HINDADH
Hindustan Adhesives financials
- Market cap
- ₹189 Cr
- Sector
- Capital Goods
Quarterly results
Q1 FY27: revenue up 21.2%, net profit up 175.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 84 | 73 | 64 | 66 | 65 −23% | 67 −8% | 58 −9% | 80 +21% |
| EBITDA | 10 | 9 | 10 | 9 | 10 +0% | 10 +11% | 7 −30% | 21 +133% |
| Net profit | 5 | 5 | 3 | 4 | 6 +20% | 5 +0% | 1 −67% | 11 +175% |
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 +15.5% 1Y
1Y: ₹319.6 on 10 Sept 2025 → ₹369.1. High ₹370.9 (4 Sept 2026), low ₹253 (28 Jul 2026).
Financials, as filed
Revenue fell 8.2% a year over 2 years, FY24 to FY26. Operating margin widened to 14.1%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹304 Cr | ₹285 Cr | ₹256 Cr |
| Operating profit | ₹33 Cr | ₹34 Cr | ₹36 Cr |
| Operating margin | 10.9% | 11.9% | 14.1% |
| Interest | ₹4 Cr | ₹6 Cr | ₹7 Cr |
| Depreciation | ₹8 Cr | ₹10 Cr | ₹12 Cr |
| Net profit | ₹17 Cr | ₹15 Cr | ₹16 Cr |
| Net margin | 5.6% | 5.3% | 6.3% |
| Cash from operations | ₹13 Cr | ₹18 Cr | — |
| Free cash flow | ₹2 Cr | ₹-41 Cr | — |
| ROCE | 20.0% | 16.0% | 13.0% |
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 ending | FY16 | FY17 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Equity capital | ₹5 Cr | ₹5 Cr | ₹5 Cr | ₹5 Cr | ₹5 Cr | ₹5 Cr |
| Reserves | ₹14 Cr | ₹19 Cr | ₹50 Cr | ₹55 Cr | ₹71 Cr | ₹96 Cr |
| Borrowings | ₹21 Cr | ₹21 Cr | ₹80 Cr | ₹66 Cr | ₹69 Cr | ₹103 Cr |
| Other liabilities | ₹13 Cr | ₹13 Cr | ₹66 Cr | ₹42 Cr | ₹51 Cr | ₹73 Cr |
| Total liabilities | ₹53 Cr | ₹58 Cr | ₹201 Cr | ₹168 Cr | ₹195 Cr | ₹277 Cr |
| Fixed assets | ₹23 Cr | ₹23 Cr | ₹80 Cr | ₹77 Cr | ₹73 Cr | ₹68 Cr |
| Capital work in progress | ₹0 Cr | ₹1 Cr | ₹0 Cr | ₹0 Cr | ₹6 Cr | ₹65 Cr |
| Investments | ₹2 Cr | ₹2 Cr | ₹5 Cr | ₹3 Cr | ₹2 Cr | ₹3 Cr |
| Other assets | ₹29 Cr | ₹32 Cr | ₹116 Cr | ₹88 Cr | ₹114 Cr | ₹140 Cr |
| Total assets | ₹53 Cr | ₹58 Cr | ₹201 Cr | ₹168 Cr | ₹195 Cr | ₹277 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, the public added +0.11 pp while promoters trimmed −0.10 pp. The shareholder count shrank 7% to 7,017.
- Promoters
- 68.5%
- Public
- 31.5%
Since Jun 2025
- Public +0.11 pp
- Promoters −0.10 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 68.5%, Public 31.5%.Dec '23: Promoters 68.5%, Public 31.5%.Mar '24: Promoters 68.5%, Public 31.5%.Jun '24: Promoters 68.5%, Public 31.5%.Sep '24: Promoters 68.5%, Public 31.5%.Dec '24: Promoters 68.6%, Public 31.4%.Mar '25: Promoters 68.6%, Public 31.4%.Jun '25: Promoters 68.6%, Public 31.4%.Sep '25: Promoters 68.5%, Public 31.5%.Dec '25: Promoters 68.5%, Public 31.5%.Mar '26: Promoters 68.5%, Public 31.5%.Jun '26: Promoters 68.5%, Public 31.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Madhusudan Bagla - 2 newly disclosed 15.88% held
The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Hindustan Adhesives Ltd. above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Madhusudan Bagla - 2 | 15.88% | newly disclosed |
| Anju Bagla | 11.70% | unchanged |
| Nakul Bagla | 7.27% | unchanged |
| Dhruv Bagla | 6.15% | unchanged |
| Investor Education And Protection Fund Authority Ministry Of Corporate Affairs | 5.38% | −0.13 pp |
| Madhusudan Bagla | 5.26% | −10.62 pp |
| Bagla Polifilms Limited | 4.99% | unchanged |
| Saphire Hospitality Management Pvt Limited | 4.99% | unchanged |
| Delhi Foils Private Limited | 4.98% | unchanged |
| Synergy Commerce Private Ltd | 4.30% | unchanged |
| Hamsafar Vanijya Private Limited | 4.20% | unchanged |
| Surya Consumer Goods Private Limited | 3.22% | 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
FairTo justify its price of ₹369, this stock must grow earnings at -4% every year for 7 years. Our analysis caps realistic growth at ~-5%. At that growth it is worth ₹355 — downside of 4%.
- Growth the price implies
- -4.0% a year
- for 7 years, fading to 4%
- It has actually compounded at
- -3.0% a year
- net profit, FY24–FY26 · EPS -4.7%
- The gap
- 0.0 pp
- -4% downside if it only repeats history
Learn to analyse Hindustan Adhesives Ltd.
Guides on how to read this kind of business and the numbers that matter.