HLE Glascoat: ICRA reaffirms A/Stable rating on Rs 517.5 cr facilities

ICRA has reaffirmed HLE Glascoat's credit ratings - [ICRA]A (Stable) for long-term and [ICRA]A2+ for short-term facilities, totalling Rs 517.5 crore. The stable outlook reflects the company's strong market position in glass-lined and process equipment, healthy order book of Rs 682 crore, and improved gearing of 0.56 times. Revenue grew 32 percent year-on-year to Rs 1,353 crore in FY2026, though EBITDA margin fell to 10.3 percent from 13.0 percent due to Omeras acquisition losses and integration costs. Total debt reduced to Rs 348 crore from Rs 381 crore.