Haldyn Glass Limited

Consumer Cyclical — Packaging & Containers · NSE

₹150.90−₹8.17 (−5.14%)

DalalBaazaar Score

51 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity.

In simple words: Reasonable but unspectacular business quality, with both sales and profits growing well. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:07 pm

Constructive picture on fundamentals. Profitability, leverage and growth metrics are broadly healthy on this snapshot. That said, valuation should still be checked against direct sector peers (not just the generic P/E bands used here) before treating this as a buy signal.

Understanding the Business

Company site ↗

The 60-second version of Haldyn Glass Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Haldyn Glass Limited engages in the manufacture and sale of glass bottles in India and internationally. The company offers liquor bottles, such as flint glass bottles; and food and beverage products, including food bottles, amber glass bottles, and green glass bottles.

IndustryPackaging & Containers

SectorConsumer Cyclical

Employees681

Annual revenue₹451 Cr

How does it make money?

Turns over ₹451 Cr a year. Of every ₹100 of sales, about ₹5 reaches shareholders as profit, with ₹16 left at the operating level before interest, tax and depreciation. Each of its 681 employees supports ₹66.2 lakh of revenue a year, the signature of a people-led business.

EBITDA margin16.0%

Net margin5.5%

Revenue / employee₹66.2 lakh

Who are its competitors?

The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

MARUTI SUZUKI INDIA LTD.P/E 25.2x · ROE 13.4%

TITAN COMPANY LIMITEDP/E 68.5x · ROE 36.7%

TRENT LTDP/E 87.2x · ROE 25.9%

AVENUE SUPERMARTS LIMITEDP/E 69.9x · ROE 12.7%

What is its competitive advantage?Little sign of one

Returns on capital of 12.7% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

ROCE12.7%

ROE10.6%

Peer median ROE25.9%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +42% while net margin moved -35% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+42%

Margin effect-35%

DalalBaazaar Score

51/ 100

Moderate

Weighted across six categories. Every point is explained below.

• Revenue CAGR of 12.4% is steady
✗ Profit has declined at 2.7% a year
✗ Profit is compounding slower than revenue — margins are being squeezed as the business grows

Quality vs. Valuation

Company Quality

49/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

69/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

26.2x

Sector Median

69.2x

median of 4 sector peers

🟢Against its sector it trades 62% below the peer median of 69.2x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Cheap

69.2x median of 4 peers · -62%

vs. generic bands

Fair

15x–35x

P/E (Trailing)

26.2x

P/B

3.46x

EV/EBITDA

12.8x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 13.1% to 16.0% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention4

Debt is rising
Total debt is up 148% over 3 years — worth checking what it funded.
Return on equity is falling
ROE has dropped from 15.2% to 10.6% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 16.1% to 12.7% — often a sign of competition or overexpansion.
Inventory building faster than sales
Inventory is up 215% against revenue growth of 42% — stock may not be moving.

Red Flags

2 items require attention · 2 high

🔴Debt has risen sharplyFinancial
Total debt is up 148% over 3 years, from ₹47 Cr to ₹116 Cr.
🔴Inventory building faster than salesFinancial
Inventory up 215% against revenue up 42% — stock may not be moving.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 13.1% to 16.0%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Cheaper than its peers
It trades 62% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹32 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Returns on shareholder capital are falling
ROE has dropped from 15.2% to 10.6%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 9% a year✓ 12.4% CAGR
Latest reported year was 20.6%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 14%✓ 16.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹32 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.6x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 10%✓ 12.7%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

7 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high

Price history

Quick Metrics

5 good · 6 neutral · 0 weak

Market Cap

₹811 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

26.2x

Fair

Fairly valued against the generic band

P/B Ratio

3.46x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹5.75

Profitable

Profitable on a per-share basis

ROE

10.6%

Moderate

Moderate capital efficiency

ROCE

12.7%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.49x

Low

Conservative leverage

Revenue Growth (YoY)

20.6%

Healthy

Healthy top-line growth

Profit Growth (YoY)

88.0%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹32 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹150.9

Operating Margin

10.6%

Average

Average margins

Net Margin

6.1%

Average

Average bottom-line conversion

Current Ratio

1.01

Adequate

Adequate, but no real cushion

Beta (vs Nifty)

0.61

Defensive

Steadier than the market

52W Range Position

64%

Mid-range

Technical Snapshot

RSI (14)

55.0

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹317 Cr	₹286 Cr	₹375 Cr	₹451 Cr	+12.4%
EBITDA	₹42 Cr	₹50 Cr	₹63 Cr	₹72 Cr	+20.1%
EBITDA Margin	13.1%	17.5%	16.7%	16.0%	—
PAT (Net Profit)	₹27 Cr	₹25 Cr	₹19 Cr	₹25 Cr	-2.7%
EPS	₹4.98	₹4.56	₹3.49	₹4.58	-2.8%
ROE	15.2%	12.3%	8.7%	10.6%	—
ROCE	16.1%	12.7%	10.3%	12.7%	—
Total Debt	₹47 Cr	₹123 Cr	₹128 Cr	₹116 Cr	+35.4%
Free Cash Flow	-₹32 Cr	-₹85 Cr	₹6 Cr	₹32 Cr	—

🟢 Revenue has grown at 12.4% a year over 3 years.

🟢 EBITDA has grown at 20.1% a year over 3 years.

🟢 EBITDA Margin has risen from 13.1% to 16.0% over 3 years (+2.9 pts).

🔴 PAT (Net Profit) has shrunk at 2.7% a year over 3 years.

🔴 EPS has shrunk at 2.8% a year over 3 years.

🔴 ROE has fallen from 15.2% to 10.6% over 3 years (-4.6 pts).

🔴 ROCE has fallen from 16.1% to 12.7% over 3 years (-3.5 pts).

🔴 Total Debt has grown at 35.4% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹32 Cr to ₹32 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹502 Cr

Total Liabilities

₹268 Cr

Total Debt

₹116 Cr

Cash & Equivalents

₹2 Cr

Operating Cash Flow

₹62 Cr

Capex

-₹30 Cr

Shareholding (proxy)

Institutional Holding

1.2%

Insider Holding

64.7%

Peer Comparison

Company	P/E	ROE
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

1 positive5 general

Haldyn Glass Share Price Near 52-Week High Today

Univest, 14 Oct

Haldyn Glass Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 30 Aug

Haldyn Glass Share Price Update: Price Action and Valuation

Univest, 14 Oct

HALDYNGL Stock Price and Chart — NSE:HALDYNGL

TradingView, 20 Apr

Haldyn Glass Q1FY27 net profit surges 90% to ₹1,025.90 lakh

scanx.trade, 03 AugResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Tech Query: Wipro, Rajesh Exports, Haldyn Glass, Tata Teleservices (Maharashtra) Ltd - What is the outlook? Where are these stocks headed?

BusinessLine, 09 May

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟡Business QualityAdequate9/20

🟢Financial HealthStrong13.4/20

🔴GrowthWeak7.7/20

🟡ProfitabilityModerate7.1/15

🟡ValuationFair7.5/15

🟡RiskModerate6.2/10

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 2 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 9% a year12.4% CAGR
✓EBITDA margin holds above 14%16.0%
✓Free cash flow remains positive₹32 Cr
✓Debt / EBITDA stays below 2x1.6x
✓ROCE stays above 10%12.7%