HLE Glascoat FY26 revenue jumps 31.7% to ₹1,353 crores

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%.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.80%	+0.09%	+17.75%	-15.60%	-12.27%	-44.71%

HLE Glascoat Limited announced its audited financial results for the quarter and year ended March 31, 2026. The company reported a resilient performance for the fiscal year, driven by robust revenue growth across its business verticals. The Board of Directors also recommended a final dividend for the financial year 2025-26. The company published the audited standalone and consolidated financial results in Business Standard and Jai Hind on May 20, 2026, pursuant to Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Consolidated Financial Performance

On a consolidated basis, revenue from operations for FY26 stood at ₹1,353.0 crore, representing a growth of 31.7% compared to ₹1,027.5 crore in the previous year. Profit After Tax (PAT) for the year was ₹56.6 crore, with a margin of 4.2%. EBITDA for the full year increased by 5.4% year-on-year to ₹148.5 crore, with an EBITDA margin of 11.0%. The financial performance includes the impact of exceptional items amounting to ₹6.7 crore, comprising costs related to business acquisitions and the statutory impact of new Labour Codes.

For the quarter ended March 31, 2026, consolidated revenue reached ₹391.7 crore, up 17.4% year-on-year. Q4 PAT was ₹20.1 crore, while EBITDA stood at ₹43.9 crore with a margin of 11.2%. The company noted that the results include an EBITDA loss of ₹15.3 crore and a PAT loss of ₹15.6 crore from the recently acquired Omeras business by HLE Surface Technologies GmbH.

The following table summarises the key consolidated financial metrics for the quarter and full year:

Particulars (₹ Cr)	Q4 FY26	Q4 FY25	Y-o-Y	FY26	FY25	Y-o-Y
Revenue from Operations	391.7	333.7	17.4%	1,353.0	1,027.5	31.7%
EBITDA	43.9	54.2	-19.0%	148.5	140.9	5.4%
EBITDA Margin	11.2%	16.3%	-510 bps	11.0%	13.7%	-270 bps
Profit After Tax	20.1	31.6	-36.3%	56.6	61.8	-8.4%
PAT Margin	5.1%	9.5%	-440 bps	4.2%	6.0%	-180 bps

Segment-Wise Performance

The company reported broad-based growth across its segments. Filtration, Drying and Other Equipment revenue grew 50.9% to ₹474.3 crore in FY26, while Glass Lined Products revenue increased 16.2% to ₹676.4 crore. Heat Transfer Equipment revenue rose 64.6% to ₹200.3 crore.

Segment	FY26 Revenue (₹ Cr)	FY25 Revenue (₹ Cr)	Y-o-Y
Filtration, Drying and Other Equipment	474.3	314.2	50.9%
Glass Lined Products	676.4	582.2	16.2%
Heat Transfer Equipment	200.3	121.7	64.6%

Operational Highlights and Corporate Developments

The company maintained a strong order book of ₹681.6 crore as of March 31, 2026, providing good visibility for future performance. During the quarter, HLE Glascoat incorporated a wholly owned subsidiary, HLE International S.a.r.l., in Luxembourg. The Board recommended a final dividend of ₹1.10 per equity share (55% on face value of ₹2 each) for the financial year 2025-26, subject to shareholder approval.