SPEB
SPEB Adhesives financials
- Market cap
- ₹209 Cr
- Sector
- Chemicals
- Calls analysed
- 1
SPEB Q4 FY26
What went well
- Revenue grew 12.7% YoY, driven purely by volume growth, with price hikes (avg 13-14%) implemented late Feb/March 2026 to be reflected in the coming financial year.
- EBITDA margin at 17.87% and PAT margin increased from 13.40% to 13.58%, supporting higher profitability.
- New Khalapur plant will add 4,950 tons/year capacity, increasing total to 8,550 tons/year, with new capacity expected by year-end 2026.
What to watch
- Raw material prices (especially solvents) have been highly volatile and disruptive due to the war situation, though costs are passed on to clients.
- PAT margin was impacted in March due to price increases not being fully passed on in that month.
Guidance record · Q4 FY26
what the last two calls moved 8 tracked 0 delivered 0 missed 8 open- Revenue Growth open said Q4 FY26 Promised: 25-30% Q4 FY26: Management expressed confidence in achieving 25-30% growth in the future based on a clear product and industry roadmap.
All 8 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
| Line item | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|
| Revenue | 23 | 25 | 26 |
| EBITDA | 4 | 5 | 4 |
| Net profit | 3 | 4 | 3 |
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 +79.6% YTD
YTD: ₹51.8 on 1 Jan 2026 → ₹93.05. High ₹97 (2 Jun 2026), low ₹49.85 (30 Jan 2026).
How the price took the results
close before → close after
- Q4 FY26
- +13.5%
- 19 May
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹18 Cr | ₹22 Cr |
| Reserves | ₹17 Cr | ₹19 Cr | ₹19 Cr | ₹8 Cr | ₹33 Cr |
| Borrowings | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other liabilities | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹2 Cr | ₹2 Cr |
| Total liabilities | ₹19 Cr | ₹20 Cr | ₹21 Cr | ₹27 Cr | ₹58 Cr |
| Fixed assets | ₹2 Cr | ₹2 Cr | ₹3 Cr | ₹2 Cr | ₹4 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹3 Cr | ₹3 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹14 Cr | ₹16 Cr | ₹18 Cr | ₹25 Cr | ₹54 Cr |
| Total assets | ₹19 Cr | ₹20 Cr | ₹21 Cr | ₹27 Cr | ₹58 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 Mar 2026
Since Dec 2025, the public added +3.47 pp while DIIs trimmed −1.89 pp. The shareholder count shrank 51% to 291.
- Promoters
- 73.2%
- FIIs
- 0.4%
- DIIs
- 8.3%
- Public
- 18.1%
Since Dec 2025
- Public +3.47 pp
- DIIs −1.89 pp
- FIIs −1.59 pp
Who bought this quarter
since Dec 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Jugraj Jain newly disclosed 1.92% held
- Llp newly disclosed 0.01% held
- Expert Enterprise newly disclosed 0.00% held
- Metro Lifespaces (I) newly disclosed 0.00% held
- Sona Industrial Elastomers newly disclosed 0.00% held
- Ganesh brothers newly disclosed 0.00% held
The same filing shows 2 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of SPEB Adhesives Ltd above SEBI's 1% disclosure line, and what changed since Dec 2025.
| Holder | Stake | Change |
|---|---|---|
| Kirti Kanayalal Vithalani | 21.34% | unchanged |
| Harish Kanayalal Vithlani | 21.34% | unchanged |
| Gaurav Kirti Vithlani | 15.15% | unchanged |
| Bhaumik Harish Vithlani | 15.15% | unchanged |
| Compact Structure Fund AIF | 7.86% | −0.89 pp |
| Jugraj Jain | 1.92% | newly disclosed |
| Kalpalabdhi Financials Private Limited | 1.32% | −1.07 pp |
| Khyati Bhaumik Vithlani | 0.05% | unchanged |
| Bhakti Gaurav Vithlani | 0.05% | unchanged |
| Madhu Harish Vithlani | 0.05% | unchanged |
| Meena Kirti Vithlani | 0.05% | unchanged |
| Llp | 0.01% | newly disclosed |
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.
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