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HP Adhesives Q4 FY26 results: net loss of ₹2.37 crore vs ₹4.25 crore profit, revenue down 13.5%
HP Adhesives Limited reported consolidated revenue of ₹57.82 crore in Q4 FY26, down 13.5% from Q4 FY25, with a net loss of ₹2.37 crore compared with a net profit of ₹4.25 crore. EBITDA was negative at ₹3.76 crore and the EBITDA margin was -6.5%, against 8.6% in the year-ago quarter; FY26 revenue and profit were also lower than FY25.
Key points
- Q4 FY26 consolidated revenue was ₹57.82 crore, down 13.5% from ₹66.83 crore in Q4 FY25 and down 11.5% from ₹65.37 crore in Q3 FY26.
- The quarter recorded negative EBITDA of ₹3.76 crore and an EBITDA margin of -6.5%, compared with ₹5.77 crore and 8.6% in Q4 FY25.
- HP Adhesives reported a net loss of ₹2.37 crore and basic EPS of -₹0.26, against a net profit of ₹4.25 crore and EPS of ₹0.46 in Q4 FY25.
- For FY26, revenue was ₹249.28 crore, down 1.4%, while net profit was ₹6.98 crore, down 61.7% from FY25.
- Total assets were ₹232.11 crore and total equity was ₹187.75 crore as of 31 March 2026; FY26 operating cash flow was ₹7.08 crore.
How did HP Adhesives perform in Q4 FY26?
HP Adhesives reported consolidated revenue of ₹57.82 crore for Q4 FY26, against ₹66.83 crore in Q4 FY25 and ₹65.37 crore in Q3 FY26. EBITDA was negative ₹3.76 crore, compared with ₹5.77 crore a year earlier and ₹3.95 crore in the previous quarter; the EBITDA margin was -6.5%, compared with 8.6% and 6.0%, respectively.
The company reported a net loss of ₹2.37 crore for Q4 FY26, against a net profit of ₹4.25 crore in Q4 FY25 and ₹1.62 crore in Q3 FY26. Basic EPS was -₹0.26, compared with ₹0.46 in the year-ago quarter and ₹0.18 in the previous quarter. On a standalone basis, revenue was ₹57.7 crore and the company reported a net loss of ₹2.39 crore.
| ₹ crore | Q4 FY26 | Q3 FY26 | Q4 FY25 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 57.82 | 65.37 | 66.83 | −13.5% | −11.5% |
| Other income | 0.73 | 0.93 | 1.53 | −52.3% | −21.5% |
| Total expenses | 63.79 | 63.57 | 62.90 | +1.4% | +0.3% |
| EBITDA | −3.76 | 3.95 | 5.77 | turned to loss | turned to loss |
| EBITDA margin | -6.5% | 6.0% | 8.6% | −15.1 pp | −12.5 pp |
| Profit before tax | −5.24 | 2.24 | 5.45 | turned to loss | turned to loss |
| Tax | −2.86 | 0.62 | 1.20 | ||
| Net profit | −2.37 | 1.62 | 4.25 | turned to loss | turned to loss |
| EPS (₹) | −0.26 | 0.18 | 0.46 | turned to loss | turned to loss |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in HP Adhesives' costs and profit?
Total expenses were ₹63.79 crore in Q4 FY26, up from ₹62.90 crore in Q4 FY25 and ₹63.57 crore in Q3 FY26. Cost of materials fell to ₹27.11 crore from ₹34.10 crore a year earlier, while employee cost rose to ₹10.43 crore from ₹9.22 crore, finance costs rose to ₹0.75 crore from ₹0.59 crore and depreciation rose to ₹1.46 crore from ₹1.25 crore. Other expenses increased to ₹13.15 crore from ₹9.94 crore.
Other income fell to ₹0.73 crore in Q4 FY26 from ₹1.53 crore in Q4 FY25. The year-ago quarter had no exceptional item, while Q3 FY26 included a ₹0.49 crore exceptional charge. The tax line moved to a ₹2.86 crore benefit from ₹1.20 crore of tax in Q4 FY25, while profit before tax moved to a loss of ₹5.24 crore from ₹5.45 crore.
| ₹ crore | Q4 FY26 | Q4 FY25 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 27.11 | 34.10 | −6.99 | −20.5% |
| Employee cost | 10.43 | 9.22 | +1.21 | +13.1% |
| Finance costs | 0.75 | 0.59 | +0.16 | +27.1% |
| Depreciation | 1.46 | 1.25 | +0.21 | +16.8% |
| Other expenses | 13.15 | 9.94 | +3.21 | +32.3% |
| Total expenses | 63.79 | 62.90 | +0.89 | +1.4% |
| Other income | 0.73 | 1.53 | −0.80 | −52.3% |
| Tax | −2.86 | 1.20 | −4.06 |
Source: Company's results filing (XBRL).
How did HP Adhesives do in FY26 as a whole?
For FY26, HP Adhesives reported consolidated revenue of ₹249.28 crore, compared with ₹252.87 crore in FY25. Total income was ₹252.87 crore against ₹257.45 crore, while profit before tax fell to ₹7.38 crore from ₹23.73 crore and net profit fell to ₹6.98 crore from ₹18.24 crore. Basic EPS was ₹0.76 against ₹1.99.
| ₹ crore | FY26 | FY25 | Change |
|---|---|---|---|
| Revenue from operations | 249.28 | 252.87 | −1.4% |
| Profit before tax | 7.38 | 23.73 | −68.9% |
| Net profit | 6.98 | 18.24 | −61.7% |
| EPS (₹) | 0.76 | 1.99 | −61.8% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 31 March 2026, total assets were ₹232.11 crore, compared with ₹232.04 crore as of 30 September 2025. Total equity was ₹187.75 crore against ₹188.48 crore, borrowings were ₹3.26 crore against ₹0.84 crore and cash was ₹0.89 crore against ₹2.44 crore. Inventories were ₹50.5 crore, trade receivables ₹37.26 crore and trade payables ₹27.65 crore.
For the full year, net cash flow from operating activities was ₹7.08 crore in FY26, compared with ₹9.94 crore in FY25. Net cash flow from investing activities was negative ₹1.55 crore against negative ₹9.11 crore, and net cash flow from financing activities was negative ₹7.78 crore against ₹1.52 crore. Capital expenditure was ₹12.84 crore, compared with ₹14.03 crore.
| ₹ crore | As of 31 March 2026 | As of 30 September 2025 |
|---|---|---|
| Total assets | 232.11 | 232.04 |
| Total equity | 187.75 | 188.48 |
| Borrowings | 3.26 | 0.84 |
| Cash and equivalents | 0.89 | 2.44 |
| Inventories | 50.50 | 57.32 |
| Trade receivables | 37.26 | 41.59 |
Source: Company's results filing (XBRL).
| ₹ crore | FY26 | FY25 |
|---|---|---|
| Cash from operations | 7.08 | 9.94 |
| Cash from investing | −1.55 | −9.11 |
| Cash from financing | −7.78 | 1.52 |
| Capital expenditure | 12.84 | 14.03 |
Source: Company's results filing (XBRL).
How has HP Adhesives done over the last 8 quarters?
HP Adhesives’ quarterly revenue peaked at ₹66.83 crore in Q4 FY25 and fell to ₹57.82 crore in Q4 FY26, the lowest level in the period shown. Revenue had also been lower in Q1 FY26 and Q2 FY26 before rising to ₹65.37 crore in Q3 FY26.
Net profit moved from ₹4.25 crore in Q4 FY25 to ₹4.19 crore in Q1 FY26, ₹3.53 crore in Q2 FY26, ₹1.62 crore in Q3 FY26 and a net loss of ₹2.37 crore in Q4 FY26. EBITDA margin fell from 12.5% in Q1 FY25 to 6.0% in Q3 FY26 and -6.5% in Q4 FY26.
What else did the company announce?
The board approved the audited standalone and consolidated financial results for the quarter and financial year ended 31 March 2026, along with the statement of assets and liabilities and the cash flow statement. It also recommended a final dividend of ₹0.40 (20%) per fully paid-up equity share of ₹2 each, subject to shareholder approval at the ensuing AGM. The trading window for designated persons and their immediate relatives was to open from 15 May 2026. A corrigendum filed on 13 May 2026 corrected the survey number for the 17 January 2026 fire incident to Survey no. 7/14.
What did the auditors point out?
The statutory auditors, Priya Choudhary & Associates LLP, issued an audit report with an unmodified opinion on the audited consolidated financial results for the quarter and year ended 31 March 2026. Their report states that the consolidated financial results give a true and fair view in conformity with applicable Indian accounting standards and generally accepted accounting principles in India.
The auditor’s report identifies an emphasis-of-matter signal in the filing and discusses the responsibility of the respective boards of directors to assess the Group’s ability to continue as a going concern, disclose applicable going-concern matters and use the going-concern basis of accounting unless liquidation or cessation of operations is intended or there is no realistic alternative. It also states that the auditors’ objective is to obtain reasonable assurance about whether the statement is free from material misstatement.
How did HP Adhesives shares react?
After the filing, HP Adhesives’ stock moved down 1.1% after 5 minutes, 3.1% after 15 minutes and 2.7% after 30 minutes from the price when the filing appeared. The reaction-day close was 11.1% lower than the previous close; by the next day’s close, the stock was 13.8% lower from the pre-results close, and by five sessions later it was 19.4% lower.
The Specialty Chemicals industry median move was -0.1% on the reaction day, 0.8% by the next day and -0.0% by five days. HP Adhesives’ excess movement was -11.0 percentage points on the reaction day, -14.7 percentage points by the next day and -19.4 percentage points by five days. Earlier reaction-day moves were -4.5% on 10 April 2026, -6.3% on 12 February 2026, -1.7% on 12 November 2025 and -3.5% on 8 August 2025.
| After the filing | Stock | Specialty Chemicals median |
|---|---|---|
| 5 minutes | −1.1% | |
| 15 minutes | −3.1% | |
| 30 minutes | −2.7% | |
| Reaction day | −11.1% | −0.1% |
| Next day | −13.8% | +0.8% |
| 5 days | −19.4% | −0.0% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 10 April 2026 | −4.5% |
| 12 February 2026 | −6.3% |
| 12 November 2025 | −1.7% |
| 8 August 2025 | −3.5% |
| 13 May 2025 | −1.6% |
| 12 February 2025 | −2.6% |
| 13 November 2024 | −4.1% |
| 12 August 2024 | −1.8% |
Source: MarketPing price-reaction measurement.
How did other Specialty Chemicals companies do?
Of the 95 Specialty Chemicals companies compared, the median revenue growth was 12.1%. HP Adhesives’ revenue grew more slowly than 88 peers and faster than 7 peers; the comparison does not include HP Adhesives itself. Among the 90 peers for which profit was compared, 65 reported higher profit.
| HP Adhesives revenue growth (YoY) | −13.5% |
|---|---|
| Median of 95 other Specialty Chemicals companies | +12.1% |
| Companies with slower revenue growth than HP Adhesives | 7 of 95 |
| Companies with faster revenue growth than HP Adhesives | 88 of 95 |
| Companies whose net profit rose | 65 of 90 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was HP Adhesives' revenue in Q4 FY26?
Revenue from operations was ₹57.82 crore, down 13.5% from ₹66.83 crore in Q4 FY25 (consolidated).
Did HP Adhesives make a profit in Q4 FY26?
No. It reported a net loss of ₹2.37 crore, against a net profit of ₹4.25 crore in Q4 FY25.
What was HP Adhesives' EPS in Q4 FY26?
Basic loss per share was ₹0.26, against ₹0.46 in Q4 FY25.
How did HP Adhesives shares react to the Q4 FY26 results?
On the reaction day the stock moved −11.1% from the previous close; the median Specialty Chemicals stock moved −0.1%.
When did HP Adhesives announce its Q4 FY26 results?
On 12 May 2026, in a filing to the BSE.
Sources
- Reply to Clarification- Financial results (NSE, 10 April 2026) · PDF
- Board Meeting Intimation for Meeting Scheduled To Be Held On Tuesday, 12Th May, 2026. (BSE, 6 May 2026) · PDF
- Updates (NSE, 6 May 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Held On 12-05-2026 (BSE, 12 May 2026) · PDF
- Corporate Action-Board approves Dividend (BSE, 12 May 2026) · PDF
- Outcome of Board Meeting (NSE, 12 May 2026) · PDF
- Dividend (NSE, 12 May 2026) · PDF
- Corrigendum. (BSE, 13 May 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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