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Swing Capital

HP Adhesives Ltd

NSE: HPAL BSE: 543433

Incorporated in 2021, HP Adhesives Ltd manufactures and distributes adhesives and sealants along with other ancillary products[1]

₹35.6
52W: ₹26.3 — ₹54.6
PE 43.7 · Book ₹20.4 · +75% vs book
Market Cap₹327 Cr
Stock P/E43.7Price to Earnings
ROCE5.61%Return on Capital
ROE4.03%Return on Equity
Div. Yield1.14%Face Value ₹2

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has been maintaining a healthy dividend payout of 29.1%

Weaknesses

  • −Tax rate seems low
  • −Company has a low return on equity of 8.60% over last 3 years.
  • −Company's cost of borrowing seems high

Shareholding Pattern

Promoters71.35%
FIIs0.02%
DIIs0%
Public28.63%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters71.35%71.35%71.35%71.35%71.35%71.35%71.35%71.35%
FIIs0.08%0.1%▲0.00.03%▼0.10.16%▲0.10.04%▼0.10.02%▼0.00.01%▼0.00.02%▲0.0
DIIs3.72%3.28%▼0.42.86%▼0.42.82%▼0.01.34%▼1.50%▼1.30%0%
Public24.86%25.28%▲0.425.76%▲0.525.66%▼0.127.27%▲1.628.63%▲1.428.64%▲0.028.63%▼0.0

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales54.7559.3160.5258.8765.7265.4466.1365.1361.3957.7
Expenses46.9750.552.9552.3959.7759.9259.5258.7357.5861.42
Operating Profit7.788.817.576.485.955.526.616.43.81-3.72
OPM %14.21%14.85%12.51%11.01%9.05%8.44%10%9.83%6.21%-6.45%
Net Profit5.215.615.634.123.964.124.223.551.5-2.39
EPS ₹0.570.610.610.450.430.450.460.390.16-0.26

AI Insights

Revenue Trend

Mar 2026 revenue at ₹249Cr, down 0.8% YoY. OPM at 5%.

Debt Position

Borrowings at ₹4Cr. Debt-to-equity ratio: 0.02x. Healthy balance sheet.

Capex Cycle

CWIP at ₹5Cr (7% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0% (-2.09pp change). FIIs: 0.02% (-0.08pp change). Promoters hold 71.35%.

Margin & Efficiency

ROCE improving from 0% (Mar 2020) to 6% (Mar 2026). Working capital days: 148.

Valuation

PE 43.7x with 5.61% ROCE. Price is 75% above book value of ₹20.4. Dividend yield: 1.14%.

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