SPEB Adhesives Ltd.

•

speb7.comBSE: -NSE: SPEB

Market Cap₹ 207 Cr.

Current Price

High / Low₹ 98 / 47

Stock P/E30.1

Book Value₹ 25

Price to Book3.81

Dividend Yield0.00 %

ROCE36.4 %

ROE26.3 %

Face Value₹ 10

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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 a healthy return on capital (ROCE) of 28.1%
Company has a good return on equity (ROE) track record: 3 Years ROE 20.5%
Operating margins have improved to 17.5% from 14.4%
Company generates healthy free cash flow
Attractively priced for its growth - PEG of 1.0

CONS

Operating cash flow has been negative in recent years
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.27x)

* 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.	SPEB	92.00	30.10	206.67	0.00	—	—	—	—	36.37	—

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

No quarterly results found

We don't have this information yet. Please check back later.

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	28	38	43	45
	24	36	36	37
Operating Profit	4	3	7	9
OPM %	14	7	17	19
Other Income	0	0	1	1
Interest	0	0	0	0
Depreciation	0	0	0	0
	3	3	7	8
Tax %	25	27	26	28
Net Profit	3	2	5	6
EPS	1	1	2,937	3
Dividend Payout %	0	0	0	0
Minority Interest	0	0	0	0
Share of Associates	0	0	0	0
Adjusted EPS	1	1	3	3

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: 17%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: 31%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: —
5 Years:: —
3 Years:: 21%
Last Year:: 26%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-	-
Equity Capital	0	0	0	18
	17	19	19	8
Trade Payables	0	0	1	1
	1	0	0	1
Total Liabilities	19	20	21	27
ASSETS	-	-	-	-
	2	2	3	2
	3	3	0	0
	3	3	3	2
	0	0	6	7
Cash & Bank	3	4	8	15
	8	8	0	1
Total Assets	19	20	21	27
Total Debt	0	0	0	0
Net Working Capital	12	15	17	23
Contingent Liabilities	0	0	0	0
Book Value per Share	9518.82	10551.63	11579.89	14.40
Face Value	100.00	100.00	100.00	10.00

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-1	0	4	-1
Cash from Investing	3	0	2	0
Cash from Financing	-3	0	-5	1
	-1	1	1	-0
Free Cash Flow	-1	0	3	-1
OCF / Net Profit	-0.43	0.22	0.79	-0.16
Cumulative 5-Year FCF	0	0	0	0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	1410.68	993.11	2936.82	3.35
Book Value (₹)	9518.82	10551.63	11579.89	14.40
Dividend per Share (₹)	0.00	0.00	0.00	0.00
Cash EPS (₹)	1.53	1.12	3.08	3.60
PROFITABILITY
Operating Margin %	14.38%	7.45%	15.36%	17.51%
Net Margin %	9.32%	4.77%	11.58%	13.16%
ROE %	14.82%	9.90%	25.37%	26.30%
ROCE %	20.89%	13.71%	34.23%	36.37%
	13.91%	9.49%	24.33%	24.58%
EFFICIENCY
Debtor Days	84	67	59	53
Inventory Days	38	29	27	22
Payable Days	0	0	5	10
	123	96	81	65
FINANCIAL HEALTH
Debt to Equity (x)	0.00x	0.00x	0.00x	0.00x
Interest Coverage (x)	16.71x	162.60x	376.36x	424.57x
	11.94x	34.77x	14.87x	13.42x
GROWTH
Revenue Growth %	0.00%	37.49%	11.06%	5.11%
Operating Profit Growth %	0.00%	-28.74%	149.70%	20.29%
Net Profit Growth %	0.00%	-29.60%	169.58%	19.40%
	0.00%	0.00%	195.72%	-99.89%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x
P/B (x)	0.00x	0.00x	0.00x	0.00x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	-1.16x	0.33x

Shareholding Pattern

Numbers in percentages

	Mar 2026
	73.18
	0.40
	8.26
Government	0.00
	18.15

Documents

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

No announcements filed.

News

Recent coverage and analyst commentary for SPEB

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SPEB Adhesives Ltd.

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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

SPEB

92.00

30.10

206.67

0.00

—

36.37

—

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Operating Profit

OPM %

Other Income

Interest

Depreciation

Tax %

Net Profit

EPS

2,937

Dividend Payout %

Minority Interest

Share of Associates

Adjusted EPS

Mar 2022

Mar 2023

Mar 2024

Mar 2025

LIABILITIES

Equity Capital

Trade Payables

Total Liabilities

ASSETS

Cash & Bank

Total Assets

Total Debt

Net Working Capital

Contingent Liabilities

Book Value per Share

9518.82

10551.63

11579.89

14.40

Face Value

100.00

10.00

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-1

Cash from Investing

Cash from Financing

-3

-5

-1

-0

Free Cash Flow

-1

OCF / Net Profit

-0.43

0.22

0.79

-0.16

Cumulative 5-Year FCF

Mar 2022

Mar 2023

Mar 2024

Mar 2025

PER SHARE

EPS (₹)

1410.68

993.11

2936.82

3.35

Book Value (₹)

9518.82

10551.63

11579.89

14.40

Dividend per Share (₹)

0.00

Cash EPS (₹)

1.53

1.12

3.08

3.60

PROFITABILITY

Operating Margin %

14.38%

7.45%

15.36%

17.51%

Net Margin %

9.32%

4.77%

11.58%

13.16%

ROE %

14.82%

9.90%

25.37%

26.30%

ROCE %

20.89%

13.71%

34.23%

36.37%

13.91%

9.49%

24.33%

24.58%

EFFICIENCY

Debtor Days

Inventory Days

Payable Days

123

FINANCIAL HEALTH

Debt to Equity (x)

0.00x

Interest Coverage (x)

16.71x

162.60x

376.36x

424.57x

11.94x

34.77x

14.87x

13.42x

GROWTH

Revenue Growth %

0.00%

37.49%

11.06%

5.11%

Operating Profit Growth %

0.00%

-28.74%

149.70%

20.29%

Net Profit Growth %

0.00%

-29.60%

169.58%

19.40%

0.00%

195.72%

-99.89%

VALUATION

P/E (x)

0.00x

P/B (x)

0.00x

Dividend Yield %

0.00%

0.00x

-1.16x

0.33x

Mar 2026

73.18

0.40

8.26

Government

0.00

18.15

SPEB 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

SPEB 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