Speb Adhesives Limited manufactures solvent-based synthetic rubber adhesives and sells to B2B customers across foam & furnishing, flooring, ducting & insulation, gensets, woodworking, footwear and hardware. Revenue grew to ₹44.79 crores in FY2025 with PAT ₹5.89 crores and EPS ₹3.35 (FY2025). The company makes solvent-based adhesives in-house and outsources water-based adhesives via contractual manufacturers.

The Company is led by Promoter, i. e.,KIRTIKUMAR VITHLANI, BHAUMIK VITHLANI, GAURAV VITHLANI AND HARISH VITHLANI

The Revenues from operations for the Period ended on Sep 30 2025 and Fiscals ended on Mar 31, 2025, 2024 and 2023 were â‚¹ 2,503.62 Lakh, ₹ 4,553.97 Lakh, â‚¹ 4,321.24 Lakh, and ₹ 3,879.06 Lakh, The EBITDA for the Period ended on Sep 30 2025, 2025 and Fiscals ended on Mar 31, 2025, 2024 and 2023 were â‚¹ 487.66 Lakh, ₹ 782.54 Lakh, ₹ 652.83 Lakh, and ₹ 242.55 Lakh, The Profit after Tax for the Period ended on Sep 30 2025, 2025 and Fiscals ended on Mar 31, 2025, 2024 and 2023 were were â‚¹ 365.19 Lakh, ₹ 589.46 Lakh, â‚¹ 493.68 Lakh, and ₹ 183.13 Lakh, respectively. This indicates a steady growth in financial performance.

The Company Key Performance Indicates the pre-issue EPS of â‚¹3.35 and post-issue EPS of ₹2.65 for FY25. The pre-issue P/E ratio is 16.72x,while the post-issue P/E ratio is 21.34x against the Industry P/E ratio is 23.73x The company's ROE for FY25 is 26.30% and RoNW is 26.30% The Annualised EPS is ₹3.25x and P/E is 17.22x. These metrics suggest that the IPO is Fully priced.

The Grey Market Premium (GMP) of Speb Adhesives showing listing gains of  0%.Given the company's financial performance and the valuation of the IPO, we recommend  Investors to Avoid to the Speb Adhesives Limited IPO for Listing gain or Long Term Purposes.