526159

Nikhil Adhesives financials

Market cap
₹381 Cr
Sector
Chemicals

What Nikhil Adhesives does

Nikhil Adhesives manufactures water-based adhesives, emulsions, construction chemicals and re-dispersible polymer (RDP) powder used in paints, textiles, packaging, woodworking and construction. It supplies B2B customers such as paint and textile manufacturers under brands like Emdilith, Emdicryl, Emditex and Emdibind, and also sells its own consumer brands Mahacol (wood/consumer adhesives) and Mahafix (construction chemicals) directly to contractors and distributors. It additionally undertakes contract manufacturing for corporates such as Asian Paints and runs a specialty-chemical trading/indenting business alongside its manufacturing operations.

Segments

  • Speciality Emulsions (Paint & Textile)
  • Consumer & Contract Manufacturing Adhesives (Mahacol)
  • Industrial Adhesives
  • Construction Chemicals (Mahafix)
  • Mahacol RDP
  • Specialized Chemical Trading
  • Export
Manufacturing plants
5 plants — Dahanu (Maharashtra), Silvassa (Dadra & Nagar Haveli), Dahej (Gujarat), 2 plants at Bangalore (Karnataka), Mehatpur (Himachal Pradesh)
Installed manufacturing capacity
135,000 tonnes/year (MTPA)
RDP plant capacity
12,000 MTPA — India's largest RDP producer
Product portfolio
168+ SKUs: Emulsions (71+), Industrial Adhesives (42+), Mahafix Construction Chemicals (36+), Mahacol Wood Adhesives (13+), Construction Chemicals B2B (6+), RDP (4+)
Distributor network
2,000+
Depots/warehouses
21-22 across India
Founded 1986Headquarters Andheri, Mumbai, Maharashtra Company website

Quarterly results

Q1 FY27: revenue up 50.6%, net profit up 37.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue148 134 149 125 131 −11%133 −1%166 +11%189 +51%
EBITDA9 9 9 10 8 −12%8 −10%11 +19%13 +27%
Net profit5 3 4 5 4 −13%4 +1%6 +50%7 +37%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −21.1% 1Y

₹60₹80₹100₹120Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26

1Y: ₹105.15 on 10 Sept 2025 → ₹82.98. High ₹118.35 (23 Oct 2025), low ₹57.74 (23 Feb 2026).

Financials, as filed

Revenue fell 9.3% a year over 3 years, FY23 to FY26. Operating margin widened to 6.7%.

Year endingFY23FY24FY25FY26
Revenue₹743 Cr₹564 Cr₹592 Cr₹555 Cr
Operating profit₹35 Cr₹31 Cr₹37 Cr₹37 Cr
Operating margin4.7%5.5%6.3%6.7%
Interest₹6 Cr₹7 Cr₹8 Cr₹6 Cr
Depreciation₹5 Cr₹6 Cr₹7 Cr₹8 Cr
Net profit₹17 Cr₹13 Cr₹17 Cr₹19 Cr
Net margin2.3%2.3%2.9%3.4%
Cash from operations₹21 Cr₹14 Cr₹7 Cr₹0 Cr
Free cash flow₹2 Cr₹-3 Cr₹-4 Cr₹-4 Cr
ROCE24.0%16.0%17.0%15.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹5 Cr₹5 Cr₹5 Cr₹5 Cr₹5 Cr₹5 Cr
Reserves₹56 Cr₹81 Cr₹97 Cr₹109 Cr₹131 Cr₹141 Cr
Borrowings₹28 Cr₹28 Cr₹35 Cr₹54 Cr₹45 Cr₹68 Cr
Other liabilities₹202 Cr₹203 Cr₹159 Cr₹128 Cr₹110 Cr₹121 Cr
Total liabilities₹291 Cr₹316 Cr₹295 Cr₹295 Cr₹291 Cr₹334 Cr
Fixed assets₹54 Cr₹64 Cr₹76 Cr₹94 Cr₹94 Cr₹92 Cr
Capital work in progress₹0 Cr₹1 Cr₹4 Cr₹0 Cr₹0 Cr₹1 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹236 Cr₹250 Cr₹215 Cr₹202 Cr₹197 Cr₹242 Cr
Total assets₹291 Cr₹316 Cr₹295 Cr₹295 Cr₹291 Cr₹334 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +0.18 pp while the public trimmed −0.15 pp. The shareholder count shrank 6% to 12,375.

Promoters
54.5%
DIIs
0.4%
Public
45.2%

Since Jun 2025

  • DIIs +0.18 pp
  • Public −0.15 pp
  • FIIs −0.04 pp

How it drifted, 12 quarters

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 54.4%, Public 45.6%.Dec '23: Promoters 54.4%, Public 45.6%.Mar '24: Promoters 54.4%, Public 45.6%.Jun '24: Promoters 54.4%, Public 45.6%.Sep '24: Promoters 54.4%, Public 45.6%.Dec '24: Promoters 54.4%, Public 45.6%.Mar '25: Promoters 54.4%, FIIs 0.0%, Public 45.5%.Jun '25: Promoters 54.4%, FIIs 0.0%, DIIs 0.2%, Public 45.3%.Sep '25: Promoters 54.4%, FIIs 0.0%, DIIs 0.3%, Public 45.2%.Dec '25: Promoters 54.4%, DIIs 0.3%, Public 45.2%.Mar '26: Promoters 54.5%, DIIs 0.4%, Public 45.2%.Jun '26: Promoters 54.5%, DIIs 0.4%, Public 45.2%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Nikhil Adhesives above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Vasant Polymers & Chemicals Pvt. Ltd. 10.96%unchanged
Rekha Tarak Sanghavi 10.55%unchanged
Mrunalini Rajendra Sanghavi 10.36%unchanged
Anita Umesh Sanghavi 8.54%unchanged
Ajay Dilkush Sarupria 4.31%unchanged
Nikhil Umesh Sanghavi 2.99%unchanged
Hemal Umesh Sanghavi 2.99%unchanged
Rajendra Jayantilal Sanghavi 2.61%unchanged
Tarak Jayantilal Sanghavi 2.45%unchanged
Umesh Jayantilal Shanghavi 2.08%unchanged
Divyam Ventures Llp 1.81%unchanged
Tulsi Rajendra Sanghavi 1.80%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Expensive

To justify its price of ₹83, this stock must grow earnings at 13% every year for 7 years. Our analysis caps realistic growth at ~2%. At that growth it is worth ₹44 — downside of 46%.

Growth the price implies
13.2% a year
for 7 years, fading to 4%
It has actually compounded at
1.6% a year
net profit, FY23–FY26 · EPS 1.6%
The gap
0.1 pp
-46% downside if it only repeats history
Price today ₹82.98 Value at the reference growth ₹44.42

Change the assumptions yourself →

Learn to analyse Nikhil Adhesives

Guides on how to read this kind of business and the numbers that matter.