104.61	15.44	0.17	12.84	17.29	10.98
ELLEN		261.10	3,862 Cr	38.71	4.30	0.00	10.07	12.73	8.71
REFEX		204.30	3,680 Cr	22.88	2.71	0.00	14.61	17.96	7.68
STALLION		160.85	1,660 Cr	37.87	2.44	0.00	6.44	8.37	5.95
HILLTONE		50.00	64 Cr	-235.59	2.58	0.00	-7.86	-4.84	-1.14
NOL		77.06	38 Cr	36.82	0.00	0.00	265.00	-26.52	3.43
GAGAN		20.51	8 Cr	72.91	2.48	0.00	3.95	6.45	2.86
Median: 7 Co.	—	160.85	1,660 Cr	37.87	2.58	0.00	10.07	8.37	5.95

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	1.69	1.52	2.25	2.01	2.09	1.41	2.02	2.34	3.45	6.64
Expenses	1.51	1.34	2.28	1.97	2.03	1.50	2.23	2.60	4.15	5.44
Operating Profit	0.18	0.18	-0.03	0.04	0.06	-0.09	-0.21	-0.26	-0.70	1.20
OPM %	10.65	11.84	-1.33	1.99	2.87	-6.38	-10.40	-11.11	-20.29	18.07
Other Income	0.04	0.00	0.31	0.13	0.16	0.26	0.17	0.15	0.08	0.11
Interest	0.03	0.01	0.03	0.03	0.02	0.02	0.04	0.07	0.04	0.02
Depreciation	0.03	0.04	0.04	0.04	0.04	0.04	0.04	0.15	0.09	0.18
Profit Before Tax	0.16	0.12	0.20	0.11	0.15	0.10	-0.13	-0.33	-0.75	1.10
Tax %	43.75	-75.00	20.00	9.09	20.00	10.00	-261.54	45.45	5.33	10.00
Net Profit	0.09	0.21	0.16	0.10	0.11	0.10	-0.47	-0.18	-0.71	0.99
EPS in Rs	—	—	—	—	0.09	0.07	-0.36	-0.13	-0.05	0.75

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	4.08	5.77	6.50	5.55	6.85	7.52	7.86
Expenses	4.00	5.59	6.24	4.61	6.45	7.73	8.36
Operating Profit	0.08	0.18	0.26	0.94	0.40	-0.21	-0.50
OPM %	1.97	3.20	4.02	16.99	5.77	-2.76	-6.36
Other Income	0.11	0.17	0.13	0.13	0.48	0.71	0.74
Interest	0.07	0.15	0.12	0.11	0.12	0.11	0.15
Depreciation	0.08	0.08	0.11	0.09	0.14	0.16	0.27
Profit Before Tax	0.04	0.12	0.16	0.87	0.62	0.24	-0.21
Tax %	-17.77	-1.80	-2.22	16.05	18.73	166.11	-109.52
Net Profit	0.05	0.12	0.17	0.73	0.51	-0.16	-0.44
EPS in Rs	—	—	—	—	0.53	—	0.21
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	4.00	4.00	4.00	4.00	11	11
Reserves	0.19	0.31	0.48	1.21	2.89	2.73
Borrowings	0.95	0.98	0.95	0.82	0.80	1.69
Other Liabilities	0.91	1.00	0.82	1.22	1.23	2.15
Total Liabilities	6.05	6.30	6.25	7.26	16	18
Fixed Assets	2.66	2.70	2.83	2.84	3.99	5.49
CWIP	0.00	0.00	0.00	0.00	0.00	1.42
Investments	0.02	0.02	0.02	0.02	0.02	0.00
Other Assets	3.37	3.57	3.40	4.39	12	11
Total Assets	6.05	6.30	6.25	7.26	16	18

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-0.36	0.26	0.21	0.55	-7.19	0.76
Cash from Investing Activity	-0.17	-0.01	-0.12	0.01	-0.81	0.58
Cash from Financing Activity	0.41	-0.18	-0.14	-0.24	8.10	-0.23
Net Cash Flow	-0.12	0.07	-0.04	0.32	0.10	1.11

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	12.84%	12.84%	12.84%	12.84%	12.84%	10.65%	10.66%
FIIs	0.00%	0.00%	0.00%	0.15%	0.10%	3.77%	4.18%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	87.16%	87.16%	87.16%	87.01%	87.06%	85.58%	85.16%
Total Shareholders	1,181	1,183	1,489	1,531	1,818	1,713	1,910

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Frequently Asked Questions about Hilltone Software & Gases Ltd

Hilltone Software & Gases Ltd (HILLTONE) is currently trading at 48.83 per share. Stock prices fluctuate during market hours on NSE and BSE based on demand, company updates, and overall market conditions. Refer to the live price chart above for the most recent price movement.

Hilltone Software & Gases Limited is a leader in producing industrial and medical gases, with a strong foothold in the medical sector. It has a state-of-the-art production facility in Santej that excels in quality control. The company is diversifying into the eco-energy sector, including solar energy production. Although it unsuccessfully pursued software ventures, it maintains a division for software integration and consulting.

Over the past 52 weeks, Hilltone Software & Gases Ltd has traded between a low of ₹31.59 and a high of ₹93.00. The 52-week high and low indicate the stock’s price range over the last year and help investors understand its volatility and recent trading levels.

Hilltone Software & Gases Ltd has a market capitalization of approximately 63.61. Market capitalization represents the total value of a company’s outstanding shares and helps investors understand its size, stability, and relative risk compared to other listed companies.

Hilltone Software & Gases Ltd’s investment profile depends on its business fundamentals, valuation, and long-term outlook. The stock currently trades at a PE ratio of -235.59 and operates in the its sector sector. Investors typically assess financial performance, growth prospects, and individual risk tolerance before making investment decisions.

Based on its market capitalization of 63.61 Cr, Hilltone Software & Gases Ltd is classified as a Small Cap stock. Large-cap stocks are generally more stable, while mid-cap and small-cap stocks tend to offer higher growth potential along with higher price volatility.

Hilltone Software & Gases Ltd operates in the its sector sector. Sector classification matters because companies in the same sector are often affected by similar economic conditions, regulatory changes, and competitive dynamics, which can influence overall stock performance.

The Price-to-Earnings (PE) ratio of Hilltone Software & Gases Ltd is -235.59. The PE ratio compares a company’s share price to its earnings and is commonly used to assess valuation. Comparing the PE ratio with sector peers and historical levels provides better context.

Hilltone Software Gases Ltd

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