The Exchange had sought clarification from HP Adhesives Limited for the quarter ended 30-Sep-2024 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company was required to clarify the following: The response of the Company is enclosed.

Revenue declinedNet loss reportedEBITDA margin compressionResults View source PDF Explain this filing

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Price reactionminutes from the announcement price · days from the prior close

-4.5%Reaction day

₹36.80

prior close

₹34.60

announcement price

After-mkt

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Nifty Microcap 250market · in no size index; the smallest one is used-0.0%-4.4% vs market

Specialty Chemicals peers, median of 88sector-0.2%-4.2% vs sector

On the reaction day the stock moved 4.4 pts less than Nifty Microcap 250 and 4.2 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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Reaction day

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Next day

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AI summary

HP Adhesives has replied to NSE's clarification request by submitting its Unaudited Consolidated Cash Flow Statement for the half year ended 30 September 2024. This is the company's first ever consolidated cash flow filing because its wholly-owned subsidiary Unitybond Solutions Private Limited was incorporated on 11 April 2024, so the prior-period (Sep 2023) figures are standalone-only and not strictly comparable. Net profit before tax stood at ₹1,246.54 lakhs vs ₹1,294.95 lakhs in the prior period (a mild ~3.7% dip). Net cash from operating activities fell sharply to ₹464.57 lakhs from ₹846.30 lakhs, mainly due to higher working capital outflows (larger trade receivables and inventory build-up). CapEx was lower at ₹474.38 lakhs (vs ₹710.59 lakhs), and the company paid dividends of ₹275.32 lakhs during the period (nil in the prior period). Net cash position improved to ₹183.76 lakhs from ₹77.91 lakhs at the start of the year.

Likely market impact

This is a procedural compliance filing rather than a business update, so the direct stock impact is limited. However, the noticeable 45% drop in operating cash flow despite stable profitability signals tighter working capital and is worth monitoring. Investors should also note that future consolidated numbers will not be directly comparable with historical standalone figures.

By the numbersConsolidated · Q4 FY26 vs Q4 FY25

	Q4 FY26	Q4 FY25	Change
Revenue	₹57.82 Cr	₹66.83 Cr	−13.5%
Operating profit	−₹5.97 Cr	₹3.92 Cr	−252.1%
Profit after tax	−₹2.37 Cr	₹4.25 Cr	−155.8%
EBITDA margin	-6.5%	8.6%	−15.1 pp

From the company's XBRL filing, not from the text above. Operating profit = profit before tax − exceptional items − other income. EBITDA = profit before tax + finance costs + depreciation − other income.