Hindustan Adhesives Limited (HINDADH.BO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+204.9%

₹1,129.25

vs ₹370.40 price

Levered DCF

₹117.81

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	8.41×	11.57×	11.94×	20.59×	21.82×	6.78×	5.33×	16.09×
P/B	1.15×	1.95×	2.59×	1.68×	4.98×	1.37×	1.01×	1.3×
P/S	0.49×	0.63×	0.65×	0.31×	0.61×	0.28×	0.23×	0.28×
EV / EBITDA	6.23×	7.24×	7.32×	7×	9.36×	5.79×	5.99×	6.04×
Gross margin	32.1%	42.9%	27.6%	31.5%	14.6%	15.6%	12.8%	25.6%
Operating margin	9.4%	8.1%	28.8%	3.1%	4.9%	29.3%	3.7%	5.8%
Net margin	5.8%	5.4%	5.4%	1.5%	2.8%	4.1%	4.3%	1.7%
Current ratio	0.87×	1×	0.91×	1×	1.06×	1.16×	1.17×	1.08×
Debt / equity	1.12×	1.19×	0.91×	1.11×	1.47×	1.93×	2.03×	1.83×
Interest coverage	3.22×	3.76×	16.58×	1.48×	2.66×	10.33×	1.04×	1.47×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.7%	16.9%	21.7%	8.1%	22.8%	20.2%	19.0%	8.1%
Return on invested capital	7.7%	8.1%	46.0%	6.4%	10.8%	30.3%	5.2%	6.2%
Return on assets	5.2%	5.9%	8.7%	2.9%	6.2%	5.4%	5.2%	2.1%
Free cash flow yield	1.0%	-24.5%	0.9%	18.9%	3.6%	-29.9%	-37.5%	2.9%
Earnings yield	11.9%	8.6%	8.4%	4.9%	4.6%	14.7%	18.7%	6.2%
Enterprise value	₹2.5B	₹2.8B	₹2.6B	₹1.7B	₹3.5B	₹1.4B	₹1B	₹894.5M
Net debt / EBITDA	3.05×	2.64×	1.85×	2.76×	2.06×	3.32×	3.97×	3.46×
Cash conversion cycle (days)	104	101	46	42	50	76	69	71