Earnings Call Transcript for the Q2 and H1 FY 2026-27.

November 9, 2026 To, To, The Manager (CRD) The Manager - Listing Department BSE Limited National Stock Exchange of India Ltd Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot no. C/1, G Block, Dalal Street, Fort, Bandra-Kurla Complex, Bandra (East) Mumbai - 400 001 Mumbai - 400 051 Scrip Code: 522215 Symbol : HLEGLAS Sub: Transcript of Earnings Call for Q2 & H1 FY 2026-27 Dear Sir/Madam, Pursuant to Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby enclose the transcript of the Earnings conference call held on November 3, 2026 regarding discussion on operational and financial performance for the Quarter 2 and Half Year ended on September 30, 2026 (Q2 & H1 FY 2026-27). This same will also be available on the Company's website at www.hleglascoat.com. This is for your information and records. Thanking You, Yours faithfully, For HLE Glascoat Limited ACHAL S. THAKKAR Company Secretary & Compliance Officer Encl: as above. “HLE Glascoat Limited Q2 and H1 FY27 Earnings Conference Call” November 03, 2026 MANAGEMENT: MR. AALAP PATEL – EXECUTIVE DIRECTOR – HLE GLASCOAT LIMITED MR. HARSH PATEL – EXECUTIVE DIRECTOR – HLE GLASCOAT LIMITED MR. AMIT KALRA – CHIEF FINANCIAL OFFICER – HLE GLASCOAT LIMITED MR. NILESH GANJWALA – SENIOR ADVISOR – HLE GLASCOAT LIMITED MODERATOR: MS. VIDHI VASA – MUFG Page 1 of 16 HLE Glascoat Limited November 03, 2026 Moderator: Ladies and gentlemen, good day, and welcome to HLE Glascoat Limited Q2 and H1 FY27 Earnings Conference Call. As a reminder, all participants' lines will be in listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Vidhi Vasa from MUFG. Thank you, and over to you. Vidhi Vasa: Thank you, Ana. Good evening, everyone. Welcome to the Q2 and H1 FY27 Earnings Conference Call of HLE Glascoat Limited. Today on this call, we have Mr. Aalap Patel, Executive Director; Mr. Harsh Patel, Executive Director; Mr. Amit Kalra, Chief Financial Officer; and Mr. Nilesh Ganjwala, Senior Advisor. This conference call may contain some of the forward-looking statements about the company, which are based on beliefs, opinion and expectations as of today. Actual results may differ materially. These statements are not a guarantee of future performance and involve risks and uncertainties that are difficult to predict. A detailed Safe Harbor statement is given to the company's investor presentation, which has been uploaded on the stock exchange as well as company's website. With this, I hand over the call to Mr. Harsh Patel, sir, for the opening remarks. Over to you, sir. Harsh Patel: Hello. Good afternoon. It gives me great pleasure to welcome you all to HLE Glascoat Limited's Quarter 2 and H1 FY27 Earnings Conference Call. I hope you have had an opportunity to go through our financial results and the investor presentation, which have been uploaded on the stock exchanges and the company's website. The global economic environment continues to remain dynamic with geopolitical developments, inflationary pressure, supply chain realignments and evolving trade policies influencing industrial investment decisions across markets. Despite these uncertainties, the long-term outlook for India's manufacturing and engineering sectors remain encouraging. HLE Glascoat with its strong technological capabilities and established market presence is well positioned to benefit from these emerging opportunities. Also, Q2 FY27 has been a significant milestone for HLE Glascoat with our consolidated order book crossing the INR1,000 crores mark for the first time in the company's history. As of September 30, 2026, the consolidated order book stood at INR1,087.3 crores, registering a growth of 51% year-on-year and 64% quarter-on-quarter compared to INR662 crores as of June 30, 2026. This strong order accretion reflects the confidence our customers place in our engineering capabilities, technological expertise and execution track record across domestic and international markets. A key highlight during the quarter was the landmark order worth approximately EUR20.56 million secured by our step-down subsidiary, HLE Surface Technologies GmbH, Germany, for vitreous enamel cladding panels for the common wealth channel connecting Germany and Page 2 of 16 HLE Glascoat Limited November 03, 2026 Denmark. This project further strengthens our international presence and provides long-term revenue visibility. The record order book, coupled with a diversified geographical presence and product portfolio provides a strong foundation for our growth in the coming quarters. During the quarter, we witnessed a gradual improvement in business momentum following a period of geopolitical uncertainties and delays in customer delivery acceptances. The positive indicators observed in Q1 have gained further traction, particularly towards the latter part of quarter 2. Customer inquiries across the pharmaceutical and specialty chemical industries have improved, while several previously deferred projects are now again progressing towards finalization. Filtration, drying and other equipment recorded revenue of INR102 crores during the quarter. Glass lined products reflected INR195.4 crores, while heat exchanger equipment contributed INR48.8 crores. On a sequential basis, all 3 segments witnessed improvement in revenue, indicating a gradual recovery in business activity. The THALETEC business continues to strengthen its presence in international markets, particularly across U.S. and Europe, supported by growing customer engagement and increasing opportunities in the pharmaceutical and specialty chemical industries. While large-scale pharmaceutical capital expenditure announcements are gradually translating into project execution, we believe our international platform is well positioned to capitalize on these opportunities over the medium-term. In the domestic market, the THALETEC range of products introduced in India over the past few years is witnessing encouraging traction. As communicated earlier, we have viewed this as a medium-term opportunity, recognizing that wider customer adoption would require a gradual shift in market preferences and greater acceptance of advanced product offerings. We are now seeing this transition gaining momentum with THALETEC products contributing approximately 22% of our overall glass lined product businesses in India during the current quarter. This represents encouraging progress in expanding our product portfolio and standing market penetration. Going forward, we expect customer acceptance to improve further, supporting a higher contribution from THALETEC products and to improve further and creating an additional growth opportunity for our glass lined products business. With a healthy order pipeline, diversified end user exposure, strengthening international operations and improving business visibility, we believe HLE Glascoat is well positioned to capitalize on emerging opportunities and deliver sustainable growth and long-term value for our shareholders. From a balance sheet perspective, we continue to follow a disciplined financial approach with a strong emphasis on working capital optimization, prudent capital allocation and maintaining financial flexibility. These priorities remain central to supporting our growth objectives while ensuring financial discipline. Page 3 of 16 HLE Glascoat Limited November 03, 2026 As we move into the second half of '27, our key priorities remain focused on converting the record order book into timely project execution, improving margins through a favorable product mix, trending cost efficiencies and further expanding our product portfolio and customer relationships. With a strong orde [Showing first 8,000 characters — download PDF for full document]