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Revenue
₹392 Cr
verified against source
Revenue YoY
31.7%
reported change
EBITDA
₹148.5 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
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What the record says.
HLE Glascoat reported consolidated FY26 revenue of ₹1,353 crore (+31.7% YoY), driven by strong performance in filtration & drying (+50.9%) and heat transfer (+54.6%). EBITDA grew 5.4% to ₹148.5 crore, with margins at 11%, impacted by Omira's EBITDA loss of ₹15.3 crore and exceptional items. PAT stood at ₹56.6 crore. The order book of ₹681.6 crore provides visibility for FY27. Management guided for consolidated EBITDA margins of 14-15% in FY27, excluding Omira's turnaround drag, and expects Omira to reach breakeven soon. Key risks include geopolitical uncertainty deferring customer capex decisions and sustained margin pressure from competitive pricing in the glass line segment.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects consolidated EBITDA margins to improve to 14-15% in FY27, excluding Omira's drag, driven by operational efficiencies and better product mix.
- Omira is expected to reach breakeven at a quarterly revenue run-rate of ₹45-50 crore, with annual revenue exceeding ₹200 crore in FY27.
- The heat transfer segment is expected to grow at 15-20% annually over the next two years, driven by petrochemical and export opportunities.
- The new Omira plant in India will be commercially operational by the end of FY27, initially focusing on tank manufacturing for the domestic market.
Risks flagged
- Since February, some customers have deferred capex decisions due to geopolitical tensions, particularly in CDMO and specialty chemicals, which could impact order inflows.
- Glass line India revenue has remained flat at ~₹200-250 crore over four years, as equipment value per unit declined 30-40% due to competitive pricing, pressuring margins.
- Omira's EBITDA loss of ₹15.3 crore in FY26 and reliance on a new management team pose risks to achieving breakeven and double-digit margins as guided.
- Increased gas prices due to the Iran conflict have raised input costs, though the company has largely passed them on; sustained volatility could pressure margins.
Key quotes
- If we do less than 2,000 crores, we will be disappointed.
- The adjusted EBITDA margin for the ongoing business is close to over 13 and a half percent.
- We want to become a global company which technology is a global company.
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