It’s just that the end-user industries are facing a tremendous slowdown. Although the pharma and spec-chem industries have shown signs of improvement, their Capex plans have turned slow–which is affecting the orderbook of GMM & HLE. The input costs, and valuation aren’t that bad, they seem elevated because of the bad results.
The silver lining for HLE is the acquisition of Kinam Engineering, heat exchangers are in a huge up-cycle, if they’re able to improvise on that demand surge, and if the pharma and chem demand picks up, there shall be greenery 
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