Hindustan Adhesives Ltd.

•

bagla-group.comBSE: -NSE: HINDADH

Market Cap₹ 185 Cr.

Current Price

High / Low₹ 403 / 336

Stock P/E7.0

Book Value₹ 240

Price to Book1.87

Dividend Yield0.00 %

ROCE17.7 %

ROE18.3 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

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PROS

Latest quarter profit grew 227.7% YoY, showing strong momentum
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.88x)
Operating margins have improved to 12.0% from 8.3%
Company generates healthy free cash flow
Attractively priced for its growth - PEG of 1.0

CONS

Total debt has risen sharply - up 39.2% year on year
Growth is decelerating - 3Y profit CAGR (7.1%) trails the 5Y trend (18.5%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsPlastic ProductsPlastic Products

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	SUPREMEIND	3509.50	43.18	44580.08	1.03	280.72	38.76	2717.66	4.16	21.49	17.33
2.	ASTRAL	1471.15	68.67	39522.47	0.27	120.20	51.77	1578.00	15.93	19.95	14.65
3.	SHAILY	3445.35	89.63	15846.97	0.09	48.01	16.75	280.67	13.77	29.46	29.59
4.	GRWRHITECH	6755.75	40.47	15695.22	0.18	132.65	59.78	633.08	27.90	18.08	27.17
5.	FINPIPE	156.70	15.80	9722.87	1.75	114.52	16.67	883.58	-15.30	12.73	12.09
6.	TIMETECHNO	185.95	18.74	9179.15	0.81	1178.60	1120.71	16927.10	1151.40	17.37	13.25
7.	KINGFA	6167.55	37.03	8357.88	0.00	80.21	101.58	688.57	49.06	30.70	16.12
8.	RESPONIND	169.65	44.65	4523.01	0.06	2.74	-94.51	192.87	-43.06	10.76	12.09
9.	POLYPLEX	1139.35	23.03	3576.70	0.26	171.07	386.02	2253.62	29.62	1.51	13.15
10.	PRINCEPIPE	280.95	30.42	3106.21	0.36	337.49	6900.41	6094.18	949.97	6.20	12.66
11.	NILKAMAL	2054.30	24.59	3065.53	0.97	24.40	59.20	819.73	-7.18	10.76	9.44
12.	HINDADH	362.00	8.50	185.21	0.00	10.64	183.73	79.84	20.26	16.16	26.75

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	81	81	70	72	64	84	73	64	66	66	67	58	77
	74	73	61	64	59	74	64	53	58	55	55	50	61
Operating Profit	7	8	10	8	5	10	9	10	9	11	11	8	16
OPM %	9.08%	10.13%	13.68%	10.68%	7.93%	11.87%	12.14%	16.17%	13.06%	16.85%	17.09%	14.03%	20.77%
	1	1	1	0	1	1	1	1	1	1	1	0	1
Interest	1	1	1	1	1	1	2	2	2	1	2	2	2
Depreciation	2	2	2	2	2	2	2	4	2	2	3	4	3
Profit before Tax	5	6	7	4	3	7	6	5	5	8	8	2	17
Tax %	13.85%	31.14%	36.27%	10.05%	25.00%	25.31%	25.85%	37.02%	26.90%	22.01%	29.04%	-0.52%	26.19%
Net Profit	4	4	5	4	2	5	5	3	4	7	6	2	12
	8.26	7.56	8.89	7.34	4.16	10.49	8.96	6.41	7.33	12.73	10.88	7.93	24.00

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	69	74	76	139	153	214	449	322	304	285	267
	59	63	67	128	141	192	416	301	271	251	221
Operating Profit	10	11	8	11	12	21	33	20	33	34	47
OPM %	14.03%	14.50%	10.70%	7.97%	8.06%	9.98%	7.37%	6.26%	10.80%	12.01%	17.43%
	0	1	1	4	6	7	4	3	3	5	3
Interest	3	3	3	5	5	6	8	7	5	6	8
Depreciation	3	3	3	6	7	8	11	11	9	11	13
Profit before Tax	3	5	3	4	6	14	18	6	22	21	35
Tax %	34.78%	8.40%	25.89%	33.19%	-14.64%	35.99%	30.93%	16.55%	24.92%	28.30%	24.34%
Net Profit	2	5	2	2	7	9	13	5	16	15	26
EPS	0.00	0.00	0.00	0.00	0.00	17.10	24.47	9.50	32.07	30.08	—
Dividend Payout %	0.00%	10.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 14%
5 Years:: 13%
3 Years:: -14%

COMPOUNDED PROFIT GROWTH

10 Years:: 26%
5 Years:: 18%
3 Years:: 7%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 17%
5 Years:: 20%
3 Years:: 17%
Last Year:: 18%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	5	5	5	5	5	5	5	5	5	5
	14	19	22	24	30	38	50	55	71	87
	18	21	49	54	70	84	80	66	60	86
Trade Payables	7	8	14	20	11	21	41	25	25	37
	9	5	7	9	11	19	29	19	25	23
Total Liabilities	54	59	97	111	127	166	206	170	186	239
	22	23	21	56	62	76	80	77	72	70
Capital Work in Progress	0	1	32	0	11	0	0	0	0	23
	2	2	2	1	1	1	2	3	15	20
	13	12	19	22	20	25	49	51	38	63
	0	0	0	0	0	0	0	0	40	27
Cash & Bank	2	1	2	2	1	4	3	1	2	2
	15	20	23	30	32	59	71	37	19	33
Total Assets	54	59	97	111	127	166	206	170	186	239

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	9	9	6	12	12	9	31	29	27	15
Cash from Investing	-3	-5	-31	-10	-23	-12	-15	-10	-15	-37
Cash from Financing	-5	-3	26	-1	12	8	-10	-20	-10	22
	0	-1	1	1	-1	2	-0	-2	1	-1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	68.55	68.55	68.58	68.58	68.58	68.48	68.48	68.48	68.48
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	31.45	31.45	31.42	31.42	31.42	31.52	31.52	31.52	31.52

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

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