HLE Glascoat appoints Darshak Chandarana as Vice President-Operations

hle glascoat has appointed Darshak Chandarana as Vice President-Operations for its Maroli Unit, effective June 25, 2026. The appointment strengthens the company's operational leadership as it seeks to enhance efficiency and drive growth in its heavy engineering division.

Chandarana holds an Executive MBA in Operations Management from IGNOU and a B.E. in Mechanical Engineering from L.D. College of Engineering. He brings over 23 years of experience in operations management, specializing in streamlining processes and improving operational excellence.

Executive Profile

The company disclosed Chandarana's extensive background in heavy engineering, positioning him to steer operations at the Maroli Unit toward greater efficiency. His appointment was communicated to the stock exchanges pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Particulars	Details
Name	Mr. Darshak Thakeshibhai Chandarana
Designation	Vice President-Operations, Maroli Unit
Date of Appointment	June 25, 2026
Experience	23+ years
Education	Executive MBA (Operations Management), B.E. (Mechanical Engineering)

The filing, signed by Company Secretary & Compliance Officer Achal S. Thakkar, confirmed that the disclosure of relationships between directors was not applicable for this senior management appointment.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-2.77%	+0.20%	+5.41%	-15.13%	-17.65%	-46.74%

HLE Glascoat Limited reported a 31.7% year-on-year increase in consolidated revenue from operations to ₹1,353 crores for FY26, driven by strategic expansion and healthy demand across its product portfolio. The company posted a Profit After Tax (PAT) of ₹56.60 crores and an EBITDA of ₹148.50 crores, with an EBITDA margin of 11%. The Board has recommended a dividend of 55% for the fiscal year.

FY26 Financial Highlights

The financial performance was impacted by an EBITDA loss of ₹15.30 crores and a PAT loss of ₹15.60 crores at the recently acquired Omeras business in Germany, exceptional items related to the New Labour Codes amounting to ₹2.10 crores, and business acquisition costs of ₹4.60 crores. Excluding Omeras, the adjusted EBITDA margin for the ongoing business stood at approximately 13.50%. The consolidated order book stood at approximately ₹681.60 crores as of March 31, 2026.

Metric	FY26	FY25	Change (%)
Revenue from Operations	₹1,353 crores	₹1,027.50 crores	+31.70%
EBITDA	₹148.50 crores	₹140.90 crores	+5.40%
EBITDA Margin	11%	—	—
PAT	₹56.60 crores	—	—

Metric	Q4 FY26	Q4 FY25	Change (%)
Revenue from Operations	₹391.70 crores	—	+17.40%
EBITDA	₹43.90 crores	—	—
EBITDA Margin	11.20%	—	—
PAT	₹20.10 crores	—	—

Segment-Wise Performance

The company reported growth across its key segments. The Filtration, Drying & Other Equipment segment grew by 11.9% in Q4 FY26 and 50.9% for the full year. The Glass Lined Equipment segment saw a 29.2% increase in Q4 FY26 revenue and 15.2% growth for FY26. The Heat Transfer Equipment segment reported a 7.4% decline in Q4 FY26 but a strong 64.6% growth for the full year.

Segment	Q4 FY26 Revenue	Q4 FY25 Revenue	Q4 Growth (%)	FY26 Growth (%)
Filtration, Drying & Other Equipment	₹122 crores	₹109 crores	+11.90%	+50.90%
Glass Lined Equipment	₹219.50 crores	₹167.90 crores	+29.20%	+15.20%
Heat Transfer Equipment	—	—	-7.40%	+64.60%

Strategic Outlook and Integration

Management outlined a target to achieve consolidated revenue of approximately ₹2,000 crores in two years, including contributions from Omeras. The company aims for a consolidated EBITDA margin of 14%–15% and expects the India business to deliver margins of 15%+. Omeras is nearing breakeven with a current order book of ₹78 crores to ₹79 crores, nearly doubling from December 2025 to March 2026. Thaletec Germany reported revenue of approximately EUR 34 million for FY26, with EBIT margins in the range of 11% to 11.50%.