HLE Glascoat Limited (HLEGLAS.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-262.5%

-₹684.12

vs ₹421.00 price

Levered DCF

₹30.14

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	34.86×	39.3×	99.72×	49.39×	127.69×	56.74×	65.42×	180.66×
P/B	3.23×	3.02×	7.1×	10.55×	29.33×	22.03×	32.89×	22.19×
P/S	1.27×	1.35×	3.06×	3.7×	11.39×	6.11×	5.9×	10.04×
EV / EBITDA	14.18×	12.85×	28.8×	26.31×	70.36×	31.65×	34.9×	26.36×
Gross margin	20.5%	45.1%	53.5%	53.6%	46.4%	46.3%	45.8%	46.8%
Operating margin	7.6%	25.6%	34.6%	12.7%	15.4%	17.9%	15.7%	9.0%
Net margin	3.7%	4.5%	3.1%	7.5%	8.9%	10.8%	9.0%	5.6%
Current ratio	1.19×	1.14×	1.27×	1.41×	1.44×	1.36×	1.15×	1.51×
Debt / equity	0.65×	0.83×	0.93×	0.79×	0.86×	0.7×	1.32×	0.35×
Interest coverage	3×	7.27×	10.96×	5.38×	8.71×	11.16×	6.39×	6.71×
Dividend yield	0.4%	0.6%	0.3%	0.2%	0.1%	0.1%	0.1%	0.1%
Payout ratio	15.2%	16.6%	25.3%	9.8%	9.3%	6.2%	8.2%	13.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	9.3%	10.2%	7.1%	21.4%	22.9%	38.8%	50.3%	12.3%
Return on invested capital	8.3%	22.3%	25.0%	12.9%	13.7%	25.9%	25.5%	12.6%
Return on assets	3.6%	3.6%	2.5%	7.8%	7.6%	13.9%	11.4%	5.1%
Free cash flow yield	4.4%	4.9%	1.3%	-1.3%	-0.8%	0.5%	0.9%	-0.5%
Earnings yield	2.9%	3.4%	1.0%	2.0%	0.8%	1.8%	1.5%	0.6%
Enterprise value	₹20.1B	₹17.2B	₹33.2B	₹37B	₹76.3B	₹30.5B	₹26B	₹12.7B
Net debt / EBITDA	2.04×	2.46×	3.09×	1.81×	1.77×	0.87×	1.33×	0.28×
Cash conversion cycle (days)	144	235	253	229	246	159	166	134