SPEB Adhesives Ltd
Speb Adhesive Limited is a company engaged in the manufacturing and distribution of solvent-based synthetic rubber adhesives.[1]
- Market Cap ₹ 115 Cr.
- Current Price ₹ 51.1
- High / Low ₹ 60.0 / 46.6
- Stock P/E 19.1
- Book Value ₹
- Dividend Yield 0.00 %
- ROCE 37.1 %
- ROE 26.8 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
Cons
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Commodities Chemicals Chemicals & Petrochemicals Specialty Chemicals
Quarterly Results
Figures in Rs. Crores
| Operating Profit |
| OPM % |
| Interest |
| Depreciation |
| Profit before tax |
| Tax % |
| EPS in Rs |
| Raw PDF |
Profit & Loss
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| 27.88 | 38.35 | 42.56 | 44.78 | |
| 24.25 | 35.96 | 36.02 | 36.77 | |
| Operating Profit | 3.63 | 2.39 | 6.54 | 8.01 |
| OPM % | 13.02% | 6.23% | 15.37% | 17.89% |
| 0.38 | 0.42 | 0.60 | 0.58 | |
| Interest | 0.22 | 0.02 | 0.02 | 0.02 |
| Depreciation | 0.35 | 0.32 | 0.48 | 0.44 |
| Profit before tax | 3.44 | 2.47 | 6.64 | 8.13 |
| Tax % | 24.71% | 27.53% | 25.75% | 27.55% |
| 2.60 | 1.79 | 4.94 | 5.89 | |
| EPS in Rs | 2,940.48 | 3.34 | ||
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 17% |
| TTM: | 5% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 32% |
| TTM: | 22% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 21% |
| Last Year: | 27% |
Balance Sheet
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Equity Capital | 0.18 | 0.18 | 0.17 | 17.61 |
| Reserves | 17.37 | 19.15 | 19.30 | 7.75 |
| 0.00 | 0.00 | 0.00 | 0.00 | |
| 1.25 | 1.14 | 1.23 | 1.91 | |
| Total Liabilities | 18.80 | 20.47 | 20.70 | 27.27 |
| 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 |
| 13.51 | 15.63 | 18.14 | 24.97 | |
| Total Assets | 18.80 | 20.47 | 20.70 | 27.27 |
Cash Flows
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| -1.12 | 0.37 | 3.91 | -0.93 | |
| 3.26 | 0.42 | 2.31 | 0.31 | |
| -2.76 | 0.00 | -4.93 | 0.52 | |
| Net Cash Flow | -0.62 | 0.78 | 1.29 | -0.10 |
| Free Cash Flow | -1.47 | 0.37 | 2.62 | -1.29 |
| CFO/OP | -1% | 52% | 85% | 13% |
Ratios
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Debtor Days | 84.44 | 72.43 | 53.09 | 55.92 |
| Inventory Days | 52.89 | 39.59 | 36.22 | 28.38 |
| Days Payable | 0.00 | 0.00 | 9.67 | 10.83 |
| Cash Conversion Cycle | 137.33 | 112.02 | 79.63 | 73.46 |
| Working Capital Days | 115.21 | 98.98 | 72.64 | 67.65 |
| ROCE % | 13.50% | 34.12% | 37.12% |
Insights
In beta| Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|
| Actual Production (Liters) Liters |
|
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| Capacity Utilization (%) % |
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| Geographic Concentration - Maharashtra Domestic Revenue % % |
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| Installed Capacity (Liters) Liters |
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| Total Active Clients Number |
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| Trade Receivable Turnover Ratio |
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Documents
Announcements
-
Analysts/Institutional Investor Meet/Con. Call Updates
27 March 2026 - SPEB Adhesives to attend virtual group investor meeting Apr 2, 2026, 11:00–12:00 with AG Capital.
-
Trading Window
27 March 2026 - Trading window closed from April 1, 2026 until 48 hours after audited results.
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Analysts/Institutional Investor Meet/Con. Call Updates
6 March 2026 - SPEB participated in Bharat Connect Conference on March 6, 2026; investor presentation attached covering business, capacity expansion, finances.
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Investor Presentation
5 March 2026 - Filed presentation for investor group meet (to be held March 6, 2026); presentation posted on company website.
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Analysts/Institutional Investor Meet/Con. Call Updates
2 March 2026 - Virtual group investor meeting on 6 March 2026, 04:00–05:00 PM; no unpublished price-sensitive information.
Business Profile[1]
SPEB Adhesives manufactures solvent-based synthetic rubber adhesives, specializing in polychloroprene-based and SBS-based products. Water-based adhesives are offered through contract manufacturing.