Mixed Near-Term Pain, Long-Term Gain HLE Glascoat's ₹25 Cr capex diversifies away from struggling Glass Lined segments into high-margin specialty tanks. FY27 will face ₹2-4 Cr EBITDA headwinds from depreciation and pre-revenue costs, compressing margins to 6.5-7.0%. However, FY28+ projects ₹4-6 Cr incremental EBITDA as manufacturing ramps, recovering margins to 8.5-9.5%. Revenue potential: ₹30-50 Cr annually. Critical risk: Q3 shows structural profitability challenges—core business stabilization is prerequisite before capex delivers returns. Success requires disciplined execution and operational improvements beyond capex benefits.

Mixed Near-Term Pain, Long-Term Gain HLE Glascoat's ₹25 Cr capex diversifies away from struggling Glass Lined segments into high-margin specialty tanks. FY27 will face ₹2-4 Cr EBITDA headwinds from depreciation and pre-revenue costs, compressing margins to 6.5-7.0%. However, FY28+ projects ₹4-6 Cr incremental EBITDA as manufacturing ramps, recovering margins to 8.5-9.5%. Revenue potential: ₹30-50 Cr annually. Critical risk: Q3 shows structural profitability challenges—core business stabilization is prerequisite before capex delivers returns. Success requires disciplined execution and operational improvements beyond capex benefits.

Mixed Near-Term Pain, Long-Term Gain HLE Glascoat's ₹25 Cr capex diversifies away from struggling Glass Lined segments into high-margin specialty tanks. FY27 will face ₹2-4 Cr EBITDA headwinds from depreciation and pre-revenue costs, compressing margins to 6.5-7.0%. However, FY28+ projects ₹4-6 Cr incremental EBITDA as manufacturing ramps, recovering margins to 8.5-9.5%. Revenue potential: ₹30-50 Cr annually. Critical risk: Q3 shows structural profitability challenges—core business stabilization is prerequisite before capex delivers returns. Success requires disciplined execution and operational improvements beyond capex benefits.

Mixed Near-Term Pain, Long-Term Gain HLE Glascoat's ₹25 Cr capex diversifies away from struggling Glass Lined segments into high-margin specialty tanks. FY27 will face ₹2-4 Cr EBITDA headwinds from depreciation and pre-revenue costs, compressing margins to 6.5-7.0%. However, FY28+ projects ₹4-6 Cr incremental EBITDA as manufacturing ramps, recovering margins to 8.5-9.5%. Revenue potential: ₹30-50 Cr annually. Critical risk: Q3 shows structural profitability challenges—core business stabilization is prerequisite before capex delivers returns. Success requires disciplined execution and operational improvements beyond capex benefits.