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Hindustan Adhesives Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹205.17Overvalued by 42.37%vs CMP ₹356.00

P/E (6.7) × ROE (17.4%) × BV (₹216.00) × DY (2.00%)

₹347.26Fairly Valued by 2.46%vs CMP ₹356.00
MoS: -2.5% (Negative)Confidence: 43/100 (Low)Models: 3 Under, 2 Fair, 4 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹223.3522%Over (-37.3%)
Graham NumberEarnings₹426.3916%Under (+19.8%)
Earnings PowerEarnings₹4.8911%Over (-98.6%)
DCFCash Flow₹374.7313%Fair (+5.3%)
Net Asset ValueAssets₹215.167%Over (-39.6%)
EV/EBITDAEnterprise₹489.019%Under (+37.4%)
Earnings YieldEarnings₹374.107%Fair (+5.1%)
ROCE CapitalReturns₹867.839%Under (+143.8%)
Revenue MultipleRevenue₹278.745%Over (-21.7%)
Consensus (9 models)₹347.26100%Fairly Valued
Key Drivers: Wide model spread (₹5–₹868) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 8.9%

*Investments are subject to market risks

Analyst Summary

Hindustan Adhesives Ltd operates in the Plastics - Sheets/Films segment, NSE: HINDADH | BSE: 514428, current market price is ₹356.00, market cap is 182 Cr.. At a glance, stock P/E is 6.69, ROE is 17.4 %, ROCE is 15.5 %, book value is 216, dividend yield is 0.00 %. The latest intrinsic value estimate is ₹347.26, which is broadly in line with the current market price. On operating trend, latest reported sales are about ₹285 Cr versus the prior period change of -5.9%, while latest net profit is about ₹15 Cr with a prior-period change of -6.3%. The 52-week range shown on this page is 403/248, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisHindustan Adhesives Ltd. is a Public Limited Listed company incorporated on 05/04/1988 and has its registered office in the State of Delhi, India. Company's Corporate Identification Number(CIN) is L74…

This summary is generated from the stock page data available for Hindustan Adhesives Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

59
Hindustan Adhesives Ltd scores 59/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health57/100 · Moderate
ROCE 15.5% GoodROE 17.4% GoodD/E 1.07 High debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money50/100 · Moderate
Promoter holding at 68.5% Stable
Earnings Quality65/100 · Strong
OPM expanding (7% → 12%) Improving
Quarterly Momentum53/100 · Moderate
Revenue (4Q): -10% YoY DecliningProfit (4Q): +21% YoY PositiveOPM: 17.1% (up 5.0% YoY) Margin expansion
Industry Rank65/100 · Strong
P/E 6.7 vs industry 19.1 Cheaper than peersROCE 15.5% vs industry 15.8% AverageROE 17.4% vs industry 13.0% Above peers3Y sales CAGR: -14% Shrinking

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily.

Share Price and Basic Stock Data

Last Updated: August 25, 2026, 10:21 am

Market Cap 182 Cr.
Current Price 356
Intrinsic Value₹347.26
High / Low 403/248
Stock P/E6.69
Book Value 216
Dividend Yield0.00 %
ROCE15.5 %
ROE17.4 %
Face Value 10.0
PEG Ratio0.76

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Hindustan Adhesives Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Hindustan Adhesives Ltd 182 Cr. 356 403/2486.69 2160.00 %15.5 %17.4 % 10.0
Rajshree Polypack Ltd 180 Cr. 24.3 27.0/14.28.82 25.30.00 %11.2 %9.67 % 5.00
Bansal Roofing Products Ltd 189 Cr. 143 143/98.116.9 32.00.70 %34.4 %28.0 % 10.0
Tainwala Chemicals & Plastics (India) Ltd 204 Cr. 218 259/15525.4 1841.38 %7.91 %6.29 % 10.0
Premier Polyfilm Ltd 933 Cr. 89.1 94.1/38.026.7 14.00.17 %30.8 %24.0 % 1.00
Industry Average578.33 Cr116.5919.1274.330.27%15.75%13.01%7.70

All Competitor Stocks of Hindustan Adhesives Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 75.9954.2081.1081.1170.3471.6164.0684.4472.5563.7766.3965.8766.58
Expenses 72.8150.7573.7472.8960.7263.9658.9874.4263.7453.4657.7454.7755.20
Operating Profit 3.183.457.368.229.627.655.0810.028.8110.318.6511.1011.38
OPM % 4.18%6.37%9.08%10.13%13.68%10.68%7.93%11.87%12.14%16.17%13.03%16.85%17.09%
Other Income 0.380.681.030.820.820.331.120.871.431.090.841.181.07
Interest 1.981.381.421.351.181.311.191.481.571.911.891.431.72
Depreciation 2.972.182.062.072.122.492.172.222.484.252.482.492.88
Profit before tax -1.390.574.915.627.144.182.847.196.195.245.128.367.85
Tax % -22.30%-80.70%13.85%31.14%36.27%10.05%25.00%25.31%25.85%37.02%26.76%22.01%29.04%
Net Profit -1.081.034.233.874.553.762.135.374.593.303.756.525.57
EPS in Rs -2.112.018.277.568.897.354.1610.508.976.457.3312.7410.89

Last Updated: March 3, 2026, 9:12 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 27, 2026, 7:15 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 7876697476140153214449321303285263
Expenses 6967596368129141192416301271250221
Operating Profit 89101181112213320333441
OPM % 11%12%14%15%11%8%8%10%7%6%11%12%16%
Other Income 0001146743354
Interest 3333355687567
Depreciation 24333678111191112
Profit before tax 333534614186222127
Tax % 25%38%35%8%26%33%-15%36%31%16%25%28%
Net Profit 22252279135161519
EPS in Rs 4.673.074.149.604.874.6312.8617.1024.479.5032.0730.0837.41
Dividend Payout % 0%0%0%10%0%0%0%0%0%0%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)0.00%0.00%150.00%-60.00%0.00%250.00%28.57%44.44%-61.54%220.00%-6.25%
Change in YoY Net Profit Growth (%)0.00%0.00%150.00%-210.00%60.00%250.00%-221.43%15.87%-105.98%281.54%-226.25%

Hindustan Adhesives Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

No data available for the compounded sales growth chart.

Balance Sheet

Last Updated: August 21, 2026, 3:30 am

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital 555555555555
Reserves 1214192224303850557187105
Borrowings 2221214954708480666087110
Other Liabilities 151213202821376642506055
Total Liabilities 54535896111126164201168186239276
Fixed Assets 2422232156627680777270111
CWIP 001320110000230
Investments 022211123152053
Other Assets 302932425452861208899125111
Total Assets 54535896111126164201168186239276

Reserves and Borrowings Chart

Cash Flow

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity + 10875111062527271542
Cash from Investing Activity + -6-3-5-31-10-23-12-15-10-15-37-40
Cash from Financing Activity + -4-5-326-1128-10-20-1022-2
Net Cash Flow -00-111-12-0-21-1-0
Free Cash Flow 572-261-13-6101923-1431
CFO/OP 121%93%80%75%106%94%40%94%146%103%61%123%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow8.00-13.00-11.00-10.00-41.00-43.00-58.00-63.00-47.00-46.00-27.00-53.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 676362707459435538294835
Inventory Days 7999126120162887568568672141
Days Payable 7678727912280415547424784
Cash Conversion Cycle 698411511011467776847747292
Working Capital Days 2-1-51316414122-1-62
ROCE %18%15%17%19%10%11%12%17%20%10%21%18%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters 68.48%68.48%68.54%68.55%68.55%68.58%68.58%68.58%68.48%68.48%68.48%68.48%
Public 31.51%31.52%31.46%31.46%31.46%31.42%31.43%31.41%31.52%31.52%31.52%31.52%
No. of Shareholders 9,7199,5987,9998,0398,0797,7807,6517,5817,3977,2087,0477,017

Shareholding Pattern Chart

No. of Shareholders

Hindustan Adhesives Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE / ROE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 17Mar 16
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 30.0532.079.509.333.43
Diluted EPS (Rs.) 30.0532.079.509.333.43
Cash EPS (Rs.) 51.8149.1430.9716.399.96
Book Value[Excl.RevalReserv]/Share (Rs.) 178.06147.93116.7347.3038.46
Book Value[Incl.RevalReserv]/Share (Rs.) 178.06147.93116.7347.3038.46
Revenue From Operations / Share (Rs.) 556.70594.50628.46148.10137.84
PBDIT / Share (Rs.) 75.7070.0746.1422.9918.90
PBIT / Share (Rs.) 53.9753.0024.6815.9412.37
PBT / Share (Rs.) 41.9542.7111.3910.205.64
Net Profit / Share (Rs.) 30.0832.079.509.333.43
NP After MI And SOA / Share (Rs.) 30.0832.079.509.333.43
PBDIT Margin (%) 13.5911.787.3415.5213.71
PBIT Margin (%) 9.698.913.9210.768.97
PBT Margin (%) 7.537.181.816.884.09
Net Profit Margin (%) 5.405.391.516.302.49
NP After MI And SOA Margin (%) 5.405.391.516.302.49
Return on Networth / Equity (%) 16.8921.678.1419.899.04
Return on Capital Employeed (%) 20.1027.8415.0527.0824.20
Return On Assets (%) 5.948.692.898.183.29
Long Term Debt / Equity (X) 0.430.230.320.140.18
Total Debt / Equity (X) 1.160.901.110.871.07
Asset Turnover Ratio (%) 1.271.710.001.330.00
Current Ratio (X) 1.000.971.001.041.02
Quick Ratio (X) 0.450.560.390.600.55
Inventory Turnover Ratio (X) 5.504.180.003.020.00
Dividend Payout Ratio (NP) (%) 0.000.000.0010.710.00
Dividend Payout Ratio (CP) (%) 0.000.000.006.100.00
Earning Retention Ratio (%) 0.000.000.0089.290.00
Cash Earning Retention Ratio (%) 0.000.000.0093.900.00
Interest Coverage Ratio (X) 6.306.813.474.012.81
Interest Coverage Ratio (Post Tax) (X) 3.504.121.722.631.51
Enterprise Value (Cr.) 271.36253.23165.2850.5338.77
EV / Net Operating Revenue (X) 0.950.830.510.660.54
EV / EBITDA (X) 7.017.067.004.294.01
MarketCap / Net Operating Revenue (X) 0.600.610.310.400.27
Retention Ratios (%) 0.000.000.0089.280.00
Price / BV (X) 1.892.471.681.260.99
Price / Net Operating Revenue (X) 0.600.610.310.400.27
EarningsYield 0.080.080.040.150.09

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

[display_about_company_data title=”About the Company – Qualitative Analysis”]

FAQ

What is the intrinsic value of Hindustan Adhesives Ltd and is it undervalued?

As of 13 September 2026, Hindustan Adhesives Ltd's intrinsic value is ₹347.26, which is 2.46% lower than the current market price of ₹356.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (17.4 %), book value (₹216), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Hindustan Adhesives Ltd?

Hindustan Adhesives Ltd is trading at ₹356.00 as of 13 September 2026, with a FY2026-2027 high of ₹403 and low of ₹248. The stock is currently in the middle of its 52-week range. Market cap stands at ₹182 Cr..

How does Hindustan Adhesives Ltd's P/E ratio compare to its industry?

Hindustan Adhesives Ltd has a P/E ratio of 6.69, which is below the industry average of 19.12. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Hindustan Adhesives Ltd financially healthy?

Key indicators for Hindustan Adhesives Ltd: ROCE of 15.5 % indicates efficient capital utilization; ROE of 17.4 % shows strong shareholder returns. Dividend yield is 0.00 %.

Is Hindustan Adhesives Ltd profitable and how is the profit trend?

Hindustan Adhesives Ltd reported a net profit of ₹15 Cr in Mar 2025 on revenue of ₹285 Cr. Compared to ₹13 Cr in Mar 2022, the net profit shows an improving trend.

Does Hindustan Adhesives Ltd pay dividends?

Hindustan Adhesives Ltd has a dividend yield of 0.00 % at the current price of ₹356.00. The company is currently not paying meaningful dividends.

Last Updated: August 25, 2026, 10:21 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 514428 | NSE: HINDADH
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Hindustan Adhesives Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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