Nikhil Adhesives Ltd (NIKHILAD)

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Nikhil Adhesives Ltd (NIKHILAD) · mywealthgrid

About

Nikhil Adhesives manufactures specialty adhesives within India's chemicals & petrochemicals sector. At ₹349.53 Cr market cap with ₹141.52 Cr latest-quarter revenue (standalone), it operates as a small-cap industrial adhesives player.

Face value: ₹1

Market cap

₹373 Cr

P/E

22.1×

P/B

2.6×

Dividend yield

0.5%

ROE

12.6%

ROCE

18.2%

Debt / equity

0.45

OPM

6.4%

EPS (TTM)

₹3.7

Book value

₹31.7

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Revenue declined 12% quarter-on-quarter from ₹161.17 Cr (Jun 2024) to ₹141.52 Cr (Mar 2025); verify whether company-specific stress or broader sector headwind
Operating margin thin at 6.34%; limited buffer against raw-material cost spikes or pricing pressure in specialty chemicals
Stock down 34% over 1y (range ₹57.74–₹118.35); verify underlying business deterioration versus market sentiment shift
ROE unavailable and virtually no institutional holding (FII 0%, DII 0.38%) signal minimal analyst coverage or investor confidence

Generated analysis · source review pending

Growth drivers

Operating margin improved from 4.78%–6.01% (FY2024) to 5.94%–6.71% (FY2025); verify if cost discipline sustains and whether volume recovery could drive profit growth
Net profit held ₹3.5–4.59 Cr/quarter despite revenue range ₹130–161 Cr; shows operational control that could underpin further margin expansion
Specialty adhesives serve automotive, construction, industrial end-markets in India; verify company's market exposure and trends in each segment

Generated analysis · source review pending

977 historical price candles were omitted because the exchange source has not been verified.

₹81.3-0.8%1Y

Quick read

rule-based

Pros

No positive flags triggered.

Cons

−Thin operating margin of 6.4%
−Modest revenue growth of 2.4% a year over the last 5 years
−Low dividend payout of 12% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

40/100

Business quality: 37
Growth: 13
Valuation: 69

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

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Financials

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

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	270	265	340	446	422	491	814	743	564	585	554
COGS	-233	-226	-288	-392	-355	414	711	632	462	461	414
Gross profit	—	—	—	—	—	77	103	112	102	124	140
	492	480	614	822	757	46	60	77	71	87	104
	11	11	13	17	19	31	43	35	31	37	36
OPM %	4.1%	4.3%	3.8%	3.7%	4.5%	6.3%	5.3%	4.7%	5.5%	6.3%	6.4%
Depreciation	2	1	2	2	3	3	4	5	6	7	8
Interest	8	7	7	8	8	7	6	6	7	8	6
	0	0	—	1	1	0	1	0	0	1	2
Profit before tax	2	3	5	7	9	21	34	24	18	22	24
Tax	—	1	2	2	2	6	9	7	5	6	6
Tax %	—	33.2%	33.6%	29.9%	23.3%	26.1%	25.7%	27.6%	26.1%	24.8%	26.4%
	2	2	3	5	7	16	25	17	13	17	17
PAT margin %	0.6%	0.8%	0.9%	1.2%	1.7%	3.2%	3.1%	2.3%	2.4%	2.9%	3.1%
EPS (₹)	4	5.2	7.7	11	14.7	34.1	55	3.7	2.9	3.7	3.8
EPS adjusted (₹)	—	—	—	—	1.5	3.4	5.5	3.7	2.9	3.7	3.8
	0%	0%	12.9%	9.1%	6.8%	4.4%	3.6%	5.4%	6.9%	6%	5.8%
Annual report	—	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	5	5	5	5	5	5	5
Reserves	—	56	81	97	109	125	141
	—	21	21	24	51	56	66
	—	208	209	170	131	137	123
Total equity & liabilities	—	291	316	295	295	323	334
	44	54	64	76	94	96	92
CWIP	—	0	1	4	0	1	1
Investments	—	0	0	0	0	0	0
	—	236	250	215	202	227	242
Total assets	—	291	316	295	295	323	334

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Ratios

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

Standalone figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	15.7%	12.7%	15%	18.1%	21.2%	25.3%
EBITDA margin %	3.7%	4.5%	6.3%	5.3%	4.7%	5.5%	6.3%	6.4%
EBIT margin %	3.3%	3.8%	5.6%	4.8%	4%	4.3%	5.1%	5.1%
PAT margin %	1.2%	1.7%	3.2%	3.1%	2.3%	2.4%	2.9%	3.1%
Working capital
Receivable days	—	—	112	65	54	65	71	105
Inventory days	—	—	63	39	49	60	70	48
Payable days	—	—	141	82	70	73	69	61
NWC days	—	—	34	21	33	52	71	92
Leverage
Current ratio	—	—	1.15	1.21	1.26	1.37	1.44	1.44
Debt to EBITDA	—	—	0.69	0.49	0.69	1.65	1.52	1.85
Debt to equity	—	—	0.35	0.25	0.23	0.44	0.44	0.45
Interest coverage	1.9	2.2	4.2	6.8	4.7	3.6	3.8	4.8
Asset turnover	—	—	1.69	2.58	2.52	1.91	1.81	1.66
Return ratios
Return on assets %	—	—	5.4%	8%	5.8%	4.5%	5.2%	5.2%
Return on capital employed %	—	—	32.2%	40.7%	25.2%	17.9%	19.3%	18.2%
Return on equity %	—	—	25.7%	29.6%	16.8%	11.6%	13%	11.9%

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.

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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
	54.44%	54.44%	54.44%	54.44%	54.44%	54.44%	54.44%	54.44%	54.44%	54.44%	54.46%	54.46%
	0%	0%	0%	0%	0%	0%	0.04%	0.04%	0.04%	0%	0%	0%
	0%	0%	0%	0%	0%	0%	0%	0.2%	0.34%	0.34%	0.38%	0.38%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	45.56%	45.56%	45.56%	45.56%	45.56%	45.56%	45.52%	45.32%	45.18%	45.22%	45.16%	45.16%
No. of shareholders	—	—	—	—	—	—	—	—	12,774	12,932	12,634	12,375

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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.

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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 Nikhil Adhesives Ltd. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

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

Announcements

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Events

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

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

23 announcementsExport CSV

22 Sept 2026, 7:52 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

1 Sept 2026, 5:26 pmCompany Update

Disclosure Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements)Regulations, 2015

General PDF

1 Sept 2026, 12:32 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

1 Sept 2026, 12:30 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

31 Aug 2026, 9:03 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

31 Aug 2026, 8:11 pmCorp. Action

Intimation For The Record Date For The 40Th Annual General Meeting.

Record Date PDF

31 Aug 2026, 8:02 pmCorp. Action

Intimation Of Book Closure/Record Date/E-Voting Period For The 40Th Annual General Meeting.

Book Closure PDF

31 Aug 2026, 7:57 pmAGM/EGM

Notice Of The 40Th Annual General Meeting Of Nikhil Adhesives Limited For The Financial Year 2025-26.

AGM PDF

Date	Category	Subject	Filing
22 Sept 2026, 7:52 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
1 Sept 2026, 5:26 pm	Company Update General	Disclosure Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements)Regulations, 2015

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	15.7%	12.7%	15%	18.1%	21.2%	25.3%
EBITDA margin %	3.7%	4.5%	6.3%	5.3%	4.7%	5.5%	6.3%	6.4%
EBIT margin %	3.3%	3.8%	5.6%	4.8%	4%	4.3%	5.1%	5.1%
PAT margin %	1.2%	1.7%	3.2%	3.1%	2.3%	2.4%	2.9%	3.1%
Working capital
Receivable days	—	—	112	65	54	65	71	105
Inventory days	—	—	63	39	49	60	70	48
Payable days	—	—	141	82	70	73	69	61
NWC days	—	—	34	21	33	52	71	92
Leverage
Current ratio	—	—	1.15	1.21	1.26	1.37	1.44	1.44
Debt to EBITDA	—	—	0.69	0.49	0.69	1.65	1.52	1.85
Debt to equity	—	—	0.35	0.25	0.23	0.44	0.44	0.45
Interest coverage	1.9	2.2	4.2	6.8	4.7	3.6	3.8	4.8
Asset turnover	—	—	1.69	2.58	2.52	1.91	1.81	1.66
Return ratios
Return on assets %	—	—	5.4%	8%	5.8%	4.5%	5.2%	5.2%
Return on capital employed %	—	—	32.2%	40.7%	25.2%	17.9%	19.3%	18.2%
Return on equity %	—	—	25.7%	29.6%	16.8%	11.6%	13%	11.9%

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	20,93,004	23	25	21	14	7	0
	-12,24,177	-7	-15	-19	-17	-10	-3
	-9,30,666	-15	-6	-3	10	-3	1
Net cash flow	-61,839	1	3	-1	7	-7	-2
Free cash flow	7,35,589	16	10	2	-3	-4	-4
CFO / Operating profit %	—	74%	56.9%	59.5%	46.3%	18.6%	0.5%

Nikhil Adhesives Ltd

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

16

1

1

Compounded sales growth

Compounded profit growth

Return on equity

Nikhil Adhesives Ltd

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

No fund holdings on record

Announcements

Quarterly record

Annual reports

Dividends16

Board meetings1

Stock splits1

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

16

1

1