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Hindustan Adhesives Ltd (HINDADH)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 514428 NSE: HINDADH Plastic Products | Small Cap | Hindustan Adhesives Share Price

₹382 -2.40 (-0.62%)

As on 23-Sep'26 14:55

Hindustan Adhesives Ltd (HINDADH)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 514428 NSE: HINDADH Plastic Products | Small Cap | Hindustan Adhesives Share Price

₹382 -2.40 (-0.62%)

As on 23-Sep'26 14:55

Key Metrics
Valuation Multiples
Market Cap
₹197 Cr.
Current Price
₹382
52-Week Low / High
₹248 / 403
TTM EPS
₹42.6
TTM Sales
₹269 Cr.
Book Value per Share
₹233.5
P/E Ratio
9.03
Lower than its 5-year historical median
Industry PE
36.7
Price to Book (P/B)
1.65
Lower than its 5-year historical median
Price to Sales (P/S)
0.73
Higher than its 5-year historical median
EV/EBITDA
5.56
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
18.39%
Outperforms industry median
Return on Capital Employed (ROCE)
16.16%
Outperforms industry median
Return on Assets (ROA)
6.78%
Operating Profit Margin
12%
Net Profit Margin
5.4%
Gross Profit Margin
11.4%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
-6.36%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
4.17%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
-6.22%
Asset Quality
Promoter Holding
68.48%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹114 Cr.
Equity
₹5.1 Cr.
Face Value
₹10
All Time Low / High
₹0.50 / 658.40

Hindustan Adhesives stock performance

Key Ratios
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Check Before You Invest

Quality

Somewhat Good

Valuation

Fair

Price Trend

Weak
Q.1 Is Hindustan Adhesives Ltd a good quality company?
Hindustan Adhesives Ltd is a average quality company, based on a somewhat consistent 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 Hindustan Adhesives Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Hindustan Adhesives Ltd vs industry peers?
Hindustan Adhesives Ltd revenue CAGR is 0.00%, compared to the industry median CAGR of 0%, indicating stable growth and maintaining its market share.
Q.1 Promoter shareholding and pledge status of Hindustan Adhesives Ltd?
Promoters hold 68.48% of the Hindustan Adhesives Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Hindustan Adhesives Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 25.1% 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 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.
Hindustan Adhesives Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 16.6%19.3%9.9%11.4%11.9%17%20.2%9.7%20.7%17.7%-
Value Creation
Index
0.20.4-0.3-0.2-0.20.20.4-0.30.50.3-

Growth Parameters

Sales 69.274.175.5139153214449322304285267
Sales YoY Gr.-7.2%1.9%83.5%10.4%39.6%110.2%-28.4%-5.4%-6.4%-
Adj EPS 4.29.24.33.49.911.819.1529.226.151.5
YoY Gr.-120.7%-53%-20.7%190.4%18.9%61.7%-73.6%479.2%-10.7%-
BVPS (₹) 38.347.452.357.367.784.6107.2116.7148.3179.7240
Adj Net
Profit
2.14.72.21.85.169.82.614.913.326
Cash Flow from Ops. 8.27.25.411.310624.82726.715.2-
Debt/CF from Ops. 2.52.99.14.7713.93.22.52.35.5-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 17%13.2%-14.1%-6.4%
Adj EPS 22.7%21.3%10.9%-10.7%
BVPS18.7%21.6%18.8%21.1%
Share Price 24.6% 7.9% 13.4% 9.4%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
11.521.48.66.215.915.519.94.52215.924.5
Op. Profit
Mgn %
1414.510.788.1107.46.310.81219.6
Net Profit
Mgn %
3.16.32.91.33.32.82.20.84.94.79.9
Debt to
Equity
1.10.91.81.821.91.51.10.80.9-
Working Cap
Days
1371331681231231178311811114189
Cash Conv.
Cycle
67698056575135575760-4

Valuation of Hindustan Adhesives - Consolidated

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!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'16Mar'17Mar'23Mar'24Mar'25
Sales7176322304285
Operating Expenses + 6165301271251
Manufacturing Costs1112201921
Material Costs3638217190162
Employee Cost 67202024
Other Costs 88454243
Operating Profit 1011203334
Operating Profit Margin (%) 13.6%14.8%6.3%10.8%12.0%
Other Income + 01335
Exceptional Items 00000
Interest 33756
Depreciation 3411911
Profit Before Tax 3562221
Tax 10156
Profit After Tax 2551615
PAT Margin (%) 2.5%6.3%1.5%5.4%5.4%
Adjusted EPS (₹)3.49.39.532.130.1
Dividend Payout Ratio (%)0%10.70%0%0%0%
PARTICULARSMar'16Mar'17Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 1924607692
Share Capital 55555
Reserves 1419557187
Debt +18186669106
Long Term Debt43191740
Short Term Debt1515475166
Minority Interest0000-1
Trade Payables79252539
Others Liabilities 98192623
Total Liabilities 5459170195259

Fixed Assets

Net Fixed Assets +2323777371
Gross Block5558146151141
Accumulated Depreciation3235697870
CWIP 010659
Investments 22323
Inventories1312513866
Trade Receivables1214264027
Cash Equivalents 21126
Others Assets 46113427
Total Assets 5459170195259
PARTICULARSMar'16Mar'17Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 88271318
PBT 3562221
Adjustment 77161316
Changes in Working Capital -1-37-15-14
Tax Paid -1-1-2-7-4
Cash Flow From Investing Activity + -3-5-10-9-49
Capex -2-5-8-11-60
Net Investments -2-0-21-1
Others 000011
Cash Flow From Financing Activity + -5-3-20-235
Net Proceeds from Shares 00000
Net Proceeds from Borrowing 00-13-222
Interest Paid -3-3-6-4-5
Dividend Paid 0-1000
Others -10-1418
Net Cash Flow 0-1-214
PARTICULARSMar'16Mar'17Mar'23Mar'24Mar'25
Ratios
ROE (%)9.0421.9911.6124.2318.39
ROCE (%)15.7119.1114.7520.0416.16
Asset Turnover Ratio1.441.482.81.671.26
PAT to CFO Conversion(x)41.65.40.811.2
Working Capital Days
Receivable Days54.6056.1022.8039.5043
Inventory Days58.6053.9036.1053.3066.40
Payable Days73.1078.2028.4047.7071.50

Top 5 Mutual Funds Holding

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Announcements

Hindustan Adhesives Ltd FAQs

The current trading price of Hindustan Adhesives on 23-Sep-2026 14:55 is ₹382.0.

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 22-Sep-2026 the market cap of Hindustan Adhesives stood at ₹196.7 Cr

The latest P/E ratio of Hindustan Adhesives as of 22-Sep-2026 is 7.47.

The latest P/B ratio of Hindustan Adhesives as of 22-Sep-2026 is 1.60.

The 52-week high of Hindustan Adhesives is ₹402.6 and the 52-week low is ₹247.6.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Hindustan Adhesives is ₹267 ( Cr.) .

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

The key valuation ratios of Hindustan 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 Hindustan Adhesives Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About Hindustan Adhesives Ltd

Hindustan Adhesives Limited (HAL) is a company promoted by the Bagla family. Established in the year 1988, Hindustan Adhesives (HAL), an ISO 9002 company, has been trusted by customers for its wide variety of integrated adhesive products.

HAL has been in the business of manufacturing coated products for packaging since 1989. And no sooner had the process begun, the pioneering spirit behind HAL made it as India's first and only integrated adhesive tape manufacturer with specialisation in BOPP film for packaging tapes.

The expertise in handling plastic materials and experience in all types of adhesive coatings encouraged HAL to explore the world market for developing new products. The challenge of producing 'Self Adhesive Tear Tape' was the first major achievement of the company after a vigorous effort. It can now boast of producing a world-class product and having a market in every part of the globe, spanning all continents and winning various awards for development of product.

HAL is the only company in the country to be equipped with multiple state-of-the-art facilities, all under one roof. The range of facilities include:

  • Acrylic Adhesive Coating
  • Hot Melt Adhesive Coating
  • Specialised BOPP Film Manufactured for packaging tapes
  • Precision Slitting of any substrates- Both adhesive and non adhesive
  • Spooling for long lengths of narrow width products
  • Printing in 3-4 colours
  • Customised Adhesive coated products

Product range of the company includes:

Tear Tapes The company has been the first from India to introduce speciality ' Self Adhesive Tear Tapes' for the global market. The product is a MOPP film based narrow width, self adhesive tear tape coated with world class Aqueous Acrylic Adhesive, complying with the United States Federal Food and Cosmetic Act. Ezee Rip is designed to make your packaging customer friendly. Its ideally suited for packaging consumer goods like cigarettes, chewing gums, audio-video cassettes, shaving blades and confectionery items.

Packaging Tapes Packaging Tapes as produced by HAL, are offered in a complete range to suit the weight and dimensions of the cartons. Tailor made solutions are provided for a cost effective sealing of cartons and the products are available with custom printed messages.

Speciality Tapes Speciality tapes are developed specifically according to bonding requirements. The interaction of backing material (filmic, non-woven, fabrics, various foams), adhesive system (acrylate or rubber based) and liner material (paper, foil) is decisive.

This includes:

-Foam Tapes, Double Sided Tapes, Security Tapes, Bakery Tapes, Custom Taylored Tapes, Polyester Tapes, Cellulose Tapes, Cable Tapes, Masking Tapes, Handle Tapes

BOPP Film HAL is the only integrated adhesive tape manufacturer in India by having facilities to extrude BOPP film by a dedicated process to enhance the tensile strength of the film and produce a truly balanced and oriented film. This process provides an equal tensile strength in both the MD and TD direction and also reduces the elongation tendency of the film. This stable film is best suited for adhesive coating and our customers have acknowledged the superior properties of the same.

Clientele

  • ITC LIMITED
  • Godfrey Phillips India Limited
  • VST Industries Limited
  • GTC Industries Limited
  • Asia Tobacco Co. Limited
  • The Hyderabad Deccan Cigarette Factory Pvt. Ltd.
  • Western Tobacco Limited
  • Reliable Cigarette and Tobacco Industries Pvt. Ltd.
  • National Tobacco Company Limited
  • Cadbury India Limited
  • Castrol India Limited
  • DHL Wpx Limited
  • GlaxoSmithKline Consumer
  • Hindustan Coco Cola

Achievements/ recognition :

  • Hindustan Adhesives (HAL), is an ISO 9002 company.
  • The company has been the first from India to introduce speciality ' Self Adhesive Tear Tapes' for the global market.
  • HAL is the only integrated adhesive tape manufacturer in India.
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