HP Adhesives Ltd.

•

hpadhesives.comBSE: 543433NSE: HPAL

Market Cap₹ 324 Cr.

Current Price

High / Low₹ 53 / 27

Stock P/E177.6

Book Value₹ 20

Price to Book2.41

Dividend Yield1.14 %

ROCE14.1 %

ROE10.1 %

Face Value₹ 2

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ABOUT

AI Sector View

AI GENERATED

Chemicals

Hold

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.

Confidence

55%

View full sector analysis →

PROS

Company is almost debt free
Company has delivered good sales growth of 24.3% CAGR over last 5 years
Company comfortably covers its interest (11.8x coverage)
Company generates healthy free cash flow

CONS

Recent results are weak - TTM profit is down 88.7% versus prior year
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.53x)
Recurring exceptional / one-off items are inflating headline profit
Expensive relative to growth - PEG of 4.1

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

Peer comparison

ChemicalsChemicalsChemicals

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

S.No.	Name
1.	SOLARINDS	20550.00	93.38	185957.06	0.05	666.37	88.98	3668.20	70.26	38.16	27.91
2.	PIDILITIND	1636.40	62.88	166565.83	1.31	8835.10	1202.86	45515.50	1112.74	32.38	26.28
3.	SRF	2597.00	35.61	76981.53	0.35	758.87	75.53	5033.26	34.63	14.21	24.57
4.	FLUOROCHEM	4731.25	84.51	51972.78	0.06	219.00	19.02	1588.00	23.97	9.58	26.83
5.	NAVINFLUOR	8538.25	55.47	43808.15	0.18	243.31	107.67	1045.08	44.07	21.39	34.17
6.	GODREJIND	1138.55	32.62	38352.18	0.00	523.36	-27.85	5448.09	22.16	10.64	12.82
7.	DEEPAKNTR	1733.65	30.19	23645.78	0.43	345.01	207.36	2577.60	36.39	11.58	20.96
8.	AETHER	1646.05	92.89	21847.67	0.00	62.75	33.45	326.56	27.49	11.65	31.47
9.	ATUL	6484.40	24.00	19091.21	0.46	253.93	91.85	1847.95	25.03	15.05	21.41
10.	AARTIIND	505.45	34.53	18334.02	0.20	155.00	260.47	2387.00	42.42	6.95	16.00
11.	DEEPAKFERT	1417.10	18.24	17949.40	0.71	490.04	100.95	3256.26	22.47	12.12	25.96
12.	HPAL	35.23	172.44	323.67	1.14	-0.91	-121.60	63.42	-4.08	14.40	-0.53

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
	59	63	55	59	61	59	66	65	66	65	65	58	63
	53	55	47	50	53	52	60	60	60	59	61	61	66
Operating Profit	6	8	8	9	8	6	6	6	7	6	3	-4	-0
OPM %	10.59%	12.44%	14.21%	14.87%	12.51%	11.01%	9.10%	8.45%	10.01%	8.84%	4.38%	-6.46%	-0.32%
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	5	5	6	5	2	-5	-1
Tax %	23.04%	26.09%	26.72%	30.40%	24.30%	17.23%	27.69%	21.82%	24.78%	25.89%	28.91%	54.56%	33.65%
Net Profit	5	5	5	6	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

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	85	118	165	233	236	251	251
	80	106	154	214	205	226	247
Operating Profit	7	18	14	22	34	30	—
OPM %	8	15	9	9	14	12	—
Other Income	2	6	4	3	3	5	3
Interest	3	3	3	2	2	2	3
Depreciation	2	2	3	3	4	5	6
	-5	13	8	15	28	23	0
Tax %	13	24	26	28	27	23	-380
Net Profit	-5	10	6	11	21	18	2
EPS	0	8	4	1	2	2	—
Dividend Payout %	0	0	0	0	13	21	—
Minority Interest	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0
Adjusted EPS	-1	2	1	1	2	2	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 24%
3 Years:: 15%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: 43%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: -31%
1 Year:: -22%

RETURN ON EQUITY

10 Years:: —
5 Years:: 34%
3 Years:: 10%
Last Year:: 10%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-	-	-	-
Equity Capital	13	13	18	18	18	18
	-11	-0	119	130	151	166
	34	23	5	0	0	6
Trade Payables	15	26	31	20	16	23
	3	27	20	15	13	15
Total Liabilities	54	88	194	184	198	228
ASSETS	-	-	-	-	-	-
	11	19	26	39	52	73
Capital Work in Progress	1	7	18	17	16	4
	0	0	0	0	18	25
	19	32	41	45	48	56
	2	0	0	0	36	42
Cash & Bank	1	1	48	1	9	5
	21	29	62	82	18	23
Total Assets	54	88	194	184	198	228
Total Debt	35	42	14	5	1	6
Net Working Capital	-10	-5	85	67	96	104
Contingent Liabilities	0	0	3	1	1	3
Book Value per Share	1.91	9.74	74.74	80.70	18.38	20.01
Face Value	10.00	10.00	10.00	10.00	2.00	2.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	1	11	-10	-5	22	10
Cash from Investing	-5	-16	-67	8	-15	-9
Cash from Financing	4	5	86	-12	-6	2
	-1	0	9	-10	0	2
Free Cash Flow	1	-4	-30	-21	5	-3
OCF / Net Profit	-0.14	1.12	-1.70	-0.46	1.05	0.54
Cumulative 5-Year FCF	0	0	0	0	0	-54

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	-3.64	7.74	3.27	5.91	2.24	1.94
Book Value (₹)	1.91	9.74	74.74	80.70	18.38	20.01
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.30	0.40
Cash EPS (₹)	-0.44	1.84	0.96	1.53	2.71	2.45
PROFITABILITY
Operating Margin %	7.70%	14.97%	8.58%	9.42%	13.01%	9.98%
Net Margin %	-5.60%	8.51%	3.65%	4.66%	8.72%	7.10%
ROE %	-190.34%	132.86%	8.01%	7.60%	12.97%	10.11%
ROCE %	-7.53%	34.18%	10.97%	11.41%	18.61%	14.12%
	-8.69%	14.12%	4.26%	5.74%	10.78%	8.39%
EFFICIENCY
Debtor Days	86	66	61	54	57	57
Inventory Days	80	79	82	67	72	75
Payable Days	103	92	87	56	45	45
	62	52	56	66	84	87
FINANCIAL HEALTH
Debt to Equity (x)	14.09x	3.33x	0.10x	0.03x	0.00x	0.03x
Interest Coverage (x)	-1.09x	6.18x	3.60x	7.56x	15.96x	11.78x
	0.80x	0.92x	2.74x	3.21x	4.63x	3.52x
GROWTH
Revenue Growth %	0.00%	39.82%	39.30%	41.55%	1.25%	6.50%
Operating Profit Growth %	0.00%	171.68%	-20.13%	55.29%	55.29%	-11.82%
Net Profit Growth %	0.00%	312.75%	-40.29%	80.77%	89.43%	-13.26%
	0.00%	0.00%	0.00%	0.00%	-62.11%	-13.26%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	42.68x	24.79x
P/B (x)	0.00x	0.00x	0.00x	0.00x	5.20x	2.41x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.31%	0.83%
	0.00x	0.00x	0.00x	0.00x	25.52x	14.76x

Shareholding Pattern

Numbers in percentages

	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
	0.08	0.10	0.03	0.16	0.04	0.02	0.01	0.02	0.01
	3.72	3.28	2.86	2.82	1.34	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
	24.86	25.27	25.76	25.67	27.28	28.63	28.64	28.63	28.64

Documents

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

2026-09-01

Copy of Newspaper Publication

2026-09-01 - HP Adhesives Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-31

Updates

2026-08-31 - HP Adhesives Limited has informed the Exchange regarding 'Annual Report for the FY 2025-26'.

2026-08-31

Updates

2026-08-31 - HP Adhesives Limited has informed the Exchange regarding 'Intimation of sending Physical Letters to shareholders'.

2026-08-31

Shareholders meeting

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

Record Date

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

Copy of Newspaper Publication

2026-08-29 - HP Adhesives Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-28

General Updates

2026-08-28 - HP Adhesives Limited has informed the Exchange about General Updates

2026-08-15

Copy of Newspaper Publication

2026-08-15 - HP Adhesives Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-13

Integrated Filing- Financial

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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Free 5nance Account

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

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

Operating Profit

-4

-0

OPM %

10.59%

12.44%

14.21%

14.87%

12.51%

11.01%

9.10%

8.45%

10.01%

8.84%

4.38%

-6.46%

-0.32%

Other Income

Interest

Depreciation

-5

-1

Tax %

23.04%

26.09%

26.72%

30.40%

24.30%

17.23%

27.69%

21.82%

24.78%

25.89%

28.91%

54.56%

33.65%

Net Profit

-2

-1

-0

Equity Capital

Reserves

Promoter Pledge %

0.00%

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

118

165

233

236

251

106

154

214

205

226

247

Operating Profit

—

OPM %

—

Other Income

Interest

Depreciation

-5

Tax %

-380

Net Profit

-5

EPS

—

Dividend Payout %

—

Minority Interest

Share of Associates

Adjusted EPS

-1

—

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

LIABILITIES

Equity Capital

-11

-0

119

130

151

166

Trade Payables

Total Liabilities

194

184

198

228

ASSETS

Capital Work in Progress

Cash & Bank

Total Assets

194

184

198

228

Total Debt

Net Working Capital

-10

-5

104

Contingent Liabilities

Book Value per Share

1.91

9.74

74.74

80.70

18.38

20.01

Face Value

10.00

2.00

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-10

-5

Cash from Investing

-5

-16

-67

-15

-9

Cash from Financing

-12

-6

-1

-10

Free Cash Flow

-4

-30

-21

-3

OCF / Net Profit

-0.14

1.12

-1.70

-0.46

1.05

0.54

Cumulative 5-Year FCF

-54

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

PER SHARE

EPS (₹)

-3.64

7.74

3.27

5.91

2.24

1.94

Book Value (₹)

1.91

9.74

74.74

80.70

18.38

20.01

Dividend per Share (₹)

0.00

0.30

0.40

Cash EPS (₹)

-0.44

1.84

0.96

1.53

2.71

2.45

PROFITABILITY

Operating Margin %

7.70%

14.97%

8.58%

9.42%

13.01%

9.98%

Net Margin %

-5.60%

8.51%

3.65%

4.66%

8.72%

7.10%

ROE %

-190.34%

132.86%

8.01%

7.60%

12.97%

10.11%

ROCE %

-7.53%

34.18%

10.97%

11.41%

18.61%

14.12%

-8.69%

14.12%

4.26%

5.74%

10.78%

8.39%

EFFICIENCY

Debtor Days

Inventory Days

Payable Days

103

FINANCIAL HEALTH

Debt to Equity (x)

14.09x

3.33x

0.10x

0.03x

0.00x

0.03x

Interest Coverage (x)

-1.09x

6.18x

3.60x

7.56x

15.96x

11.78x

0.80x

0.92x

2.74x

3.21x

4.63x

3.52x

GROWTH

Revenue Growth %

0.00%

39.82%

39.30%

41.55%

1.25%

6.50%

Operating Profit Growth %

0.00%

171.68%

-20.13%

55.29%

-11.82%

Net Profit Growth %

0.00%

312.75%

-40.29%

80.77%

89.43%

-13.26%

0.00%

-62.11%

-13.26%

VALUATION

P/E (x)

0.00x

42.68x

24.79x

P/B (x)

0.00x

5.20x

2.41x

Dividend Yield %

0.00%

0.31%

0.83%

0.00x

25.52x

14.76x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

71.35

0.08

0.10

0.03

0.16

0.04

0.02

0.01

0.02

0.01

3.72

3.28

2.86

2.82

1.34

0.00

Government

0.00

24.86

25.27

25.76

25.67

27.28

28.63

28.64

28.63

28.64

HP Adhesives Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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HP Adhesives Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI