- POSITIVE
Annual Revenue Speb Adhesives Mar-2026 Annual Revenue is Rs 51 Cr which is growth of 13.0% YoY.
- POSITIVE
Annual Net Profit Speb Adhesives Mar-2026 Annual Net Profit is Rs 7 Cr which is growth of 16.5% YoY.
Speb Adhesives was incorporated on November 7, 1990. The company manufactures solvent-based synthetic rubber adhesives and also offers water-based variants through contract manufacturing. Its portfolio includes polychloroprene- and SBS-based adhesives used across industries such as hardware, foam and furnishing, ducting and insulation, woodworking, footwear, and generator sets, supplied through dealer networks, industrial sales, and government contracts
| Bidding Dates |
|---|
| 01 Dec 2025 - 03 Dec 2025 |
| Subscription |
|---|
| 2.18x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹208,000 | 2 | 2 | 2000 | 6.0 M | ₹52 - ₹56 | 73.18 % | ₹313.2 M - ₹337.3 M | RHP DOC |
Speb Adhesives IPO SUBSCRIPTION STATUS
03 Dec '25Total2.18x
Retail Individual Investor2.18x
HNI (NII) Investors5.92x
Qualified Institutional Buyers1.05x
Speb Adhesives IPO overall subscription rate was 2.18 times the total available shares
Speb Adhesives IPO retail subscription rate was 2.18 times in the retail segment
Speb Adhesives IPO non-institutional investor subscription rate was 5.92 times in the non-institutional investor category
Speb Adhesives IPO Qualified Institutional Bidder subscription rate was 1.05 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
03 Dec 2025 (Day 3) | 2.18x | 5.92x | 1.05x |
02 Dec 2025 (Day 2) | 0.44x | 1.82x | 0.25x |
01 Dec 2025 (Day 1) | 0.2x | 0.98x | - |
Speb Adhesives FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| H1FY26 | 24.7 | 3.7 | -0.1 | -1.9 | 19.7% |
| FY25 | 44.8 | 5.9 | -0.9 | -1.3 | 17.5% |
| FY24 | 42.6 | 4.9 | 3.9 | 2.6 | 15.3% |
| FY23 | 38.4 | 1.8 | 0.4 | 0.4 | 6.3% |
Speb Adhesives IPO SUBSCRIPTION STATUS DETAILS
Speb Adhesives had 6.0 M shares on offer
Speb Adhesives IPO offer price was in the range ₹52 - ₹56
Speb Adhesives IPO minimum Investment was ₹208000
Speb Adhesives IPO issue size was ₹ 313.2 M - ₹ 337.3 M
Speb Adhesives had a minimum lot size of 2000 Shares per application
Speb Adhesives NUMBER OF SHARES ON OFFER
Total6.0 M
Fresh Issue4.9 M
Offer for Sale1.2 M
Post Issue Promoter Holding %73.18 %
Speb Adhesives IPO IMPORTANT DATES
| Issue Open Date | 01 Dec 2025 |
| Issue close Date | 03 Dec 2025 |
| Allotment Date | 04 Dec 2025 |
| Refund Date | 05 Dec 2025 |
| Demat Account Credit Date | 05 Dec 2025 |
| Listing Date | 08 Dec 2025 |
| Listing on Exchange(s) | NSE |
| Speb Adhesives Allotment Status | Exchange/ Registrar |
Speb Adhesives IPO subscription opened on 01 Dec 2025, and closed on 03 Dec 2025
IPO allotment for Speb Adhesives was finalized on Thursday, 04 Dec 2025
IPO listing for Speb Adhesives was on NSE on Monday, 08 Dec 2025
Speb Adhesives IPO LISTING GAINS
| Issue Price (adjusted) | 56.0 |
| Listing Open Price | 60.0 |
| Listing Close Price | 57.0 |
| Listing Gain% | 7.1% |
| Current Gain% | 62.5% |
Speb Adhesives Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Speb Adhesives Ltd. | 91 | 204.4 | 29.8 | 1.8 | 4 | 12.3 | 11.8 | 51.4 | 13 | 6.9 | 16.5 | 3.1 | 16.5 |
| Pidilite Industries Ltd. | 1588.1 | 161754.4 | 61.1 | 2.9 | 10.5 | 22.6 | 15.9 | 14867 | 11.1 | 2448.9 | 17.9 | 26 | 21.4 |
| SRF Ltd. | 2550 | 75588.3 | 35 | 0.7 | 4.4 | 13.1 | 7.6 | 15893.6 | 7.2 | 1835.2 | 46.7 | 72.9 | 51.1 |
| Gujarat Fluorochemicals Ltd. | 4476.4 | 49173.3 | 80 | -71 | 9.3 | 7.3 | 4.8 | 5126.3 | 5.6 | 577.4 | 5.7 | 56 | -1.1 |
| Himadri Speciality Chemical Ltd. | 667.8 | 33692.9 | 42.2 | 1.4 | 6.8 | 16 | 11.9 | 4832 | 3.6 | 751.3 | 35.2 | 15.8 | 30 |
| Aether Industries Ltd. | 1648.2 | 21876.2 | 93 | 2.7 | 17.9 | 8.9 | 6.8 | 1181.1 | 34.2 | 219.5 | 38.5 | 17.7 | 34 |
Annual
Balance Sheet
Ratios
Cash Flow
Speb Adhesives annual results: revenue, profit, P&L, and margins as of Mar 2026 – 11 year history
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| Indicator | Graph | CAGR 3 Yrs | Mar '26 | Mar '25 | Mar '24 | Mar '23 |
|---|---|---|---|---|---|---|
9.8% | 51.4 | 45.5 | 43.2 | 38.8 | ||
Operating Exp. Ann. | 4.9% | 41.5 | 37 | 36.1 | 36 | |
Operating Profit Ann. | 55.4% | 9 | 7.8 | 6.5 | 2.4 | |
OPM Ann. % | 41.1% | 17.57% | 17.18% | 15.11% | 6.25% | |
5.1% | 42.2 | 37.4 | 36.6 | 36.3 | ||
EBITDA Ann. | 52.3% | 9.9 | 8.6 | 7.1 | 2.8 | |
EBITDA Ann. margin % | 38% | 19.27% | 18.82% | 16.49% | 7.33% | |
Interest Ann. | - | |||||
Depr. | 26% | 0.6 | 0.4 | 0.5 | 0.3 | |
PBT Ann. | 54.9% | 9.3 | 8.1 | 6.6 | 2.5 | |
Tax Ann. | 50.8% | 2.4 | 2.2 | 1.7 | 0.7 | |
56.5% | 6.9 | 5.9 | 4.9 | 1.8 | ||
Net Profit Ann. | 56.5% | 6.9 | 5.9 | 4.9 | 1.8 | |
NPM Ann. % | 41.7% | 13.57% | 13.15% | 11.58% | 4.77% | |
EPS Adj. latest Ann. | 57.1% | 3.1 | 2.6 | 2.2 | 0.8 |
*All financials are in INR Cr and price data in INR
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Total Rev. Ann.
1Y CHG
13%
2Y CAGR
9.1%
3Y CAGR
9.8%
Net Profit Ann.
1Y CHG
16.9%
2Y CAGR
18.7%
3Y CAGR
56.5%
Operating Exp. Ann.
1Y CHG
12.2%
2Y CAGR
7.2%
3Y CAGR
4.9%
Speb Adhesives INFORMATION ON IPO ISSUE
About Speb Adhesives
Speb Adhesives was incorporated on November 7, 1990. The company manufactures solvent-based synthetic rubber adhesives and also offers water-based variants through contract manufacturing. Its portfolio includes polychloroprene- and SBS-based adhesives used across industries such as hardware, foam and furnishing, ducting and insulation, woodworking, footwear, and generator sets, supplied through dealer networks, industrial sales, and government contracts
Object of the Issue
- Part-finance the cost of establishing a new manufacturing facility to expand their production capabilities of water-based adhesives at Raigad,
- General corporate purposes
Speb Adhesives - PROMOTERS
| Name |
|---|
| Kirtikumar Vithlani |
| Gaurav Vithlani |
| Harish Vithlani |
| Bhaumik Vithlani |
Speb Adhesives - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Gaurav Vithlani | Managing Director |
| Kirtikumar Vithlani | Chairman & Whole Time Director |
| Harish Vithlani | Executive Director |
| Bhaumik Vithlani | Executive Director |
| Chirag Shah | Non- Executive Independent Director |
| Dhaval Mehta | Non- Executive Independent Director |
| Kajal Pandya | Non- Executive Independent Director |
| Sartaj Singh | Non- Executive Independent Director |
Speb Adhesives Lead Manager to the issue
Unistone Capital Private Limited
mb@unistonecapital.com
Speb Adhesives Registrar to the issue
MUFG Intime India Private Limited
spebadhesives.ipo@in.mpms.mufg.com
Speb Adhesives Strengths
Diverse product portfolio
The company offers a broad range of adhesives across sectors such as hardware, foam and furnishing, ducting, insulation, woodworking, footwear, and generator sets, with SKUs from 10 ml to 30 litres and a new 200 kg option. This diversification helps serve customers of all scales, reduces dependence on any single product segment, and strengthens customer relationships through one-stop sourcing
Strength
Delivery through a trusted network
The company serves multiple industries—Hardware, Foam and Furnishing, Ducting and Insulation, Woodworking, Footwear, and Generator Sets—through specialised adhesive solutions, supported by dealer-retailer networks that also enable access to the D2R segment in Maharashtra. With over 380 active clients and more than 400 repeat customers annually, the company benefits from strong long-term relationships and a stable, trust-driven revenue base
Strength
Speb Adhesives Risks
Customer payments risks
Delays in customer payments or defaults may negatively impact the company’s profitability and cash flows, as its operations depend on the timely collection of receivables. Inaccurate assessment of customer creditworthiness, changes in payment behaviour, or failure to meet contractual obligations could increase receivables and disrupt cash flow
Risk
Expansion risks
Expanding into the water-based adhesives segment may expose the company to new operational, technical, and market risks, as it has no prior experience in manufacturing these products. Any inability to manage this transition or compete effectively could impact existing operations, hinder revenue growth, and affect the recovery of the planned investment
Risk
Competition
The company faces intense competition for skilled professionals, and its success depends on attracting and retaining key talent. Failure to do so could limit project execution, hinder business growth, and negatively impact revenue and profitability
Risk
IPO FAQs
This IPO consists of an offer for sale of up to Rs 6.6 crore, of 1,170,000 shares. It also consists of a fresh issue of Rs 27.2 crore.
The promoters of the company are Kirtikumar Vithlani, Gaurav Vithlani, Harish Vithlani and Bhaumik Vithlani.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 52.0 - 56.0.
The IPO application opens on Dec 01, 2025 and closes on Dec 03, 2025.
The minimum lot size for the IPO is 4000. The maximum lot size for the IPO is 4000.
For all category investors, the minimum application amount for this IPO is Rs. 208,000.0, the maximum value for this IPO is Rs 224,000.0.
This IPO will be allotted on Dec 04, 2025.
The refund will be credited to your account on Dec 05, 2025.
The allotted shares will be credited to your demat on Dec 05, 2025.
Speb Adhesives Ltd.’s shares listed on the stock exchanges on Dec 08, 2025.