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SPEB Adhesives Ltd (SPEB)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 0 NSE: SPEB Chemicals | Small Cap | SPEB Adhesives Share Price

BSE Share Price
Not Listed

SPEB Adhesives Ltd (SPEB)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 0 NSE: SPEB Chemicals | Small Cap | SPEB Adhesives Share Price

BSE Share Price
Not Listed
Key Metrics
Valuation Multiples
Market Cap
₹217 Cr.
Current Price
₹0
52-Week Low / High
₹0 / 0
TTM EPS
₹3.1
TTM Sales
₹50.6 Cr.
Book Value per Share
₹24.8
P/E Ratio
31.57
Higher than its 5-year historical median
Industry PE
50.2
Price to Book (P/B)
3.89
In line with its 5-year historical median
Price to Sales (P/S)
4.29
Higher than its 5-year historical median
EV/EBITDA
20.38
Higher than its 5-year historical median
Dividend Yield
0.00%
Profitability Efficiency
Return on Equity (ROE)
26.30%
Outperforms industry median
Return on Capital Employed (ROCE)
36.37%
Outperforms industry median
Return on Assets (ROA)
24.58%
Operating Profit Margin
17.9%
Net Profit Margin
13.16%
Gross Profit Margin
19.1%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
5.09%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
19.69%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
19.23%
Asset Quality
Promoter Holding
73.18%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹33 Cr.
Equity
₹22.5 Cr.
Face Value
₹10
All Time Low / High
- / -

SPEB Adhesives stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is SPEB Adhesives Ltd a good quality company?
SPEB Adhesives Ltd is a weak quality company, based on a inconsistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does SPEB Adhesives Ltd performance compare with that of its Peers?
Q.1 Revenue growth of SPEB Adhesives Ltd vs industry peers?
SPEB Adhesives Ltd revenue CAGR is 17.08%, compared to the industry median CAGR of 4.7%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of SPEB Adhesives Ltd?
Promoters hold 73.18% of the SPEB Adhesives Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of SPEB Adhesives Ltd over the last decade?
Over the last - year(s), the stock has delivered a CAGR of N/A% based on the current price.

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
SPEB Adhesives Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 20.9%13.7%34.2%36.4%-
Value Creation
Index
0.50.01.51.6-

Growth Parameters

Sales 27.938.442.644.851
Sales YoY Gr.-37.5%11.1%5.1%-
Adj EPS 1.30.92.83.43.1
YoY Gr.--30.8%201.1%23.1%-
BVPS (₹) 9.110.111.114.424.8
Adj Net
Profit
2.61.84.967
Cash Flow from Ops. -1.10.43.9-0.9-
Debt/CF from Ops. 0000-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales NANA17.1%5.1%
Adj EPS NANA36.9%23.1%
BVPSNANA16.6%30.3%
Share Price - - - -

Key Financial Parameters

Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
14.79.625.126.815.6
Op. Profit
Mgn %
136.415.417.9NAN
Net Profit
Mgn %
9.24.611.513.413.6
Debt to
Equity
0000-
Working Cap
Days
010490810
Cash Conv.
Cycle
09682670

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'22Mar'23Mar'24Mar'25
Sales28384345
Operating Expenses + 24363637
Manufacturing Costs1111
Material Costs20303131
Employee Cost 1111
Other Costs 2433
Operating Profit 4278
Operating Profit Margin (%) 13.0%6.4%15.4%17.5%
Other Income + 0011
Exceptional Items 0000
Interest 0000
Depreciation 0000
Profit Before Tax 3378
Tax 1122
Profit After Tax 3256
PAT Margin (%) 9.3%4.8%11.6%13.2%
Adjusted EPS (₹)1.41.02.83.4
Dividend Payout Ratio (%)0%0%0%0%

Valuation of SPEB Adhesives - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 18191925
Share Capital 00018
Reserves 1719198
Debt +0000
Long Term Debt0000
Short Term Debt0000
Minority Interest0000
Trade Payables0011
Others Liabilities 1001
Total Liabilities 19202127

Fixed Assets

Net Fixed Assets +2232
Gross Block5555
Accumulated Depreciation3333
CWIP 0000
Investments 3300
Inventories3332
Trade Receivables6867
Cash Equivalents flag 34815
Others Assets 1001
Total Assets 19202127

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + -104-1
PBT 3378
Adjustment 000-0
Changes in Working Capital -4-2-1-7
Tax Paid -1-1-2-2
Cash Flow From Investing Activity + 3020
Capex -00-1-0
Net Investments 3030
Others 0001
Cash Flow From Financing Activity + -30-51
Net Proceeds from Shares 0000
Net Proceeds from Borrowing 0000
Interest Paid -0000
Dividend Paid 0000
Others -30-51
Net Cash Flow -111-0

Financial Ratio

PARTICULARSMar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)14.829.925.3726.3
ROCE (%)20.8913.7134.2336.37
Asset Turnover Ratio1.491.992.11.87
PAT to CFO Conversion(x)-0.3300.8-0.17
Working Capital Days
Receivable Days84.3066.9059.1053.20
Inventory Days38.3029.4027.1022.30
Payable Days004.9010.30

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

SPEB Adhesives Ltd FAQs

The current trading price of SPEB Adhesives on 01-Jan-1970 05:30 is ₹0.00.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 31-Dec-1969 the market cap of SPEB Adhesives stood at ₹216.8 Cr

The latest P/E ratio of SPEB Adhesives as of 31-Dec-1969 is 31.57.

The latest P/B ratio of SPEB Adhesives as of 31-Dec-1969 is 3.89.

The 52-week high of SPEB Adhesives is ₹0.00 and the 52-week low is ₹0.00.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of SPEB Adhesives is ₹50.57 ( Cr.) .

Past 10 year’s financial track record analysis by Moneyworks4me indicates that SPEB Adhesives Ltd is a below average quality company.

The key valuation ratios of SPEB Adhesives Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of SPEB Adhesives Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About SPEB Adhesives Ltd

Speb Adhesives was incorporated as ‘SPEB Adhesives Private Limited’ as per the provision of Companies Act, 1956, pursuant to a certificate of incorporation dated November 07, 1990 issued by the Registrar of Companies, Maharashtra.

The company is engaged in the business of manufacturing solvent-based synthetic rubber adhesives. Within the synthetic rubber-based adhesive, it offers both - solvent-based and water-based adhesives. It primarily focuses on in-house manufacturing of solvent-based adhesives, with water-based adhesives being produced on a contractual manufacturing basis. Within the solvent-based category, it primarily specializes in polychloroprene-based and SBS (styrene-butadiene-styrene)-based adhesives, known for their high bonding strength, durability, and wide application range. 

Its product portfolio includes various products customized for industrial and retail applications, such as multi-purpose adhesives, spray-grade adhesives, premium bonding adhesives, Ducting and Insulation adhesives, woodworking adhesives, footwear-grade adhesives, and adhesives used in Generator Set. It follows a B2B business model, and its products are used in Hardware, Foam and Furnishing, Ducting and Insulation, Woodworking, Footwear, and Generator Set industries. To serve a diverse customer base, it operates through three major business channels, viz. Dealer-Distribution Network, Industrial Sales, and Government Supply Contracts.

Business area of the company

The company is a manufacturer of synthetic rubber adhesives and provides a wide range of adhesive solutions for industries such as construction, woodworking, upholstery, footwear, and Heating, Ventilation, and Air Conditioning (HVAC). The company’s product portfolio includes multipurpose adhesives like SPEB-7, as well as specialized formulations tailored to specific industry requirements.

Products of the company

Multipurpose Adhesive

  • SPEB-7 Multipurpose Adhesive
  • SPEB-7 Multi-fix tube
  • SPEB-7 FlooRBonD (Water-based Adhesive)
  • SPEB- 7 WaLLFix (Water-based Adhesive)

Spray-grade Adhesives

  • SPEB-7 Spraygrade
  • SPEB-7 G1
  • SPEB-7 G7

Premium Bonding Adhesives

  • SPEB-7 Premium SR-911
  • SPEB-7 Duct Fix 
  • SPEB-7 Duct Fix (Eco)

Woodworking Adhesives

  • SPEB-7 Bond no.1
  • SPEB-7 Aqua 7 (Water-based Adhesive)
  • SPEB-7 HeaT-Fix
  • SPEB-7 FlooRBonD SR

Footwear Grade Adhesives

  • SPEB-7 FWG-711

Generator Set Adhesives

  • SPEB-7 GENFIX Adhesive

Awards & recognitions

  • 2024: Received Participation Award in recognition of their participation and support UTECH India Sustainable Polyurethane & Foam Expo 2024.

History and milestones

  • 1990: Incorporation of the company in the name style of ‘SPEB Adhesives Private Limited’.
  • 1992: Started a manufacturing facility in Taloja, Navi Mumbai.
  • 2006: Set up an Automated Packaging Line.
  • 2011: Topline of the company crossed Rs 10 crore.
  • 2016: Launched New Range of SBS ADHESIEVS- (G1 & G7) Spraygrade Adhesives.
  • 2018: Topline of the company crossed Rs 20 crore.
  • 2020: Launched Synthetic Resine Adhesive used in the Wood Working Industry.
  • 2021: Launched New Grade HEATFIX in CR ADHESIVE used in the Wood Working Industry.
  • 2024: Topline of the company crossed Rs 40 crore.
  • 2025: Conversion of the company from private limited company to public limited company.

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