HP Adhesives Limited (HPAL) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of HP Adhesives Limited ₹10.97, price ₹33.81, upside -67.5%, quality 30 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 27, 2026.
How to read this chart
57‑month range ₹26.93 – ₹124.99 · fair‑value band ₹8.23 – ₹13.64 · the ₹33.81 price screens above the ₹10.97 fair value. Dashed = 300-day average. As of Sep 27, 2026.
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HP Adhesives Limited manufactures and distributes adhesives and sealants in India and internationally. Its products include solvent cement, contact adhesive, white glue/PVA, epoxy putty and adhesives, spray paints, and plumbing accessories, as well as cyanoacrylates, synthetic rubber adhesives, black and white sealants, pipe lubricant, and gasket shellacs.
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HP Adhesives Limited manufactures and distributes adhesives and sealants in India and internationally. Its products include solvent cement, contact adhesive, white glue/PVA, epoxy putty and adhesives, spray paints, and plumbing accessories, as well as cyanoacrylates, synthetic rubber adhesives, black and white sealants, pipe lubricant, and gasket shellacs. The company also offers ancillary products, such as ball valves, teflon tapes, and masking tapes. In addition, it provides solvent cement and plumbing accessories, as well as drainage solutions, such as manhole cover, water gully cover, water gully cover, gratings, water tank cover. It serves plumbing, glass glazing, building facade, water supply and drainage, footwear, home improvement, foam and furnishing, automotive, woodworking, carpenter, and agriculture through a network of distributors and retailers. HP Adhesives Limited was founded in 1987 and is based in Mumbai, India.
Stock analysis
HP Adhesives Limited (HPAL) currently trades at ₹33.81, while our model-based Fair Value estimate is ₹10.97, 67.5% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of ₹13.69 per share, and 0 of the 16 models we run sit above the ₹33.81 price.
Bear case: the Dividend Discount group reads lowest at ₹6.05, and 16 of the 16 models stay below the price. Evidence for this calculation is low.
Scenario range: ₹8.23 (bear) to ₹13.64 (bull), the price of ₹33.81 sits above 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 30/100 (below-average quality), in the Basic Materials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
HP Adhesives Limited reported revenue of ₹2.5B in FY2026 versus ₹1.6B in FY2022, a compound +10.9%/yr. Reported net income was ₹69.8M in FY2026, compounding +3.8%/yr from FY2022.
Key figures
Market cap ₹6.0B (≈ $62.8M) · P/E ratio 44.5 · P/S ratio 1.25 · EPS (TTM) ₹0.7600 · Dividend yield 1.2% · Net margin 2.8% · Return on equity 3.8% · Return on assets (EBIT) 10.5%.
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 about 35% below its 52-week high and 26% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −39% fair-value upside, at −68%, HPAL screens richer than that median.
Fair Value models
Bear ₹8.23Fair Value ₹10.97Bull ₹13.64
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 (₹0.1825 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.52/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−1.4%
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.
+2.3%
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.
+16.1%
Start year 2021 (pandemic)
Revenue growth 7 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.
+16.1%
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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.
−18.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−19.7%
Dividend (yield on the price)1.2%
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.10% → 3%
Price, fair value, quality and upside side by side.
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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 · 706 stocks
Beats the industry median on 0/12 measures
Overall it trails its industry peers.
Valuation
Quality Score30 · Bottom 25%
Fair Value upside−67.5% · Bottom 25%
Profitability
Return on equity (TTM)3.8% · Below median
Return on assets2.0% · Below median
Net margin (TTM)2.8% · Below median
Operating margin (TTM)−9.0% · Bottom 25%
Growth and dividend
Revenue growth−14.1% · Bottom 25%
Dividend yield (TTM)1.2% · Below median
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
P/E (TTM)44.5× · Priciest 25%
P/B3.22× · Priciest 25%
P/S (TTM)2.43× · Pricier than median
EV/EBITDA45.6× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)0· sector 47
PAST (return on equity)15· sector 25
HEALTH (low debt)100· sector 95
DIVIDEND (yield)24· sector 29
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is HP Adhesives Limited (HPAL) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of ₹10.97 versus a price of ₹33.81, about −68% upside (overvalued).
What is the fair value of HPAL?
Our model-based fair value for HP Adhesives Limited is ₹10.97 (as of Sep 27, 2026), built from audited fundamentals. The current price: ₹33.81.
What is the quality score of HPAL?
HP Adhesives Limited has a Quality Score of 30/100. 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 HP Adhesives Limited (HPAL)?
Our model-based price target is the fair value of ₹10.97 (as of Sep 27, 2026) from 16 valuation models. Cautious scenario ₹8.23, optimistic scenario ₹13.64. It is a calculation from audited fundamentals, not an analyst target.
What is the HP Adhesives Limited stock forecast for 2026?
Our models put fair value at ₹10.97, about −68% upside versus a price of ₹33.81 (overvalued). Cautious scenario ₹8.23, optimistic scenario ₹13.64. The calculation is refreshed regularly with new filings.
What is the revenue of HP Adhesives Limited (HPAL)?
HP Adhesives Limited reported trailing-twelve-month revenue of about ₹2.5B (latest available figure, as of Sep 27, 2026).
Does HP Adhesives Limited pay a dividend?
HP Adhesives Limited currently shows a dividend yield of about 1.18% relative to its recent price (as of Sep 27, 2026).
What is the intrinsic value of HP Adhesives Limited (HPAL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For HP Adhesives Limited it is ₹10.97 per share (as of Sep 27, 2026), against a price of ₹33.81. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is HP Adhesives Limited stock overvalued or undervalued in 2026?
As of Sep 27, 2026, HPAL trades above its calculated fair value: price ₹33.81, fair value ₹10.97, a gap of about −68% (overvalued). 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 HPAL?
No. The price is what the market pays today (₹33.81); the fair value is what the company's own numbers justify (₹10.97). For HP Adhesives Limited the two are ₹22.84 per share apart. That gap is exactly why we show both numbers side by side.
How much is HP Adhesives Limited worth?
The market values HP Adhesives Limited at about ₹6.0B (market capitalisation, as of Sep 27, 2026). Per share that is ₹33.81; our models calculate a fair value of ₹10.97 per share.
What do the bullish and bearish scenarios say about HPAL?
Our models span a range for HP Adhesives Limited: cautious scenario ₹8.23, base ₹10.97, optimistic ₹13.64 per share (as of Sep 27, 2026, price ₹33.81). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HPAL?
HP Adhesives Limited trades at a price-to-earnings ratio of 44.5 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹10.97 is built from several models across several years. Other multiples: P/B 3.2, P/S 2.4, EV/EBITDA 45.6.
How solid is the balance sheet of HP Adhesives Limited (HPAL)?
Balance-sheet figures for HP Adhesives Limited (as of Sep 27, 2026): return on equity 3.8%. They feed the Quality Score of 30/100, which measures business quality independently of the share price.
How far is HPAL from its 52-week high?
HP Adhesives Limited trades at ₹33.81, about 35% below its 52-week high of ₹52.27 and 26% above the low of ₹26.93 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹10.97 is for.
Which stocks are comparable to HP 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 HP Adhesives Limited stock attractive at the current price?
The data as of Sep 27, 2026: price ₹33.81, calculated fair value ₹10.97 (−68%), Quality Score 30/100, from 16 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 HPAL calculated?
We run HP Adhesives Limited through 16 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 ₹10.97, 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. HP Adhesives Limited itself currently trades above fair value. 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 HP Adhesives Limited (HPAL)?
The closing price on Oct 1, 2026 was ₹33.81. Our model-based fair value is ₹10.97, about −68% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with HP Adhesives Limited right now?
The price sits above even our optimistic bull case (₹13.64). The favourable scenario is already priced in. Weak quality (30/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of HP Adhesives Limited
How large is the market capitalisation of HP Adhesives Limited (HPAL)?
The market capitalisation of HP Adhesives Limited is ₹6.0B (≈ $62.8M). 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 HP Adhesives Limited (HPAL)?
The price-to-sales ratio of HP Adhesives Limited is 1.25 (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 HP Adhesives Limited (HPAL)?
Earnings per share at HP Adhesives Limited are ₹0.7600 (price ÷ EPS = P/E 44.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of HP Adhesives Limited (HPAL)?
The dividend yield of HP Adhesives Limited is 1.2% (payout 52.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of HP Adhesives Limited (HPAL)?
The net margin of HP Adhesives Limited is 2.8% (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 HP Adhesives Limited (HPAL)?
The return on equity (ROE) of HP Adhesives Limited is 3.8% (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 HP Adhesives Limited (HPAL)?
On an EBIT basis the return on assets of HP Adhesives Limited is 10.5% (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 HP Adhesives Limited (HPAL)?
The operating margin of HP Adhesives Limited is −9.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at HP Adhesives Limited (HPAL)?
Revenue at HP Adhesives Limited is growing −14.1% versus a year earlier (3y avg +2.3%). 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 HP Adhesives Limited (HPAL)?
Earnings per share at HP Adhesives Limited are growing −60.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does HP Adhesives Limited (HPAL) generate?
The free cash flow of HP Adhesives Limited is −₹49.1M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does HP Adhesives Limited (HPAL) hold?
HP Adhesives Limited holds more cash than debt, ₹40.1M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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