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Earnings Call Transcript

HLE Glascoat Earnings Call Transcript: Key Takeaways

Record ₹1,087 Cr order book (+51% YoY) but Q2 EBITDA margin 11.2%, H1 EBITDA down 23% YoY; Omeras barely breakeven, Kinam execution lumpy.

Highlights
Revenue growthQ2 ₹346.7 Cr, +15.3% QoQ; H1 +2% YoY; YoY Q2 not stated.
MarginsQ2 EBITDA 11.2%, H1 9.5%; management expects improvement, no peer comparison.
Order book₹1,087 Cr, +51% YoY, +64% QoQ; ₹775 Cr inflow in Q2.
Demand visibilityOrder book ₹1,087 Cr; pharma inquiries improving; Europe subdued, US strong.
Management confidenceOver-optimistic: reiterates targets, pushes back, 'very confident' despite H1 EBITDA down 23%.

Growth

Q2 revenue +15.3% QoQ, glass-lined +24.2% YoY; H1 revenue only +2% YoY; H1 EBITDA -23% YoY, margin 9.5%.

Outlook

Reiterates 15% EBITDA margin, ₹2,000 Cr revenue for FY28; India GLE FY27 revenue ₹260–280 Cr guided.

Risks

Working capital days rose to 102 from 80; Omeras H1 EBITDA breakeven but PBT loss; Kinam execution lumpy for 12-18 months.

Last quarter's promises, checked

Delivered

  • Thaletec ~20%, to strengthen → 22% of GLE India (= BEAT)
  • Order book 'healthy visibility' → ₹1,087 Cr vs ₹681.6 Cr at Mar-26 (= BEAT)

Partly delivered

  • Omeras breakeven by Q4 FY26 → H1 EBITDA breakeven, PBT loss (= PARTIAL)
  • 80% GLE exit utilisation → ~75% (= PARTIAL)
  • ₹2,000 Cr revenue in ~2 yrs → H1 revenue +2% YoY (= PARTIAL)

Missed

  • 16% FY26 EBITDA margin (Q2 call) → 11% (= MISS)
  • 14–15% consol EBITDA margin next FY → H1 9.5% (= MISS)
  • Omeras double-digit margin FY27 → barely breakeven (= MISS)
Source

Earnings Call Transcript filed with NSE, NSE: HLEGLAS. Summary written with AI assistance from the document.

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HLE Glascoat Ltd: key numbers

Share price
₹413.05
Market cap
₹2,869 Cr
Revenue (annual)
₹1,353 Cr
Net profit (annual)
₹49.42 Cr
P/E (TTM)
75.3×Sector 52.6×
Promoter holding
65.64%+0.00% QoQ
FII holding
1.60%Current quarter

Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.

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