HP Adhesives Q2 FY26: revenue up 10%, PAT falls 15% on higher costs
HPAL · price
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On the reaction day the stock moved 1.6 pts less than Nifty Microcap 250 and 1.4 pts less than its Specialty Chemicals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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HP Adhesives Q2 FY26 consolidated revenue rose 10.4% YoY to Rs 65.06 cr; H1 FY26 revenue grew 9.8% to Rs 131.17 cr. Q2 PAT fell 15.3% to Rs 3.53 cr and H1 PAT declined 21% to Rs 7.73 cr on higher employee and other expenses. H1 EPS at Rs 0.84 vs Rs 1.06. Exceptional item of Rs 32.34 lakh booked for GST demand. Operating cash flow stayed healthy at Rs 10.97 cr in H1.
Mixed quarter: topline growth but margins compressed. GST dispute adds uncertainty. Low debt and clean auditor review are positives.