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HP Adhesives Overview

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 th...Read More

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HP Adhesives Key Financials

Market Cap ₹346 Cr.

Stock P/E 19

P/B 1.8

Current Price ₹37.6

Book Value ₹ 20.7

Face Value 2

52W High ₹54.7

Dividend Yield 1.06%

52W Low ₹ 26.3

HP Adhesives Share Price

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Volume
Price

HP Adhesives Quarterly Price

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HP Adhesives Peer Comparison

HP Adhesives Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 63 55 59 61 59 67 67 66 65 65
Other Income 1 1 1 1 0 1 2 1 1 1
Total Income 63 55 60 62 59 68 68 67 66 66
Total Expenditure 55 47 50 53 52 60 61 60 59 61
Operating Profit 8 8 10 9 7 8 7 8 7 5
Interest 0 0 1 0 1 1 1 1 1 1
Depreciation 1 1 1 1 1 1 1 1 1 2
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 -0 -0
Profit Before Tax 7 7 8 7 5 6 5 6 5 2
Provision for Tax 2 2 2 2 1 2 1 1 1 1
Profit After Tax 5 5 6 6 4 4 4 4 4 2
Adjustments 0 0 0 0 0 0 0 0 0 -0
Profit After Adjustments 5 5 6 6 4 4 4 4 4 2
Adjusted Earnings Per Share 0.1 0.6 0.6 0.6 0.5 0.5 0.5 0.5 0.4 0.2

HP Adhesives Profit & Loss

#(Fig in Cr.) Mar 2024 Mar 2025 TTM
Net Sales 236 253 263
Other Income 3 5 5
Total Income 239 258 267
Total Expenditure 205 227 241
Operating Profit 34 31 27
Interest 2 2 4
Depreciation 4 5 5
Exceptional Income / Expenses 0 0 0
Profit Before Tax 28 24 18
Provision for Tax 8 5 4
Profit After Tax 21 18 14
Adjustments 0 -0 0
Profit After Adjustments 21 18 14
Adjusted Earnings Per Share 2.2 2 1.6

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 7% 0% 0% 0%
Operating Profit CAGR -9% 0% 0% 0%
PAT CAGR -14% 0% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -28% -20% NA% NA%
ROE Average 10% 11% 11% 11%
ROCE Average 14% 16% 16% 16%

HP Adhesives Balance Sheet

#(Fig in Cr.) Mar 2024 Mar 2025
Shareholder's Funds 169 184
Minority's Interest 0 0
Borrowings 0 0
Other Non-Current Liabilities 2 2
Total Current Liabilities 26 41
Total Liabilities 198 228
Fixed Assets 52 73
Other Non-Current Assets 23 8
Total Current Assets 122 148
Total Assets 198 228

HP Adhesives Cash Flow

#(Fig in Cr.) Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 0 1
Cash Flow from Operating Activities 22 10
Cash Flow from Investing Activities -15 -9
Cash Flow from Financing Activities -6 2
Net Cash Inflow / Outflow 0 2
Closing Cash & Cash Equivalent 1 3

HP Adhesives Ratios

# Mar 2024 Mar 2025
Earnings Per Share (Rs) 2.24 1.98
CEPS(Rs) 2.71 2.5
DPS(Rs) 0.3 0.4
Book NAV/Share(Rs) 18.38 20.06
Core EBITDA Margin(%) 13.01 10.1
EBIT Margin(%) 12.72 10.23
Pre Tax Margin(%) 11.92 9.38
PAT Margin (%) 8.72 7.21
Cash Profit Margin (%) 10.54 9.08
ROA(%) 10.41 8.57
ROE(%) 12.18 10.33
ROCE(%) 17.71 14.4
Receivable days 56.44 56.46
Inventory Days 73.79 75.19
Payable days 39.5 44.79
PER(x) 42.61 24.37
Price/Book(x) 5.2 2.4
Dividend Yield(%) 0.31 0.83
EV/Net Sales(x) 3.68 1.75
EV/Core EBITDA(x) 25.52 14.49
Net Sales Growth(%) 0 7.19
EBIT Growth(%) 0 -13.72
PAT Growth(%) 0 -11.3
EPS Growth(%) 0 -11.91
Debt/Equity(x) 0 0.03
Current Ratio(x) 4.63 3.57
Quick Ratio(x) 2.83 2.2
Interest Cover(x) 15.96 12.03
Total Debt/Mcap(x) 0 0.01

HP Adhesives Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 71.35 71.35 71.35 71.35 71.35 71.35 71.35 71.35 71.35 71.35
FII 0.71 0.25 0.08 0.1 0.03 0.16 0.04 0.02 0.01 0.02
DII 3.72 3.72 3.72 3.28 2.86 2.82 1.34 0 0 0
Public 24.22 24.68 24.86 25.27 25.76 25.67 27.28 28.63 28.64 28.63
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

HP Adhesives News

HP Adhesives Pros & Cons

Pros

  • Company is almost debt free.

Cons

  • Company has a low return on equity of 11% over the last 3 years.
  • Debtor days have increased from 39.5 to 44.79days.
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