Operating Leverage Inflection
Expected: FY 2025-2028HIGH confidence
What: Capacity Utilization: 34% to 95%
Impact: PAT Margin from 12% to 19%
“Capacity Utilisation (%) ... FY 2024-25 50% ... FY 2026-27 95% ... PAT Margin (%) ... 12% ... 19%.”
HRS Aluglaze Ltd: Stock Analysis & Fundamentals
Data from 7w agoHRS Aluglaze Ltd (Construction - Civil/Turnkey) — fundamental analysis, earnings data, and key metrics. PE: 105.0. ROE: 34.2%. This stock is not currently in the Nifty 500 momentum outperformers list.
HRS Aluglaze Ltd Key Facts
What's Happening
📊Debt increased 59% YoY — leverage rising
Earnings Acceleration Triggers
1. Operating Leverage Inflection
FY 2025-2028HIGH
2. Geographical Expansion
FY 2025HIGH
3. Order Book Or Contract Wins
OngoingMEDIUM
Key Risks
1. Raw material costs are projected to rise from 34% to 45% of revenue
HIGH2. Labour costs are a significant component at 12% of revenue
MEDIUM3. Compliance with State Pollution Control Board and CPCB norms
LOWSector-Specific Signals
Manufacturing Capacity35,00,000 sq. ft.
Capacity Utilisation34%
Active Projects28
Top 5 Customer Concentration65.29%
Key Numbers
Current Price
₹280
Market Cap
540 Cr
Valuation
N/AWhy Are HRS Aluglaze Ltd's Earnings Accelerating?
Based on Q3 FY26 earnings • Updated Apr 18, 2026
Geographical Expansion
Expected: FY 2025HIGH confidence
What: New Markets: Coimbatore, Mumbai
Impact: ₹15,100 Lakhs Revenue
“2025 Our Company entered market of Coimbatore. Our Company entered market of Mumbai.”
Order Book Or Contract Wins
Expected: OngoingMEDIUM confidence
What: Active Projects: 28
“28 Active projects ... Key Projects ... Trogon Twin Towers ... Total Area : 2,80,000 sq.ft.”
Value Added Product Mix Shift
Expected: 2024MEDIUM confidence
What: Product Line: uPVC, Dynamic Facades
“established a uPVC (unplasticized polyvinyl chloride) production line ... diversify its product offerings and cater to the growing demand.”
Management Or Ownership Change
Expected: May 2025LOW confidence
What: New MD Appointment: May 01, 2025
“serving as the Managing Director since May 01, 2025 ... Company was converted from a private limited company to a public limited company.”
What Are the Key Risks for HRS Aluglaze Ltd?
Earnings deceleration risks from management commentary
Raw material costs are projected to rise from 34% to 45% of revenue
HIGHTrigger: Management assumptions for future projections factor in higher input costs.
Impact: PAT impact: Potential margin compression if not passed through
Management view: In-house powder coating and solar plant to offset other operational costs.
Monitor: commodity
Labour costs are a significant component at 12% of revenue
MEDIUMTrigger: Façade engineering is labor-intensive across fabrication and installation phases.
Impact: PAT impact: ₹1,812 Lakhs by FY28
Management view: Advanced CNC automation to improve efficiency.
Monitor: labor
Compliance with State Pollution Control Board and CPCB norms
LOWTrigger: Manufacturing processes involve effluent generation and environmental impact.
Management view: Installed 10,000 LPH effluent treatment plant and classified under CPCB 'White Category'.
Monitor: regulatory
What Is HRS Aluglaze Ltd's Management Saying?
Key quotes from recent conference calls
“Expanding into new cities and states with showrooms ... to strengthen customer engagement, brand visibility, and sales growth. [Initiative: Geographic Expansion]”
“established a dedicated powder coating plant exclusively for captive consumption ... ensure quality control, cost efficiency, and seamless integration. [Initiative: Backward Integration (Powder Coating & Solar)]”
“established a uPVC production line ... enabled the Company to diversify its product offerings and cater to the growing demand. [Initiative: Product Diversification (uPVC)]”
“Raw Material Cost (%) FY 2024-25 34% FY 2025-26 45% ... initiative was undertaken to ensure ... cost efficiency. [Risk (commodity): HIGH]”
What Did HRS Aluglaze Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
₹4,210.9 Lakhs
The company reported audited revenue of ₹4,210.9 Lakhs for the FY 2024-25 period.
EBITDA
₹1,074.1 Lakhs
Margin 26%
EBITDA stood at ₹1,074.1 Lakhs with a margin of 26% for the audited FY 2024-25 period.
PAT
₹514.6 Lakhs
The company achieved a Profit After Tax of ₹514.6 Lakhs for the audited fiscal year.
Other Highlights
• Top 5 customers contribute 65.29% of total revenue.
• Company completed 195 projects with 28 currently active.
• Manufacturing capacity stands at 35,00,000 sq. ft. with 34% utilization.
What Sector Metrics Matter for HRS Aluglaze Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Manufacturing Capacity
35,00,000 sq. ft.
Capacity Utilisation
34%
Why: Current low utilization reflects recent capacity expansion at Rajoda.
Active Projects
28
Why: Ongoing execution of façade and glazing contracts.
Top 5 Customer Concentration
65.29%
Why: Reliance on large real estate and infrastructure developers.
Projects Completed
195
Why: Cumulative track record since 2012.
Rooftop Solar Capacity
422 KW
Why: Green energy initiative to reduce operational costs.
Effluent Treatment Capacity
10,000 LPH
Why: Installed to ensure environmental compliance.
Number of Employees
90
Number of Machinery
30
Why: Equipped for advanced CNC automation.
Raw Material Cost % of Revenue
34%
Why: Audited figure for FY25; projected to rise to 45%.
What Is HRS Aluglaze Ltd's Management Guidance?
Forward-looking targets from management for FY 2025-26
OPM Guidance
23%
Revenue Outlook
₹7,000 Lakhs
Margin Outlook
EBITDA margin is projected to be 23% in FY 2025-26, rising to 29% by FY 2027-28.
Volume
Capacity utilization is projected to increase from 50% to 95%.
Management Tone: BULLISH
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
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Frequently Asked Questions: HRS Aluglaze Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were HRS Aluglaze Ltd's latest quarterly results?
HRS Aluglaze Ltd's latest quarterly results (Sep 2025) show
- Operating Margin: 32.0%
What is HRS Aluglaze Ltd's current PE ratio?
HRS Aluglaze Ltd's current PE ratio is 105.0x.
- Current PE: 105.0x
- Market Cap: 540 Cr
Is HRS Aluglaze Ltd a fundamentally strong company?
HRS Aluglaze Ltd's fundamental strength based on key financial ratios
- Return on Capital (ROCE): 20.2%
Is HRS Aluglaze Ltd debt free?
HRS Aluglaze Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹39 Cr
What is HRS Aluglaze Ltd's return on equity (ROE) and ROCE?
HRS Aluglaze Ltd's return ratios over recent years
- FY2024: ROCE 11.3%
- FY2025: ROCE 20.2%
Is HRS Aluglaze Ltd's cash flow positive?
HRS Aluglaze Ltd's operating cash flow is positive (FY2025).
- Cash from Operations (CFO): ₹3 Cr
- Free Cash Flow (FCF): ₹-17 Cr
- CFO/PAT Ratio: 56% (adequate)
What is HRS Aluglaze Ltd's dividend yield?
HRS Aluglaze Ltd currently does not pay a significant dividend (yield 0.00%).
- Dividend Yield: 0.00%
- Current Price: ₹280
Who holds HRS Aluglaze Ltd shares — promoters, FII, DII?
HRS Aluglaze Ltd's shareholding pattern (Dec 2025)
- Promoters: 72.5%
- FII (Foreign): 4.8%
- DII (Domestic): 8.1%
- Public: 14.6%
Is HRS Aluglaze Ltd a new momentum entry or an established outperformer?
HRS Aluglaze Ltd is an established outperformer with 1 weeks of consecutive Nifty 500 outperformance.
What are the growth catalysts for HRS Aluglaze Ltd?
HRS Aluglaze Ltd has 5 key growth catalysts identified from recent earnings analysis
- Operating Leverage Inflection — Fixed cost absorption as utilization ramps up from the current low base to 95% by FY27.
- Geographical Expansion — Entering high-demand Tier 1 and Tier 2 cities to scale the order book.
- Order Book Or Contract Wins — A steady pipeline of 28 active projects including large-scale unitised glazing systems.
- Value Added Product Mix Shift — Moving into uPVC and dynamic facades to capture higher-value segments of the building materials market.
What are the key risks in HRS Aluglaze Ltd?
HRS Aluglaze Ltd has 3 key risks worth monitoring
- [HIGH] Raw material costs are projected to rise from 34% to 45% of revenue — Management assumptions for future projections factor in higher input costs.
- [MEDIUM] Labour costs are a significant component at 12% of revenue — Façade engineering is labor-intensive across fabrication and installation phases.
- [LOW] Compliance with State Pollution Control Board and CPCB norms — Manufacturing processes involve effluent generation and environmental impact.
What did HRS Aluglaze Ltd's management say in the latest earnings call?
In Q3 FY26, HRS Aluglaze Ltd's management highlighted
- "Expanding into new cities and states with showrooms ... to strengthen customer engagement, brand visibility, and sales growth. [Initiative: Geographi..."
- "established a dedicated powder coating plant exclusively for captive consumption ... ensure quality control, cost efficiency, and seamless integration..."
- "established a uPVC production line ... enabled the Company to diversify its product offerings and cater to the growing demand. [Initiative: Product D..."
What is HRS Aluglaze Ltd's management guidance for growth?
HRS Aluglaze Ltd's management has provided the following forward guidance for FY 2025-26
- Revenue outlook: ₹7,000 Lakhs
- OPM guidance: 23%
- Capex plan: Not Given for Development of additional 13,714 sq. m. of adjoining land.
- Management tone: bullish
What sector-specific metrics matter most for HRS Aluglaze Ltd?
HRS Aluglaze Ltd's most important sub-sector-specific KPIs from the latest concall
- Manufacturing Capacity: 35,00,000 sq. ft.
- Capacity Utilisation: 34% — Current low utilization reflects recent capacity expansion at Rajoda.
- Active Projects: 28 — Ongoing execution of façade and glazing contracts.
- Top 5 Customer Concentration: 65.29% — Reliance on large real estate and infrastructure developers.
- Projects Completed: 195 — Cumulative track record since 2012.
- Rooftop Solar Capacity: 422 KW — Green energy initiative to reduce operational costs.
Is HRS Aluglaze Ltd worth studying for long term investment?
Based on quantitative research signals, here is why HRS Aluglaze Ltd may be worth studying
- Cash flow is positive — CFO ₹3 Cr
What is the investment thesis for HRS Aluglaze Ltd?
HRS Aluglaze Ltd investment thesis summary:
Research Signals (Bull Case)
- Growth catalyst: Operating Leverage Inflection
Risk Factors (Bear Case)
- Key risk: Raw material costs are projected to rise from 34% to 45% of revenue
What is the future outlook for HRS Aluglaze Ltd?
HRS Aluglaze Ltd's forward outlook based on current data signals
- Key Catalyst: Operating Leverage Inflection
- Key Risk: Raw material costs are projected to rise from 34% to 45% of revenue
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.