Annual reportSep 2026
Sep 2026 · General Updates 6 Sep - 36th AGM on 28 September 2026 via VC/OAVM; annual report 2025-26 link shared.
Source: Nse
Speb Adhesives Ltd. (SPEB)
SME CapIndustrials stocks · SME cap · NSE
Established in 1972, SPEB Adhesives manufactures synthetic rubber-based adhesives, primarily solvent-based, for B2B clients in hardware, foam, furnishing, and woodworking. It also offers water-based adhesives via contract manufacturing. The company operates with an in-house R&D and a pan-India dealer-distributor network, serving 250+ customers.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result20 May, 10:17 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
52NeutralSMA20 +2.1% / mo · MACD −
Stock trend: 54
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SPEBD candles · FIT view+50.9%Latest close ₹83.00 on 2026-10-19
Daily history is available from 2025-12-08; the requested 1Y window is partially covered.
Bar
+0.0%
RSI
37
MACD hist
-0.95
52W pos
71%
2026-10-19O ₹83.00H ₹83.00L ₹83.00C ₹83.00Vol 2,000 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SPEBNifty India ManufacturingNifty 500
- SPEB
- -4.6%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -6.3%
- Vs Nifty 500
- +1.0 pp
Chart stats
19 Oct 2026- From 52W high
- -15.5%
- 52W range position
- 71%
- ATR (14)
- 2.6%
- Volume vs 20D
- 0.43x
- Avg traded value
- ₹0 Cr
- 20D price channel
- ₹83 - ₹95
₹98.3
₹46.6 - ₹98.3
₹2.2
Latest completed session
20-session average
36.3% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE48
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Neutral52
Price trend and sector-relative-strength timing.
Valuation
Legacy model+31.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence70
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹25.8 Cr | NDF | +4.2% |
| EBITDA | ₹4.1 Cr | NDF | -15.7% |
| Operating margin | 16.0% | NDF | -377 bps |
| PAT | ₹3.2 Cr | NDF | -12.1% |
| PAT margin | 12.4% | NDF | -230 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 28.10
- P/B
- 3.47
- EV/EBITDA
- 19.88
- Market Cap
- 193.00Cr
Profitability
- ROE
- 16.90%
- ROCE
- 23.00%
- ROA
- 11.85%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 19.00%
- EPS 5Y
- 19.00%
- Revenue 3Y
- 10.00%
- EPS 3Y
- 57.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- 181.80×
- Altman Z
- 8.54
- Book Value
- 24.80
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 4/5
- OCF
- 4.74 Cr
- EPS TTM
- 3.06
Shareholding
- Promoter Hold
- 73.18%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 76%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 50.6+12.7% vs prev
Net Profit
₹ CrLatest: 6.9+13.6% vs prev
Return on Equity
%Latest: 12.3-48.4% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 37. Wait for confirmation.
- SMA20 rising (~2.1% over last month) — short-term momentum positive.
- RSI(14) at 37 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 16% off 52W high · 78% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
86
RS percentile
Insufficient history
1M return
-9.3%
3M return
-13.4%
6M return
+66.5%
1Y return
-
RS 1D
+1
RS 20D
-5
Sector rank
#2
Industry rank
#9
Stage evidence
- At least 170 daily sessions are required for the trend-stage read.
50-DMA
price below
200-DMA
unavailable
Sector
leading
Industry
leading
Partial-history RS: the 3M and 6M weights are re-normalised because 12M history is unavailable.
Relative-strength line vs Nifty 500 (base 100)
150 observations
19 Oct 2026Value 155.42-2.88%
RS vs Nifty 500155
Valuation & peers
U-Score 48 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 48 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation7/30
Growth19/25
Quality10/20
Balance Sheet11/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
-8
Raw sum
48
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
48/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 31.0%.
- Growth contributes 19/25 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Valuation is weaker at 7/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
28.1
PB
3.5
EV/EBITDA
19.9
ROE
16.9%
ROCE
23.0%
FCF Yield
—
Debt/Equity
0.0
MoS
+31.0%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
48
Previous: 48
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+31.0%
Previous: +31.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
48
48
48
48
48
48
48
48
48
48
48
48
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹41.32
-100.9% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹120.26
+31.0% MoS
PEG
0.92
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
HPAL
Small
HP Adhesives Limited
Specialty Chemicals
match 150
20
129.0
4.0%
-25378%
OVERVALUED
PARAGON
SME
Paragon Fine and Speciality Chemical Ltd.
Specialty Chemicals
match 134
58
10.9
9.6%
+72%
FAIR VALUE
DUCOL
SME
Ducol Organics And Colours Ltd.
Specialty Chemicals
match 133
33
30.3
7.7%
+31%
WATCHLIST
MAHICKRA
SME
Mahickra Chemicals Ltd.
Specialty Chemicals
match 133
23
54.5
10.0%
-31%
OVERVALUED
RNPL
SME
Renol Polychem Ltd.
Specialty Chemicals
match 133
67
10.6
13.6%
+75%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-01T07:19:10.155Z
Management commentary snapshot
FY26 revenue grew 12.71% YoY to INR 50.57 crore, with PAT up 13.4% to INR 6.87 crore. EBITDA margin expanded slightly to 17.87%. Production volumes reached 2866 MT with 79.60% utilization at the existing Taloja plant, indicating strong operational performance.
SPEB Adhesives demonstrates consistent top-line and bottom-line growth, supported by high utilization of its existing capacity. The planned significant capacity expansion and diversification into higher-margin water-based adhesives, funded by recent IPO proceeds, are key positive developments. However, the initial low utilization projection for the new plant and the nascent D2R rollout warrant close monitoring for execution risks.
Current business mix
Revenue by Industry (FY26)
Latest issuer-disclosed distribution across 6 reported categories.
Foam and Furnishing56.2%
Hardware33.5%
Woodworking5.5%
Ducting and Insulation3.4%
Footwear0.8%
Generator Set0.5%
Growth engines
Capacity Expansion & Backward Integration
Increasing capacity from 3,600 TPA to 8,550 TPA and in-housing water-based adhesive manufacturing to boost volumes and improve efficiency.
Expansion into Water-Based & Advanced Adhesives
Expanding into water-based, cladding, wallpaper, epoxy, and flooring adhesives to diversify applications and unlock new revenues.
Shift Toward Higher-Margin B2C Product Mix
Driving margins through specialized products under WALLFIX and HEATFIX sub-brands and gradual D2R rollout through dealer network.
Diversification Across End-User Industries & Exports
Broadening presence across key industries and strengthening export capabilities, with initial shipments to international markets and focus on Gulf countries.
Capacity and execution
New Manufacturing Facility at Khalapur
Developing a new facility in Taluka Khalapur, District Raigad, Maharashtra, on 16,193 sq. mt. land. Phase 1 focuses on in-house water-based adhesives.
Total Installed Capacity Increase
Combined capacity of water-based and solvent-based adhesives to increase from 3,600 TPA (FY25) to 8,550 TPA in CY2026, a 137% growth.
Initial Utilization at New Facility
Initial capacity utilization at the Khalapur plant is expected at 30–40%, providing headroom for volume scale-up.
Tailwinds
Rising Domestic Manufacturing & Infrastructure Growth
Leveraging India’s manufacturing and infrastructure growth provides a natural tailwind for import substitution.
Growing Indian Synthetic Rubber Adhesives Market
The Indian market is expected to grow at a CAGR of ~7–9% to ₹26,000–₹27,000 crore by 2030.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The investor presentation primarily provides annual financial data (FY26 vs FY25) and highlights year-over-year growth percentages for key metrics like revenue and PAT, making YoY the most relevant comparison for assessing performance trends.
Sector KPIs management disclosed
Revenue from Operations
FY26: 5056.83 INR Lakhs, 12.71% YoY growth.
EBITDA Margin
FY26: 17.87%, up from 17.44% in FY25.
PAT Margin
FY26: 13.58%, up from 13.50% in FY25.
Production Volumes
FY26: 2866 MT.
Management forward view
Strategic Expansion Post-IPO
The December 2025 IPO, raising ₹33.73 crore, marked a move from ambition to action, funding the new Khalapur facility.
Focus on Higher-Margin Segments
Phase 1 of the Khalapur plant is dedicated to in-house water-based adhesive manufacturing, a segment that carries superior margins.
Multi-pronged Growth Strategy
Executing concurrently across product diversification, geographic expansion, and channel deepening, including D2R and export growth.
Strengthening Distribution
Planning own warehouses phase-wise in each geography for sales & distribution to the D2R channel and onboarding experienced export professionals.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Khalapur Plant Commissioning & Utilization | Under construction, initial utilization projected at 30-40%. | Timely commissioning and ramp-up of utilization rates to achieve projected capacity growth and margin benefits from in-house water-based production. |
| D2R Channel Penetration | Gradual rollout through existing dealer network, appointment of independent hardware distributors. | Tangible progress in retail penetration and increased revenue contribution from the D2R channel, indicating successful market diversification. |
| Export Revenue Growth | Commenced shipments of white adhesives, banking on Gulf countries. | Quantifiable growth in international revenue and successful establishment of distribution networks in target export markets. |
| EBITDA Margins | FY26: 17.87%. | Sustained or expanding EBITDA margins, especially as the company shifts to higher-margin water-based products and achieves scale at the new facility. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
70Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 63rd percentile of the scored universe and 60th percentile within Industrials. Main check: cash conversion is weak at 55/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
3 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
63rd percentile
overall median 67 · Industrials: 60th pctile, median 68 · SME: 81st pctile, median 64
Evidence depth
Financial-only
3 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
55
watch · profit to cash conversion
Balance sheet
88
strong · leverage and solvency
Discipline
64
acceptable · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 73.2%.
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.00.
- ▸ROCE is 22.9%.
Trust risks
- ▸ROCE trend is -8.5%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Speb Adhesives Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportSep 2026
Sep 2026 · Copy of Newspaper Publication 6 Sep - Newspaper publication filed for 36th AGM on 28 September 2026 via VC/OAVM; annual report dispatched.
Source: Nse
Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Nse
Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Investor presentationMar 2026
Mar 2026 · PPT
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Investor presentationMar 2026
Mar 2026 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.