HP Adhesives

₹99.3 0.7 | 0.7%

WEBSITE BSE:543433 NSE : HPAL 10 May, 16:01

Market Cap ₹912 Cr.

Stock P/E 62.3

P/B 5.6

Current Price ₹99.3

Book Value ₹ 17.8

Face Value 2

52W High ₹415

Dividend Yield 0%

52W Low ₹ 79.4

Edit Ratio

HP Adhesives Research see more...

Overview Inc. Year: 2019Industry: Chemicals

HP Adhesives Ltd manufactures and markets consumer adhesives and sealants products in India. Its products consist of PVC, cPVC and uPVC, solvent cement, synthetic rubber adhesive, PVA adhesives, silicone sealant, acrylic sealant, gasket shellac, other sealants, and PVC pipe lubricant. The agency additionally provide ancillary products, together with ball valves, thread seal, and different tapes and FRP products for drainage and architectural solutions. It sells its merchandise thru a network of distributors in India; and exports its products thru a network of vendors and direct customers. The agency become founded in 1987 and is based totally in Mumbai, India.

HP Adhesives Share Price

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Peer Comparison

HP Adhesives Quarterly Results

#(Fig in Cr.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Net Sales	47	44	50	62	58	55	58	59	63	55
Other Income	3	0	0	1	1	0	1	1	1	1
Total Income	50	44	51	63	59	56	58	60	63	55
Total Expenditure	43	39	48	60	54	49	51	53	55	47
Operating Profit	6	4	2	3	5	6	8	7	8	8
Interest	1	1	1	1	1	1	0	0	0	0
Depreciation	1	1	1	1	1	1	1	1	1	1
Exceptional Income / Expenses	0	0	0	0	-1	-1	-0	0	0	0
Profit Before Tax	5	3	1	2	3	4	6	6	7	7
Provision for Tax	1	1	0	0	0	1	2	1	2	2
Profit After Tax	4	2	1	1	3	3	4	5	5	5
Adjustments	0	-0	-0	0	0	0	-0	-0	0	0
Profit After Adjustments	4	2	1	1	3	3	4	5	5	5
Adjusted Earnings Per Share	0.5	0.2	0.1	0.1	0.3	0.3	0.4	0.5	0.1	0.6

HP Adhesives Profit & Loss

#(Fig in Cr.)	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	85	118	165	233	235
Other Income	2	6	4	3	4
Total Income	87	124	168	236	236
Total Expenditure	80	106	154	214	206
Operating Profit	7	18	14	22	31
Interest	3	3	3	2	0
Depreciation	2	2	3	3	4
Exceptional Income / Expenses	-7	0	0	-1	0
Profit Before Tax	-5	13	8	15	26
Provision for Tax	-1	3	2	4	7
Profit After Tax	-5	10	6	11	19
Adjustments	0	0	0	0	0
Profit After Adjustments	-5	10	6	11	19
Adjusted Earnings Per Share	-0.7	1.5	0.7	1.2	1.6

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	41%	40%	0%	0%
Operating Profit CAGR	57%	46%	0%	0%
PAT CAGR	83%	0%	0%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	24%	NA%	NA%	NA%
ROE Average	8%	49%	-10%	-10%
ROCE Average	11%	19%	12%	12%

HP Adhesives Balance Sheet

#(Fig in Cr.)	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	2	13	137	148
Minority's Interest	0	0	0	0
Borrowings	1	9	4	3
Other Non-Current Liabilities	-1	-0	4	3
Total Current Liabilities	52	67	49	30
Total Liabilities	54	88	194	184
Fixed Assets	11	19	26	39
Other Non-Current Assets	2	7	34	49
Total Current Assets	41	62	134	97
Total Assets	54	88	194	184

HP Adhesives Cash Flow

#(Fig in Cr.)	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	1	1	1	10
Cash Flow from Operating Activities	1	11	-10	-5
Cash Flow from Investing Activities	-5	-16	-67	8
Cash Flow from Financing Activities	4	5	86	-12
Net Cash Inflow / Outflow	-1	0	9	-10
Closing Cash & Cash Equivalent	1	1	10	0

HP Adhesives Ratios

#	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	-0.73	1.55	0.65	1.18
CEPS(Rs)	-0.44	1.84	0.96	1.53
DPS(Rs)	0	0	0	0
Book NAV/Share(Rs)	0.38	1.95	14.95	16.14
Core EBITDA Margin(%)	4.96	10.13	6.44	7.97
EBIT Margin(%)	-3.34	13.36	6.86	7.44
Pre Tax Margin(%)	-6.41	11.2	4.95	6.45
PAT Margin (%)	-5.6	8.51	3.65	4.66
Cash Profit Margin (%)	-3.35	10.12	5.37	6.05
ROA(%)	-8.69	14.12	4.26	5.74
ROE(%)	-190.34	132.86	8.01	7.6
ROCE(%)	-7.53	34.18	10.97	11.41
Receivable days	85.51	65.9	60.89	54.29
Inventory Days	79.99	78.64	81.57	67.38
Payable days	103.05	92.48	86.57	56.05
PER(x)	0	0	119.93	61.24
Price/Book(x)	0	0	5.25	4.48
Dividend Yield(%)	0	0	0	0
EV/Net Sales(x)	0.56	0.46	4.17	2.87
EV/Core EBITDA(x)	7.26	3.07	48.58	30.46
Net Sales Growth(%)	0	39.82	39.3	41.55
EBIT Growth(%)	0	659.06	-28.49	53.52
PAT Growth(%)	0	312.75	-40.29	80.77
EPS Growth(%)	0	312.75	-57.76	80.77
Debt/Equity(x)	14.09	3.33	0.1	0.03
Current Ratio(x)	0.8	0.92	2.74	3.21
Quick Ratio(x)	0.44	0.44	1.9	1.72
Interest Cover(x)	-1.09	6.18	3.6	7.56
Total Debt/Mcap(x)	0	0	0.02	0.01

HP Adhesives Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	71.35	71.35	71.35	71.35	71.35	71.35	71.35	71.35	71.35	71.35
FII	11.79	5.43	5.01	4.08	0.5	0.01	0.1	2.81	0.71	0.25
DII	0	0	0	0.57	0.57	0.57	2.09	3.72	3.72	3.72
Public	16.87	23.22	23.64	24	27.58	28.07	26.46	22.12	24.22	24.68
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	1.31	1.31	1.31	1.31	1.31	1.31	1.31	1.31	6.56	6.56
FII	0.22	0.1	0.09	0.07	0.01	0	0	0.05	0.07	0.02
DII	0	0	0	0.01	0.01	0.01	0.04	0.07	0.34	0.34
Public	0.31	0.43	0.43	0.44	0.51	0.52	0.49	0.41	2.23	2.27
Others	0	0	0	0	0	0	0	0	0	0
Total	1.84	1.84	1.84	1.84	1.84	1.84	1.84	1.84	9.19	9.19

Pros

Company has a good return on equity (ROE) track record: 3 Years ROE 49%
Debtor days have improved from 86.57 to 56.05days.
Company has reduced debt.
Company is almost debt free.

Cons

Stock is trading at 5.6 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.