Speb AdhesivesShare price, financial results, shareholding and management
- Market cap
- ₹166 cr
- Stock P/E
- 24.2peers 12.1
- Book value
- ₹24.8
- Price to book
- 2.98
- EV / operating profit
- 15.1
- Market cap to sales
- 3.29
- ROCE · FY26
- 22.9%
- ROE · FY26
- 16.9%
- ROE, 3-year average
- 22.9%
- Operating margin · FY26
- 17.9%peers 12.3%
- Sales growth, 3 years
- 9.7%
- Profit growth, 3 years
- 56.6%
- Debt to equity
- 0.00peers 0.17
- Borrowings
- -₹0 cr
- Interest cover
- No interest
- Cash from business / op. profit
- 52%
- Debtor days
- 58
- Pledged
- 0.00%
- Promoter holding
- 73.18%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 291
- High / low since listing
- ₹98 / ₹47
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Speb Adhesives share price chart
Close on 6 Nov 2026 · -1.66% on the day · Vol 20,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -14.0%
- 3 months
- -10.3%
- 6 months
- -2.8%
- Since IPO
- +32.1%
- Traded a day, 20 days
- ₹0.04 cr
- Taken for delivery
- 95%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +13% | +17% |
| 3 years, a year | +10% | +57% |
| Latest half, H2 FY26 | +12% | -1% |
About Speb Adhesives: business, products and customers
SPEB Adhesives makes rubber-based glues under its own brand for sofas, mattresses, flooring, duct insulation, laminates and shoes, sold mostly through hardware and foam dealers in western India. Its shares trade on NSE Emerge.
SPEB mixes synthetic rubber, resins and solvents at its plant in the Taloja industrial area of Raigad, Maharashtra, and packs the glue in tins from 10 ml to 30 litres. Its range covers multipurpose contact glue, spray grades for furniture and mattress makers, glues for air-conditioning duct insulation, laminates, footwear and generator enclosures. Water-based glues for flooring, wallpaper and woodwork are made for it by contract manufacturers.
Most sales go through dealers and distributors who supply hardware and foam shops, with the rest to factories directly, a little government supply and exports to the Gulf. The company makes stock ahead of demand rather than to order, keeping up to about two weeks of finished goods. Raw materials are the biggest cost and solvent prices follow crude oil, so margins move with input costs: the company raises prices with a lag of a few weeks, and it absorbed a sharp rise in March 2026 before raising prices from April.
Read more about the business
The business traces back to 1972, became a company in 1990 and listed in December 2025. It is building a second plant at Khalapur in Raigad to make water-based glue in-house and add solvent-based capacity, is piloting its own warehouse in Rajasthan to supply retailers directly, and has hired sales staff for the Gulf.
The offer document names HP Adhesives, Nikhil Adhesives and Jyoti Resins and Adhesives as its listed peers. On the May 2026 call the Managing Director named Pidilite, Astral and Atul's Polygrip range as competitors, said Jyoti Resins competes only in white wood glue, and said SPEB prices sit about 20% to 25% below Pidilite and close to the other branded makers.
From the Draft Red Herring Prospectus (2025), the May 2026 investor presentation and the May 2026 earnings call transcript.
Read the deeper study ↓In its favour
- It earns a high return on the money it uses: ROCE 23% in FY26.
- It has little debt for its size: debt to equity 0.00.
- The promoters own a large part of the company: 73.18%.
To watch
- Results for the half year to September 2026, the first with the April 2026 price increase (Earnings call, May 2026, p.4).
- Start of the Khalapur plant, which the company expects in calendar 2026 (Investor presentation, May 2026, p.13).
- The Rajasthan warehouse pilot for selling straight to retailers (Earnings call, May 2026, p.16).
- Gulf sales after the new hire for factory customers there (Earnings call, May 2026, p.7).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Speb Adhesives revenue and profit growth
Half-yearly results · Profit and lossSales have grown steadily. Last year profit grew roughly in step with sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Speb Adhesives half-yearly results
SME companies report every six months · ₹ crore
| H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|
| Sales | 23.07 | 24.77 | 25.80 |
| Expenses | 18.87 | 19.87 | 21.66 |
| Operating profit | 4.20 | 4.90 | 4.14 |
| OPM | 18.2% | 19.8% | 16.0% |
| Interest | 0 | 0 | 0 |
| Depreciation | 0.20 | 0.26 | 0.36 |
| Profit before tax | 4.68 | 4.91 | 4.38 |
| Net profit | 3.25 | 3.65 | 3.21 |
Speb Adhesives profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 27.88 | 38.35 | 42.56 | 44.78 | 50.57 |
| Expenses | 24.25 | 35.96 | 36.02 | 36.77 | 41.53 |
| Operating profit | 3.63 | 2.39 | 6.54 | 8.01 | 9.04 |
| OPM | 13.0% | 6.2% | 15.4% | 17.9% | 17.9% |
| Other income | 0.38 | 0.42 | 0.60 | 0.58 | 0.87 |
| Interest | 0.22 | 0.02 | 0.02 | 0.02 | 0 |
| Depreciation | 0.35 | 0.32 | 0.48 | 0.44 | 0.62 |
| Profit before tax | 3.44 | 2.47 | 6.64 | 8.13 | 9.29 |
| Tax rate | 24.4% | 27.5% | 25.6% | 27.6% | 26.0% |
| Net profit | 2.60 | 1.79 | 4.94 | 5.89 | 6.87 |
| EPS ₹ | · | · | 2,940 | 3.34 | 3.59 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Earnings per share before FY25 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Speb Adhesives profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 13.0% | 6.2% | 15.4% | 17.9% | 17.9% |
| Tax rate | 24.4% | 27.5% | 25.6% | 27.6% | 26.0% |
| ROCE | · | 13.5% | 34.3% | 36.4% | 22.9% |
| ROE | · | 9.7% | 25.5% | 26.3% | 16.9% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Speb Adhesives debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It has almost no borrowings. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Speb Adhesives balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 0.18 | 0.18 | 0.17 | 17.61 | 22.46 |
| Reserves | 17.37 | 19.15 | 19.30 | 7.75 | 33.29 |
| Net worth | 17.55 | 19.33 | 19.47 | 25.36 | 55.75 |
| Borrowings | 0 | 0 | 0 | 0 | -0.01 |
| Other liabilities | 1.25 | 1.14 | 1.23 | 1.91 | 2.23 |
| Total liabilities | 18.80 | 20.47 | 20.70 | 27.27 | 57.97 |
| Fixed assets | 2.03 | 1.71 | 2.56 | 2.30 | 3.50 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 |
| Investments | 3.26 | 3.13 | 0 | 0 | 0 |
| Other assets | 13.51 | 15.63 | 18.14 | 24.97 | 54.47 |
| Receivables | · | · | · | · | 8.04 |
| Inventory | · | · | · | · | 3.14 |
| Cash | · | · | · | · | 29.67 |
| Trade payables | · | · | · | · | 1.57 |
Speb Adhesives cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | -1.12 | 0.37 | 3.91 | -0.93 | 4.74 |
| Cash from investing | 3.26 | 0.42 | 2.31 | 0.31 | -10.51 |
| Cash from financing | -2.76 | 0 | -4.93 | 0.52 | 24.03 |
| Net cash flow | -0.62 | 0.79 | 1.29 | -0.10 | 18.26 |
| Capital spending | · | · | · | · | 0 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 84 | 72 | 53 | 56 | 58 |
| Inventory days | 53 | 40 | 36 | 28 | 35 |
| Days payable | 0 | 0 | 10 | 11 | 18 |
| Cash conversion cycle | 137 | 112 | 80 | 73 | 76 |
| Working capital days | 115 | 99 | 73 | 68 | 69 |
Speb Adhesives peers and competitors
Listed SME companies in the same industryBy sales, Speb Adhesives is number 35 of the 44 listed SME companies in chemicals & petrochemicals.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Saroja Pharma Industries India | 16 | 10.1 | 70.1 | 1.6 | 5.3% | 0.83 |
| Deepak Chemtex | 103 | 12.1 | 67.3 | 8.5 | 16.8% | 0.01 |
| Technichem Organics | 76 | 28.0 | 56.6 | 2.7 | 7.8% | 0.38 |
| Devson Catalyst | 520 | 40.0 | 56 | 13 | 30.0% | 0.06 |
| Prolife Industries | 33 | 7.7 | 54.5 | 4.3 | 7.5% | 0.01 |
| Speb Adhesives | 166 | 24.2 | 50.6 | 6.9 | 17.9% | 0.00 |
| Snehaa Organics | 41 | 5.1 | 49.4 | 8.1 | 23.8% | 0.07 |
| Vadivarhe Speciality Chemicals | 31 | - | 45.8 | -1.6 | 1.3% | - |
| Vahh Chemicals | 38 | 7.5 | 43.2 | 5.1 | 19.4% | 0.76 |
| Amtech Esters | 95 | 22.2 | 40.7 | 4.3 | 18.4% | 0.17 |
| Yug Decor | 37 | 461.2 | 38.3 | 0.1 | 5.4% | 0.79 |
| Median of the 10 others | 40 | 12.1 | 51.9 | 4.3 | 12.3% | 0.17 |
Speb Adhesives shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Foreign and Indian funds own a noticeable share. The number of shareholders has come down.
Speb Adhesives shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Dec 25 | Mar 26 | |
|---|---|---|
| Promoters | 73.18% | 73.18% |
| Foreign investors (FIIs) | 1.99% | 0.40% |
| Indian institutions (DIIs) | 10.15% | 8.26% |
| HNIs (over ₹2 lakh each) | 0.58% | 9.77% |
| Small holders (up to ₹2 lakh) | 11.23% | 4.49% |
| Companies and others | 2.87% | 3.90% |
| Number of shareholders | 595 | 291 |
The named holders are at 31 March 2026, beside 5 Dec 2025, each under the group the pattern files them in.
Speb Adhesives study: the business from its own documents
Read from 4 of the company's own documentsSpeb Adhesives so far
From the company's own record
- 8 Dec 2025Listed on NSE Emerge at ₹56
- 10 Sept 2026Order worth ₹0.89 cr
- 31 March 2026Promoters at 73.18%
- 2 June 2026Highest close since listing, ₹97.00
Speb Adhesives key facts from the filings
Each figure with the document it comes from
- FY26 revenue
- ₹50.6 cr
- Up from ₹44.9 cr in FY25, with profit after tax of ₹6.9 cr against ₹6.1 cr.Investor presentation, May 2026, p.31
- Tonnes sold
- 2,866 t
- Glue made in FY26, about 80% of the Taloja plant's capacity of 3,600 tonnes a year.Investor presentation, May 2026, p.12 and p.30
- Planned capacity
- 8,550 t
- Total a year once the Khalapur plant adds 4,950 tonnes; the company expects it to start at 30% to 40% use.Investor presentation, May 2026, p.13
- Price increase
- 13% to 14%
- Average rise from April 2026, between 12% and 24% by product, after solvent costs jumped.Earnings call, May 2026, p.4
- Second half margin
- 16.0%
- EBITDA margin in the six months to March 2026, against 17.9% for the full year, as the March cost rise was not passed on.Investor presentation, May 2026, p.31; Earnings call, May 2026, p.12
Show 5 more facts
- Home state
- 63.7%
- Share of FY26 sales from Maharashtra; Gujarat and Karnataka come next.Investor presentation, May 2026, p.17
- Maharashtra share
- 30% to 35%
- Market share the Managing Director gives for its main green-tin glue in Maharashtra.Earnings call, May 2026, p.14
- Top ten customers
- 38.4%
- Share of revenue in the nine months to December 2024; the largest single customer was 5.6%.Draft Red Herring Prospectus, p.168 to 169
- Exports
- 8%
- Share of FY26 sales to Gulf countries, sold there for about fifteen years.Investor presentation, May 2026, p.17; Earnings call, May 2026, p.3
- Borrowings
- Nil
- No debt at March 2026; the December 2025 IPO raised ₹33.7 cr.Investor presentation, May 2026, p.19 and p.32
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says the Khalapur plant will take total capacity to 8,550 tonnes a year in calendar 2026, with the first phase making water-based glue that contract manufacturers now make for it. On the May 2026 call the Managing Director said land acquisition had been delayed by government licensing, was expected to finish within a month, and that the plant should be ready by the end of the year. The draft offer document set aside ₹18.3 cr of IPO money for the plant, out of an estimated cost of ₹23.0 cr. The presentation shows an aim of a 20% EBITDA margin in FY29, and the company plans to add cladding, wallpaper, epoxy and flooring glues, pilot its own warehouse in Rajasthan and grow Gulf sales.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
SPEB earns a steady margin selling a well-known glue brand through dealers, mostly in Maharashtra, from a low-cost plant with no debt.
Its weak spots are dependence on one state, input costs that follow crude oil, and much larger national rivals.
AverageCan it set its own prices?It leads prices in Maharashtra but follows the market leader elsewhere, and passes cost rises on only after a delay.
AverageHow strong is it against rivals?Its brand is well known on shelves in Maharashtra, but outside the state it is a small name against far larger makers.
StrongWho are its customers?Many dealers and factories order from it, so no single customer matters much, though most of them are in one state.
StrongDoes it need a lot of money?The glue is mixed cold with simple equipment and stock is kept short, so the business needs little capital; the new plant is paid for from IPO money.
AverageCan it keep finding new work?Dealers and workshops reorder all the time, but winning shelves in new states and countries is slow work.
WatchDo good and bad years swing a lot?Sales are steady, but margins have swung hard when solvent and rubber prices jumped.
Who runs Speb Adhesives?
Promoters, directors and officers; tap a name for the background
GVGaurav VithlaniPromoter and Managing Director · holds 15.15%
Holds a Bachelor of Legal Sciences from Government Law College and has been a director since October 2000, looking after market and competitor strategy. Appointed Managing Director for five years from February 2025, on a salary of ₹0.86 cr a year. The offer document describes Kirtikumar Vithlani as the father of Gaurav Vithlani.
Draft Red Herring Prospectus, p.203, p.206 to 209KVKirtikumar VithlaniPromoter, Chairman and Whole Time Director · holds 21.34%
With the company since its start, responsible for financial planning and capital spending; the presentation gives more than forty years of experience. Whole Time Director for five years from February 2025, on ₹0.43 cr a year.
Draft Red Herring Prospectus, p.203 to 204, p.207 and p.209; Investor presentation, May 2026, p.24HVHarish VithlaniPromoter and Executive Director · holds 21.34%
With the company since its start, handling customer relationships, demand planning and pricing; more than forty years of experience. The offer document describes Harish Vithlani and Kirtikumar Vithlani as brothers.
Draft Red Herring Prospectus, p.204, p.207 to 208; Investor presentation, May 2026, p.24BVBhaumik VithlaniPromoter and Executive Director · holds 15.15%
A director since January 2003, working on operations, budgeting and expansion into new regions; more than twenty years of experience. The offer document describes Harish Vithlani as the father of Bhaumik Vithlani.
Draft Red Herring Prospectus, p.204, p.207 to 208; Investor presentation, May 2026, p.24APAnilkumar PandyaChief Financial Officer
A chartered accountant with a Bachelor of Commerce, earlier with Arti Drugs from 1997 to 2024; joined in May 2025.
Draft Red Herring Prospectus, p.219SSSartaj SinghIndependent Director
A mechanical engineer with a Master of Engineering who spent more than 37 years with the Ordnance Factory Board and retired in 2014 as Director General of Ordnance Factories and Chairman.
Draft Red Herring Prospectus, p.206 to 208CSChirag ShahIndependent Director
A commerce graduate of the University of Mumbai with distribution and supply chain roles at Arihant Marketing, Kamal Infocomm and SRK Marketing; appointed in February 2025.
Draft Red Herring Prospectus, p.205 and p.207Speb Adhesives latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹25.8 cr (+12%), net profit ₹3.2 cr (-1%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 73.18%.
- 10 Sept 2026: order worth ₹0.89 cr announced.
Speb Adhesives announcements
21 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 201874(5) Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesSchedule of meetPDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesSchedule of meetPDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 28, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 28, 2026PDF ↗
- Awarding of order(s)/contract(s)Awarding of order(s)/contract(s)PDF ↗
- General Updates'Letter to Shareholders- Weblink of Annual Report'PDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Shareholders meetingNotice of 36th Annual General Meeting to be held on September 28, 2026PDF ↗
- Change in Managementchange in ManagementPDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesoutcomePDF ↗
Speb Adhesives annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 31 May 2026 ↗read
- FY26 ↗read
Speb Adhesives share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Speb Adhesives' data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,24,64,570 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY24 (₹2,940.48) and FY25 (₹3.34) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Speb Adhesives
What does Speb Adhesives do?
SPEB Adhesives makes rubber-based glues under its own brand for sofas, mattresses, flooring, duct insulation, laminates and shoes, sold mostly through hardware and foam dealers in western India. Its shares trade on NSE Emerge.
What is the share price of Speb Adhesives?
₹74 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Speb Adhesives?
₹166 cr at the close on 6 Nov 2026, on 2,24,64,570 shares.
What is the P/E of Speb Adhesives?
24.2 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Speb Adhesives' revenue and profit?
Revenue ₹51 cr and profit after tax ₹7 cr in FY26.
Who are the promoters of Speb Adhesives?
Gaurav Vithlani, Kirtikumar Vithlani, Harish Vithlani, Bhaumik Vithlani; promoters held 73.18% at 31 March 2026.
What was the IPO price of Speb Adhesives?
₹56 a share; it listed on 8 Dec 2025.
What is Speb Adhesives' website?
www.speb7.com
More SME companies like Speb Adhesives
Other listed SME companies in chemicals & petrochemicals, the closest in size first, each read from its own documents.
- AMBANI ORGOCHEMAMBANIORGO · NSE Emerge · Chemicals & Petrochemicals · listed 2018Market cap ₹157 cr
- Neochem Bio SolutionsNEOCHEM · NSE Emerge · Chemicals & Petrochemicals · listed 2025Market cap ₹182 cr
- Rajputana BiodieselRAJPUTANA · NSE Emerge · Chemicals & Petrochemicals · listed 2024Market cap ₹142 cr
- Indian PhosphateIPHL · NSE Emerge · Chemicals & Petrochemicals · listed 2024Market cap ₹195 cr
- Ducol Organics And ColoursDUCOL · NSE Emerge · Chemicals & Petrochemicals · listed 2023Market cap ₹217 cr
- DhariwalcorpDHARIWAL · NSE Emerge · Chemicals & Petrochemicals · listed 2024Market cap ₹217 cr
Every listed SME company in Chemicals & Petrochemicals → · SME companies listed in 2025 →
Built from 1 offer document, 1 earnings call transcript, 1 investor presentation, 1 annual report, 21 exchange announcements, 2 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.