- **HP Adhesives began in a 300-square-foot garage, when a husband-and-wife team with no chemical-industry background started mixing solvent cement for plastic pipes - and over four decades turned that single product into a branded portfolio of adhesives, sealants, and ancillary products that now reaches over 100,000 dealers across India.** The company’s recurring approach has been to spot a gap in the Indian market for a specialty chemical product, develop it in-house - often achieving industry firsts like the world’s first non-American NSF-certified solvent cement - and then push it through an ever-widening distribution network that puts the product in front of plumbers, carpenters, and hardware stores in 27 states. That same playbook, repeated across categories from PVC cement to silicone sealants to spray paints, is what explains the business today. # Business segments A single consumer-adhesives platform built around one flagship product line, with four adjacent categories that share the same distribution engine and manufacturing backbone. ## 1. Solvent cement: the original anchor that still pays the bills **The company has made PVC pipe glue since day one, and it remains the largest revenue driver - a product where HP Adhesives holds a genuine technical edge as the first non-American manufacturer to earn NSF certification.** - **The product that started it all** - solvent cement for joining PVC, CPVC, and uPVC pipes has been manufactured since the company’s founding in 1987, and it still accounted for just over half of total revenue in the most recent year. - **A certification moat** - in 2011, the company became the first solvent-cement maker outside the United States to receive NSF certification, a quality standard that matters to plumbing specifiers and gives the product credibility that smaller local competitors cannot easily match. - **Over 200 ways to buy it** - the portfolio spans more than 200 SKUs, from tiny 10-millilitre tubes for household repairs all the way up to 5,000-litre cans for industrial users, covering regular, medium, and heavy-duty formulations. - **Tied to the pipe market** - demand for solvent cement moves in lockstep with India’s PVC and CPVC pipe industry, meaning every new building, irrigation project, or plumbing retrofit creates a fresh need for the product. ## 2. Silicone and other sealants: the second leg, built from scratch in four years **The company only started making silicone sealants in 2019, yet the category already contributes nearly a fifth of revenue - and management believes it can become a leading player.** - **A fast follower in sealants** - manufacturing began in 2019, and within four years the company had carved out what it calls an “enviable position” in the Indian silicone sealant market, selling under the Strong Seal brand. - **From bathrooms to bus bodies** - the range covers general-purpose gap-filling for doors and windows, weather sealants, aquarium-grade silicone, heat-resistant variants, and even MS Polymer sealants for high-end construction and bus-body applications. - **DIY repair in a stick** - under the StrongTite brand, the company also sells epoxy putty in general-purpose, sanitary, and rapid-setting versions, aimed at households and plumbers doing quick repairs on leaking pipes or cracked surfaces. ## 3. Contact and PVA adhesives: the woodworking and footwear glue **These are the adhesives that hold furniture, shoes, and car interiors together - a smaller but established category where the company has been manufacturing since 2018.** - **Two chemistries, one brand** - contact adhesives (synthetic rubber-based) and PVA adhesives (water-based white glue for wood) are both sold under the Strong Fix brand and together brought in just under 8% of revenue in the latest year. - **Sprayable and brushable** - contact adhesives come in forms that can be sprayed or brushed on, serving industries as varied as furniture-making, footwear manufacturing, PVC flooring installation, and automotive upholstery. - **The carpenter’s staple** - PVA adhesives are the standard water-based glue used in woodworking and carpentry shops, a product that every furniture manufacturer buys routinely. ## 4. Ball valves and tapes: the complementary basket sold alongside the core **These are not made in-house - they are outsourced to the company’s specifications and sold under its own brand, riding on the same distributor relationships that carry the adhesives.** - **Bought, not built** - ball valves and PTFE tapes are manufactured by third parties to HP Adhesives’ specifications, then branded and sold through the same network of over 1,575 distributors, adding revenue without adding factory complexity. - **Plumbing-adjacent products** - the ball valves act as shut-off controls in PVC and CPVC plumbing systems, while the tapes include PTFE thread-seal tape for pipe joints and masking tape for painting and carpentry work. - **A meaningful slice** - together, ball valves and tapes accounted for nearly 15% of total revenue in the most recent year, making them more than just an afterthought. ## 5. Newer products: spray paints, cyanoacrylates, and the innovation pipeline **A collection of recently launched categories - fast-drying spray paints, instant-bonding super glues, and epoxy putty - that together represent the company’s bet on expanding the household and DIY range.** - **Spray paints for everyone** - multi-purpose, fast-drying aerosol paints designed for both indoor and outdoor use on a wide variety of surfaces, aimed at the home-improvement and small-repair market. - **Super glue under a new brand** - cyanoacrylates are sold as STRONG ‘n’ QUIK, with a regular grade for everyday fastening and an industrial grade for bonding metals, rubber, and plastics, in a solvent-free single-component system. - **Small today, seeded for tomorrow** - these newer categories together contributed 3.6% of revenue in the latest year, with epoxy putty having been launched only in mid-2023. # Distribution engine **A pan-India network of over 1,575 distributors reaching more than 100,000 dealers is the shared backbone that carries every product category to market - and a 300-strong sales team keeps it fed.** - **The plumber is the customer** - the sales team runs incentive programmes, gifts, and live demonstration events targeted directly at the end users: plumbers, carpenters, masons, and glazing contractors who ultimately decide which brand to pick up. - **Exports to 18 countries** - international sales go through distributors and large direct customers, with the company actively participating in trade shows and exploring private-label deals in specific geographies. - **Institutional ties that last** - a separate institutional channel supplies solvent cement directly to large pipe manufacturers, with some customer relationships stretching back more than a decade. # Manufacturing backbone **Two plants on a single industrial estate near Mumbai, with roughly 16,800 tonnes of annual capacity, a captive solar project in the works, and a track record of pioneering product categories in India.** - **Khalapur, close to the port** - both manufacturing units sit in Khalapur taluka, Raigad district, about 55 kilometres from JNPT Port, where imported raw materials arrive and export shipments depart. - **Split by chemistry** - Unit I handles solvent cement, contact adhesives, and PVA adhesives using blenders, mixers, and filling lines; Unit II, a G+3 structure, is dedicated to silicone sealants. - **In-house R&D that delivered firsts** - the company’s research capability has produced what it calls category firsts in India, including silicone sealants and synthetic rubber adhesives, often adapting international technologies for local manufacture. - **A fire and a response** - a fire at the main facility in January 2026 damaged property and inventory, temporarily disrupting solvent-cement production, but the company activated standby production in an adjoining building and other mitigation measures. # Group structure and partners **A family-promoted public company with a newly formed wholly owned subsidiary, no joint ventures, and promoter holdings unchanged at just over 71%.** - **The Motwani family at the helm** - the Board has three promoter-family executive directors: the founder Anjana Motwani as Chairperson, her son Karan as Managing Director, and her daughter Nidhi as Executive Director, alongside three independent directors. - **A subsidiary for future growth** - Unitybond Solutions Private Limited was incorporated in April 2024 as a wholly owned subsidiary, created to expand manufacturing, trading, and distribution of adhesives and sealants, with HP Adhesives investing a total of just over Rs 2 crore across two tranches of share subscriptions. - **No associates, no joint ventures** - the group structure is deliberately simple: one listed parent and one subsidiary, with banking relationships through IndusInd Bank and ICICI Bank.