SPEB Adhesives Ltd
Our company is engaged in the business of manufacturing solvent-based synthetic rubber adhesives. Within the synthetic rubber-based adhesive, we offer both solvent based and water-based adhesives. We primarily focus on in-house manufacturing of solvent-based adhesives, with water-based adhesives being produced on a contractual manufacturing basis. Within the solvent-based category, we primarily specialize in polychloroprene-based and SBS (styrene butadiene styrene) based adhesives, known for their high bonding strength, durability, and wide application range. Our product portfolio includes various products customized for industrial and retail applications, such as multi-purpose adhesives, spray-grade adhesives, premium bonding adhesives, Ducting and Insulation adhesives, woodworking adhesives, footwear-grade adhesives, and adhesives used in Generator Set. We follow a B2B business model, and our products are used in Hardware, Foam and Furnishing, Ducting and Insulation, Woodworking, Footwear, and Generator Set industries. To serve a diverse customer base, we operate through four major business channels, viz. Dealer-Distribution Network, Industrial Sales, Exports, and Government Supply Contracts.
Timeline
Subscription
Reports
Offer Details
Terms
Application Sizes
Managers & Registrar
Ownership & Proceeds
Offer for Sale
Shareholding
Objects of the Issue
- Part finance the cost of establishing new manufacturing facility to expand our production capabilities of Water based adhesives at Survey no. 120, 121/1 and 121/2,
- General corporate purposes (1)(2)
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 28 | 38 | 43 | 45 | 51 |
| Operating ProfitCr | 4 | 2 | 7 | 8 | 9 |
| OPM% | 13.0 | 6.2 | 15.3 | 17.5 | 17.9 |
| PBTCr | 3 | 2 | 7 | 8 | 9 |
| PATCr | 3 | 2 | 5 | 6 | 7 |
| EPS | 1 | 1 | 3 | 3 | 4 |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 0 | 0 | 0 | 18 | - |
| ReservesCr | 17 | 19 | 19 | 8 | - |
| BorrowingsCr | 0 | 0 | 0 | 0 | - |
| Total AssetsCr | 19 | 20 | 21 | 27 | - |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | -1 | 0 | 4 | -1 | 5 |
| Investing Cash FlowCr | 3 | 0 | 2 | 0 | -11 |
| Financing Cash FlowCr | -3 | 0 | -5 | 1 | 24 |
| Net Cash FlowCr | -1 | 1 | 1 | 0 | 18 |
Strengths & Risks
- Strong Financial Foundation for Future Growth.
- Diverse product portfolio.
- Consistent Delivery Through a Trusted Network.
- Experienced Promoters and senior management team.
- Expanding our product offerings and strategic diversification into water-based adhesive products to address evolving industrial and environmental demands.
- Establishing an online distribution channel through a dedicated mobile application to streamline product access and enhance customer engagement.
- Strengthening international presence by deepening market penetration across the GCC region.
- Strengthen relationships with our existing customers and expand customer base.
- The company depends on its Multipurpose Products category for a significant portion of the revenues (55.79%, 59.02%, 62.01%, and 64.75% of the revenue from operations for the period ended September 30, 2025 and Fiscal Year March 31, 2025, March 31, 2024, and March 31, 2023).
- The company relies on the availability of Toluene, Hexane, Synthetic Rubber and other raw materials, as well as third-party suppliers and manufacturers, for the uninterrupted supply of raw materials. Its do not have continuing or exclusive arrangements with any supplier, and the top 10 suppliers contribute to more than 76.74% of its total raw material and supply costs for the period ended September 30, 2025. The loss of key suppliers or delays in raw material deliveries could adversely impact the business, financial condition, results of operations, and cash flows.
- Our existing and proposed manufacturing facility situated in Maharashtra, which exposes us to regional risks and risks in relation to our manufacturing process. Any disruption, slowdown, or shutdown in our manufacturing operations could adversely affect our business, results of operations, financial condition and cash flows.
- Our revenues are highly dependent on customers primarily located in Maharashtra. Any decline economic health in Maharashtra could adversely affect our business, financial condition and results of operations.
- The Company dependent on third party transportation providers for delivery of raw materials to the company from its suppliers and delivery of the finished products to the customers. the company has not entered into any formal contracts with its transport providers and any failures on part of such service providers to meet their obligations could adversely affect its business, financial condition and results of operation.
- A majority of our revenue from operations is from our top 10 customers (which accounted for more than 39.39%, 38.14%, 36.61%, and 40.22% of our total revenue from operations for the period ended September 30, 2025, and Fiscal Year ended March 31, 2025, March 31, 2024, and March 31, 2023). Loss of any such customers or reduction in business or demand from such customers will have a significant adverse impact on our business and results of operation.