Nikhil Adhesives
Nikhil Adhesives
ChemicalsKey Fundamentals
MicrocapSpecialty ChemicalsChemicalsTapetide Score
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Key Insights
Weaknesses
4- The company has delivered a poor sales growth of 2.43% over past five years.
- Company has a low return on equity of 13.0% over last 3 years.
- Dividend payout has been low at 6.26% of profits over last 3 years
- Debtor days have increased from 80.3 to 105 days.
Growth Rate
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 142 | 144 | 130 | 148 | 161 | 148 | 134 | 149 | 125 | 131 | 133 | 166 | 189 |
| Expenses | 135 | 136 | 123 | 139 | 151 | 138 | 126 | 140 | 115 | 123 | 125 | 155 | 176 |
| Operating Profit | 6.79 | 7.54 | 7.56 | 8.89 | 9.97 | 9.4 | 8.54 | 9.44 | 10.15 | 8.25 | 7.68 | 11.24 | 12.85 |
| OPM % | 4.78% | 5.24% | 5.8% | 6.01% | 6.19% | 6.36% | 6.36% | 6.33% | 8.1% | 6.3% | 5.77% | 6.77% | 6.81% |
| Other Income | 0.13 | 0.07 | 0.05 | 0.1 | 0.12 | 0.12 | 0.19 | 0.13 | 0.11 | 1.11 | 0.43 | 0.25 | 0.19 |
| Interest | 1.51 | 1.6 | 1.77 | 2.09 | 1.9 | 2.05 | 2.13 | 2.04 | 1.81 | 1.62 | 1.51 | 1.41 | 1.58 |
| Depreciation | 1.31 | 1.49 | 1.67 | 1.76 | 1.68 | 1.71 | 1.92 | 1.77 | 2 | 1.87 | 1.87 | 1.79 | 1.88 |
| PBT | 4.1 | 4.52 | 4.17 | 5.14 | 6.51 | 5.76 | 4.68 | 5.76 | 6.45 | 5.87 | 4.73 | 8.29 | 9.58 |
| Tax % | 25.12% | 23.45% | 29.02% | 26.85% | 22.58% | 20.31% | 26.07% | 27.43% | 17.05% | 32.03% | 25.79% | 24.25% | 23.49% |
| Net Profit | 3.07 | 3.45 | 2.96 | 3.76 | 5.04 | 4.59 | 3.47 | 4.18 | 5.34 | 3.99 | 3.52 | 6.28 | 7.32 |
| EPS in Rs | 0.67 | 0.75 | 0.64 | 0.82 | 1.1 | 1 | 0.76 | 0.91 | 1.16 | 0.87 | 0.77 | 1.37 | 1.59 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 251 | 266 | 260 | 330 | 446 | 422 | 491 | 814 | 743 | 564 | 585 | 554 | 619 |
| Expenses | 242 | 255 | 248 | 317 | 430 | 403 | 460 | 770 | 709 | 533 | 548 | 518 | 579 |
| Operating Profit | 8 | 11 | 11 | 13 | 17 | 19 | 31 | 43 | 35 | 31 | 37 | 36 | 40 |
| OPM % | 3.2% | 4.2% | 4.3% | 3.9% | 3.7% | 4.5% | 6% | 5% | 4.7% | 5% | 6% | 6% | 6% |
| Other Income | 1 | 0 | 0 | 0 | 1 | 1 | 0 | 1 | 0 | 0 | 1 | 2 | 2 |
| Interest | 6 | 8 | 7 | 7 | 8 | 8 | 7 | 6 | 6 | 7 | 8 | 6 | 6 |
| Depreciation | 2 | 2 | 1 | 2 | 2 | 3 | 3 | 4 | 5 | 6 | 7 | 8 | 7 |
| PBT | 1 | 2 | 3 | 4 | 7 | 9 | 21 | 34 | 24 | 18 | 22 | 24 | 28 |
| Tax % | 30% | 12% | 33% | 34% | 30% | 23% | 26% | 26% | 28% | 26% | 25% | 26% | — |
| Net Profit | 0 | 2 | 2 | 3 | 5 | 7 | 16 | 25 | 17 | 13 | 17 | 17 | 21 |
| EPS in Rs | 0.1 | 0.41 | 0.52 | 0.62 | 1.14 | 1.53 | 3.41 | 5.5 | 3.71 | 2.88 | 3.67 | 3.78 | 4.6 |
| Div. Payout % | 0% | 0% | 0% | 16% | 9% | 7% | 4% | 4% | 5% | 7% | 6% | 6% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 4 | 4 | 4 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 |
| Reserves | 10 | 12 | 14 | 30 | 35 | 41 | 56 | 81 | 97 | 109 | 125 | 141 |
| Borrowings | 36 | 35 | 46 | 32 | 34 | 34 | 28 | 28 | 35 | 54 | 59 | 68 |
| Other Liabilities | 61 | 68 | 67 | 89 | 113 | 111 | 202 | 203 | 159 | 128 | 134 | 121 |
| Total Liabilities | 112 | 119 | 130 | 157 | 186 | 191 | 291 | 316 | 295 | 295 | 323 | 334 |
| Fixed Assets | 25 | 24 | 23 | 30 | 37 | 44 | 54 | 64 | 76 | 94 | 96 | 92 |
| CWIP | 1 | 0 | 1 | 0 | 0 | 6 | 0 | 1 | 4 | 0 | 1 | 1 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 86 | 94 | 106 | 127 | 149 | 141 | 236 | 250 | 215 | 202 | 227 | 242 |
| Total Assets | 112 | 119 | 130 | 157 | 186 | 191 | 291 | 316 | 295 | 295 | 323 | 334 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 16 | 13 | -4 | 11 | 16 | 21 | 23 | 25 | 21 | 14 | 7 | 0 |
| Investing | 0 | -2 | -1 | -6 | -10 | -12 | -7 | -15 | -19 | -17 | -10 | -3 |
| Financing | -15 | -9 | 4 | -5 | -7 | -9 | -15 | -6 | -3 | 10 | -3 | 1 |
| Net Cash Flow | 0 | 1 | 0 | 0 | 0 | -1 | 1 | 3 | -1 | 7 | -7 | -2 |
| Free Cash Flow | 14 | 12 | -7 | 5 | 6 | 7 | 16 | 10 | 2 | -3 | -4 | -4 |
| CFO/OP | 195 | 115 | -31 | 93 | 105 | 122 | 84 | 81 | 76 | 59 | 32 | 14 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 62 | 61 | 91 | 86 | 79 | 82 | 112 | 65 | 54 | 65 | 71 | 105 |
| Inventory Days | 44 | 41 | 36 | 45 | 39 | 40 | 66 | 41 | 52 | 65 | 75 | 48 |
| Days Payable | 93 | 95 | 98 | 106 | 95 | 94 | 148 | 87 | 74 | 79 | 75 | 61 |
| Cash Conversion Cycle | 13 | 7 | 28 | 25 | 23 | 28 | 31 | 19 | 32 | 51 | 71 | 92 |
| Working Capital Days | 4 | 2 | 22 | 18 | 13 | 12 | 21 | 17 | 19 | 27 | 40 | 46 |
| ROCE % | 13% | 20% | 17% | 18% | 22% | 22% | 33% | 39% | 24% | 16% | 17% | 15% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY08–FY26.
Documents
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Company Information
Incorporated in 1986, Nikhil Adhesives Ltd is in the business of manufacturing various types of polymer emulsions and adhesives, and trading of chemicals[1]
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