HPAL
HP Adhesives financials
- Market cap
- ₹348 Cr
- Sector
- Chemicals
What HP Adhesives Limited does
HP Adhesives makes and distributes adhesives and sealants for plumbing, construction, furniture/woodworking, footwear and automotive uses, including PVC/uPVC/cPVC solvent cement, silicone/acrylic/PU sealants, synthetic rubber and PVA adhesives, epoxy putty, cyanoacrylates, ball valves and PTFE tapes, sold under brands such as Strong Weld, Strong Seal, Strong Fix, StrongTite and Strong 'n' Quik. It manufactures at two adjacent plants (Unit I and Unit II) in Khalapur, Raigad district, Maharashtra, close to JNPT port for raw-material imports and exports. Products reach the market through a nationwide network of distributors and dealers, supplemented by direct/institutional sales to large pipe manufacturers and export customers abroad.
Segments
- Solvent Cement
- Silicone Sealants
- Contact Adhesive & PVA/White Glue
- Ball Valves & Tapes
- Epoxy, Cyanoacrylates, MS Polymer & Spray Paints
- Manufacturing plants
- 2 (Unit I & Unit II, Khalapur, Raigad, Maharashtra)
- Combined installed capacity
- 16,800 MTPA
- Domestic distributors
- 1,575+
- Dealers served nationwide
- 100,000+
- National presence
- 27 states and UTs
- International presence (export countries)
- 18
Quarterly results
Q1 FY27: revenue down 4.2%, net profit down 119.9% 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 | 59 | 66 | 65 | 66 | 65 +11% | 61 −7% | 58 −12% | 63 −4% |
| EBITDA | 6 | 6 | 6 | 7 | 6 −1% | 4 −36% | -4 −167% | -0 −103% |
| Net profit | 4 | 4 | 4 | 4 | 4 −14% | 2 −62% | -2 −158% | -1 −120% |
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 −20.2% 1Y
1Y: ₹47.49 on 10 Sept 2025 → ₹37.91. High ₹52.27 (3 Nov 2025), low ₹26.93 (30 Mar 2026).
Financials, as filed
Revenue grew 2.4% a year over 3 years, FY23 to FY26. Operating margin narrowed to 5.2%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹233 Cr | ₹236 Cr | ₹251 Cr | ₹250 Cr |
| Operating profit | ₹19 Cr | ₹30 Cr | ₹26 Cr | ₹13 Cr |
| Operating margin | 8.2% | 12.7% | 10.2% | 5.2% |
| Interest | ₹2 Cr | ₹1 Cr | ₹2 Cr | ₹3 Cr |
| Depreciation | ₹3 Cr | ₹4 Cr | ₹5 Cr | ₹6 Cr |
| Net profit | ₹11 Cr | ₹21 Cr | ₹18 Cr | ₹7 Cr |
| Net margin | 4.7% | 8.7% | 7.1% | 2.7% |
| Cash from operations | ₹-5 Cr | ₹22 Cr | ₹17 Cr | ₹7 Cr |
| Free cash flow | ₹-21 Cr | ₹5 Cr | ₹3 Cr | ₹-6 Cr |
| ROCE | 12.0% | 18.0% | 14.0% | 6.0% |
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 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹13 Cr | ₹18 Cr | ₹18 Cr | ₹18 Cr | ₹18 Cr | ₹18 Cr |
| Reserves | ₹0 Cr | ₹119 Cr | ₹130 Cr | ₹151 Cr | ₹170 Cr | ₹169 Cr |
| Borrowings | ₹43 Cr | ₹19 Cr | ₹9 Cr | ₹3 Cr | ₹2 Cr | ₹4 Cr |
| Other liabilities | ₹35 Cr | ₹40 Cr | ₹28 Cr | ₹26 Cr | ₹41 Cr | ₹40 Cr |
| Total liabilities | ₹90 Cr | ₹195 Cr | ₹185 Cr | ₹198 Cr | ₹232 Cr | ₹232 Cr |
| Fixed assets | ₹19 Cr | ₹26 Cr | ₹39 Cr | ₹52 Cr | ₹71 Cr | ₹72 Cr |
| Capital work in progress | ₹7 Cr | ₹18 Cr | ₹17 Cr | ₹16 Cr | ₹5 Cr | ₹5 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹18 Cr | ₹35 Cr | ₹22 Cr |
| Other assets | ₹64 Cr | ₹152 Cr | ₹129 Cr | ₹111 Cr | ₹120 Cr | ₹132 Cr |
| Total assets | ₹90 Cr | ₹195 Cr | ₹185 Cr | ₹198 Cr | ₹232 Cr | ₹232 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 +1.37 pp while DIIs trimmed −1.34 pp. The shareholder count shrank 8% to 52,585.
- Promoters
- 71.3%
- FIIs
- 0.0%
- Public
- 28.6%
Since Jun 2025
- Public +1.37 pp
- DIIs −1.34 pp
- FIIs −0.03 pp
How it drifted, 12 quarters
Over this window the public went from 22.1% to 28.6% — +6.5 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 71.3%, FIIs 2.8%, DIIs 3.7%, Public 22.1%.Dec '23: Promoters 71.3%, FIIs 0.7%, DIIs 3.7%, Public 24.2%.Mar '24: Promoters 71.3%, FIIs 0.3%, DIIs 3.7%, Public 24.7%.Jun '24: Promoters 71.3%, FIIs 0.1%, DIIs 3.7%, Public 24.9%.Sep '24: Promoters 71.3%, FIIs 0.1%, DIIs 3.3%, Public 25.3%.Dec '24: Promoters 71.3%, FIIs 0.0%, DIIs 2.9%, Public 25.8%.Mar '25: Promoters 71.3%, FIIs 0.2%, DIIs 2.8%, Public 25.7%.Jun '25: Promoters 71.3%, FIIs 0.0%, DIIs 1.3%, Public 27.3%.Sep '25: Promoters 71.3%, FIIs 0.0%, Public 28.6%.Dec '25: Promoters 71.3%, FIIs 0.0%, Public 28.6%.Mar '26: Promoters 71.3%, FIIs 0.0%, Public 28.6%.Jun '26: Promoters 71.3%, FIIs 0.0%, Public 28.6%.
Who is on the register
Named in the Jun 2026 filing
Every holder of HP Adhesives Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Mrs. Anjana Haresh Motwani | 31.24% | unchanged |
| Mr. Karan Haresh Motwani | 29.22% | unchanged |
| Nidhi Haresh Motwani | 10.88% | 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.
Learn to analyse HP Adhesives Limited
Guides on how to read this kind of business and the numbers that matter.