Nikhil Adhesives share price & results
- Jun 2026
- Sept 2026
Mumbai-based manufacturer of adhesives, emulsions and construction chemicals, and India's largest producer of RDP (re-dispersible polymer) powder
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 189 | +50.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 6.8 | −1.3 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 7.3 | +37.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | −7.9 pts | Trailing twelve months | TTM · period unavailable | Not in the analysed materials. No older figure is substituted. | |
| Free cash flow margin | −2.9 pts | Fiscal year | FY · period unavailable | Not in the analysed materials. No older figure is substituted. | |
| Revenue growth (YoY) | +18.5 pts | Trailing twelve months | TTM · period unavailable | Not in the analysed materials. No older figure is substituted. |
Price
Performance −43.9% 1Y
1Y: ₹115.95 on 24 Oct 2025 → ₹65.02. High ₹116 (28 Oct 2025), low ₹57.74 (23 Feb 2026).
- Previous close
- ₹64.4
- Market cap
- ₹397 Cr
- 52-week range
- ₹57.74 – ₹116
- One year
- −43.83%
Overview
- Symbol
- NSE:NIKHILAD
- Sector
- Chemicals
- Industry
- Commodities
- Exchange
- NSE
- Currency
- INR
What Nikhil Adhesives Ltd. does
Based on the company's own presentations, annual report and earnings calls.
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
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 5 fiscal years held (Mar 2010 to Mar 2014).
Financials
What the filings say
Net profit, year on year: +37% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 148 | 134 | 149 | 125 | 131 | 133 | 166 | 189 |
| Expenses | 138 | 126 | 140 | 115 | 123 | 125 | 155 | 176 |
| Operating profit | 9 | 9 | 9 | 10 | 8 | 8 | 11 | 13 |
| Operating margin | 6.4% | 6.4% | 6.3% | 8.1% | 6.3% | 5.8% | 6.8% | 6.8% |
| Other income | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Interest | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 2 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Profit before tax | 6 | 5 | 6 | 6 | 6 | 5 | 8 | 10 |
| Tax rate | 20.3% | 26.1% | 27.4% | 17.1% | 32.0% | 25.8% | 24.3% | 23.5% |
| Net profit | 5 | 3 | 4 | 5 | 4 | 4 | 6 | 7 |
| EPS (₹ per share) | 1 | 0.76 | 0.91 | 1.16 | 0.87 | 0.77 | 1.37 | 1.59 |
| Line item | Mar 2011 | Mar 2012 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Sales | 130 | 166 | 743 | 564 | 592 | 555 |
| Expenses | 123 | 160 | 709 | 533 | 555 | 518 |
| Operating profit | 7 | 6 | 35 | 31 | 37 | 37 |
| Other income | 0 | -2 | 0 | 0 | 1 | 2 |
| Interest | 3 | 2 | 6 | 7 | 8 | 6 |
| Depreciation | 1 | 1 | 5 | 6 | 7 | 8 |
| Profit before tax | 4 | 1 | 24 | 18 | 23 | 25 |
| Net profit | 2 | 1 | 17 | 13 | 17 | 19 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 5 | 5 | 5 | 5 | 5 | 5 |
| Reserves | 81 | 97 | 109 | 125 | 131 | 141 |
| Borrowings | 28 | 35 | 54 | 59 | 45 | 68 |
| Other liabilities | 203 | 159 | 128 | 134 | 110 | 121 |
| Total liabilities | 316 | 295 | 295 | 323 | 291 | 334 |
| Fixed assets | 64 | 76 | 94 | 96 | 94 | 92 |
| Capital work in progress | 1 | 4 | 0 | 1 | 0 | 1 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 250 | 215 | 202 | 227 | 197 | 242 |
| Total assets | 316 | 295 | 295 | 323 | 291 | 334 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 23 | 25 | 21 | 14 | 7 | 0 |
| Cash from investing | -7 | -15 | -19 | -17 | -10 | -3 |
| Cash from financing | -15 | -6 | -3 | 10 | -3 | 1 |
| Net cash flow | 1 | 3 | -1 | 7 | -7 | -2 |
| Free cash flow | 16 | 10 | 2 | -3 | -4 | -4 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 112 | 65 | 54 | 65 | 71 | 105 |
| Inventory days | 66 | 41 | 52 | 65 | 75 | 48 |
| Days payable | 148 | 87 | 74 | 79 | 75 | 61 |
| Cash conversion cycle | 31 | 19 | 32 | 51 | 71 | 92 |
| Working capital days | 21 | 17 | 19 | 27 | 40 | 46 |
| Return on capital employed | 33.0% | 39.0% | 24.0% | 16.0% | 17.0% | 15.0% |
| Dividend payout | 4.0% | 4.0% | 5.0% | 7.0% | 6.0% | 6.0% |
What the price assumes
ExpensiveTo justify its price of ₹65, this stock must grow earnings at 9% every year for 7 years. Our analysis caps realistic growth at ~2%. At that growth it is worth ₹44 — downside of 32%.
- Growth the price implies
- 8.6% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 1.5% a year
- net profit, FY23–FY26 · EPS 1.5%
- The gap
- 0.1 pp
- -32% downside if it only repeats history
Ownership
Who owns it
Promoters hold 54.46% as of Sept 2026; institutions added 0.00 pts since Jun 2026.
- Promoters 54.46%
- Foreign institutions 0.00%
- Domestic institutions 0.38%
- Public 45.17%
Who is on the register
Named in the Sep 2026 filing
Every holder of Nikhil Adhesives Ltd. above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 10.96% | unchanged | |
| 10.55% | unchanged | |
| 10.36% | unchanged | |
| 8.54% | unchanged | |
| 4.31% | unchanged | |
| 2.99% | unchanged | |
| 2.99% | unchanged | |
| 2.61% | unchanged | |
| 2.45% | unchanged | |
| 2.08% | unchanged | |
| 1.80% | unchanged | |
| 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.
Your own record
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