HP Adhesives Limited

NSE: HPAL · Specialty Chemicals · sector

₹30.12NSE close 2026-10-26

Key numbers

Market cap₹277 cr

Price₹30.12

52w high / low₹53 / ₹27

P/E150.6xSector median 22.6x

P/B1.5xSector median 2.6x

Book value₹20.4

Dividend yield1.33%Sector median 0.60%

ROE1.0%Sector median 10.6%

ROCE1.7%Sector median 12.9%

OPM2.1%Sector median 12.1%

Debt / equity0.02xSector median 0.18x

EV/EBITDA46.2xSector median 15.1x

Interest cover1.2x

Current ratio3.58x

Sales growth 3y+2.3%Sector median +5.0%

Profit growth 3y-13.7%Sector median +0.9%

PEG–

Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 107 companies in Specialty Chemicals (P/E median leaves out loss-making companies). Tap ? for what a number means.

Things to know

Cash ₹30 cr vs borrowings ₹3 cr (FY26): cash is higher (net cash).
Operating profit covered interest 1.2x in the last 12 months.
Operating cash flow was below net profit in 3 of the last 5 years (FY25, FY23, FY22).
Net loss in 2 of the last 8 quarters.
Revenue was higher than a year earlier in 1 of the last 4 quarters.
Other income was 189% of net profit in the last 12 months.
Dividend paid in 2 of the last 5 financial years.
Price ₹30.12 on 2026-10-26: -43.2% from the 52-week high, +13.6% from the 52-week low.

Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.

Charts

Weekly close · high ₹95.06 · low ₹29.33

Quarterly results

₹ cr	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	59	67	67	66	65	65	58	63
EBITDA	7	6	6	7	6	3	-4	-0
OPM %	11.1%	9.4%	8.6%	9.9%	9.3%	5.3%	-6.5%	-0.5%
Other income	0	1	2	1	1	1	1	1
Net profit	4	4	4	4	4	2	-2	-1
EPS (₹)	0.45	0.46	0.46	0.46	0.38	0.18	-0.26	-0.10
Revenue YoY					+10.4%	-2.0%	-13.5%	-4.1%
Profit YoY					-15.3%	-61.5%	-155.8%	-121.7%

Consolidated figures where filed. Latest quarter Jun 2026.

Profit & loss (yearly)

₹ cr	FY22	FY23	FY24	FY25	FY26	TTM
Revenue	165	233	236	253	249	252
EBITDA	11	18	31	26	12	5
Net profit	6	11	21	18	7	2
EPS (₹)	3.95	5.91	2.24	1.99	0.76	0.20
Revenue growth		+41.6%	+1.3%	+7.1%	-1.4%	-2.7%
Profit growth		+80.7%	+89.4%	-11.3%	-61.7%	-88.8%
Dividend / share (₹)	–	–	–	0.30	0.40

Compounded growth	3 years	5 years	Last 12 months
Sales	+2.3%	–	-2.7%
Net profit	-13.7%	–	-88.8%
EPS	-49.5%	–	–
Share price	–	-38.3% (2y)	-31.6%

Balance sheet

₹ cr	FY22	FY23	FY24	FY25	FY26
Shareholders' equity	–	148	169	184	188
Borrowings	–	5	1	6	3
Cash & equivalents	–	1	27	29	30
Total assets	–	185	198	228	232
Fixed assets	–	35	50	71	72
Capital work in progress	–	17	16	4	5
Investments	–	0	0	0	0
Receivables	–	37	36	42	37
Inventory	–	45	48	56	50
Payables	–	20	16	23	28

Year-end figures from the March annual filing.

Cash flow

₹ cr	FY22	FY23	FY24	FY25	FY26
Cash from operations	-10	-5	23	10	7
Cash from investing	-29	8	-15	-9	-2
Cash from financing	86	-12	-7	2	-8
Capex	17	16	16	14	13
Free cash flow	-28	-21	6	-4	-6

Free cash flow = cash from operations − capex.

Ratios by year

₹ cr	FY22	FY23	FY24	FY25	FY26
ROE %	–	7.3%	12.2%	9.9%	3.7%
ROCE %	–	11.3%	17.7%	13.6%	5.3%
Debtor days	–	58	56	60	55
Inventory days	–	97	118	130	120
Payable days	–	44	40	53	66
Cash conversion cycle (days)	–	111	134	137	109
Working capital days	–	104	148	153	163

Shareholding

Holder	% (2026-09-30)
Promoters	71.35%
FIIs	0.01%
DIIs	0.00%
of which Mutual funds	0.00%
of which Insurance	0.00%
Government	0.00%
Public (non-institutions)	28.64%

Quarter	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Promoters %	71.35%	71.35%	71.35%	71.35%	71.35%	71.35%	71.35%	71.35%

Promoter group	%
Anjana H. Motwani	31.24%
Karan Haresh Motwani	29.22%
Nidhi Haresh Motwani	10.88%

51,243 shareholders. Pledged: – of promoter shares.

Peers in Specialty Chemicals

Company	Market cap	P/E	P/B	ROE	ROCE	OPM	Sales 3y	Div yield
PIDILITIND	₹1,50,431 cr	56.8x	13.9x	25.7%	33.4%	24.5%	+7.4%	1.01%
FLUOROCHEM	₹46,168 cr	75.4x	5.9x	8.1%	10.0%	25.6%	-4.2%	0.07%
NAVINFLUOR	₹39,306 cr	49.7x	9.9x	23.9%	22.2%	33.7%	+16.8%	0.18%
DEEPAKNTR	₹19,676 cr	25.1x	3.4x	14.0%	15.3%	15.4%	-0.4%	0.52%
AETHER	₹19,529 cr	82.8x	8.0x	10.1%	11.4%	30.9%	+21.2%	–
ATUL	₹15,762 cr	19.8x	2.5x	11.9%	16.9%	17.9%	+7.9%	0.47%
AARTIIND	₹15,539 cr	29.3x	2.6x	9.2%	8.0%	14.9%	+7.8%	0.24%
FINEORG	₹15,328 cr	35.0x	5.8x	17.7%	21.3%	21.7%	-7.8%	0.22%
BASF	₹13,174 cr	20.5x	3.3x	16.9%	22.0%	5.9%	+3.1%	0.66%
HPAL	₹277 cr	150.6x	1.5x	1.0%	1.7%	2.1%	+2.3%	1.33%

All 107 companies in Specialty Chemicals →

Dividends & corporate actions

Ex-date	Action	Detail
2026-09-15	Dividend	Dividend - Re 0.40 Per Share
2025-09-23	Dividend	Dividend - Re 0.40 Per Share
2024-09-13	Dividend	Dividend - Re 0.30 Per Share
2023-11-09	Split	Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 2/- Per Share

Documents

Links go to the original files on the exchange website.

About the company


Sector	Commodities
Industry	Specialty Chemicals
Sub-industry	Specialty Chemicals
Symbol	HPAL
BSE code	543433
ISIN	INE0GSL01024
Face value	₹2.0
Incorporated	–
Website	–
Plants (India / abroad)	–

Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.