HP Adhesives Ltd.
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ABOUT
AI Sector View
AI GENERATEDChemicals
The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.
PROS
- Company is almost debt free
- Company comfortably covers its interest (12.0x coverage)
CONS
- Recent results are weak - TTM profit is down 88.4% versus prior year
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SOLARINDS | 20550.00 | 93.38 | 185957.06 | 0.05 | 666.37 | 88.98 | 3668.20 | 70.26 | 38.16 | 27.91 |
| PIDILITIND | 1636.40 | 62.88 | 166565.83 | 1.31 | 8835.10 | 1202.86 | 45515.50 | 1112.74 | 32.38 | 26.28 |
| SRF | 2597.00 | 35.61 | 76981.53 | 0.35 | 758.87 | 75.53 | 5033.26 | 34.63 | 14.21 | 24.57 |
| FLUOROCHEM | 4731.25 | 84.51 | 51972.78 | 0.06 | 219.00 | 19.02 | 1588.00 | 23.97 | 9.58 | 26.83 |
| NAVINFLUOR | 8538.25 | 55.47 | 43808.15 | 0.18 | 243.31 | 107.67 | 1045.08 | 44.07 | 21.39 | 34.17 |
| GODREJIND | 1138.55 | 32.62 | 38352.18 | 0.00 | 523.36 | -27.85 | 5448.09 | 22.16 | 10.64 | 12.82 |
| DEEPAKNTR | 1733.65 | 30.19 | 23645.78 | 0.43 | 345.01 | 207.36 | 2577.60 | 36.39 | 11.58 | 20.96 |
| AETHER | 1646.05 | 92.89 | 21847.67 | 0.00 | 62.75 | 33.45 | 326.56 | 27.49 | 11.65 | 31.47 |
| ATUL | 6484.40 | 24.00 | 19091.21 | 0.46 | 253.93 | 91.85 | 1847.95 | 25.03 | 15.05 | 21.41 |
| AARTIIND | 505.45 | 34.53 | 18334.02 | 0.20 | 155.00 | 260.47 | 2387.00 | 42.42 | 6.95 | 16.00 |
| DEEPAKFERT | 1417.10 | 18.24 | 17949.40 | 0.71 | 490.04 | 100.95 | 3256.26 | 22.47 | 12.12 | 25.96 |
| HPAL | 35.23 | 172.44 | 323.67 | 1.14 | -0.91 | -121.60 | 63.42 | -4.08 | 14.40 | -0.53 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 59 | 63 | 55 | 59 | 61 | 59 | 67 | 66 | 66 | 65 | 65 | 58 | 63 | |
| 53 | 55 | 47 | 50 | 53 | 52 | 60 | 61 | 60 | 59 | 61 | 62 | 66 | |
| Operating Profit | 6 | 8 | 8 | 9 | 8 | 7 | 6 | 5 | 7 | 6 | 3 | -4 | -0 |
| OPM % | 10.59% | 12.44% | 14.21% | 14.87% | 12.44% | 11.08% | 9.42% | 7.71% | 9.88% | 8.81% | 4.54% | -6.50% | -0.53% |
| Other Income | 1 | 1 | 1 | 1 | 1 | 0 | 1 | 2 | 1 | 1 | 1 | 1 | 1 |
| Interest | 0 | 0 | 0 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 |
| 6 | 7 | 7 | 8 | 7 | 5 | 6 | 5 | 6 | 5 | 2 | -5 | -1 | |
| Tax % | 23.04% | 26.09% | 26.72% | 30.40% | 24.29% | 17.43% | 27.54% | 25.05% | 24.78% | 26.46% | 27.68% | 54.58% | 33.16% |
| Net Profit | 0 | 0 | 0 | 0 | 6 | 4 | 4 | 4 | 4 | 4 | 2 | -2 | -1 |
| 0 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | -0 | |
| Equity Capital | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|
| 236 | 253 | 252 | |
| 205 | 227 | 248 | |
| Operating Profit | 34 | 31 | — |
| OPM % | 14 | 12 | — |
| Other Income | 3 | 5 | 4 |
| Interest | 2 | 2 | 3 |
| Depreciation | 4 | 5 | 6 |
| 28 | 24 | 0 | |
| Tax % | 27 | 23 | -318 |
| Net Profit | 21 | 18 | 2 |
| EPS | 2 | 2 | — |
| Dividend Payout % | 13 | 20 | — |
| Minority Interest | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 |
| Adjusted EPS | 2 | 2 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- -31%
- 1 Year:
- -22%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- Last Year:
- 10%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2024 | Mar 2025 | |
|---|---|---|
| LIABILITIES | - | - |
| Equity Capital | 18 | 18 |
| 151 | 166 | |
| 0 | 6 | |
| Trade Payables | 16 | 23 |
| 13 | 15 | |
| Total Liabilities | 198 | 228 |
| ASSETS | - | - |
| 52 | 73 | |
| Capital Work in Progress | 16 | 4 |
| 18 | 25 | |
| 48 | 56 | |
| 36 | 42 | |
| Cash & Bank | 9 | 5 |
| 18 | 23 | |
| Total Assets | 198 | 228 |
| Total Debt | 1 | 6 |
| Net Working Capital | 96 | 106 |
| Contingent Liabilities | 1 | 3 |
| Book Value per Share | 18.38 | 20.06 |
| Face Value | 2.00 | 2.00 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2024 | Mar 2025 | |
|---|---|---|
| 22 | 10 | |
| Cash from Investing | -15 | -9 |
| Cash from Financing | -6 | 2 |
| 0 | 2 | |
| Free Cash Flow | 22 | -4 |
| OCF / Net Profit | 1.05 | 0.54 |
| Cumulative 5-Year FCF | 0 | 0 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2024 | Mar 2025 | |
|---|---|---|
| PER SHARE | ||
| EPS (₹) | 2.24 | 1.98 |
| Book Value (₹) | 18.38 | 20.06 |
| Dividend per Share (₹) | 0.30 | 0.40 |
| Cash EPS (₹) | 2.71 | 2.50 |
| PROFITABILITY | ||
| Operating Margin % | 13.01% | 10.10% |
| Net Margin % | 8.72% | 7.21% |
| ROE % | 12.18% | 10.33% |
| ROCE % | 17.71% | 14.40% |
| 10.41% | 8.57% | |
| EFFICIENCY | ||
| Debtor Days | 56 | 56 |
| Inventory Days | 74 | 75 |
| Payable Days | 40 | 45 |
| 91 | 87 | |
| FINANCIAL HEALTH | ||
| Debt to Equity (x) | 0.00x | 0.03x |
| Interest Coverage (x) | 15.96x | 12.03x |
| 4.63x | 3.57x | |
| GROWTH | ||
| Revenue Growth % | 0.00% | 7.19% |
| Operating Profit Growth % | 0.00% | -10.18% |
| Net Profit Growth % | 0.00% | -11.30% |
| 0.00% | -11.91% | |
| VALUATION | ||
| P/E (x) | 42.61x | 24.37x |
| P/B (x) | 5.20x | 2.40x |
| Dividend Yield % | 0.31% | 0.83% |
| 25.52x | 14.49x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-01 - HP Adhesives Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-31 - HP Adhesives Limited has informed the Exchange regarding 'Annual Report for the FY 2025-26'.
2026-08-31 - HP Adhesives Limited has informed the Exchange regarding 'Intimation of sending Physical Letters to shareholders'.
2026-08-31 - HP Adhesives Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 22, 2026
2026-08-31 - HP Adhesives Limited has informed the Exchange that Record date for the purpose of Dividend is 15-Sep-2026.
2026-08-29 - HP Adhesives Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-28 - HP Adhesives Limited has informed the Exchange about General Updates
2026-08-15 - HP Adhesives Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-13 - Integrated Filing - Financial for the quarter ended 30th June, 2026.
News
Recent coverage and analyst commentary for HPAL
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HP Adhesives Ltd.
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