MarketFriction

HP Adhesives Ltd

NSE HPAL · BSE 543433 · Specialty Chemicals
₹33.81 -0.06%
NSE close2026-10-01
52 week range26.52 - 53.00
Market cap₹318 Cr.
P/E136
Price band 20% Delivery 62.6%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Standalone, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales62.6054.7559.3160.5258.8765.7265.4466.1365.1361.3957.7063.34
Expenses55.2646.9750.5052.9552.3959.7759.9259.5258.7357.5861.4263.54
Operating Profit7.347.788.817.576.485.955.526.616.403.81-3.72-0.20
OPM %11.73%14.21%14.85%12.51%11.01%9.05%8.44%10.00%9.83%6.21%-6.45%-0.32%
Other Income1.040.620.881.480.171.291.581.050.470.440.671.02
Interest0.210.180.560.470.510.580.590.640.630.640.750.81
Depreciation1.081.111.081.131.151.171.251.411.451.501.451.27
Profit before tax7.097.118.057.454.995.495.265.614.792.11-5.25-1.26
Tax %26.09%26.72%30.43%24.30%17.23%27.87%21.86%24.78%25.89%28.91%-54.48%-33.33%
Net Profit5.245.215.615.634.123.964.124.223.551.50-2.39-0.84
EPS in Rs0.570.570.610.610.450.430.450.460.390.16-0.26-0.09
Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales85118165233236248249248
Expenses80106153214205223236241
Operating Profit41211193126136
OPM %5.0%10%7%8%13%10%5%2.5%
Other Income-56324433
Interest33322233
Depreciation22334566
Profit before tax-513815282370
Tax %-13%24%26%28%27%23%5%
Net Profit-510611211872
EPS in Rs-0.731.550.651.182.241.940.750.20
Dividend Payout %0%0%0%0%13%21%53%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth%16%2%-3%
Compounded Profit Growth%-6%-14%-86%
Stock Price CAGR%%-28%-28%
Return on Equity%9%9%4%
Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital13131818181818
Reserves-11-0119130151166169
Borrowings3643199384
Other Liabilities19354028263640
Total Liabilities5790195185198228232
Fixed Assets11192639527372
CWIP1718171645
Investments0000182522
Other Assets4564152129111126132
Total Assets5790195185198228232
Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity111-10-522177
Cash from Investing Activity-5-16-678-15-16-2
Cash from Financing Activity4586-12-62-8
Net Cash Flow-109-1002-2
Free Cash Flow-4-5-26-2153-6
CFO/OP19%114%-71%-9%94%93%82%
Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days86717158566155
Inventory Days12514612497118132119
Days Payable1031169544405466
Cash Conversion Cycle107100100112134140108
Working Capital Days-48-198410210698118
ROCE %34%11%12%18%14%6%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters71.35%71.35%71.35%71.35%71.35%71.35%71.35%71.35%71.35%71.35%71.35%71.35%
FIIs2.81%0.71%0.25%0.08%0.10%0.03%0.16%0.04%0.02%0.01%0.02%0.01%
DIIs3.72%3.72%3.72%3.72%3.28%2.86%2.82%1.34%0.00%0.00%0.00%0.00%
Public22.12%24.22%24.68%24.86%25.28%25.76%25.66%27.27%28.63%28.64%28.63%28.64%
No. of Shareholders26,75743,68049,90952,08156,36956,88157,83557,43057,13455,42653,66252,585

Fundamentals

Market Cap₹ 318 Cr.
Current Price₹ 34.4
Stock P/E136
Book Value₹ 20.4
ROCE5.61 %
ROE4.03 %
Dividend Yield1.16 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)-3%
Compounded Profit Growth (TTM)-86%
Standalone figures.
Valuation
Market capRs 312 Cr
Enterprise valueRs 319 Cr
P/E (TTM)171.51x
Price to book2.11x
Price to sales1.26x
EV / EBITDA35.91x
EV / EBIT99.16x
EV / sales1.29x
Earnings yield0.58%
P/E, 3-year average18.14x
P/B, 3-year average0.98x
Profitability
Operating margin (excl. other income)8.16%
Operating margin (incl. other income)8.82%
EBITDA margin3.59%
Pre-tax margin0.16%
Net profit margin0.74%
Net margin, latest quarter-1.33%
ROE7.60%
ROCE11.08%
ROA5.71%
ROE, 3-year average49.50%
ROCE, 3-year average18.51%
ROA, 3-year average7.88%
ROIC (approx.)1.50%
Tax rate27.74%
Other income / net worth1.05%
Growth
Sales growth (latest year)41.56%
Profit growth (latest year)80.70%
Sales CAGR, 3 years40.22%
Sales growth QoQ9.77%
Sales growth YoY (latest quarter)-4.22%
Profit growth YoY (latest quarter)-119.91%
Per share
EPS (TTM)Rs 0.20
EPS (latest year)Rs 5.91
EPS (latest quarter)Rs -0.09
EPS, 3-year averageRs 5.64
Book value per shareRs 16.06
Sales per shareRs 26.81
Cash flow per shareRs -0.55
Free cash flow per shareRs -0.65
Efficiency
Asset turnover1.26x
Fixed asset turnover6.01x
Inventory turnover3.92x
Inventory days93 days
Debtor days58 days
Debtors turnover6.25x
Creditor days66 days
Cash conversion cycle108 days
Working capital days118 days
Leverage
Total debtRs 9 Cr
Cash and bankRs 1 Cr
Net debtRs 7 Cr
Debt to equity0.06x
Net debt / EBITDA0.80x
Interest coverage1.14x
Owners' fund to total sources80.30%
Debt to assets4.62%
Cash flow
Cash from Operating Activity (latest year)Rs -5 Cr
Cash from Investing Activity (latest year)Rs 8 Cr
Cash from Financing Activity (latest year)Rs -12 Cr
Net Cash Flow (latest year)Rs -10 Cr
Free cash flow (latest year)Rs -6 Cr
FCFE (approx.: FCF + change in debt)Rs -16 Cr
Cash from ops / profit, 5 years0.49x
Statement figures
Net sales (TTM)Rs 248 Cr
Net sales (latest year)Rs 233 Cr
Sales (latest quarter)Rs 63 Cr
Operating profit excl. other income (latest year)Rs 19 Cr
Operating profit (latest quarter)Rs -0 Cr
Other income (TTM)Rs 3 Cr
EBITDA (TTM)Rs 9 Cr
PBDT (TTM)Rs 6 Cr
Profit before tax (TTM)Rs 0 Cr
Tax (latest year)Rs 4 Cr
Net profit (TTM)Rs 2 Cr
Net profit (latest year)Rs 11 Cr
Net profit (latest quarter)Rs -1 Cr
Depreciation (TTM)Rs 6 Cr
Depreciation (latest quarter)Rs 1 Cr
Interest (TTM)Rs 3 Cr
Cost of goods sold (latest year)Rs 176 Cr
Total expenditure (latest year)Rs 214 Cr
Total income (latest year)Rs 235 Cr
Share capitalRs 18 Cr
ReservesRs 130 Cr
Shareholders' fundsRs 148 Cr
Total assetsRs 185 Cr
Net blockRs 39 Cr
Capital work in progressRs 17 Cr
ReceivablesRs 37 Cr
InventoryRs 45 Cr
Other liabilitiesRs 28 Cr
Shares outstanding (crore)9.23
Ownership
Promoter holding71.35% (+0.00 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 171.5 is at the 90th percentile of its own 2.4-year range (median 29.0, low 18.6, high 177.6).
P/B 2.11 is at the 7th percentile (median 3.28).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodHPALNifty 50Difference
1 week-5.0%-2.8% -2.2 pts
1 month-3.2%-6.8% +3.6 pts
3 months-6.4%-7.6% +1.2 pts
6 months+25.5%+0.4% +25.1 pts
1 year-32.1%-9.9% -22.2 pts
2 years-64.4%-13.6% -50.9 pts
3 years-63.5%+14.2% -77.7 pts

Red flags

F-score 6 of 8
explainWeak cash conversion Cash from operations was -15% of net profit over the last 3 years
explainShare dilution Share count up 0% in a year, 41% in three
lookRegulator order or action Regulator order or action 2026-09-27: HP Adhesives Limited has informed the Exchange about Action(s) taken or orders passed
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹63 Cr -4.2% vs Jun 2025. Net loss ₹1 Cr.
Against our estimate for Jun 2026: sales +5.5%, profit -135.4% miss. Our estimate for Sep 2026: sales Rs 60 Cr, profit Rs 0 Cr (how).

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-09-15Dividend - Re 0.40 Per Share
2025-09-23Dividend - Re 0.40 Per Share
2024-09-13Dividend - Re 0.30 Per Share
2023-11-09Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 2/- Per Share0.2000
DateTypeWhat it says
2026-09-27Regulatory actionAction(s) taken or orders passed
2026-09-24Shareholder meetingVoting results.
2026-09-22Shareholder meetingProceedings of Annual General Meeting held on September 22, 2026
2026-08-31UpdatesAnnual Report for the FY 2025-26.
2026-08-31UpdatesIntimation of sending Physical Letters to shareholders.
2026-08-31Shareholder meetingNotice of Annual General Meeting to be held on September 22, 2026
2026-08-31Record DateRecord date for the purpose of Dividend is 15-Sep-2026.
2026-08-28General UpdatesGeneral Updates
2026-08-13Integrated Filing- FinancialIntegrated Filing - Financial for the quarter ended 30th June, 2026.
2026-08-13Board meeting outcomeOutcome of Board Meeting held on August 13, 2026.
2026-08-13Board meeting outcomeHP Adhesives Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-13Board meeting outcomeOutcome of Board Meeting held on July 13, 2026.
2026-05-28UpdatesAnnual Secretarial Compliance Report for the year ended 31st March 2026.
2026-05-19Statement of deviation(s) orStatement of deviation(s) or variation(s) under Reg. 32
2026-05-15UpdatesNon-applicability of Large Corporates disclosure.
2026-05-13Monitoring Agency ReportMonitoring Agency Report for the quarter ended 31st March, 2026.
2026-05-13General UpdatesGeneral Updates
2026-05-12DividendBoard of Directors at its meeting held on May 12, 2026, recommended Final Dividend of Rs. 0.40 per equity share.
2026-05-12Board meeting outcomeHP Adhesives Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
2026-05-06UpdatesBoard to consider Dividend .
2026-05-04Disclosure under SEBI TakeovHP Adhesives Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substant...
2026-05-04Disclosure under SEBI TakeovHP Adhesives Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substant...
2026-04-30UpdatesAnnual Disclosure Under Regulation 31 (4) Of SEBI (Substantial Acquisition Of Shares And Takeovers) Regulations 2011, (SAST Regulations 2011)..
2026-04-10Reply to Clarification- FinaThe Exchange had sought clarification from HP Adhesives Limited for the quarter ended 30-Sep-2024 with respect to Regulation 33 of the SEBI (Listing O...
2026-04-01Shareholder meetingVoting results.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Scrip PE is greater than 50 (4 trailing quarters)

Quick answers

What is the market cap of HP Adhesives Ltd?

HP Adhesives Ltd (HPAL) has a market capitalisation of Rs 318 Cr. at the 2026-10-01 close.

What is the P/E ratio of HP Adhesives Ltd?

HP Adhesives Ltd trades at a P/E of 136 on trailing twelve-month profit, at the 2026-10-01 close.

What were HP Adhesives Ltd's latest quarterly results?

In the Jun 2026 quarter, HP Adhesives Ltd sales was Rs 63 Cr (-4.2% vs Jun 2025) with a net loss of Rs 1 Cr.

What is the 52-week high and low of HP Adhesives Ltd?

The 52-week high is Rs 53.00 and the 52-week low is Rs 26.52.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03