Hp Adhesives Limited (HPAL)

Loading page…

Hp Adhesives Limited (HPAL) · mywealthgrid

About

HP Adhesives is a specialty chemicals company focused on adhesives, operating in the Materials sector. With a market cap of ₹327.53 Cr and quarterly revenues around ₹60–65 Cr, it is a small-cap player. Recent quarters show significant operational challenges, with the company moving from profitability in late 2025 to losses in early 2026.

Face value: ₹2

Market cap

₹311 Cr

P/E

166.2×

P/B

1.7×

Dividend yield

2.4%

ROE

3.8%

ROCE

5.8%

Debt / equity

0.02

OPM

5.3%

EPS (TTM)

₹0.2

Book value

₹20.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin collapse: OPM fell from +9.84% (Sep 2025) to -6.5% (Mar 2026), with losses of ₹2.37 Cr (Mar) and ₹0.91 Cr (Jun). Researcher should verify whether causes are structural or addressable.
Minimal institutional participation (FII 0.01%, DII 0%) combined with 25.6% 1-year decline signals weak confidence — verify whether this reflects execution risk, demand weakness, or coverage gaps.
High valuation multiple (PE 175.15) given current losses requires recovery to profitability — researcher should verify management's operational turnaround plan.
Raw material cost volatility typical in specialty chemicals may pressure margins — verify company's cost structure and pricing power.

Generated analysis · source review pending

Growth drivers

Low financial leverage (D/E 0.02) provides balance-sheet flexibility to fund growth if operational challenges are resolved — researcher should verify capital deployment plans.
Specialty chemicals sector growth in India across end-uses (construction, automotive, packaging) — researcher should verify market growth rates and company's competitive share.
Margin recovery potential: returning to Sep 2025 OPM of 9.84% would significantly expand earnings — researcher should verify root causes of compression and management's action plan.

Generated analysis · source review pending

1,174 historical price candles were omitted because the exchange source has not been verified.

₹33.8-1.8%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 16.1% over the last 5 years
+Almost debt-free (debt/equity 0)
+High promoter holding of 71.4% with no pledge

Cons

−Low return on equity of 9% (3-yr avg)
−Thin operating margin of 5.3%
−Profit declined 7% a year over the last 5 years
−Expensive at 166.2× trailing earnings

Research score

Structured signal from quality, growth, valuation and momentum.

17/100

Business quality: 25
Growth: 3

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Gujarat Fluorochemicals LimitedFLUOROCHEMFLUOROCHEM	₹47,713 Cr	₹49,912 Cr	₹5,303 Cr	₹1,375 Cr	25.8%	₹615 Cr	11.5%	11.1%	7.6%	401
Navin Fluorine International LimitedNAVINFLUORNAVINFLUOR	₹41,740 Cr	₹42,967 Cr	₹3,634 Cr	₹1,232 Cr	32.6%	₹790 Cr	20%	21.6%	20.1%	61
Aether Industries LimitedAETHERAETHER	₹22,161 Cr	₹22,603 Cr	₹1,224 Cr	₹384 Cr	31.3%	₹235 Cr	19.8%	13.2%	9.4%	330
Atul LimitedATULATUL	₹17,231 Cr	₹17,411 Cr	₹6,643 Cr	₹1,189 Cr	16.4%	₹704 Cr	11%	14.1%	11.5%	70
Aarti Industries LimitedAARTIINDAARTIIND	₹16,869 Cr	₹21,790 Cr	₹9,012 Cr	₹1,337 Cr	14.1%	₹531 Cr	5.1%	8.8%	7.3%	54
Fine Organic Industries LimitedFINEORGFINEORG	₹15,752 Cr	₹15,797 Cr	₹2,472 Cr	₹535 Cr	20.4%	₹438 Cr	17.6%	21.6%	16.8%	113
Basf India LimitedBASFBASF	₹14,796 Cr	₹14,796 Cr	₹16,177 Cr	₹952 Cr	4.4%	₹643 Cr	2.8%	14%	11.1%	40
Privi Speciality Chemicals LimitedPRIVISCLPRIVISCL	₹13,970 Cr	₹14,980 Cr	₹2,671 Cr	₹666 Cr	25.2%	₹342 Cr	12.4%	27.7%	25.2%	158
Sudeep Pharma LimitedSUDEEPPHRMSUDEEPPHRM	₹13,546 Cr	₹13,694 Cr	₹676 Cr	₹233 Cr	34.6%	₹133 Cr	27.1%	31.1%	25.2%	366
Anupam Rasayan India LimitedANURASANURAS	₹13,243 Cr	₹15,058 Cr	₹2,535 Cr	₹563 Cr	22.2%	₹175 Cr	9.4%	9.1%	5.5%	377
Vinati Organics LimitedVINATIORGAVINATIORGA	₹12,528 Cr	₹12,528 Cr	₹2,381 Cr	₹665 Cr	29.4%	₹448 Cr	19.9%	18.8%	14.9%	152
Elantas Beck India LimitedELANTASELANTAS	₹10,644 Cr	₹10,644 Cr	₹778 Cr	₹147 Cr	20.3%	₹136 Cr	17.4%	20.6%	15.8%	70

Loading peers…

Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	118	165	233	236	253	249
COGS	—	—	—	—	159	154
Gross profit	—	—	—	—	94	95
	—	—	—	—	68	82
	12	11	18	31	26	13
OPM %	10.1%	6.9%	7.6%	13.2%	10.3%	5.3%
Depreciation	2	3	3	4	5	6
Interest	3	3	2	2	2	3
	6	3	3	3	5	3
Profit before tax	13	8	15	28	24	7
Tax	—	—	—	—	5	0
Tax %	—	—	—	—	23.1%	5.4%
	10	6	11	21	18	7
PAT margin %	8.5%	3.7%	4.7%	8.7%	7.2%	2.8%
EPS (₹)	—	—	—	—	2	0.8
EPS adjusted (₹)	1.6	0.7	1.2	2.2	2	0.8
	—	—	—	—	20.1%	52.6%
Annual report	—	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	13	18	18	18	18	18
Reserves	-0	119	130	151	166	169
Minority interest	—	0	0	0	0	0
	42	14	5	1	6	3
	35	45	32	28	38	41
Total equity & liabilities	90	195	185	198	228	232
	19	26	39	52	71	72
CWIP	—	—	—	—	4	5
Investments	—	—	—	—	25	22
	—	—	—	—	128	133
Total assets	90	195	185	198	228	232

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	11	-10	-5	23	10	7
	-16	-67	8	-15	-9	-2
	5	86	-12	-7	2	-8
Net cash flow	0	9	-10	0	2	-2
Free cash flow	—	—	—	—	-4	-6
CFO / Operating profit %	94.2%	-90.4%	-28.6%	73.4%	38.2%	54.1%

Compounded sales growth

7 years: —
5 years: 16%
3 years: 2%
1 year: -1%

Compounded profit growth

7 years: —
5 years: -7%
3 years: -14%
1 year: -62%

Return on equity

7 years: —
5 years: 8%
3 years: 9%
Last year: 4%

Loading financials…

Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	37.1%	38.3%
EBITDA margin %	10.1%	6.9%	7.6%	13.2%	10.3%	5.3%
EBIT margin %	8.5%	5.1%	6.2%	11.3%	8.4%	2.9%
PAT margin %	8.5%	3.7%	4.7%	8.7%	7.2%	2.8%
Working capital
Receivable days	—	—	—	—	60	55
Inventory days	—	—	—	—	130	120
Payable days	—	—	—	—	53	66
NWC days	—	—	—	—	137	109
Leverage
Current ratio	0.92	2.74	3.21	4.61	3.57	3.58
Debt to EBITDA	3.53	1.2	0.26	0.02	0.22	0.25
Debt to equity	3.33	0.1	0.03	0	0.03	0.02
Interest coverage	6.2	3.6	7.6	16	12	4.1
Asset turnover	1.32	0.84	1.26	1.19	1.11	1.07
Return ratios
Return on assets %	11.2%	3.1%	5.9%	10.4%	8%	3%
Return on capital employed %	70%	13.3%	11.5%	18.4%	14.5%	5.8%
Return on equity %	79.5%	4.4%	7.3%	12.2%	9.9%	3.7%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

Loading ratios…

Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	71.35%	71.35%	71.35%	71.35%	71.35%	71.35%	71.35%	71.35%	71.35%	71.35%	71.35%	71.35%
	2.81%	0.71%	0.25%	0.08%	0.1%	0.03%	0.16%	0.04%	0.02%	0.01%	0.02%	0.01%
DII	3.72%	3.72%	3.72%	3.72%	3.28%	2.86%	2.82%	1.34%	0%	0%	0%	0%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	22.12%	24.22%	24.68%	24.85%	25.27%	25.76%	25.67%	27.27%	28.63%	28.64%	28.63%	28.64%
No. of shareholders	—	—	—	—	—	—	—	—	57,134	55,426	53,662	52,585

Promoter holding up 0 percentage points since Sep 2023.

42 deals · 27 Dec 2021 – 20 Jan 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
20 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	5,59,738	₹117.33	₹6.57 Cr
20 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	5,59,738	₹117.22	₹6.56 Cr
19 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	9,06,849	₹109.52	₹9.93 Cr
19 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	9,06,849	₹109.61	₹9.94 Cr
18 Aug 2023	M/S. PRARTHANA ENTERPRISES	Bulk	BSE	Sell	1,16,337	₹527.05	₹6.13 Cr
18 Aug 2023	JAINAM SHARE CONSULTANTS PVT. LTD.	Bulk	BSE	Buy	1,16,337	₹527.05	₹6.13 Cr
14 Aug 2023	SOCIETE GENERALE	Bulk	BSE	Buy	2,00,000	₹511.00	₹10.22 Cr
15 May 2023	ANANT WEALTH CONSULTANTS PRIVATE LIMITED	Bulk	NSE	Buy	1,48,072	₹405.58	₹6.01 Cr
15 May 2023	ANANT WEALTH CONSULTANTS PRIVATE LIMITED	Bulk	NSE	Sell	84,853	₹405.82	₹3.44 Cr
11 May 2023	SW CAPITAL PRIVATE LIMITED	Bulk	NSE	Sell	1,21,370	₹414.39	₹5.03 Cr

1–10 of 42

1 / 5

Mrs. Anjana Haresh MotwaniExecutive Director-Chairperson
Mr. Karan Haresh MotwqaniExecutive Director-MD
Mr. Rajendra Kumar JainNon-Executive - Independent Director
Mr. Surendra Kumar MehtaNon-Executive - Independent Director
Mr. Chandra Sekhar NettemNon-Executive - Independent Director
Ms. Nidhi Haresh MotwaniExecutive Director
Ms. Swati TalgaonkarCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

Loading shareholding…

F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

Loading f&o…

Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Hp Adhesives Limited. Portfolios are published monthly by each AMC; coverage is still partial.

Loading fund holders…

Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

3

Final dividend15 Sept 2026 · ex-date₹0.4
Final dividend23 Sept 2025 · ex-date₹0.4
Final dividend13 Sept 2024 · ex-date₹0.3

1

Board meeting to consider results13 Aug 2026

1

Face value ₹10 → ₹29 Nov 2023 · ex-date

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

20 announcementsExport CSV

30 Sept 2026, 11:41 amInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

Loading announcements…

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	37.1%	38.3%
EBITDA margin %	10.1%	6.9%	7.6%	13.2%	10.3%	5.3%
EBIT margin %	8.5%	5.1%	6.2%	11.3%	8.4%	2.9%
PAT margin %	8.5%	3.7%	4.7%	8.7%	7.2%	2.8%
Working capital
Receivable days	—	—	—	—	60	55
Inventory days	—	—	—	—	130	120
Payable days	—	—	—	—	53	66
NWC days	—	—	—	—	137	109
Leverage
Current ratio	0.92	2.74	3.21	4.61	3.57	3.58
Debt to EBITDA	3.53	1.2	0.26	0.02	0.22	0.25
Debt to equity	3.33	0.1	0.03	0	0.03	0.02
Interest coverage	6.2	3.6	7.6	16	12	4.1
Asset turnover	1.32	0.84	1.26	1.19	1.11	1.07
Return ratios
Return on assets %	11.2%	3.1%	5.9%	10.4%	8%	3%
Return on capital employed %	70%	13.3%	11.5%	18.4%	14.5%	5.8%
Return on equity %	79.5%	4.4%	7.3%	12.2%	9.9%	3.7%

Date	Category	Subject	Filing
30 Sept 2026, 11:41 am	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
27 Sept 2026, 5:52 pm	Company Update Award of Order / Receipt of Order	Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order	PDF
22 Sept 2026, 5:23 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
1 Sept 2026, 12:34 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
31 Aug 2026, 5:49 pm	Company Update General	Dispatch Of Letter To Shareholders Whose E-Mail Addresses Are Not Registered With Company/Registrar & Transfer Agent/Depository Participants.	PDF
31 Aug 2026, 5:45 pm	Others	Disclosure under Regulation 30A of LODR	PDF
31 Aug 2026, 5:28 pm	AGM/EGM AGM	7Th AGM Notice	PDF
31 Aug 2026, 5:20 pm	Others	Disclosure under Regulation 30A of LODR	PDF

Hp Adhesives Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Dividends3

Board meetings1

Stock splits1

Announcements

Ratio timeline

Not in the F&O segment

No fund holdings on record

Dividends3

Board meetings1

Stock splits1

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

3

1

1

3

1

1