Hilltone Software and Gases (BSE: HILLTONE) had a P/E of 61.6× on 6 Nov 2026, above the industry P/E of 22.1×, and the shares are 60% below their 52-week high. Sales grew 37% a year over 3 years while net profit fell 43%; its ROCE of 0.6% is the lowest among the 7 largest Specialty Chemicals peers. It is a small-cap company with a market cap of ₹50 Cr, ranked 164th of 204 Specialty Chemicals companies by market cap; the shares fell 47% over the past year.
- ₹37.50
- ₹42.40
- ₹37.50
- ₹40.03
- 4.8K
Health check
- ReturnsBehind
−47.1% over a year, better than 0 of 7 peers.
- Price tagPricier
P/E 61.6 vs industry 22.1.
- GrowthSteady
Sales +37.3%, profit −42.9% a year over 3 years.
- ProfitabilityWeak
ROCE 0.6% vs peer median 24.4%.
- Balance sheetStretched
Piotroski 6 of 9.
- Red flags5 to check
Return on equity is low at 0.7%.
Small cap
Market sensitivity
Key metrics
- Market cap
- ₹50 Cr
- Small cap
- P/E
- 61.6
- Industry 22.1
- Price to book
- n/a
- Peers 13.33
- Dividend yield
- 0.00%
- ROE
- 0.7%
- Peers 23.0%
- ROCE
- 0.6%
- Peers 24.4%
- Debt to equity
- n/a
- EPS (TTM)
- ₹0.61
- OPM (TTM)
- −4.6%
- Net margin 0.0%
- Sales growth
- −32.2%
- Latest quarter vs a year ago
- Profit growth
- n/a
- Year-ago quarter not reported
- Price to sales
- 3.48
Strengths and risks
Risks to check
- Return on equity is low at 0.7%.
- Quarterly sales down 32.2% on a year ago.
- P/E of 61.6 against an industry P/E of 22.1.
- 60% below its 52-week high.
- Interest coverage of only 1.8×.
About Hilltone Software and Gases
Hilltone Software and Gases Limited produces and markets industrial and medical gases in India. It offers oxygen, nitrogen, LPG, argon, carbon dioxide, acetylene, hydrogen, helium, and other gases; mixed gases; and liquid oxygen, carbon dioxide, and nitrogen gases. The company also engages in the construction, production, and distribution of solar energy; and provides design and engineering, construction and project management, consulting and planning,…
- Headquarters
- Mehsana
- Sector
- Basic Materials
- ISIN
- INE168C01013
- Website
- hilltonegases.com
Price range
- Avg volume (3M)
- 20.7K
- 1-year return
- minus 47.1%
- From 52-week high
- minus 59.6%
Peers · Specialty Chemicals
| Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ASIANPAINTAsian Paints | 2,546.00 | plus 0.88% | 2,44,025 | 50.5 | 35.0 | 24.4% | 18.9% | 0.21 | 1.1% | plus 1.5% |
| SOLARINDSSolar Industries India | 18,608.00 | plus 0.48% | 1,68,384 | 74.4 | 64.1 | 29.5% | 27.8% | 0.22 | 12.4% | plus 35.9% |
| PIDILITINDPidilite Industries | 1,579.00 | plus 1.63% | 1,60,827 | 60.0 | 44.4 | 28.5% | 23.5% | 0.03 | 7.4% | plus 6.8% |
| LINDEINDIALinde India | 6,859.00 | plus 8.73% | 58,496 | 118.4 | 64.2 | 16.3% | 31.5% | 0.23 | – | plus 5.4% |
| BERGEPAINTBerger Paints India | 478.35 | minus 5.28% | 55,776 | 45.4 | 29.4 | 20.6% | 16.5% | 0.09 | 4.2% | minus 6.0% |
| FLUOROCHEMGujarat Fluorochemicals | 4,665.50 | minus 0.94% | 51,251 | 75.9 | 44.0 | 9.6% | 24.4% | 0.26 | −4.5% | plus 28.0% |
| ACUTAASAcutaas Chemicals | 3,786.60 | plus 0.42% | 31,001 | 70.9 | 64.1 | 27.7% | 39.4% | 0.01 | 29.4% | plus 105.6% |
| HILLTONEHilltone Software and Gases | 37.60 | minus 6.07% | 50 | 61.6 | 109.6 | 0.6% | −4.6% | – | 37.3% | minus 47.1% |
| Median of 7 peers | – | 0.48% | 58,496 | 70.9 | 44.4 | 24.4% | 24.4% | 0.21 | 5.8% | 6.8% |
Quarterly results
| ₹ Cr | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 |
|---|---|---|---|---|---|
| 2.3 | 3.5 | 6.6 | 2.3 | 1.6 | |
| 2.6 | 4 | 5.4 | 2.6 | 2.7 | |
| −0.3 | −0.5 | 1.2 | −0.3 | −1.1 | |
| −11.0% | −15.0% | 18.1% | −11.1% | −67.4% | |
| 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | |
| 0.1 | 0 | 0 | 0.2 | 0 | |
| 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | |
| – | – | – | 0 | – | |
| −0.3 | −0.6 | 1.1 | −0.5 | −1.1 | |
| 45.7% | −0.5% | 10.3% | 44.4% | 31.8% | |
| −0.2 | −0.6 | 1 | −0.3 | −0.8 | |
| -0.16 | -0.06 | 0.75 | -0.02 | -0.06 |
Profit & loss
- Sales CAGR 3Y
- +37.3%
- Profit CAGR 3Y
- −42.9%
- EPS CAGR 3Y
- −43.6%
- ROE
- 0.7%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 5.5 | 6.7 | 7.5 | 14.2 | |
| – | +22.6% | +12.1% | +88.6% | |
| 4.6 | 6.3 | 7.7 | 13.8 | |
| 0.9 | 0.4 | −0.1 | 0.4 | |
| 16.4% | 6.5% | −1.6% | 3.1% | |
| 0.2 | 0.5 | 0.6 | 0.4 | |
| 0.1 | 0.1 | 0.1 | 0.2 | |
| 0.1 | 0.1 | 0.2 | 0.7 | |
| −0 | – | −0 | −0 | |
| 0.9 | 0.6 | 0.2 | −0.1 | |
| 16.0% | 18.7% | 166.1% | 236.5% | |
| 0.7 | 0.5 | −0.2 | 0.1 | |
| – | minus 30.8% | minus 131.0% | – | |
| 0.67 | 0.46 | -0.14 | 0.12 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 4 | 10.9 | 10.9 | 13.2 | |
| 1.2 | 2.9 | 2.7 | 10.1 | |
| 0.8 | 0.8 | 1.7 | 1.9 | |
| 1.2 | 1.2 | 2.2 | 1.7 | |
| 7.3 | 15.8 | 17.5 | 26.9 | |
| 2.8 | 4 | 6.9 | 10.4 | |
| – | – | 1.4 | 0.6 | |
| 0.1 | 1.4 | 0.4 | 0.5 | |
| 0.4 | 0.5 | 1.6 | 3.6 | |
| 4 | 10 | 7.2 | 11.7 | |
| 7.3 | 15.8 | 17.5 | 26.9 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 0.6 | −7.2 | 0.8 | −4.3 | |
| 0 | −0.8 | 0.6 | −3 | |
| −0.3 | 8.1 | −0.2 | 9.3 | |
| 0.3 | 0.1 | 1.1 | 2 | |
| −0.1 | −1.3 | −1.8 | −4.3 | |
| 0.4 | −8.5 | −1.1 | −8.5 |
Shareholding pattern
This company is listed only on BSE, so there’s no NSE category split. See Major shareholders below for the named holders.
Major shareholders
Filings & events
News
No recent news coverage found.