### **Overview** Nikhil Adhesives Limited is a leading Indian specialty chemicals company with over three decades of industry experience, recognized for its expertise in industrial emulsions, adhesives, paints, textiles, and construction chemicals. The company operates across both B2B and B2C segments with a strong pan-India presence and growing international footprint. It is strategically positioned as India’s largest manufacturer of **Re-dispersible Polymer (RDP)**—a 100% import-substituted advanced construction chemical—under the brand **Mahacol RDP**. Its product portfolio spans diverse end-use industries, reducing market concentration risk while capitalizing on structural growth drivers in construction, infrastructure, and consumer goods. The company exports to Asia, Africa, and the Middle East and has been actively expanding into new markets and product categories. --- ### **Leadership Team** - **CEO:** Mr. Umesh Jayantilal Sanghavi - **CFO:** Mrs. Anita Umesh Sanghavi - **Non-Executive Independent Director (Appointed May 2025):** Mr. Sethunathan Charlayath Laxmanan – an experienced sales and marketing leader with over 30 years in the paints and coatings industry, including senior roles at **Asian Paints** and as CMO at **JSW Paints**. His appointment strengthens strategic decision-making, especially in B2C go-to-market strategies. --- ### **Manufacturing & Infrastructure** The company operates **five manufacturing units** strategically located across India: - Dahanu (Maharashtra) - Silvassa (Dadra & Nagar Haveli) - Dahej (Gujarat) - Tumkur (Karnataka) - Una / Mehatpur (Himachal Pradesh) These facilities are supported by more than **21 depots** and warehouses located across Gujarat, Maharashtra, Punjab, Madhya Pradesh, and northern India to ensure efficient logistics and nationwide reach. In addition: - Dedicated **Technology & R&D Center** in Turbe, Navi Mumbai, upgraded with application testing capabilities for wood adhesives and construction chemicals. - The R&D center supports innovation, product development, and testing for domestic and global market readiness. --- ### **Production Capacity** - **Total Annual Capacity:** 135,000 metric tons - **Mahacol RDP (Re-dispersible Polymer):** 12,000 MTPA – India’s largest capacity, fully operational and stabilized at the **Dahej plant**, making it a complete import substitute. - Used in dry-mix mortars (bonding, plastering, masonry, flooring, etc.) - Validates high performance and quality, with approvals from major players such as **Asian Paints** - Global RDP market expected to grow from USD 1.8 billion (2023) to USD 3.5 billion by 2030 (**CAGR: 7.1%**) --- ### **Product Portfolio & Brands** Nikhil Adhesives operates two core business segments: #### **1. Branded Consumer Products (B2C)** - **Key Brands:** MAHACOL, FORMISOL, EMDILITH, EMBRO, MAHAQUICK, MAHABOND - **Key Products:** - Woodworking adhesives: Mahacol Jalveer, Heatfit, PV Stick, Mica Special - Packaging, rubber, pressure-sensitive, and stationery adhesives - Masking tapes (MAHACOL & EMBRO branded) - **Recent Strategic Expansion:** Launch of **MAHAFIX**, a premium B2C brand for construction chemicals - Product range: Tile adhesives, waterproofing solutions, grouts, sealants, water repellents, repair chemicals, admixtures - Over **36 product offerings**, with **43 new products launched in FY24–25** and 10+ planned in FY25–26 - **Distribution Growth:** Achieved **160+ distributor partnerships** within 10 months; targeting **350 distributors by end-FY25–26** --- #### **2. Industrial Products (B2B)** - **Brands:** EMDILITH, EMDITEX, EMDICRYL, EMDIBIND - **Applications:** - Paint emulsions supplied to **Akzo Nobel, Asian Paints, Berger, DOW, BASF** - Textile printing and processing chemicals - Leather bonding and synthetic emulsions for automotive use - Long-term supply agreements with major industrial clients, including **Asian Paints** --- ### **Strategic Initiatives (2024–2026)** 1. **B2C Expansion:** - Scaling MAHAFIX brand through aggressive distribution, brand-building events, and sales force expansion - Focus on consumer premiumization and direct-to-trader engagement 2. **Market Diversification:** - Explore new **export markets** in Asia, Africa, and the Middle East - Currently exports to Nepal, Bangladesh, Sri Lanka, Taiwan, Philippines, Kenya (~2% of volume) 3. **Innovation & R&D:** - 10+ new products in development pipeline - Proprietary RDP technology developed in-house - Strengthened R&D with application testing labs for real-world performance validation 4. **Operational Excellence:** - Completed automation and **SAP implementation** for integrated planning and reduced costs - Ongoing modernization of Mehatpur, Tumkur, and Dahej facilities --- ### **Business Strengths** - **Market Leadership:** India’s largest producer of RDP, with limited competition and strong technological advantage - **Diversified Clientele:** Key global and domestic customers include **Asian Paints, Akzo Nobel, Berger, JSW, JK Cement, DOW, BASF** - **Integrated Value Chain:** From R&D and manufacturing to distribution and brand-building - **Import Substitution Champion:** Mahacol RDP reduces India’s dependence on RDP imports; aligned with **"Make in India"** vision - **Robust Distribution:** Pan-India network supported by 21+ depots and warehouse expansion - **Experienced Promoters:** Over 40 years of industry experience in specialty chemicals sector --- ### **Key Milestones Timeline** | Date | Milestone | |------------|---------| | **Sep 2024** | Launched new business (1% of volume sales); RDP project commissioned at Dahej; established state-of-the-art R&D center | | **Nov 2024** | 25 new products launched in H1 FY25; Mahafix secures 70+ distributors | | **Feb 2025** | 28 new construction chemical products launched; ₹6 crore capex committed; 120+ Mahafix distributors signed | | **May 2025** | MAHAFIX B2C launch; SAP implementation completed; new Independent Director appointed; B2C grows at 20% YoY; margin improvement achieved | | **Sep 2025** | Nationally recognized presence; upgraded R&D; automation in progress; Dahej RDP operations stabilized | | **Nov 2025** | Five manufacturing units operational; leadership under Umesh & Anita Sanghavi; focus on margin growth, digitalization, and distribution expansion | ---