Hindustan Adhesives Limited (514428) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Hindustan Adhesives Limited ₹409, price ₹389, upside +5.2%, quality 44 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range ₹105.55 – ₹633.35 · fair‑value band ₹252.11 – ₹571.04 · the ₹389.25 price screens below the ₹409.43 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Hindustan Adhesives Limited, a specialty adhesive coating company, manufactures and sells self-adhesive tapes in India and internationally. It offers acrylic packaging, hot melt packaging, natural rubber packaging, kraft paper, tamper evident, and tear tapes; polyolefin shrink films; and shrink wrapping machines.
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Hindustan Adhesives Limited, a specialty adhesive coating company, manufactures and sells self-adhesive tapes in India and internationally. It offers acrylic packaging, hot melt packaging, natural rubber packaging, kraft paper, tamper evident, and tear tapes; polyolefin shrink films; and shrink wrapping machines. The company was founded in 1988 and is based in New Delhi, India.
Stock analysis
Hindustan Adhesives Limited (514428) currently trades at ₹389.25, while our model-based Fair Value estimate is ₹409.43, so the stock looks roughly fairly valued today (gap 4.9%).
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Valuation
Bull case: the Multiples group reads highest at a median of ₹495.08 per share, and 19 of the 24 models we run sit above the ₹389.25 price.
Bear case: the Asset-Based group reads lowest at ₹142.54, and 5 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹252.11 (bear) to ₹571.04 (bull), the price of ₹389.25 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 44/100 (below-average quality), in the Basic Materials sector.
Mixed Growth: Spin-off in 2026: revenue and profit before it include the divested business. Growth is measured afresh from 2026.
Hindustan Adhesives Limited reported revenue of ₹2.6B in FY2026 versus ₹4.5B in FY2022, a compound −13.1%/yr. Reported net income was ₹149M in FY2026, compounding +4.4%/yr from FY2022.
Key figures
Market cap ₹530M (≈ $5.5M) · P/E ratio 7.0 · P/S ratio 0.41 · EPS (TTM) ₹14.26 · Net margin 5.8% · Return on equity 20.3% · Return on assets (EBIT) 9.4% · Operating margin 6.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades at its 52-week high and 53% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −39% fair-value upside, at 5%, 514428 screens cheaper than that median.
Fair Value models
Bear ₹252.11Fair Value ₹409.43Bull ₹571.04
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹7.27 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.55/100
Spin-off in 2026: revenue and profit before it include the divested business. Growth is measured afresh from 2026.
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−14.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.2%
Start year 2020 (pandemic). Over 10 years: +14.1% a year
Revenue growth 11 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.5%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+11.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+11.2%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.11.2% vs 11.7%, steady
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.6% → 9%
Start year 2021 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+23.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +18.5% a year for the price.
Compare Hindustan Adhesives Limited with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Specialty Chemicals · 693 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score44 · Below median
Fair Value upside−3.9% · Above median
Profitability
Return on equity (TTM)20.3% · Top 25%
Return on assets5.7% · Above median
Net margin (TTM)4.5% · Below median
Operating margin (TTM)6.9% · Below median
Growth and dividend
Revenue growth6.2% · Below median
Dividend yield (TTM)0.0% · Bottom 25%
Balance sheet
Debt / equity0.17× · Above median
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
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Is Hindustan Adhesives Limited (514428) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ₹409.43 versus a price of ₹389.25, about +5% upside (fairly valued).
What is the fair value of 514428?
Our model-based fair value for Hindustan Adhesives Limited is ₹409.43 (as of Sep 24, 2026), built from audited fundamentals. The current price: ₹389.25.
What is the quality score of 514428?
Hindustan Adhesives Limited has a Quality Score of 44/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Hindustan Adhesives Limited (514428)?
Our model-based price target is the fair value of ₹409.43 (as of Sep 24, 2026) from 24 valuation models. Cautious scenario ₹252.11, optimistic scenario ₹571.04. It is a calculation from audited fundamentals, not an analyst target.
What is the Hindustan Adhesives Limited stock forecast for 2026?
Our models put fair value at ₹409.43, about +5% upside versus a price of ₹389.25 (fairly valued). Cautious scenario ₹252.11, optimistic scenario ₹571.04. The calculation is refreshed regularly with new filings.
What is the revenue of Hindustan Adhesives Limited (514428)?
Hindustan Adhesives Limited reported trailing-twelve-month revenue of about ₹1.6B (latest available figure, as of Sep 24, 2026).
What growth is priced into Hindustan Adhesives Limited (514428)?
For today's price to be fair in a discounted-cash-flow model, Hindustan Adhesives Limited would have to grow free cash flow by +23.5 % per year for five years (discount rate 12.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +3.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 514428 use?
Our models discount Hindustan Adhesives Limited at 12.4 %: a base by market capitalisation (nano), country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Hindustan Adhesives Limited that is +23.5 % per year a year over ten years, using the same discount rate (12.4 %) and the same formula as our fair value.
How much growth has Hindustan Adhesives Limited (514428) delivered so far?
Over the past 5 years revenue at Hindustan Adhesives Limited grew +3.7 % a year. The price currently implies +23.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Hindustan Adhesives Limited (514428) growing?
The median revenue growth in the sector is +8.1 % a year. That is the yardstick for the growth priced into Hindustan Adhesives Limited (+23.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Hindustan Adhesives Limited (514428)?
The free-cash-flow yield on the price is 5.04 %: that much free cash flow Hindustan Adhesives Limited produces per unit of market value. When it exceeds the discount rate of our models (12.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Hindustan Adhesives Limited (514428)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hindustan Adhesives Limited it is ₹409.43 per share (as of Sep 24, 2026), against a price of ₹389.25. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Hindustan Adhesives Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 514428 trades below its calculated fair value: price ₹389.25, fair value ₹409.43, a gap of about +5% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 514428?
No. The price is what the market pays today (₹389.25); the fair value is what the company's own numbers justify (₹409.43). For Hindustan Adhesives Limited the two are ₹20.18 per share apart. That gap is exactly why we show both numbers side by side.
How much is Hindustan Adhesives Limited worth?
The market values Hindustan Adhesives Limited at about ₹530M (market capitalisation, as of Sep 24, 2026). Per share that is ₹389.25; our models calculate a fair value of ₹409.43 per share.
What do the bullish and bearish scenarios say about 514428?
Our models span a range for Hindustan Adhesives Limited: cautious scenario ₹252.11, base ₹409.43, optimistic ₹571.04 per share (as of Sep 24, 2026, price ₹389.25). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 514428?
Hindustan Adhesives Limited trades at a price-to-earnings ratio of 7.0 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹409.43 is built from several models across several years. Other multiples: P/B 0.5, P/S 0.3, EV/EBITDA 3.8.
How solid is the balance sheet of Hindustan Adhesives Limited (514428)?
Balance-sheet figures for Hindustan Adhesives Limited (as of Sep 24, 2026): return on equity 20.3%, debt of 0.17 per unit of equity. They feed the Quality Score of 44/100, which measures business quality independently of the share price.
How far is 514428 from its 52-week high?
Hindustan Adhesives Limited trades at ₹389.25, at its 52-week high of ₹390.00 and 53% above the low of ₹253.75 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹409.43 is for.
Which stocks are comparable to Hindustan Adhesives Limited?
From the same area (Basic Materials) we also value Linde plc, The Sherwin-Williams Company, Ecolab Inc, Air Products and Chemicals, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Hindustan Adhesives Limited stock attractive at the current price?
The data as of Sep 24, 2026: price ₹389.25, calculated fair value ₹409.43 (+5%), Quality Score 44/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 514428 calculated?
We run Hindustan Adhesives Limited through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹409.43, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Hindustan Adhesives Limited currently trades 5 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Hindustan Adhesives Limited (514428)?
The closing price on Oct 1, 2026 was ₹389.25. Our model-based fair value is ₹409.43, about +5% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hindustan Adhesives Limited right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (₹252.11 to ₹571.04) leaves room in how you read the outcome.
Key figures of Hindustan Adhesives Limited
How large is the market capitalisation of Hindustan Adhesives Limited (514428)?
The market capitalisation of Hindustan Adhesives Limited is ₹530M (≈ $5.5M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Hindustan Adhesives Limited (514428)?
The price-to-sales ratio of Hindustan Adhesives Limited is 0.41 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Hindustan Adhesives Limited (514428)?
Earnings per share at Hindustan Adhesives Limited are ₹14.26 (price ÷ EPS = P/E 7.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Hindustan Adhesives Limited (514428)?
The net margin of Hindustan Adhesives Limited is 5.8% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Hindustan Adhesives Limited (514428)?
The return on equity (ROE) of Hindustan Adhesives Limited is 20.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Hindustan Adhesives Limited (514428)?
On an EBIT basis the return on assets of Hindustan Adhesives Limited is 9.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Hindustan Adhesives Limited (514428)?
The operating margin of Hindustan Adhesives Limited is 6.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hindustan Adhesives Limited (514428)?
Revenue at Hindustan Adhesives Limited is growing +6.2% versus a year earlier (3y avg −7.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Hindustan Adhesives Limited (514428)?
Earnings per share at Hindustan Adhesives Limited are growing +12.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Hindustan Adhesives Limited (514428) carry?
The net debt of Hindustan Adhesives Limited is ₹1.0B (fiscal year 2026, ≈ 10.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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