Overview

Detailed Summary

SPEB Adhesives Limited manufactures synthetic rubber–based adhesives with a B2B focus, producing solvent-based polychloroprene and SBS formulations in-house and outsourcing water-based grades until the new plant comes online; the company serves hardware, foam & furnishing, woodworking, ducting & insulation, footwear and genset industries, operating from a Taloja facility with 3,600 tonnes annual capacity and in-house R&D.
The company is shifting strategically into water-based adhesives and capacity expansion: a new Khalapur plant will add 4,950 TPA to reach 8,550 TPA, with Phase 1 focused on water-based grades; proceeds from the December 2025 IPO (₹33.73 crore) will strengthen the balance sheet to fund capex and support the pivot toward higher-margin and environmentally compliant products.
Financially, SPEB shows steady growth and improving margins: FY25 revenue was ₹44.78 crore (up from ₹42.56 crore in FY24), H1FY26 revenues are ₹24.74 crore, EBITDA margins expanded to 17.9% in FY25 and 19.8% in H1FY26, PAT margin improved to 13.15% in FY25, and key return ratios (ROE ~26.8%, ROCE ~37.1%) reflect efficient capital deployment and a debt-free balance sheet.
Market reach and go-to-market: distribution is dealer-distributor led (81.73% of sales) with 50k+ retail outlet reach and presence in 12+ states but geographic concentration in Maharashtra (69.3% of revenue); exports to GCC account for about 6.9%, while the company is gradually expanding D2R channels and onboarding export professionals to build international sales.

Sector: Construction
Industry: Civil Construction
Market Cap: 204 Cr
Volatility: Low Risk
P/E Ratio: 29.7
Industry P/E: 25.0
PEG Ratio: —
P/B Ratio: 3.9
52W High: 98.25
52W Low: 46.55

Sales CAGR

1Y: 5.09%
3Y: 17.08%
5Y: —
10Y: —

Profit CAGR

1Y: 19.23%
3Y: 31.35%
5Y: —
10Y: —

ROE

TTM: 12.32%
3Y: 19.66%
5Y: —
10Y: —

ROCE

TTM: 16.67%
3Y: 26.76%
5Y: —
10Y: —

Technicals

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Forecasts

Peers

Industrials Construction Construction Civil Construction

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
AGARWALTUF		124.80	221 Cr	10.21	1.90	0.00	18.65	21.91	14.55
CURRENT		111.65	214 Cr	15.22	2.68	0.00	17.63	19.58	9.45
PRATHAM		115.20	210 Cr	34.06	2.31	0.00	6.77	8.13	3.06
KATARIA		95.90	206 Cr	17.04	1.70	0.52	10.00	12.12	7.92
SPEB		90.70	204 Cr	29.70	3.88	0.00	12.32	16.67	11.83
GRERENEW		142.00	203 Cr	14.94	2.55	0.00	17.05	22.46	12.80
SUMIT		39.84	191 Cr	31.52	1.02	0.00	3.23	6.29	1.49
Median: 7 Co.	—	111.65	206 Cr	17.04	2.31	0.00	12.32	16.67	9.45

Financial Statements

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Standalone Half Yearly Results (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2025	Sep 2025	Mar 2026
Sales	23	25	26
Expenses	19	20	22
Interest	0.00	0.00	0.00
Operating Profit	4.20	4.90	4.14
OPM %	18.21	19.78	16.05
Other Income	0.68	0.27	0.61
Depreciation	0.20	0.26	0.36
Profit Before Tax	4.68	4.91	4.38
Tax %	30.56	25.46	26.71
Net Profit	3.25	3.65	3.21
EPS in Rs	—	—	—

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales	28	38	43	45
Expenses	24	36	36	37
Operating Profit	3.62	2.37	6.50	7.83
OPM %	12.97	6.19	15.26	17.47
Other Income	0.38	0.42	0.60	0.75
Interest	0.21	0.00	0.00	0.00
Depreciation	0.35	0.32	0.48	0.44
Profit Before Tax	3.45	2.47	6.62	8.13
Tax %	24.54	27.68	26.08	27.52
Net Profit	2.60	1.79	4.89	5.89
EPS in Rs	—	—	—	—
Dividend Payout %	0.00	0.00	0.00	0.00

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	0.18	0.18	0.17	18
Reserves	17	19	19	7.75
Borrowings	0.00	0.00	0.00	0.00
Other Liabilities	1.25	1.13	2.95	1.91
Total Liabilities	19	20	22	27
Fixed Assets	2.03	1.71	2.56	2.30
CWIP	0.00	0.00	0.00	0.00
Investments	3.26	3.13	0.00	0.00
Other Assets	14	16	20	25
Total Assets	19	20	22	27

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-1.12	0.37	3.91	-0.93
Cash from Investing Activity	3.26	0.42	2.31	0.31
Cash from Financing Activity	-2.76	0.00	-4.93	0.52
Net Cash Flow	-0.62	0.78	1.29	-0.10

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2025	Nov 2025	Dec 2025	Mar 2026
Promoters	100.00%	100.00%	73.18%	73.18%
FIIs	0.00%	0.00%	1.99%	0.40%
DIIs	0.00%	0.00%	10.15%	8.26%
Public	0.00%	0.00%	14.68%	18.15%
Total Shareholders	8	8	595	291

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Frequently Asked Questions about SPEB Adhesives Ltd

SPEB Adhesives Ltd (SPEB) is currently trading at 86.20 per share. Stock prices fluctuate during market hours on NSE and BSE based on demand, company updates, and overall market conditions. Refer to the live price chart above for the most recent price movement.

SPEB Adhesives Limited manufactures synthetic rubber–based adhesives with a B2B focus, producing solvent-based polychloroprene and SBS formulations in-house and outsourcing water-based grades until the new plant comes online; the company serves hardware, foam & furnishing, woodworking, ducting & insulation, footwear and genset industries, operating from a Taloja facility with 3,600 tonnes annual capacity and in-house R&D. The company is shifting strategically into water-based adhesives and capacity expansion: a new Khalapur plant will add 4,950 TPA to reach 8,550 TPA, with Phase 1 focused on water-based grades; proceeds from the December 2025 IPO (₹33.73 crore) will strengthen the balance sheet to fund capex and support the pivot toward higher-margin and environmentally compliant products. Financially, SPEB shows steady growth and improving margins: FY25 revenue was ₹44.78 crore (up from ₹42.56 crore in FY24), H1FY26 revenues are ₹24.74 crore, EBITDA margins expanded to 17.9% in FY25 and 19.8% in H1FY26, PAT margin improved to 13.15% in FY25, and key return ratios (ROE ~26.8%, ROCE ~37.1%) reflect efficient capital deployment and a debt-free balance sheet. Market reach and go-to-market: distribution is dealer-distributor led (81.73% of sales) with 50k+ retail outlet reach and presence in 12+ states but geographic concentration in Maharashtra (69.3% of revenue); exports to GCC account for about 6.9%, while the company is gradually expanding D2R channels and onboarding export professionals to build international sales.

Over the past 52 weeks, SPEB Adhesives Ltd has traded between a low of ₹46.55 and a high of ₹98.25. The 52-week high and low indicate the stock’s price range over the last year and help investors understand its volatility and recent trading levels.

SPEB Adhesives Ltd has a market capitalization of approximately 203.75. Market capitalization represents the total value of a company’s outstanding shares and helps investors understand its size, stability, and relative risk compared to other listed companies.

SPEB Adhesives Ltd’s investment profile depends on its business fundamentals, valuation, and long-term outlook. The stock currently trades at a PE ratio of 29.70 and operates in the its sector sector. Investors typically assess financial performance, growth prospects, and individual risk tolerance before making investment decisions.

Based on its market capitalization of 203.75 Cr, SPEB Adhesives Ltd is classified as a Small Cap stock. Large-cap stocks are generally more stable, while mid-cap and small-cap stocks tend to offer higher growth potential along with higher price volatility.

SPEB Adhesives Ltd operates in the its sector sector. Sector classification matters because companies in the same sector are often affected by similar economic conditions, regulatory changes, and competitive dynamics, which can influence overall stock performance.

The Price-to-Earnings (PE) ratio of SPEB Adhesives Ltd is 29.70. The PE ratio compares a company’s share price to its earnings and is commonly used to assess valuation. Comparing the PE ratio with sector peers and historical levels provides better context.

Speb Adhesives Ltd

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