Hindustan Adhesives Limited (BSE Listed | ISIN: INE074C01013)
Source: Hindustan Adhesives Limited Annual Report FY 2025-26 (Fiscal Year Ended March 31, 2026)
📋 Quick Facts: Company Snapshot
| Attribute | Disclosed Detail |
|---|---|
| Official Company Name | Hindustan Adhesives Limited |
| Corporate Identity Number (CIN) | L74899DL1988PLC031191 |
| International Securities Identification Number (ISIN) | INE074C01013 |
| Stock Exchange Listing | BSE Limited (BSE Code Listed) |
| Date of Incorporation & Production Commencement | Incorporated 1988 | Commercial Production Commenced June 8, 1988 |
| Founder & Promoter Leadership | Mr. Madhusudan Bagla (Managing Director & Founder) |
| Registered Office | B-2/8, Safdarjung Enclave, New Delhi – 110029, India |
| Investor Relations & Contact Email | Naresh.khandelwal@bagla-group.com |
| Managing Director & Key Executives | Mr. Madhusudan Bagla (MD), Mrs. Urmila Goenka (WTD), Mr. Ashok Kumar Pathak (WTD) |
| Chief Financial Officer (CFO) & Company Secretary (CS) | Mr. Nakul Bagla (CFO), Mr. Amit Kumar Jha (CS & Compliance Officer) |
| Promoter Group & Controlling Family | Bagla Family (Madhusudan Bagla, Anju Bagla, Nakul Bagla, Dhruv Bagla, M.S. Bagla HUF) |
| Industry & Sector Classification | Packaging Materials, Specialty Adhesive Coated Products & Self-Adhesive Tapes |
| Permanent On-Roll Employee Workforce | 266 Permanent Employees (as of March 31, 2026) |
| Manufacturing Facilities & Footprint | 4 Units: Dadri (UP), Mundra (Gujarat), Howrah (West Bengal), Roorkee (Uttarakhand – Destroyed in Fire) + Overseas Subsidiary Facility in Surabaya, Indonesia |
| Statutory Auditors | M/s. Salarpuria & Partners, Chartered Accountants (FRN: 302113E) |
| Registrar and Share Transfer Agent (RTA) | MUFG Intime India Private Limited (Formerly Link Intime India Private Limited) |
🏢 The Corporate Identity: Who They Are & Where They Came From
The Big Picture
Hindustan Adhesives Limited is a pioneer and integrated producer of carton sealing tapes and specialty adhesive coated products in India. Established in 1988, the company has grown from a domestic coating facility into a multi-locational, export-driven packaging material manufacturer equipped with both acrylic emulsion-based coating and hot-melt adhesive technologies. Operating under the broader Bagla Group umbrella, the enterprise manufactures Biaxially Oriented Polypropylene (BOPP) self-adhesive tapes, tear tapes, tamper-evident tapes, filament tapes, carry handle tapes, and specialty barrier films supplied to multinational corporations and industrial packagers globally.
The company maintains a strong global footprint, generating a substantial portion of its operating revenue through international shipments across major continents. With backwards-integrated capabilities spanning in-house adhesive synthesis, paper core manufacturing, carton converting, high-speed slitting, spooling, and advanced flexographic printing, Hindustan Adhesives Limited serves as an import-substitute supplier and preferred vendor for primary and secondary packaging applications.
The Founders, Promoters & Their Legacy
The enterprise was founded by Mr. Madhusudan Bagla, a visionary entrepreneur who pioneered self-adhesive water-based carton sealing tape manufacturing in India. In 1988, Mr. Bagla co-established Hindustan Adhesives Limited, overseeing its initial operational setup, market expansion, and public listing at a premium in 1994. Under his leadership, the company achieved recognition from the Plastics Export Promotion Council (PLEXCONCIL), receiving awards as a top exporter in the plastics industry sector.
Over the decades, the promoter group has expanded its entrepreneurial presence across related manufacturing and wellness domains. In 2010, Mr. Madhusudan Bagla led the establishment of Bagla Polifilms Limited to manufacture high-quality polyolefin shrink film, utilizing specialized cross-linked electron beam (E-Beam) technology. In 2014, he founded Bagla Wellness Private Limited to establish “i-fitness” health centers equipped with advanced training systems. Within Hindustan Adhesives Limited, key family members—including Mrs. Anju Bagla (Sales Export Manager), Mr. Nakul Bagla (Chief Financial Officer), and Mrs. Surbhi Bagla (Export Sales Manager – USA)—actively manage corporate governance, international business development, and operational oversight.
The Journey: History & Evolution
Hindustan Adhesives Limited launched commercial operations on June 8, 1988, introducing automated acrylic adhesive coating equipment to serve India’s expanding consumer goods and industrial packaging markets. To support long-term capital requirements and capacity additions, the company successfully completed its Initial Public Offering (IPO) in 1994, listing its equity shares on the BSE Limited.
The operational expansion of the company has been marked by strategic investments in state-of-the-art machinery and geographic diversification:
- 1988: Incorporation and commencement of commercial operations in Dadri, Uttar Pradesh.
- 1994: Successful public listing on the BSE Limited to finance manufacturing scaling.
- Expansion Phase: Setup of manufacturing units in Roorkee (Uttarakhand) and Mundra (Kutch, Gujarat) to leverage export proximity to Mundra Port.
- FY 2023-24: Incorporation of wholly-owned subsidiary Bagla Technopack Private Limited on November 14, 2023, to enter specialty food-grade barrier films.
- FY 2024-25: Acquisition of global plant, machinery, and equipment from leading international tear tape producer Filtrona Holdings UK, with assets relocated to Dadri, Howrah, and Indonesia. Strategic expansion into Indonesia via 100% subsidiary PT. Bagla Group Indonesia in Surabaya on March 10, 2025.
- FY 2025-26: Execution of trial runs at Bagla Technopack Private Limited and initial production at the newly constructed Howrah (West Bengal) factory and Surabaya (Indonesia) facility for high-value tear tape products.
The Corporate Umbrella
The corporate structure of Hindustan Adhesives Limited encompasses direct operating facilities alongside two wholly-owned active subsidiaries:
- Bagla Technopack Private Limited: A 100% domestic subsidiary established in India to manufacture specialty food-grade barrier films, operating a modern production facility that initiated trial runs in FY 2025-26 ahead of commercial commissioning.
- PT. Bagla Group Indonesia: A 100% overseas subsidiary located in Surabaya, Indonesia, established to manufacture and distribute high-margin self-adhesive tear tapes and specialized packaging products for Southeast Asian and international markets.
⚙️ The Business Engine: What They Do & Where They Operate
The Core Divisions
Pursuant to Ind AS 108 (Operating Segments), Hindustan Adhesives Limited operates predominantly within a single primary business segment: Manufacturing of Packaging Self-Adhesive Tapes. Management evaluates financial performance and allocates resources on an integrated enterprise basis. The internal operational structure is organized into specialized product portfolios and functional groups.
| Business Segment / Activity | Consolidated Revenue (FY 2025-26) | % Share of Total Revenue | Consolidated Revenue (FY 2024-25) | Segment Net Profit / Result | Latest YoY (%) |
|---|---|---|---|---|---|
| Manufacturing of Self-Adhesive Tapes & Packaging Products | ₹255.49 Cr | 99.97% | ₹284.44 Cr | Integrated Operating Segment | -10.18% |
| Packaging Services & Job Work | ₹0.07 Cr | 0.03% | ₹0.03 Cr | Integrated Operating Segment | +133.33% |
| Total Consolidated Revenue from Operations | ₹255.57 Cr | 100.00% | ₹284.82 Cr | ₹19.92 Crores (PBT) | -10.27% |
The Product & Service Catalog
Hindustan Adhesives Limited manufactures a comprehensive range of packaging media engineered for industrial, commercial, and consumer packaging applications:
- BOPP Carton Sealing Tapes: Available in water-based acrylic and hot-melt adhesive formulations, manufactured across varying micron thicknesses, colors, and widths for automated and manual carton sealing.
- Self-Adhesive Tear Tapes: Premium narrow-width functional tapes utilized for easy opening of tobacco packages, fast-moving consumer goods (FMCG), tea boxes, over-wrap films, and courier envelopes.
- Specialty & Industrial Tapes: High-tensile filament tapes, carry handle tapes for beverage multi-packs, tamper-evident security tapes, double-sided tissue/cloth tapes, and printable masking tapes.
- Food-Grade Barrier Films: Advanced multilayer barrier films developed under subsidiary Bagla Technopack Private Limited for perishable food preservation and high-barrier packaging.
- Converting & Auxiliary Products: In-house manufactured paper cores, corrugated cartons, printed tape rolls, jumbo spools, and customized job-work slit rolls.
The Names You Know
The company operates primarily as a business-to-business (B2B) institutional supplier. Its customer base includes major domestic consumer goods manufacturers, multinational packaging corporations, logistics providers, e-commerce platforms, and international packaging distributors setting up operations in India and global territories.
Mapping the Domestic & Global Reach
Hindustan Adhesives Limited maintains a export-focused revenue profile, shipping products to overseas destinations across North America, Europe, Southeast Asia, and the Middle East.
| Geographic Market | FY 2025-26 Revenue (₹ in Crores) | % Share of Total Revenue | FY 2024-25 Revenue (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|---|
| International / Export Sales | 164.64 | 64.42% | 189.58 | -13.16% |
| Domestic Sales (India) | 87.97 | 34.42% | 85.02 | +3.47% |
| Trading Sales | 2.19 | 0.86% | 9.14 | -76.04% |
| Scrap Sales & Job Work Services | 0.77 | 0.30% | 0.70 | +10.00% |
| Total Consolidated Revenue from Operations | ₹255.57 Cr | 100.00% | ₹284.82 Cr | -10.27% |
The slight reduction in consolidated revenue during FY 2025-26 was attributable to higher import tariffs imposed on Indian tape shipments entering the United States market, alongside a deliberate management decision to curtail lower-margin commodity trading sales in favor of higher-value-added proprietary products.
The Brick & Mortar Footprint
The manufacturing infrastructure of the company comprises four main facilities situated in strategic industrial hubs across India, supplemented by an overseas production unit:
- Dadri Facility (Gautam Budh Nagar, Uttar Pradesh): Located at the 29th Mile Stone, G.T. Road, Village Achheja. Serves as the primary northern manufacturing hub for BOPP tape coating, slitting, printing, paper core production, and tear tape operations.
- Mundra Facility (Kutch District, Gujarat): Situated at Survey No. 380/1, Village Bhadreshwar. Strategically positioned near Mundra Port to execute bulk international export shipments of BOPP packaging tapes.
- Howrah Facility (Amta Industrial Park, Howrah, West Bengal): Established at Islampur Panchayat, L.R. Dag No. 1137-41 & 1335. Houses modern tear tape and specialty coating machinery relocated from international asset acquisitions. Commenced initial production in the final quarter of FY 2025-26.
- Roorkee Facility (Haridwar District, Uttarakhand): Located at Plot No. 15, KIE Industrial Estate, Village Mundiyaki. Formerly operated as a key coating unit prior to a major fire incident on December 15, 2024. Certain plant and machinery assets were transferred to Bagla Polifilms Limited prior to the fire.
- Surabaya Facility (East Java, Indonesia): Operated under wholly-owned subsidiary PT. Bagla Group Indonesia to serve Southeast Asian market demand for specialty self-adhesive tear tapes.
📊 The Financial Health: The Numbers Simplified
Multi-Year Financial Highlights (₹ in Crores)
The multi-year financial performance trajectory of Hindustan Adhesives Limited (Standalone) highlights steady operational profitability despite shifting global revenue dynamics:
| Financial Metric | FY 2025-26 | FY 2024-25 | FY 2023-24 | Latest YoY (%) |
|---|---|---|---|---|
| Revenue from Operations (₹ in Crores) | ₹256.58 Cr | ₹284.82 Cr | ₹304.16 Cr | -9.92% |
| Profit Before Tax (PBT) (₹ in Crores) | ₹23.52 Cr | ₹21.46 Cr | ₹21.85 Cr | +9.60% |
| Profit After Tax (PAT) (₹ in Crores) | ₹16.52 Cr | ₹15.38 Cr | ₹16.40 Cr | +7.41% |
Earnings, Expenses, & Take-Home Profits
The Consolidated Statement of Profit and Loss reflects resilient profitability in FY 2025-26. Despite a 10.27% drop in operational revenue, consolidated net profit after consolidation rose by 10.62% to ₹1,700.60 in Crores, supported by margin expansion in high-value product categories.
| Consolidated Statement of Profit and Loss Line Item | FY 2025-26 (₹ in Crores) | FY 2024-25 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| Revenue From Operations | ₹0.0026 Cr | ₹0.0028 Cr | -7.14% |
| Other Income | 4.78 | 4.51 | +5.99% |
| Total Income | 260.35 | 289.34 | -10.02% |
| Cost of Materials Consumed | 138.58 | 152.59 | -9.18% |
| Purchase of Stock-in-Trade | 2.10 | 7.55 | -72.19% |
| Changes in Inventories of Finished Goods, WIP and Stock-in-Trade | (2.25) | 2.34 | N/M |
| Employee Benefits Expenses | 23.27 | 24.62 | -5.48% |
| Finance Costs | 7.50 | 6.15 | +21.95% |
| Depreciation and Amortization Expenses | 11.95 | 11.12 | +7.46% |
| Other Expenses | 57.78 | 63.49 | -8.99% |
| Total Expenses | 238.91 | 267.87 | -10.81% |
| Profit Before Exceptional Items and Tax | 21.43 | 21.46 | -0.14% |
| Exceptional Items (Legal Settlement Payment – Supastrip Inc.) | 1.51 | 0.00 | N/M |
| Profit Before Tax (PBT) | 19.92 | 21.46 | -7.18% |
| Current Tax Expense | 6.24 | 5.83 | +7.03% |
| Deferred Tax Expense / (Credit) | (1.22) | 0.24 | N/M |
| Profit For The Period (Net Profit) | 14.89 | 15.39 | -3.25% |
| Other Comprehensive Income (OCI) (Net of Tax) | (2.11) | 0.02 | N/M |
| Total Comprehensive Income After Consolidation | 17.01 | 15.37 | +10.67% |
| Basic & Diluted Earnings Per Equity Share (EPS) (₹) | ₹33.24 | ₹30.05 | +10.62% |
Operational expenditure management yielded cost reductions across key buckets in FY 2025-26. Raw material consumption costs fell 9.19% to ₹138.58 Crores, reflecting lower input costs for BOPP film resin and acrylic chemicals. Other expenses dropped 8.99% to ₹57.78 Crores, driven by lower outward freight charges (₹11.93 Crores vs ₹13.13 Crores) and reduced promotional expenses.
The exceptional item of ₹1.51 Crores (USD 160,000) pertains to a legal settlement reached with Supastrip Inc. (d/b/a Filtrona) in the United States District Court regarding trade secret and public representation claims associated with the international acquisition of tear tape assets.
Assets, Borrowings, & Net Worth
The Consolidated Balance Sheet shows capital expansion in manufacturing property, plant, and equipment, alongside working capital management.
| Consolidated Balance Sheet Line Item | As at March 31, 2026 (₹ in Crores) | As at March 31, 2025 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| ASSETS | |||
| Non-Current Assets | |||
| Property, Plant and Equipment | 114.12 | 70.79 | +61.21% |
| Capital Work-In-Progress (CWIP) | 43.80 | 58.67 | -25.35% |
| Goodwill | 0.19 | 0.00 | N/M |
| Non-Current Investments | 5.50 | 3.12 | +76.28% |
| Other Non-Current Financial Assets | 4.14 | 3.79 | +9.23% |
| Other Non-Current Assets | 0.30 | 0.58 | -48.28% |
| Total Non-Current Assets | 168.05 | 136.95 | +22.71% |
| Current Assets | |||
| Inventories | 63.73 | 66.00 | -3.44% |
| Trade Receivables | 30.93 | 27.27 | +13.42% |
| Cash and Cash Equivalents | 0.93 | 0.48 | +93.75% |
| Bank Balances Other Than Cash and Cash Equivalents | 1.42 | 5.72 | -75.17% |
| Current Loans | 0.91 | 3.91 | -76.73% |
| Other Current Financial Assets | 2.21 | 2.18 | +1.38% |
| Other Current Assets | 19.72 | 10.97 | +79.76% |
| Total Current Assets | 119.84 | 116.52 | +2.85% |
| TOTAL ASSETS | 287.89 | 253.47 | +13.58% |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Equity Share Capital | 5.12 | 5.12 | 0.00% |
| Other Equity | 103.73 | 85.99 | +20.63% |
| Total Equity | 108.85 | 91.10 | +19.48% |
| Non-Current Liabilities | |||
| Non-Current Borrowings | 18.59 | 39.77 | -53.26% |
| Non-Current Lease Liabilities | 18.23 | 1.83 | +896.17% |
| Non-Current Provisions | 2.28 | 1.90 | +20.00% |
| Deferred Tax Liabilities (Net) | 2.25 | 2.76 | -18.48% |
| Total Non-Current Liabilities | 41.35 | 46.26 | -10.61% |
| Current Liabilities | |||
| Current Borrowings | 83.57 | 65.81 | +26.99% |
| Trade Payables – MSME Outstanding Dues | 3.79 | 6.67 | -43.18% |
| Trade Payables – Other Than MSME Outstanding Dues | 32.18 | 32.15 | +0.09% |
| Current Lease Liabilities | 2.06 | 1.20 | +71.67% |
| Other Current Financial Liabilities | 1.55 | 1.86 | -16.67% |
| Other Current Liabilities | 11.63 | 7.26 | +60.19% |
| Current Provisions | 0.82 | 0.53 | +54.72% |
| Current Tax Liabilities | 2.09 | 0.62 | +237.10% |
| Total Current Liabilities | 137.69 | 116.11 | +18.59% |
| Total Liabilities | 179.04 | 162.36 | +10.27% |
| TOTAL EQUITY AND LIABILITIES | 287.89 | 253.47 | +13.58% |
The total net worth of the group expanded to ₹108.85 Crores as of March 31, 2026, up from ₹91.10 Crores in the previous fiscal year, reflecting plowback of retained earnings. Total group debt stood at ₹102.16 Crores (comprising ₹18.59 Crores in non-current borrowings and ₹83.57 Crores in short-term working capital limits and current term loan maturities).
Cash Flow: Tracking the Money Movement
The Consolidated Cash Flow Statement highlights strong operational cash generation, which fully supported capital expenditure in new plants and equipment.
| Consolidated Cash Flow Statement Activity | FY 2025-26 (₹ in Crores) | FY 2024-25 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| Operating Profit Before Working Capital Changes | 37.84 | 36.98 | +2.33% |
| Cash Generated From / (Used In) Operating Activities | 35.81 | 18.73 | +91.19% |
| Direct Taxes Paid (Net of Refunds) | (4.68) | (4.30) | +8.84% |
| Net Cash Flow From Operating Activities (A) | 31.13 | 14.42 | +115.88% |
| Purchase of Property, Plant and Equipment (CapEx) | (12.87) | (8.81) | +46.08% |
| Acquisition of Property, Plant and Equipment (Capital WIP) | (8.22) | (53.19) | -84.55% |
| Advances / Sale Proceeds of Assets & Interest Received | ₹166.65 | ₹0.0001 Cr | +166649900.00% |
| Purchase of Investments | 0.00 | (0.73) | -100.00% |
| Net Cash Flow Used In Investing Activities (B) | (19.43) | (49.13) | -60.45% |
| Net Proceeds / (Repayment) of Long-Term & Short-Term Borrowings | (₹341.85) | ₹0.0004 Cr | N/M |
| Repayment of Lease Liabilities & Interest Paid | (7.79) | (5.14) | +51.56% |
| Other Equity Adjustments | (0.04) | 0.00 | N/M |
| Net Cash Flow From / (Used In) Financing Activities (C) | (11.25) | 34.71 | N/M |
| Net Increase in Cash and Cash Equivalents (A + B + C) | 0.45 | 0.00 | N/M |
| Cash and Cash Equivalents at Beginning of the Year | 0.48 | 0.48 | 0.00% |
| Cash and Cash Equivalents at End of the Year | 0.93 | 0.48 | +93.75% |
Funding the Future: CapEx, CWIP & R&D Spending
The company continued to deploy cash into structural expansion. Combined capital spending across direct property, plant, and equipment additions and capital work-in-progress (CWIP) amounted to ₹21.09 Crores during FY 2025-26 (following a massive ₹62.00 Crores outlay in FY 2024-25). As of March 31, 2026, CWIP carried on the balance sheet stood at ₹43.80 Crores, comprising ₹9.54 Crores in new factory building structures, ₹12.32 Crores in pre-operative project expenditure, and ₹21.94 Crores in equipment installations.
Research and Development (R&D) expenditure incurred during FY 2025-26 totaled ₹0.13 Crores, focused on formulating sustainable, eco-friendly adhesive formulations and high-barrier recyclable tapes for local and export markets.
🗺️ The Corporate Family Tree: Structure & Investments
Subsidiaries, Associates, & Joint Ventures (Form AOC-1)
In accordance with Section 129(3) of the Companies Act, 2013, the financial summary of the company’s wholly-owned subsidiaries as of March 31, 2026, is detailed below:
| Entity Name | Corporate Relationship | Country of Incorporation | % Shareholding | Subsidiary Turnover (₹ in Crores / IDR) | Profit / (Loss) After Tax (₹ in Crores / IDR) |
|---|---|---|---|---|---|
| Bagla Technopack Private Limited | Wholly-Owned Subsidiary | India | 100.00% | (0.00) | (0.24) |
| PT. Bagla Group Indonesia | Wholly-Owned Subsidiary | Indonesia | 100.00% | (9,91,64,855.97) | (3,10,28,845.64) |
Hindustan Adhesives Limited holds no associate entities or joint venture partnerships.
Strategic Investments & Treasury Holdings
The company maintains long-term equity investments in unquoted entities, accounted for at Fair Value Through Other Comprehensive Income (FVOCI):
| Investee Company Name | Number of Equity Shares Held | Carrying Value FY 2025-26 (₹ in Crores) | Carrying Value FY 2024-25 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|---|
| Bagla Polifilms Limited | 4,56,900 Equity Shares | 4.48 | 1.14 | +292.98% |
| Bagla Tecvision Private Limited | 17,95,500 Equity Shares | 0.98 | 1.80 | -45.56% |
| Bagla Wellness Private Limited | 49,000 Equity Shares | 0.04 | 0.18 | -77.78% |
| Banaras State Bank Limited | 10,000 Equity Shares | (0.00) | (0.00) | N/M |
| Total Non-Current Equity Investments | 23,11,400 Shares | 5.50 | 3.12 | +76.28% |
👥 Power & Control: Who Pulls the Strings?
The Brain Trust: Board of Directors & Key Managerial Personnel (KMP)
The Board of Directors of Hindustan Adhesives Limited consists of six directors, balanced between executive promoters, professional directors, and independent non-executive directors:
| Name of Director / KMP | Designation / Corporate Role | Director Identification Number (DIN) | Board Category |
|---|---|---|---|
| Mr. Madhusudan Bagla | Managing Director & Chairman | 01425646 | Executive Director (Promoter) |
| Mrs. Urmila Goenka | Whole-Time Director | 01165727 | Executive Director (Promoter) |
| Mr. Ashok Kumar Pathak | Whole-Time Director | 09283908 | Executive Director (Professional) |
| Mr. Ravi Kumar Aggarwal | Independent Director | 00114359 | Non-Executive Independent Director |
| Mr. Sudeep Pande | Independent Director | 08212946 | Non-Executive Independent Director |
| Mr. Anil Mathur | Independent Director (Appointed July 14, 2026) | 07448336 | Non-Executive Independent Director |
| Mr. Nakul Bagla | Chief Financial Officer (CFO) | – | Key Managerial Personnel |
| Mr. Amit Kumar Jha | Company Secretary & Compliance Officer | ACS65302 | Key Managerial Personnel |
Note: Mr. Amit Sharma (DIN: 11255297) served as an Independent Director during FY 2025-26 until his resignation on July 14, 2026, whereupon Mr. Anil Mathur was appointed to fill the vacancy.
Who Owns the Stock? Shareholding Pattern
The total paid-up share capital of the company is ₹5,11,63,000, divided into 51,16,300 equity shares of face value ₹10 each. The shareholding pattern as of March 31, 2026, is structured as follows:
| Shareholder Category | Number of Equity Shares Held | % of Total Issued Capital |
|---|---|---|
| Promoter & Promoter Group Holding | 35,03,495 | 68.48% |
| Public & Non-Promoter Holding | 16,12,805 | 31.52% |
| Total Equity Shares | 51,16,300 | 100.00% |
Individual promoter holdings within the 68.48% controlling block include:
- Mr. Madhusudan Bagla: 8,12,000 shares (15.88%)
- Mrs. Anju Bagla: 5,99,000 shares (11.70%)
- Mr. Nakul Bagla: 3,72,000 shares (7.27%)
- Mr. Dhruv Bagla: 3,15,000 shares (6.15%)
- Mr. M.S. Bagla (HUF): 2,69,000 shares (5.26%)
- Mrs. Sidhika Goenka: 26,000 shares (0.52%)
Top public institutional and corporate shareholders as of March 31, 2026, include Saphire Hospitality Management Private Limited (2,55,320 shares | 4.99%), Varsha Chugh (51,377 shares | 1.00%), Bharat Kumar Gupta (31,552 shares | 0.62%), Vipulkumar Ambalal Vora (19,894 shares | 0.39%), and The Property Company Private Limited (16,160 shares | 0.32%). Dematerialized equity holdings represent 97.76% of total share capital.
🎯 The Strategic Outlook: Future Plans & Potential Pitfalls
Competitive Advantages & Economic Moats
Hindustan Adhesives Limited retains several operational moats in the domestic and international packaging tape sector:
- Integrated Manufacturing & Technology: In-house adhesive synthesis, core making, printing, slitting, and spooling capabilities reduce vendor dependency and protect manufacturing margins.
- Specialized Tear Tape Expertise: The strategic acquisition of global tear tape assets from Filtrona Holdings UK positions the company among a select group of global suppliers producing high-speed narrow tear tapes for cigarette and food over-wrapping.
- Geographic & Export Diversification: Dual domestic and international plant assets (Mundra, Dadri, Howrah, and Surabaya) provide tariff mitigation options and proximity to key maritime trade routes.
- Multi-Technology Coating Platforms: Capability to operate both water-based acrylic emulsion and hot-melt coating technology across varied micron specifications.
What Could Go Wrong? Key Challenges & Business Risks
The company faces distinct operational, financial, and regulatory risk exposures:
- Raw Material Price Volatility: Manufacturing costs depend heavily on petrochemical derivative prices, including BOPP films, acrylic monomers, and synthetic rubbers.
- International Trade Barriers & Tariffs: Heightened import duties imposed by overseas jurisdictions (such as the United States) directly impact export volumes and capacity utilization.
- Uncertainty in Unresolved Contingent Claims: As detailed in Audit Notes, an insurance claim receivable of ₹2.13 Crores recognized following the Roorkee factory fire remains pending survey acceptance, posing a potential profit adjustment if uncollected.
- Foreign Exchange Exposure: With 64.42% of revenue originating from export sales, currency fluctuations in USD, EUR, and IDR present ongoing transactional risks.
The Next Chapter: Growth & CapEx Initiatives
To accelerate revenue growth and recover capacity utilization, Hindustan Adhesives Limited is executing targeted strategic expansion plans:
- Commercialization of Howrah Plant: Full operational scaling of the newly commissioned Howrah (West Bengal) facility to capture high-margin tear tape markets across Eastern India and neighboring export corridors.
- Ramp-Up of Barrier Film Manufacturing: Commercialization of trial runs at subsidiary Bagla Technopack Private Limited during FY 2026-27 to commercialize specialty food-grade barrier packaging films.
- Expansion in Southeast Asia: Driving production volumes at PT. Bagla Group Indonesia in Surabaya to capture growing packaging demand across Asian trade blocs.
- Borrowing & Investment Limit Enhancement: Shareholders approved raising borrowing limits to ₹500 Crores under Section 180(1)(c) and inter-corporate investment limits to ₹500 Crores under Sections 185/186 to support future strategic growth acquisitions.
The Verdict: Strategic Outlook & Conclusion
Hindustan Adhesives Limited presents a resilient, backwards-integrated industrial profile. By reorienting its product mix toward high-margin tear tapes, specialty barrier films, and international manufacturing bases, the company has insulated its profit margins against trade duty headwinds. Supported by strong operational cash generation (₹31.13 Crores in FY 2025-26) and expanded manufacturing infrastructure, Hindustan Adhesives Limited is positioned to capture demand across domestic and international packaging markets.
Note: Financial ratios, margins, YoY growth percentages, and % revenue shares are calculated by IndianCompanies.in based on disclosed Ind AS financial statements.
Official Site: https://www.bagla-group.com