HLE Glascoat Subsidiary Bags $42–48 Mn Order

HLEGLAS announced that its subsidiary, Kinam Engineering Industries Private Limited, has secured an international order valued at approximately US$42–48 million from a leading entity in the energy storage sector. The contract involves the design, engineering, manufacturing, testing and supply of specialised shell-and-tube heat exchangers and associated process equipment for a large-scale energy storage project in North America. The customer is a North American entity engaged in developing large-scale, long-duration energy storage projects. Its identity has been withheld due to commercial confidentiality and competitive sensitivity. The order will be executed progressively through November 2028, subject to the contractual terms and commencement provisions. This provides the subsidiary with a multi-year execution opportunity in the specialised industrial equipment segment. The order also highlights Kinam Engineering's participation in the growing energy storage infrastructure market, where specialised process equipment plays an important role in large-scale projects. According to the company's exchange filing, the order is not a related-party transaction, and neither the promoters nor promoter group have any interest in the awarding entity. Investors will monitor execution progress, order conversion into revenue and the impact of this international contract on HLE Glascoat's future business performance. Disclosure: I do not hold any position or financial interest in the mentioned stock.