Stocks
Invest in Stocks
Invest in stocks, ETFs, IPOs with fast orders. Track returns on your stock holdings and view real-time P&L on your positions.
F&O
Speb Adhesives IPO
SPEB Adhesives Ltd
₹2,08,000 /2000 sharesMinimum Investment
Speb Adhesives IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 1 Dec ‘25 - 3 Dec ‘25 | ₹2,08,000 | 2,000 | ₹52 - ₹56 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| -- | RHP PDF | 04 Dec ‘25 | 08 Dec ‘25 |
| Face value |
|---|
| 10 |
About Speb Adhesives
Founded in
1990
MD/CEO
Mr Gaurav Vithlani
Parent organisation
SPEB Adhesives Ltd
Strengths & Risks of Speb Adhesives
Strengths
Risks
The company is ISO 9001:2015 certified for quality management systems.
The company operates its manufacturing unit in the Maharashtra Industrial Development Corporation (MIDC) industrial area in Taloja, Raigad, Maharashtra. The company claims that the facility has an installed production capacity of 12,000 litres per day.
The company states that it offers its adhesives in a wide range of stock-keeping units (SKUs), from 10 ml to 30 litres and has recently added a 200 kg SKU. This variety enables the company to cater to customers with varying usage levels. The company further states that by offering multiple product sizes, it can serve several sectors, expand its customer base, and reduce the risk of depending on a single market segment.
The company claims to supply high-quality adhesives to a broad set of industries, including hardware, foam and furnishing, ducting and insulation, woodworking, footwear, and generator sets. The company further stated that over time, it has built strong relationships by consistently delivering reliable and suitable products. Some dealers also act as retailers, helping the company reach the Direct-to-Retail (D2R) market within Maharashtra. The company currently serves more than 380 active customers.
The company has witnessed a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 38.37 crore in FY23 to Rs 42.62 crore in FY24 and Rs 44.79 crore in FY25. PAT increased from Rs 1.83 crore in FY23 to Rs 4.94 crore in FY24 and Rs 5.89 crore in FY25.
The company derives a major portion of its revenue from the sales of the multipurpose products category. This category accounted for Rs 13.81 crore (55.79 percent) of the company’s total revenue for the period ended September 30, 2025, and Rs 26.43 crore (59.02 percent) in FY25, Rs 26.43 crore (62.01 percent) in FY24 and Rs 24.85 crore (64.75 percent) in FY23. Any adverse change in the quality of these products, technology changes, or the company’s inability to deliver customised products could lead to customer disputes, affecting the company’s operations and financial performance.
The company’s top 10 suppliers accounted for Rs 11.30 crore (69.27 percent) of the company’s total purchases for the period ended September 30, 2025, and Rs 20.42 crore (67.13 percent) in FY25, Rs 21.96 crore (71.40 percent) in FY24 and Rs 25.70 crore (84.28 percent) in FY23. Any disruption in supplies from one or more of these suppliers could adversely affect the company’s business and finances.
The company derives a significant portion of its revenue from Maharashtra. The state accounted for Rs 16.19 crore (70.76 percent) of the company’s total revenue for the period ended September 30, 2025, and Rs 30.70 crore (73.79 percent) in FY25, Rs 30.25 crore (75.51 percent) in FY24 and Rs 27.45 crore (77.46 percent) in FY23. Any adverse economic, political, or social developments in the states could negatively impact the company’s operations and finances.
The company’s top 10 customers accounted for Rs 9.75 crore (39.39 percent) of its total revenue for the period ended September 30, 2025, and Rs 17.08 crore (38.14 percent) in FY25, Rs 15.60 crore (36.61 percent) in FY24 and Rs 15.43 crore (40.22 percent) in FY23. Any failure to retain these key customers, expand the customer base, or loss of business from these clients can adversely affect the company’s business and financial standing.
The company reported negative cash flows from operating activities amounting to Rs 0.14 crore for the period ended September 30, 2025, and Rs 0.93 crore in FY25. If cash outflows continue to exceed inflows, the company may face liquidity challenges in the future.
The company’s current and planned manufacturing facilities are located in Maharashtra. This creates exposure to regional and operational risks. Any disruption or delay in manufacturing activities could negatively affect the company’s business performance, financial position, and cash flow.
The company, its promoters, directors, key managerial personnel, and senior management are involved in certain legal proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
Speb Adhesives Financials
*All values are in Rs. Cr
No Graph Data To Display
Application Details of Speb Adhesives IPO
| Apply as | Price band | Apply Range | Lot size |
|---|---|---|---|
| Individual investor | ₹52 - 56 | ₹2 - 5 Lakh | 2000 |
For Speb Adhesives IPO, eligible investors can apply as Individual investor.