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ICRA has reaffirmed HLE Glascoat's ratings for its long-term fund-based facilities at [ICRA]A (Stable) and short-term non-fund-based facilities at [ICRA]A2+. The reaffirmation reflects HGL's strong market position, diversified business through strategic acquisitions, robust revenue growth to Rs. 1,353 Cr in FY26, and a comfortable capital structure with gearing at 0.56x.