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HP Adhesives Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹40.69Fairly Valued by 7.65%vs CMP ₹37.80

P/E (25.0) × ROE (9.8%) × BV (₹20.50) × DY (1.06%)

₹29.68Overvalued by 21.48%vs CMP ₹37.80
MoS: -27.4% (Negative)Confidence: 63/100 (Moderate)Models: 1 Under, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹47.8423%Under (+26.6%)
Graham NumberEarnings₹25.9517%Over (-31.3%)
Earnings PowerEarnings₹15.4711%Over (-59.1%)
DCFCash Flow₹31.3611%Over (-17%)
Net Asset ValueAssets₹20.427%Over (-46%)
EV/EBITDAEnterprise₹26.729%Over (-29.3%)
Earnings YieldEarnings₹14.607%Over (-61.4%)
ROCE CapitalReturns₹29.899%Over (-20.9%)
Revenue MultipleRevenue₹27.266%Over (-27.9%)
Consensus (9 models)₹29.68100%Overvalued

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 17.6%

*Investments are subject to market risks

Analyst Summary

HP Adhesives Ltd operates in the Chemicals - Speciality - Others segment, NSE: HPAL | BSE: 543433, current market price is ₹37.80, market cap is 348 Cr.. At a glance, stock P/E is 25.0, ROE is 9.82 %, ROCE is 13.6 %, book value is 20.5, dividend yield is 1.06 %. The latest intrinsic value estimate is ₹29.68, around 21.5% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹251 Cr versus the prior period change of 6.4%, while latest net profit is about ₹18 Cr with a prior-period change of -14.3%. The 52-week range shown on this page is 54.6/26.3, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisHP Adhesives Ltd. is a Public Limited Listed company incorporated on 07/05/2019 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L243…

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

Investment Snapshot

58
HP Adhesives Ltd scores 58/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health72/100 · Strong
ROCE 13.6% GoodROE 9.8% AverageD/E 0.00 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money40/100 · Moderate
FII holding stable No changeDII holding down 2.82% MF sellingPromoter holding at 71.4% Stable
Earnings Quality65/100 · Strong
OPM expanding (8% → 12%) Improving
Quarterly Momentum40/100 · Moderate
Revenue (4Q): +7% YoY GrowingProfit (4Q): -31% YoY DecliningOPM: 5.9% (down 3.2% YoY) Margin pressure
Industry Rank55/100 · Moderate
P/E 25.0 vs industry 79.7 Cheaper than peersROCE 13.6% vs industry 13.0% AverageROE 9.8% vs industry 25.5% Below peers3Y sales CAGR: 15% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: May 5, 2026, 3:27 am

Market Cap 348 Cr.
Current Price 37.8
Intrinsic Value₹29.75
High / Low 54.6/26.3
Stock P/E25.0
Book Value 20.5
Dividend Yield1.06 %
ROCE13.6 %
ROE9.82 %
Face Value 2.00
PEG Ratio1.42

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

View Share Price Target for HP Adhesives Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
HP Adhesives Ltd 348 Cr. 37.8 54.6/26.325.0 20.51.06 %13.6 %9.82 % 2.00
Aarti Surfactants Ltd 355 Cr. 423 653/31619.8 2800.24 %8.50 %5.14 % 10.0
Black Rose Industries Ltd 427 Cr. 84.4 138/61.022.4 30.51.24 %19.0 %14.2 % 1.00
Chembond Chemicals Ltd 208 Cr. 156 490/10515.2 1211.12 %11.5 %10.5 % 5.00
Dai Ichi Karkaria Ltd 185 Cr. 248 472/21933.2 2491.41 %4.29 %4.20 % 10.0
Industry Average14,305.79 Cr862.7379.73183.930.46%12.97%25.46%6.41

All Competitor Stocks of HP Adhesives Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 55.1757.8659.3262.6054.7559.3160.5258.8765.7266.1966.1365.1364.79
Expenses 49.4850.8453.1855.2646.9750.5052.9552.3959.7760.5959.5258.7360.98
Operating Profit 5.697.026.147.347.788.817.576.485.955.606.616.403.81
OPM % 10.31%12.13%10.35%11.73%14.21%14.85%12.51%11.01%9.05%8.46%10.00%9.83%5.88%
Other Income -0.300.560.981.040.620.881.480.171.291.501.050.470.44
Interest 0.600.430.230.210.180.560.470.510.580.590.640.630.64
Depreciation 0.810.881.031.081.111.081.131.151.171.251.411.451.50
Profit before tax 3.986.275.867.097.118.057.454.995.495.265.614.792.11
Tax % 22.11%38.28%22.87%26.09%26.72%30.43%24.30%17.23%27.87%21.86%24.78%25.89%28.91%
Net Profit 3.103.874.515.245.215.615.634.123.964.124.223.551.50
EPS in Rs 0.340.420.490.570.570.610.610.450.430.450.460.390.16

Last Updated: March 3, 2026, 9:10 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 27, 2026, 7:20 am

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 85118165233236251262
Expenses 80106153214205226240
Operating Profit 4121119312622
OPM % 5%10%7%8%13%10%9%
Other Income -5632443
Interest 3332222
Depreciation 2233456
Profit before tax -513815282318
Tax % -13%24%26%28%27%23%
Net Profit -510611211813
EPS in Rs -0.731.550.651.182.241.941.46
Dividend Payout % 0%0%0%0%13%21%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)300.00%-40.00%83.33%90.91%-14.29%
Change in YoY Net Profit Growth (%)0.00%-340.00%123.33%7.58%-105.19%

HP Adhesives Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 5 years from 2020-2021 to 2024-2025.

No data available for the compounded sales growth chart.

Balance Sheet

Last Updated: December 4, 2025, 3:03 am

MonthMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 13131818181818
Reserves -11-0119130151166170
Borrowings 3643199382
Other Liabilities 19354028263641
Total Liabilities 5790195185198228232
Fixed Assets 11192639527371
CWIP 1718171645
Investments 0000182535
Other Assets 4564152129111126120
Total Assets 5790195185198228232

Reserves and Borrowings Chart

Cash Flow

MonthMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 111-10-52210
Cash from Investing Activity + -5-16-678-15-9
Cash from Financing Activity + 4586-12-62
Net Cash Flow -109-1002
Free Cash Flow -4-5-26-215-4
CFO/OP 19%114%-71%-9%94%64%

Free Cash Flow

MonthMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-32.00-31.00-8.0010.0028.0018.00

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 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 867171585661
Inventory Days 12514612497118130
Days Payable 10311695444053
Cash Conversion Cycle 107100100112134137
Working Capital Days -48-1984102106111
ROCE %34%11%12%18%14%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 71.35%71.35%71.35%71.35%71.35%71.35%71.35%71.35%71.35%71.35%71.35%71.35%
FIIs 0.01%0.10%2.81%0.71%0.25%0.08%0.10%0.03%0.16%0.04%0.02%0.01%
DIIs 0.57%2.09%3.72%3.72%3.72%3.72%3.28%2.86%2.82%1.34%0.00%0.00%
Public 28.06%26.47%22.12%24.22%24.68%24.86%25.28%25.76%25.66%27.27%28.63%28.64%
No. of Shareholders 25,15222,91226,75743,68049,90952,08156,36956,88157,83557,43057,13455,426

Shareholding Pattern Chart

No. of Shareholders

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

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Quant Small Cap Fund 2,594,000 0.05 13.632,965,7232025-05-13 02:55:34-12.53%

ROCE / ROE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24
FaceValue 2.0010.00
Basic EPS (Rs.) 1.992.24
Diluted EPS (Rs.) 1.992.24
Cash EPS (Rs.) 2.5013.53
Book Value[Excl.RevalReserv]/Share (Rs.) 20.0691.91
Book Value[Incl.RevalReserv]/Share (Rs.) 20.0691.91
Revenue From Operations / Share (Rs.) 27.52128.38
PBDIT / Share (Rs.) 3.3318.54
PBIT / Share (Rs.) 2.8216.20
PBT / Share (Rs.) 2.5815.30
Net Profit / Share (Rs.) 1.9911.19
NP After MI And SOA / Share (Rs.) 1.9911.19
PBDIT Margin (%) 12.1014.44
PBIT Margin (%) 10.2312.62
PBT Margin (%) 9.3811.91
Net Profit Margin (%) 7.218.71
NP After MI And SOA Margin (%) 7.218.71
Return on Networth / Equity (%) 9.8912.17
Return on Capital Employeed (%) 13.8517.38
Return On Assets (%) 7.9910.40
Total Debt / Equity (X) 0.030.00
Asset Turnover Ratio (%) 1.190.00
Current Ratio (X) 3.574.63
Quick Ratio (X) 2.202.83
Inventory Turnover Ratio (X) 4.850.00
Dividend Payout Ratio (NP) (%) 15.100.00
Dividend Payout Ratio (CP) (%) 12.000.00
Earning Retention Ratio (%) 84.900.00
Cash Earning Retention Ratio (%) 88.000.00
Interest Coverage Ratio (X) 14.2218.12
Interest Coverage Ratio (Post Tax) (X) 9.4811.82
Enterprise Value (Cr.) 443.24167.00
EV / Net Operating Revenue (X) 1.750.70
EV / EBITDA (X) 14.494.90
MarketCap / Net Operating Revenue (X) 1.750.74
Retention Ratios (%) 84.890.00
Price / BV (X) 2.401.04
Price / Net Operating Revenue (X) 1.750.74
EarningsYield 0.040.11

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

HP Adhesives Ltd. is a Public Limited Listed company incorporated on 07/05/2019 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L24304MH2019PLC325019 and registration number is 325019. Currently company belongs to the Industry of Chemicals - Speciality. Company's Total Operating Revenue is Rs. 251.25 Cr. and Equity Capital is Rs. 18.37 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Chemicals - Speciality - Others11, Unique House, Chakala Cross Road, Mumbai Maharashtra 400099Contact not found
Management
NamePosition Held
Mrs. Anjana Haresh MotwaniChairperson & Executive Director
Mr. Karan Haresh MotwaniManaging Director
Ms. Nidhi Haresh MotwaniExecutive Director
Mr. Ajeet Anant WalavalkarIndependent Director
Mr. Surendra Kumar MehtaIndependent Director
Mr. Rajendra Kumar JainIndependent Director

FAQ

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

As of 05 May 2026, HP Adhesives Ltd's intrinsic value is ₹29.68, which is 21.48% lower than the current market price of ₹37.80, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (9.82 %), book value (₹20.5), dividend yield (1.06 %), and 5-year EPS CAGR.

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

HP Adhesives Ltd is trading at ₹37.80 as of 05 May 2026, with a FY2026-2027 high of ₹54.6 and low of ₹26.3. The stock is currently in the middle of its 52-week range. Market cap stands at ₹348 Cr..

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

HP Adhesives Ltd has a P/E ratio of 25.0, which is below the industry average of 79.73. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is HP Adhesives Ltd financially healthy?

Key indicators for HP Adhesives Ltd: ROCE of 13.6 % is moderate. Dividend yield is 1.06 %.

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

HP Adhesives Ltd reported a net profit of ₹18 Cr in Mar 2025 on revenue of ₹251 Cr. Compared to ₹6 Cr in Mar 2022, the net profit shows an improving trend.

Does HP Adhesives Ltd pay dividends?

HP Adhesives Ltd has a dividend yield of 1.06 % at the current price of ₹37.80. The company pays dividends, though the yield is modest.

Last Updated: May 5, 2026, 3:27 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 543433 | NSE: HPAL
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 HP 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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