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Nikhil Adhesives Ltd (526159)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 526159 NSE: Chemicals | Small Cap | Nikhil Adhesives Share Price
₹85 -0.45 (-0.53%)
As on 28-Sep'26 10:17
Nikhil Adhesives Ltd (526159)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 526159 NSE: Chemicals | Small Cap | Nikhil Adhesives Share Price
₹85 -0.45 (-0.53%)
As on 28-Sep'26 10:17
Key Metrics
Valuation Multiples
Market Cap
₹393 Cr.
Current Price
₹85
52-Week Low / High
₹57 / 122
TTM EPS
₹4.4
TTM Sales
₹619 Cr.
Book Value per Share
₹33.3
P/E Ratio
19.34
Lower than its 5-year historical median
Industry PE
48
Price to Book (P/B)
2.57
Lower than its 5-year historical median
Price to Sales (P/S)
0.63
Lower than its 5-year historical median
EV/EBITDA
10.74
Lower than its 5-year historical median
Dividend Yield
0.26%
Profitability Efficiency
Return on Equity (ROE)
13.83%
Outperforms industry median
Return on Capital Employed (ROCE)
17.40%
Outperforms industry median
Return on Assets (ROA)
5.45%
Operating Profit Margin
6.4%
Net Profit Margin
2.88%
Gross Profit Margin
5.1%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
3.62%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
20.41%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
27.25%
Asset Quality
Promoter Holding
54.46%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹148 Cr.
Equity
₹4.6 Cr.
Face Value
₹1
All Time Low / High
₹0.10 / 225.30
Check Before You Invest
Quality
Very GoodValuation
FairCheck Valuation charts
Price Trend
Weak
Is Nikhil Adhesives Ltd a good quality company?
Nikhil Adhesives Ltd is a good quality company, based on a consistently good 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 Nikhil Adhesives Ltd performance compare with that of its Peers?
Revenue growth of Nikhil Adhesives Ltd vs industry peers?
Nikhil Adhesives Ltd revenue CAGR is 6.75%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Nikhil Adhesives Ltd?
Promoters hold 54.46% of the Nikhil Adhesives Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Nikhil Adhesives Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 32.7% 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.
Nikhil Adhesives Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 19.8% | 17.6% | 16.9% | 22% | 22.3% | 33.3% | 39.7% | 24.3% | 16.7% | 17.4% | - |
| Value Creation Index ⓘ | 0.4 | 0.3 | 0.2 | 0.6 | 0.6 | 1.4 | 1.8 | 0.7 | 0.2 | 0.2 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 270 | 260 | 330 | 446 | 422 | 491 | 814 | 743 | 564 | 585 | 619 |
| Sales YoY Gr. | - | -4% | 27.2% | 35.2% | -5.5% | 16.4% | 65.7% | -8.6% | -24.1% | 3.6% | - |
| Adj EPS ⓘ | 0.7 | 0.5 | 0.8 | 1.1 | 1.9 | 3.4 | 5.5 | 4.3 | 2.9 | 3.7 | 4.4 |
| YoY Gr. | - | -27.4% | 45.3% | 48.1% | 67.5% | 78.5% | 61.3% | -22.4% | -32.6% | 28.5% | - |
| BVPS (₹) ⓘ | 4.1 | 4.6 | 7.6 | 8.6 | 9.9 | 13.3 | 18.6 | 22.1 | 24.8 | 28.2 | 33.3 |
| Adj Net Profit ⓘ | 2.9 | 2.1 | 3.6 | 5.2 | 8.8 | 15.7 | 25.3 | 19.6 | 13.3 | 17 | 20 |
| Cash Flow from Ops. ⓘ | 12.8 | -4.2 | 11.1 | 16.4 | 20.9 | 22.9 | 24.7 | 20.6 | 14.2 | 6.9 | - |
| Debt/CF from Ops. ⓘ | 2.7 | -10.8 | 2.9 | 2.1 | 1.6 | 1.2 | 1.1 | 1.5 | 3.6 | 8.2 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 9% | 6.8% | -10.4% | 3.6% | ||||
| Adj EPS ⓘ | 19.8% | 14.1% | -12.4% | 28.5% | ||||
| BVPSⓘ | 24% | 23.2% | 14.9% | 13.8% | ||||
| Share Price | 32.8% | 3.3% | -9.9% | -13.7% | ||||
Key Financial Parameters ⓘ
| Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 18.9 | 12.1 | 13.4 | 14 | 20.6 | 29.4 | 34.5 | 21 | 12.3 | 13.9 | 14.4 |
| Op. Profit Mgn % ⓘ | 4.8 | 4.3 | 3.9 | 3.7 | 5.1 | 6.3 | 5.3 | 5.2 | 5.5 | 6.4 | 6.5 |
| Net Profit Mgn % ⓘ | 1.1 | 0.8 | 1.1 | 1.2 | 2.1 | 3.2 | 3.1 | 2.6 | 2.4 | 2.9 | 3.3 |
| Debt to Equity ⓘ | 2.2 | 2.6 | 0.9 | 0.9 | 0.7 | 0.5 | 0.3 | 0.3 | 0.5 | 0.4 | - |
| Working Cap Days ⓘ | 105 | 120 | 121 | 110 | 123 | 139 | 107 | 112 | 129 | 128 | 66 |
| Cash Conv. Cycle ⓘ | 5 | 8 | 27 | 26 | 32 | 34 | 25 | 29 | 46 | 57 | 21 |
Valuation of Nikhil Adhesives - Standalone
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 13.10 | 13.10 | 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'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 270 | 260 | 330 | 446 | 422 | 491 | 814 | 743 | 564 | 585 |
| Operating Expenses ⓘ + | 259 | 248 | 317 | 430 | 403 | 460 | 770 | 709 | 533 | 548 |
| Operating Profit ⓘ | 11 | 11 | 13 | 17 | 19 | 31 | 43 | 35 | 31 | 37 |
| Operating Profit Margin (%) | 4.1% | 4.3% | 3.9% | 3.7% | 4.5% | 6.3% | 5.3% | 4.7% | 5.5% | 6.3% |
| Other Income ⓘ + | 0 | 0 | 1 | 1 | 1 | 0 | 1 | 0 | 0 | 1 |
| Interest ⓘ | 8 | 7 | 7 | 8 | 8 | 7 | 6 | 6 | 7 | 8 |
| Depreciation ⓘ | 2 | 1 | 2 | 2 | 3 | 3 | 4 | 5 | 6 | 7 |
| Profit Before Tax ⓘ | 2 | 3 | 4 | 7 | 9 | 21 | 34 | 24 | 18 | 22 |
| Tax ⓘ | 0 | 1 | 1 | 2 | 2 | 6 | 9 | 7 | 5 | 6 |
| Profit After Tax | 2 | 2 | 3 | 5 | 7 | 16 | 25 | 17 | 13 | 17 |
| PAT Margin (%) | 0.6% | 0.8% | 0.9% | 1.2% | 1.7% | 3.2% | 3.1% | 2.3% | 2.4% | 2.9% |
| Adjusted EPS (₹) | 0.4 | 0.5 | 0.6 | 1.1 | 1.5 | 3.4 | 5.5 | 3.7 | 2.9 | 3.7 |
| Dividend Payout Ratio (%) | 0% | 0% | 16.10% | 8.80% | 6.50% | 4.40% | 3.60% | 5.40% | 6.90% | 6% |
| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 16 | 18 | 35 | 40 | 46 | 61 | 85 | 102 | 114 | 130 | |
| Debt + | 32 | 43 | 30 | 29 | 27 | 21 | 21 | 21 | 43 | 48 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 60 | 58 | 80 | 98 | 87 | 160 | 160 | 121 | 93 | 88 | |
| Others Liabilities ⓘ | 11 | 12 | 12 | 20 | 32 | 48 | 49 | 52 | 46 | 58 | |
| Total Liabilities ⓘ | 119 | 130 | 157 | 186 | 191 | 291 | 316 | 295 | 295 | 323 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 24 | 23 | 30 | 37 | 44 | 54 | 64 | 76 | 94 | 96 | |
| CWIP ⓘ | 0 | 1 | 0 | 0 | 6 | 0 | 1 | 4 | 0 | 1 | |
| Investments ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Inventories | 26 | 21 | 34 | 40 | 37 | 72 | 76 | 84 | 76 | 88 | |
| Trade Receivables | 44 | 64 | 78 | 97 | 95 | 151 | 145 | 110 | 101 | 113 | |
| Cash Equivalents | 6 | 5 | 3 | 3 | 1 | 3 | 6 | 5 | 12 | 6 | |
| Others Assets ⓘ | 18 | 16 | 11 | 9 | 8 | 10 | 24 | 16 | 13 | 20 | |
| Total Assets ⓘ | 119 | 130 | 157 | 186 | 191 | 291 | 316 | 295 | 295 | 323 | |
| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 13 | -4 | 11 | 16 | 21 | 23 | 25 | 21 | 14 | 7 |
| Cash Flow From Investing Activity ⓘ + | -2 | -1 | -6 | -10 | -12 | -7 | -15 | -19 | -17 | -10 |
| Cash Flow From Financing Activity ⓘ + | -9 | 4 | -5 | -7 | -9 | -15 | -6 | -3 | 10 | -3 |
| Net Cash Flow ⓘ | 1 | -0 | -0 | -0 | -1 | 1 | 3 | -1 | 7 | -7 |
| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 10.52 | 12.11 | 10.82 | 13.99 | 16.49 | 29.39 | 34.53 | 18.21 | 12.29 | 13.83 |
| ROCE (%) | 19.8 | 17.56 | 16.91 | 21.98 | 22.25 | 33.25 | 39.74 | 24.26 | 16.7 | 17.4 |
| Asset Turnover Ratio | 2.58 | 2.32 | 2.37 | 2.6 | 2.24 | 2.04 | 2.68 | 2.43 | 1.91 | 1.89 |
| PAT to CFO Conversion(x) | 6.5 | -2 | 3.67 | 3.2 | 3 | 1.44 | 1 | 1.24 | 1.08 | 0.41 |
| Working Capital Days | ||||||||||
| Receivable Days | 53 | 68.50 | 76.60 | 71.40 | 82.70 | 91.40 | 66.40 | 62.60 | 68.20 | 66.80 |
| Inventory Days | 31.30 | 29.70 | 29.50 | 30.20 | 33.20 | 40.30 | 33.10 | 39.30 | 51.80 | 51.20 |
| Payable Days | 94.40 | 100.80 | 91.40 | 86.40 | 99.80 | 114.10 | 86.80 | 86.40 | 91.50 | 76.70 |
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Nikhil Adhesives Ltd FAQs
The current trading price of Nikhil Adhesives on 28-Sep-2026 10:17 is ₹85.00.
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 27-Sep-2026 the market cap of Nikhil Adhesives stood at ₹392.6 Cr
The latest P/E ratio of Nikhil Adhesives as of 27-Sep-2026 is 19.34.
The latest P/B ratio of Nikhil Adhesives as of 27-Sep-2026 is 2.57.
The 52-week high of Nikhil Adhesives is ₹122.0 and the 52-week low is ₹56.78.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Nikhil Adhesives is ₹619 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Nikhil Adhesives Ltd is a good quality company.
The key valuation ratios of Nikhil Adhesives Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Nikhil Adhesives Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Nikhil Adhesives Ltd
Nikhil Adhesives (NAL) founded in 1986 as Hans marketing & Services Pvt. Ltd., is a leading manufacturing and marketing company in India .The company markets various chemicals such as VAM, BAM, 2EHA, EA etc. representing, MITCO (Petronas) Malaysia & Other Multinational Companies all over the world. Nikhil Adhesives has about 300 industrial customers, 500 dealers and distributors and about 3000 retail outlets all over india.
The company tries to deliver value products and services by employing state of the art technology and absolute focus to their customers. The synergy of commitment, technology and prompt deliverables is what makes Nikhil Adhesives the right choices.
The company is having two manufacturing facilities, one in Dahanu with capacity of -12000 MT and the other in Silvasa with Capacity of 12000 MT.
The state of the art laboratory equipped with modern testing equipments is constantly upgrading the information base and working always towards product perfection. Our laboratory activities are focused on the development of new grades as well as improvement of existing products. The laboratory is managed by qualified and experienced persons from the field of emulsion technology. Regular interactions of R&D and technical services persons are arranged with customers to understand their requirements in totality. This helps company to do value addition to the product range manufactured by the company.
Product Range of the company includes: Industrial Chemicals
- Paint Emulsions
- Textile
- Emulsions
- Construction
- Chemicals
- Adhesives
Consumer Chemicals
- Consumer Products
- Household Products
- Art & Crafts
Trading
- Monomers
- Ethoxylates
- Solvents
Milestones
- 1986 – Nikhil adhesive Ltd. Was founded as Hans marketing & Services Pvt. Ltd. (HM&S Pvt. Ltd.).
- 1992 – HM&S Pvt. Ltd. Merged with M/s Nikhil Industries under the name Nikhil Adhesives.
- 1992 – Nikhil Adhesives became Public limited company (traded on the Bombay Stock Exchange).
- 2003 – Nikhil Adhesives Ltd. Acquired M/s Mafatlal Dyes & Chemicals Ltd. formerly known as Hoechst Dyes & Chemicals Ltd. the pioneers of adhesives business in India, along with their Brands, Hoechst German Technology and Machineries.
- 2007 – Nikhil Adhesives Ltd. expanded their manufacturing activity and setup a new additional unit at Silvassa equiped with modern machineries and facilities to produce and cater to the requirement of various industries.
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