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HP Adhesives Ltd (HPAL)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543433 NSE: HPAL Chemicals | Small Cap | HP Adhesives Share Price
₹34.60 -0.24 (-0.69%)
As on 28-Sep'26 10:17
HP Adhesives Ltd (HPAL)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543433 NSE: HPAL Chemicals | Small Cap | HP Adhesives Share Price
₹34.60 -0.24 (-0.69%)
As on 28-Sep'26 10:17
Key Metrics
Valuation Multiples
Market Cap
₹320 Cr.
Current Price
₹34.6
52-Week Low / High
₹26 / 53
TTM EPS
₹0.2
TTM Sales
₹252 Cr.
Book Value per Share
₹20.3
P/E Ratio
170.53
Higher than its 5-year historical median
Industry PE
48
Price to Book (P/B)
1.71
Lower than its 5-year historical median
Price to Sales (P/S)
1.27
Lower than its 5-year historical median
EV/EBITDA
32.23
Higher than its 5-year historical median
Dividend Yield
1.16%
Profitability Efficiency
Return on Equity (ROE)
3.75%
Underperforms industry median
Return on Capital Employed (ROCE)
5.27%
Underperforms industry median
Return on Assets (ROA)
3.04%
Operating Profit Margin
5.3%
Net Profit Margin
2.8%
Gross Profit Margin
5.6%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
0.19%
Operating Profit Growth (1 Year)
-
-49.73%
Net Profit Growth (1 Year)
-
-61.73%
Asset Quality
Promoter Holding
71.35%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹168 Cr.
Equity
₹18.4 Cr.
Face Value
₹2
All Time Low / High
₹26.34 / 131.00
Check Before You Invest
Quality
Not GoodValuation
UndervaluedCheck Valuation charts
Price Trend
Semi Strong
Is HP Adhesives Ltd a good quality company?
HP 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 HP Adhesives Ltd performance compare with that of its Peers?
Revenue growth of HP Adhesives Ltd vs industry peers?
HP Adhesives Ltd revenue CAGR is 0.00%, compared to the industry median CAGR of 0%, indicating stable growth and maintaining its market share.
Promoter shareholding and pledge status of HP Adhesives Ltd?
Promoters hold 71.35% of the HP Adhesives Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of HP Adhesives Ltd over the last decade?
Over the last 3 year(s), the stock has delivered a CAGR of -27.52% based on the current price.
10 Year X-Ray :
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 endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
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.
HP 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'16 | Mar'17 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 0% | 0% | 0% | -7.5% | 34.2% | 11% | 11.4% | 18.6% | 14.1% | 5.2% | - |
| Value Creation Index ⓘ | NA | NA | NA | -1.5 | 1.4 | -0.2 | -0.2 | 0.3 | 0.0 | -0.6 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 0 | 0 | 0 | 84.5 | 118 | 165 | 233 | 236 | 248 | 249 | 251 |
| Sales YoY Gr. | - | NA | NA | NA | 39.8% | 39.3% | 41.6% | 1.3% | 5.2% | 0.2% | - |
| Adj EPS ⓘ | 0 | 0 | 0 | 0 | 1.5 | 0.6 | 1.3 | 2.2 | 1.9 | 0.8 | 0.2 |
| YoY Gr. | - | NA | NA | NA | 15000% | -60.9% | 113.6% | 72.2% | -13.4% | -58.5% | - |
| BVPS (₹) ⓘ | 0 | 0 | 0 | 0.4 | 2 | 15 | 16.1 | 18.4 | 20 | 20.4 | 20.3 |
| Adj Net Profit ⓘ | 0 | 0 | 0 | 0.1 | 9.8 | 5.4 | 11.6 | 19.9 | 17.2 | 7.1 | 2 |
| Cash Flow from Ops. ⓘ | 0 | 0 | 0 | 0.7 | 11.3 | -10.2 | -5.1 | 21.6 | 16.9 | 7.2 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 0 | 54.2 | 3.8 | -1.3 | -0.9 | 0 | 0.3 | 0.5 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | 16.1% | 2.2% | 0.2% | ||||
| Adj EPS ⓘ | NA | -12.4% | -14.8% | -58.5% | ||||
| BVPSⓘ | NA | 59.9% | 8.1% | 1.9% | ||||
| Share Price | - | - | -27.4% | -27.9% | ||||
Key Financial Parameters ⓘ
| Mar'16 | Mar'17 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 0 | 0 | 0 | 3.4 | 129.5 | 7.2 | 8.1 | 12.6 | 9.8 | 3.8 | 1 |
| Op. Profit Mgn % ⓘ | 0 | 0 | 0 | 5 | 10.1 | 6.4 | 8 | 13 | 10.3 | 5.3 | 2.5 |
| Net Profit Mgn % ⓘ | 0 | 0 | 0 | 0.1 | 8.3 | 3.3 | 5 | 8.4 | 6.9 | 2.9 | 0.7 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 14.1 | 3.3 | 0.1 | 0 | 0 | 0 | 0 | - |
| Working Cap Days ⓘ | 0 | 0 | 0 | 0 | 159 | 183 | 180 | 177 | 157 | 172 | 111 |
| Cash Conv. Cycle ⓘ | 0 | 0 | 0 | 0 | 82 | 70 | 77 | 96 | 102 | 95 | 80 |
Valuation of HP Adhesives - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|
| Sales | 236 | 250 | 249 |
| Operating Expenses ⓘ + | 205 | 224 | 236 |
| Operating Profit ⓘ | 31 | 26 | 13 |
| Operating Profit Margin (%) | 13.0% | 10.4% | 5.2% |
| Other Income ⓘ + | 3 | 5 | 4 |
| Interest ⓘ | 2 | 2 | 3 |
| Depreciation ⓘ | 4 | 5 | 6 |
| Profit Before Tax ⓘ | 28 | 24 | 7 |
| Tax ⓘ | 8 | 5 | 0 |
| Profit After Tax | 21 | 18 | 7 |
| PAT Margin (%) | 8.7% | 7.3% | 2.8% |
| Adjusted EPS (₹) | 2.2 | 2.0 | 0.8 |
| Dividend Payout Ratio (%) | 13.40% | 20.30% | 51.50% |
| PARTICULARS | Mar'24 | Mar'25 | Mar'26 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 169 | 184 | 188 | ||||||||
| Debt + | 0 | 6 | 3 | ||||||||
| Minority Interest | 0 | 0 | 0 | ||||||||
| Trade Payables | 16 | 23 | 28 | ||||||||
| Others Liabilities ⓘ | 12 | 15 | 13 | ||||||||
| Total Liabilities ⓘ | 198 | 228 | 232 | ||||||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 52 | 73 | 73 | ||||||||
| CWIP ⓘ | 16 | 4 | 5 | ||||||||
| Investments ⓘ | 18 | 25 | 22 | ||||||||
| Inventories | 48 | 56 | 51 | ||||||||
| Trade Receivables | 36 | 42 | 37 | ||||||||
| Cash Equivalents | 9 | 15 | 8 | ||||||||
| Others Assets ⓘ | 18 | 13 | 36 | ||||||||
| Total Assets ⓘ | 198 | 228 | 232 | ||||||||
| PARTICULARS | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 22 | 17 | 7 |
| Cash Flow From Investing Activity ⓘ + | -15 | -16 | -2 |
| Cash Flow From Financing Activity ⓘ + | -6 | 2 | -8 |
| Net Cash Flow ⓘ | 0 | 2 | -2 |
| PARTICULARS | Mar'24 | Mar'25 | Mar'26 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 12.18 | 10.33 | 3.75 | |||||||
| ROCE (%) | 17.71 | 14.4 | 5.27 | |||||||
| Asset Turnover Ratio | 1.19 | 1.17 | 1.08 | |||||||
| PAT to CFO Conversion(x) | 1.05 | 0.94 | 1 | |||||||
| Working Capital Days | ||||||||||
| Receivable Days | 56.40 | 57.20 | 57.80 | |||||||
| Inventory Days | 73.80 | 76.10 | 78.30 | |||||||
| Payable Days | 39.50 | 45.70 | 60.10 | |||||||
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HP Adhesives Ltd FAQs
The current trading price of HP Adhesives on 28-Sep-2026 10:17 is ₹34.60.
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 27-Sep-2026 the market cap of HP Adhesives stood at ₹320.1 Cr
The latest P/E ratio of HP Adhesives as of 27-Sep-2026 is 175.7.
The latest P/B ratio of HP Adhesives as of 27-Sep-2026 is 1.72.
The 52-week high of HP Adhesives is ₹52.90 and the 52-week low is ₹26.34.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of HP Adhesives is ₹251 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that HP Adhesives Ltd is a below average quality company.
The key valuation ratios of HP Adhesives Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of HP Adhesives Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About HP Adhesives Ltd
HP Adhesives, incorporated in the 1980s, has grown from a modest single-product operation into a distinguished manufacturer and distributor of high-quality adhesives and sealants. Over the years, the company has carefully broadened its portfolio, evolving into a trusted brand within the applicator community and serving a wide spectrum of applications across consumer segments.
The company offers a comprehensive range of high-performance adhesive and sealant solutions engineered to address diverse and demanding application requirements. Its operations are anchored by modern manufacturing facilities equipped with advanced equipment and supported by robust quality control procedures to ensure safety and consistency. This strong manufacturing foundation enables the company to meet rising demand while retaining the agility and quality focus that define its operations. Staying true to its philosophy of purposeful growth, the company remains committed to building its business responsibly and advancing with deliberate intent.
The company was originally formed as a partnership firm under the name and style of M/s. H.P. International pursuant to a deed of partnership dated January 01, 1987. M/s. HP International was thereafter converted into a private limited company HP Adhesives Private Limited on May 07, 2019, pursuant to the provisions of Chapter XXI of the Companies Act. Subsequently, the company has been converted into a public limited company and the name of the company changed to “HP Adhesives Limited” pursuant to a special resolution passed at the Extra-Ordinary General Meeting of the company held on June 23, 2021 and a fresh Certificate of Incorporation dated July 01, 2021 issued by the RoC.
Business area of the company
The company is engaged in Manufacturing and distribution of adhesives and sealants along with other ancillary products.
Products
- Solvent cement
- Silicone Sealants
- Contact Adhesive
- White Glue / PVA
- Epoxy Putty
- Epoxy Adhesive
- Spray Paint
- Drainage Solution
- Plumbing Accessories
Key events and milestones
- 1987: Partnership Firm in the name and style of H.P. International founded by Haresh Dhanraj Motwani and Seema Abhichandani
- 1988: Established manufacturing plant at Andheri East, Mumbai.
- 2001: Reconstitution of partnership firm, H.P. International with Haresh Dhanraj Motwani and his wife, Anjana Haresh Motwani as partners.
- 2004: Launch of brand ‘Strong Weld’.
- 2004: Shifted manufacturing facility to Village Padghavalli, Raigad, Maharashtra for manufacturing of PVC solvent cement.
- 2007: Karan Haresh Motwani, the company's Promoter, admitted as a Partner to the partnership firm, H.P. International.
- 2012: Shifted manufacturing facility to Village Narangi, Raigad, Maharashtra.
- 2011: Received NSF International Certification for manufacturing solvent cements.
- 2018: Commenced manufacturing synthetic rubber adhesives and PVA adhesives.
- 2019: Commenced manufacturing of silicone sealants and gasket shellac.
- 2019: Conversion of the company’s business from partnership firm to private limited company.
- 2019: Started trading in Ball Valves, PTFE and Masking Tape.
- 2021: Conversion of the Company from private limited to public limited company.
- 2021: HP Adhesives listed on the BSE & NSE.
- 2022: The company has been granted Consent to Operate by Maharashtra Pollution Control Board (MPCB) for expansion with amalgamation of existing consent.
- 2024: The company has incorporated wholly owned subsidiary in the name of ‘Unitybond Solutions’ (USPL) on April 11, 2024 vide Certificate of Incorporation issued by Ministry of Corporate Affairs.
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