SPEB Adhesives FY26: scaling up a solvent core while bringing water-based in-house

FY26 revenue from operations was 50.57 crore, EBITDA was 9.04 crore (17.87% margin), and PAT from operations was 6.87 crore (13.58% margin), as per the investor presentation P&L table.

FY26 revenue was 97.85% from in-house solvent-based adhesives and 2.15% from contract-manufactured water-based adhesives, as per the manufacturing revenue breakup table.

The existing Taloja facility has 3,600 tons annual capacity. FY26 production volumes were 2,866 MT with utilization of 79.60%, as stated in the presentation.

The company is developing a new facility at Khalapur, Raigad. Management commentary/presentation indicates total installed capacity is expected to expand to 8,550 TPA in CY2026, with Phase 1 focused on in-house water-based adhesive manufacturing.

The investor presentation shows borrowings as 0 in FY26 and FY25, finance cost as 0 in FY26, and net debt as 0 as of March 2026.

The presentation shows customer segment bifurcation as Dealer–Distributor Network 75.01%, Industrial Sales 16.41%, Government Supply Contracts 8%, and Exports 0.57%.

The presentation indicates Domestic revenue at 92% and International revenue at 8% (GCC). Management also referenced GCC markets including UAE, Saudi Arabia, Oman, and Bahrain.