HLE Glascoat shares jump 5% as subsidiary bags $42-48 million order
HLE Glascoat also stated that the order is an international contract and does not involve any related-party transaction.
- Nov 11, 2026,
- Updated Nov 11, 2026 1:58 PM IST
HLE Glascoat Ltd shares rose 5% on Wednesday after its subsidiary, Kinam Engineering Industries Private Limited, secured an international order valued between USD 42 million and USD 48 million. The contract is for the supply of specialised heat exchangers and associated process equipment for a large-scale energy storage project in North America.
The order has been placed by a leading international entity operating in the energy storage sector. The scope of work includes design, engineering, manufacturing, testing and supply of specialised shell and tube heat exchangers along with associated process equipment. HLE Glascoat said the order would be executed progressively through November 2028, in accordance with the contractual terms.
HLE Glascoat shares touched a high of Rs 442.35 on Wednesday, gaining exactly 5% from their previous close of Rs 421.30. The stock opened at Rs 442.35 and touched a low of Rs 436.15 during the session.
Details of the international order
According to the company's exchange filing dated November 10, the contract will support a large-scale, long-duration energy storage project in North America. Kinam Engineering Industries will undertake the manufacturing and supply of specialised equipment required for the project.
The company also stated that the order is an international contract and does not involve any related-party transaction. It clarified that neither the promoter group nor its group companies have any interest in the entity awarding the order.
HLE Glascoat's statement
In its exchange disclosure, the company said its subsidiary had secured the contract for the "design, engineering, manufacturing, testing and supply of Specialized Shell and Tube Heat Exchangers and associated Process Equipment" for the North American project.
The order adds to Kinam Engineering's business in specialised process equipment and gives the company exposure to the growing long-duration energy storage segment. The contract is expected to be completed in phases through November 2028, subject to the commencement provisions and terms agreed between the parties.
HLE Glascoat Ltd shares rose 5% on Wednesday after its subsidiary, Kinam Engineering Industries Private Limited, secured an international order valued between USD 42 million and USD 48 million. The contract is for the supply of specialised heat exchangers and associated process equipment for a large-scale energy storage project in North America.
The order has been placed by a leading international entity operating in the energy storage sector. The scope of work includes design, engineering, manufacturing, testing and supply of specialised shell and tube heat exchangers along with associated process equipment. HLE Glascoat said the order would be executed progressively through November 2028, in accordance with the contractual terms.
HLE Glascoat shares touched a high of Rs 442.35 on Wednesday, gaining exactly 5% from their previous close of Rs 421.30. The stock opened at Rs 442.35 and touched a low of Rs 436.15 during the session.
Details of the international order
According to the company's exchange filing dated November 10, the contract will support a large-scale, long-duration energy storage project in North America. Kinam Engineering Industries will undertake the manufacturing and supply of specialised equipment required for the project.
The company also stated that the order is an international contract and does not involve any related-party transaction. It clarified that neither the promoter group nor its group companies have any interest in the entity awarding the order.
HLE Glascoat's statement
In its exchange disclosure, the company said its subsidiary had secured the contract for the "design, engineering, manufacturing, testing and supply of Specialized Shell and Tube Heat Exchangers and associated Process Equipment" for the North American project.
The order adds to Kinam Engineering's business in specialised process equipment and gives the company exposure to the growing long-duration energy storage segment. The contract is expected to be completed in phases through November 2028, subject to the commencement provisions and terms agreed between the parties.