HLE Glascoat Limited has reported a landmark quarter, with its consolidated order book crossing the Rs 1,000-crore mark for the first time, reaching approximately Rs 1,087.3 crore as of September 30, 2026, against Rs 662 crore as of June 30, 2026.
The significant jump in the order book comes on the back of improving demand across the pharmaceutical sector in India, a revival in deferred projects and a major international order secured by its step-down subsidiary, HLE Surface Technologies GmbH.
In a major overseas win, HLE Surface Technologies GmbH has secured an order worth approximately €20.56 million for vitreous enamel cladding panels for the Fehmarnbelt tunnel project connecting Germany and Denmark. Once completed, the project will be the world's longest immersed tunnel. The order also provides the company with business visibility through 2030.
HLE Glascoat is also stepping up its manufacturing capabilities, with plans to invest Rs 42-45 crore in capital expenditure to manufacture heavy engineering and other allied products at its Adas facility near Anand in Gujarat.
The company reported a consolidated revenue of Rs 346.7 crore in Q2 FY27, registering a 15.3% quarter-on-quarter growth.
EBITDA climbed 72.3% sequentially to Rs 39 crore, while profit after tax (PAT) surged 680% to Rs 16 crore, signalling a sharp improvement in operating performance.
EBITDA margin also improved to 11.2% in Q2 FY27 from 7.5% in the previous quarter.
The company said order inflows from India's pharmaceutical industry had improved across all product segments, while customer enquiries in pharmaceuticals and specialty chemicals were gaining momentum.
Commenting on the results, Himanshu K. Patel, Managing Director, said, "Q2 FY27 has been a milestone quarter for HLE Glascoat. For the first time in our history, our consolidated order book has crossed Rs 1,000 crore. This reflects the trust our customers place in our engineering and execution capabilities across India and globally.
"In Q1, we had witnessed clear signs of improvement after a period of geopolitical uncertainty and delayed delivery acceptances. Those signs have now gained momentum. Customer enquiries in pharmaceuticals and specialty chemicals have picked up, deferred projects are being revived, and we delivered revenue of Rs 346.7 crore with EBITDA margin improving to 11.2% from 7.5% in the previous quarter."
He added: "A highlight of the quarter is the order of about €20.56 million won by HLE Surface Technologies for the Fehmarnbelt tunnel between Germany and Denmark, once completed this will be world's longest immersed tunnel. It also demonstrates the strategic value of our European platform and gives us visibility through to 2030.
"Our priorities for the second half are clear - convert the record order book into timely deliveries, restore margins through better product mix and cost discipline, and continue to build our product basket and customer relationships. With a strong order book, a diversified portfolio and an improving demand environment, we are confident of a stronger H2 FY27 and sustainable, profitable growth in the quarters ahead.”
With a record order book, improving demand and a strong international project pipeline, HLE Glascoat is looking to convert its growing order pipeline into timely execution, stronger margins and sustained profitability in the second half of FY27.
