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Nikhil Adhesives (BSE 526159)₹69.74+1.09%Specialty Chemicals
In the Mar 2026 quarter (standalone), Nikhil Adhesives reported sales of ₹166 Cr, up 11.3% from Mar 2025, and net profit of ₹6.27 Cr, up 49.6% year on year. For the year to Mar 2026, sales were ₹554 Cr and net profit ₹16.98 Cr.
Company filings, standalone accounts; latest reported quarter Mar 2026
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 142 | 144 | 131 | 148 | 161 | 148 | 134 | 149 | 124 | 131 | 133 | 166 |
| Expenses | 136 | 137 | 123 | 139 | 151 | 139 | 126 | 140 | 115 | 123 | 126 | 155 |
| Operating Profit | 6.80 | 7.55 | 7.57 | 8.90 | 9.98 | 9.41 | 8.55 | 9.45 | 8.38 | 8.26 | 7.69 | 11.25 |
| OPM % | 4.7% | 5.2% | 5.8% | 6.0% | 6.2% | 6.3% | 6.3% | 6.3% | 6.7% | 6.3% | 5.7% | 6.7% |
| Other Income | 0.14 | 0.08 | 0.06 | 0.11 | 0.13 | 0.13 | 0.20 | 0.14 | 0.12 | 1.12 | 0.44 | 0.26 |
| Interest | 1.52 | 1.61 | 1.78 | 2.10 | 1.91 | 2.06 | 2.14 | 2.05 | 1.82 | 1.63 | 1.52 | 1.42 |
| Depreciation | 1.32 | 1.50 | 1.68 | 1.77 | 1.69 | 1.72 | 1.93 | 1.78 | 2.01 | 1.88 | 1.88 | 1.80 |
| Profit before tax | 4.09 | 4.51 | 4.16 | 5.13 | 6.50 | 5.75 | 4.67 | 5.75 | 4.66 | 5.86 | 4.72 | 8.27 |
| Tax % | 25.2% | 23.5% | 29.1% | 26.9% | 22.6% | 20.4% | 26.1% | 27.5% | 23.6% | 32.1% | 25.9% | 24.3% |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Profit | 3.06 | 3.44 | 2.95 | 3.75 | 5.03 | 4.58 | 3.46 | 4.19 | 3.58 | 3.98 | 3.51 | 6.27 |
| EPS (Rs) | 0.66 | 0.74 | 0.63 | 0.81 | 1.09 | 0.99 | 0.75 | 0.90 | 0.77 | 0.86 | 0.76 | 1.36 |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 267 | 260 | 330 | 447 | 422 | 492 | 815 | 744 | 565 | 585 | 554 | 554 |
| Expenses | 256 | 249 | 318 | 431 | 404 | 461 | 771 | 710 | 534 | 549 | 519 | 519 |
| Operating Profit | 11.01 | 11.02 | 13.02 | 17.02 | 19.03 | 31.04 | 43.05 | 35.06 | 31.01 | 37.02 | 36.02 | 35.58 |
| OPM % | 4.2% | 4.3% | 3.9% | 3.7% | 4.5% | 6.0% | 5.0% | 4.7% | 5.0% | 6.0% | 6.0% | 6.4% |
| Other Income | 0.00 | 0.00 | 0.00 | 1.01 | 1.01 | 0.00 | 1.01 | 0.00 | 0.00 | 1.01 | 2.01 | 1.94 |
| Interest | 8.01 | 7.01 | 7.01 | 8.01 | 8.02 | 7.01 | 6.01 | 6.01 | 7.01 | 8.01 | 6.01 | 6.39 |
| Depreciation | 2.01 | 1.01 | 2.01 | 2.01 | 3.01 | 3.01 | 4.01 | 5.01 | 6.01 | 7.02 | 8.01 | 7.57 |
| Profit before tax | 1.99 | 2.99 | 3.99 | 6.99 | 8.98 | 20.97 | 33.92 | 23.95 | 17.97 | 21.97 | 23.95 | 23.51 |
| Tax % | 12.1% | 33.1% | 34.0% | 30.1% | 23.0% | 26.0% | 26.1% | 28.1% | 26.1% | 25.0% | 26.0% | — |
| Exceptional items | 0.00 | 0.00 | −0.58 | 0.00 | 0.00 | 0.00 | 0.00 | −0.10 | 0.00 | 0.05 | −0.28 | 0.00 |
| Net Profit | 1.99 | 2.01 | 2.99 | 4.99 | 6.99 | 15.99 | 24.99 | 16.99 | 12.99 | 17.01 | 16.98 | 17.34 |
| EPS (Rs) | 0.40 | 0.51 | 0.61 | 1.13 | 1.52 | 3.40 | 5.48 | 3.70 | 2.87 | 3.66 | 3.77 | 3.75 |
| Dividend payout % | 0.0% | 0.0% | 16.0% | 9.0% | 7.0% | 4.0% | 4.0% | 5.0% | 7.0% | 6.0% | 6.0% | — |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 3.99 | 4.01 | 4.01 | 4.99 | 5.01 | 4.99 | 5.01 | 5.01 | 4.99 | 5.01 | 5.01 | 5.01 |
| Reserves | 10.01 | 12.01 | 14.01 | 30.01 | 35.06 | 41.01 | 56.08 | 81.14 | 97.18 | 109 | 125 | 141 |
| Borrowings | 36.01 | 34.98 | 45.99 | 31.98 | 33.98 | 34.01 | 27.98 | 28.01 | 34.99 | 54.01 | 59.03 | 68.02 |
| Other Liabilities | 61.24 | 68.21 | 67.32 | 89.37 | 113 | 111 | 203 | 204 | 159 | 128 | 134 | 121 |
| Total Liabilities | 112 | 119 | 130 | 157 | 187 | 191 | 292 | 317 | 295 | 296 | 323 | 335 |
| Fixed Assets | 24.92 | 23.94 | 22.92 | 29.89 | 36.92 | 43.86 | 53.86 | 63.79 | 75.76 | 93.79 | 95.66 | 91.73 |
| CWIP | 1.01 | 0.00 | 0.99 | 0.00 | 0.00 | 5.99 | 0.00 | 1.01 | 3.99 | 0.00 | 0.99 | 0.99 |
| Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Assets | 86.32 | 94.27 | 106 | 127 | 150 | 141 | 237 | 251 | 216 | 203 | 228 | 243 |
| Inventories | 25.07 | 26.09 | 21.06 | 34.13 | 40.16 | 37.12 | 72.23 | 76.25 | 84.33 | 76.28 | 88.27 | 54.20 |
| Trade receivables | 42.15 | 44.12 | 64.21 | 78.29 | 97.41 | 95.33 | 152 | 145 | 110 | 101 | 113 | 160 |
| Cash & equivalents | 3.99 | 5.98 | 4.98 | 2.99 | 2.99 | 0.99 | 2.99 | 5.98 | 4.98 | 11.97 | 5.98 | 2.99 |
| Total Assets | 112 | 119 | 130 | 157 | 187 | 191 | 292 | 317 | 295 | 296 | 323 | 335 |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 15.99 | 12.99 | −3.99 | 10.98 | 15.98 | 20.96 | 22.97 | 24.94 | 20.97 | 13.99 | 6.99 | 0.00 |
| Cash from investing activity | 0.00 | −2.01 | −1.01 | −6.01 | −10.01 | −12.01 | −7.01 | −15.02 | −19.01 | −17.01 | −10.01 | −3.01 |
| Cash from financing activity | −14.99 | −9.01 | 4.01 | −5.01 | −7.01 | −9.01 | −15.02 | −6.01 | −2.99 | 9.99 | −3.01 | 0.99 |
| Net cash flow | 0.00 | 1.01 | 0.00 | 0.00 | 0.00 | −1.01 | 1.01 | 3.01 | −1.01 | 7.01 | −7.01 | −2.01 |
| Capex | 1.58 | 1.00 | 2.43 | 6.57 | 10.41 | 13.63 | 7.28 | 15.22 | 19.20 | 17.24 | 11.08 | 3.81 |
| Free cash flow | 13.98 | 11.99 | −6.99 | 4.99 | 5.99 | 6.99 | 15.98 | 9.99 | 1.99 | −2.99 | −3.99 | −3.99 |
| CFO / OP % | 195.0% | 115.0% | −31.0% | 93.0% | 105.0% | 122.0% | 84.0% | 81.0% | 76.0% | 59.0% | 32.0% | 14.0% |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor days | 61 | 60 | 90 | 85 | 78 | 81 | 111 | 64 | 53 | 64 | 70 | 104 |
| Inventory days | 45 | 42 | 37 | 46 | 40 | 41 | 67 | 42 | 53 | 66 | 76 | 49 |
| Days payable | 93 | 95 | 98 | 106 | 95 | 94 | 148 | 87 | 74 | 79 | 75 | 61 |
| Cash conversion cycle | 13 | 7 | 28 | 25 | 23 | 28 | 31 | 19 | 32 | 51 | 71 | 92 |
| Working capital days | 4 | 2 | 22 | 18 | 13 | 12 | 21 | 17 | 19 | 27 | 40 | 46 |
| ROCE % | 12.9% | 19.9% | 16.9% | 18.0% | 22.0% | 21.9% | 32.9% | 38.9% | 23.9% | 15.9% | 17.0% | 15.0% |
For the Mar 2026 quarter, Nikhil Adhesives reported sales of ₹166 Cr, up 11.3% year on year and net profit of ₹6.27 Cr, up 49.6% year on year. The operating margin was 6.7%.
Nikhil Adhesives' sales for the year to Mar 2026 were ₹554 Cr; over the last twelve months they were ₹554 Cr.
Net profit for the year to Mar 2026 was ₹16.98 Cr, and ₹17.34 Cr over the last twelve months. Earnings per share over the same trailing period were ₹3.75.
Nikhil Adhesives reported borrowings of ₹68.02 Cr at Mar 2026, against cash and equivalents of ₹2.99 Cr.
Cash from operations was ₹0 Cr in the year to Mar 2026; after capital spending, free cash flow was −₹3.99 Cr.