About HLE Glascoat Limited

HLE Glascoat Limited is a leading Indian manufacturer of specialised process equipment for the chemical and pharmaceutical industries. Established in 1991 as ‘Shri Glassteel Equipments Limited’ and later known as ‘Swiss Glasscoat Equipment Limited’, the Company adopted the name HLE Glascoat Limited in 2019 following a demerger to consolidate its core businesses under one entity. It is part of the Patel Group of Companies, a legacy founded in 1951 by the late Dr. Khushalbhai H. Patel, and has evolved from an equipment supplier for in-house chemical operations into a diversified process engineering company with global relevance.

The Company designs and manufactures filtration and drying equipment, glass-lined equipment, heat transfer equipment, and customised exotic metal fabrication (including Hastelloy, Inconel, Monel, Nickel and Titanium builds). Its portfolio covers reactors, storage/receivers, dryers, filters, columns, agitators, valves, pipes and fittings, addressing process needs in storage, reaction, heat transfer, distillation and solid–liquid separation. Offerings include both standard and custom-built equipment, serving API manufacturers and allied sectors.

HLE Glascoat’s manufacturing footprint spans five facilities—Anand (glass-lined equipment), Maroli (filtration and drying), Silvassa (standardised ANFDs and SS Reactors), Kinam Engineering (thermal systems), and THALETEC Germany (exotic alloy and custom-built systems). The Company’s presence covers 4 plants and 12 offices in India, and 1 plant and 9 offices internationally; it serves customers across 20 Indian states and 18 countries. As of the latest year, HLE Glascoat had six subsidiaries (not listed here), reflecting its expanded global operating structure.

Key Milestones of HLE Glascoat Limited

Key milestones include: the December 2021 acquisition of Thaletec GmbH (Germany), deepening glass-lining expertise and international reach; commissioning of a Greenfield plant at Silvassa in 2022 to scale filtration and drying capacity; and the August 2023 majority acquisition initiative in Kinam Engineering, a specialist in heat exchangers and exotic metal fabrication. The Company also introduced SS Reactors, Pharmaskid and Chem-skid systems, and Thaletec products during FY 2023-24, broadening its product suite.

HLE Glascoat Limited Business Verticals

• Segment mix (FY 2024-25, consolidated): Glass-lined equipment 56.7%; Filtration, drying and other equipment 30.6%; Heat transfer equipment 11.9% (balance unallocated). These shares are based on reported segment revenues from customers.
• Geography mix (FY 2024-25, consolidated): India 62.5%; Outside India 37.5%, as per reported revenue from customers.

HLE Glascoat Limited Key Management

• Himanshu Patel – Managing Director
• Aalap Patel – Executive Director
• Harsh Patel – Whole-Time Director
• Nilesh Patel – Non-Executive Director
• Yatish Parekh – Chairperson and Independent Director
• Vijayanti Punjabi – Independent Director
• Sandeep Randery – Independent Director
• Jayesh Shah – Independent Director
• Naveen Kandpal – Chief Financial Officer
• Achal Thakkar – Company Secretary & Compliance Officer

Latest Updates on HLE Glascoat Limited

• Integration of Kinam Engineering expanded the Company’s heat transfer portfolio, with new launches such as HeliKorr Heat Exchangers and KCS – Kinam’s Condensing System. The Company also strengthened its Oil & Gas presence with first deliveries in FY 2024-25, and scaled engineering for exotic and high‑pressure metal equipment.
• Capacity and efficiency upgrades continued across plants, including digitised production dashboards, GL inspection digitalisation, and furnace monitoring. These initiatives improved lead times, unlocked additional production capacity, and enhanced working capital efficiency.
• The Company reported an EBITDA margin of 13.7% for FY 2024-25, reflecting operational discipline and cost optimisation across verticals.
• Progressed towards increasing control in Kinam Engineering to 70% through a Scheme of Amalgamation; approvals from shareholders and secured creditors were completed, with the Hon’ble NCLT reserving its order on the final approval of the Scheme.