Speb Adhesives Ltd. · NSE:SPEB
Speb Adhesives — Investor Presentation (March 2026)
32 slides from Speb Adhesives's investor presentation, Mar 5, 2026
Slide 1: Speb Adhesives Limited – Regulation 30 disclosure cover letter
Speb Adhesives Limited Formerly Known as Speb Adhesives Pvt.Ltd. Manufacturers : Synthetic Rubber Adhesive Plot No. J-33, M.I.D.C., Taloja - 410 208 Dist-Raigad Mob No. +91-7738532223 Email: kirti@speb?7.com ‘Web: www.speb7.com CIN : U99999MH1990PLC058873 Date: 5% March, 2026 To, The Listing Departm
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Slide 3: Introduction
INTRODUCTION (spebm ADHESIVE I Established in 1972 and incorporated in 1990, with over 40 years of industry experience. @ Engaged in the manufacturing of synthetic rubber—based adhesives, with a primary focus on solvent-based adhesive Dealer-Distributor solutions. Synthetic Resin o° ., Network ] [ ]
Slide 4: Business Model
spebm BUSINESS MODEL ADHESIVE Go-to-Market & Customers waw Manufucturing & Products (> * B2B-focused sales model across @ « In-house manufacturing of solvent- [299] * Industrial applications based synthetic rubber adhesives « Gradual D2R (Direct-to-Retailer) rollout through « Specialized in Polychlo
Slide 5: Industry Mix & Manufacturing Split
INDUSTRY MIX & MANUFACTURING SPLIT [specbE ADHESIVE 0.84% Industry wise bifurcation 0.48% 5.07% ‘ 3.52% Bl Hardware x % £ Wallpaper B Foam and Furnishing B Ducting and Insulation FJPHOLS‘"TERy. B Woodworking B Footwear 42.89% 1 Generator Set 47.20% Vinyl & PVC FLOORING Inhouse and Contract Manufactu
Slide 6: Industry Wise Products 1/5
INDUSTRY WISE PRODUCTS 1/5 (spebil ADHESIVE Applicati Pplication Upholstery Adhesive Our flagship upholstery brush adhesive offers ideal viscosity and coverage for foam, wood, rexine, and leather bonding. With high initial grab, low odour, strong heat resistance, and fast setting, it ensures reliabl
Slide 7: Industry Wise Products 2/5
INDUSTRY WISE PRODUCTS 2/5 Epeba ADHESIVE Application Flooring, Carpet and Wallpaper Adhesive PP Engineered with ideal viscosity and optimal coverage, this adhesive ensures strong and uniform bonding across foam, wood, rexine, and leather surfaces. Designed to perform reliably in high-temperature en
Slide 8: Industry Wise Products 3/5
INDUSTRY WISE PRODUCTS 3/5 [spcbH ADHESIVE HVAC and GenSet Adhesive Application Engineered for HVAC duct fabrication, chilled water piping insulation, and _DUCtIr_]g and silent genset enclosures, this adhesive delivers fast drying, high coverage, and Insulation strong bonding under pressure. With hi
Slide 9: Industry Wise Products 4/5
INDUSTRY WISE PRODUCTS 4/5 spebE ADHESIVE Applicati Pplication Wood Working Adhesive Our Wood Working Adhesives range is engineered for strength and durability across interior and exterior applications. It includes high heat-resistant (up to 170°C) synthetic rubber adhesives for laminates on plywood
Slide 10: Industry Wise Products 5/5
INDUSTRY WISE PRODUCTS 5/5 [specbE ADHESIVE Application Automotive Adhesive Automotive adhesives are used in vehicle manufacturing to bond metal, plastic, glass, and composite parts. They enhance strength, durability, vibration resistance, and corrosion protection while supporting lightweight design
Slide 11: Existing Manufacturing Facility
EXISTING MANUFACTURING FACILITY (spebil ADHESIVE Taloja, District Raigad, Panvel, Maharashtra Capacity (Units) - 3,600 tons 2,366 Sq.mt. —\ /‘ Utilization (%) - 75% g e i, e — L g | 40+ Years of Industry Expertise Serving 500+ Industrial Customers Across India Q e i -~ s ’, + ° —— = L oo In-house R&
Slide 12: Capacity Expansion
CAPACITY EXPANSION [specbE ADHESIVE Manufacturing Capabilities e e SRS 137% c°pucity Gowth - " ................................................................. Combined tons o ater bdase Solvent Based Solvent Based ............................................................. AdheSiveS Adhesives On
Slide 13: Growth Triggers
GROWTH TRIGGERS (spebm ADHESIVE Diversification Across End- User Industries Broadening presence across Rising Domestic Manufacturing key industries. & Import Substitution Leveraging India’s manufacturing Capacity Expansion & and infrastructure growth. Backward Integration Increasing capacity to boos
Slide 14: Way Forward
WAY FORWARD GEpebE ADHESIVE EBITDA Margins 20% 17.89% New In-House Expansion Expansion of Strengthening International Manufacturing Water-Based into Adjacent Export & Domestic Facility at Adhesive Adhesive Capabilities Distribution Khalapur Manufacturing Segments Network 42.56 Khalapur plant 4,950 T
Slide 15: SPEB Advantage
SPEB ADVANTAGE [specbE ADHESIVE Established Adhesives Player with Decades of Experience Operating since 1990, SPEB has built strong technical know-how and long- standing customer relationships in the synthetic rubber adhesive segment. Low Working Capital Intensity Efficient inventory management and
Slide 16: Geographic Presence
GEOGRAPHIC PRESENCE GpcbE ADHESIVE 0.77% B Dealer-Distributor Network B Industrial Sales Uttar Pradesh - 0.37% [l Government Supply Contracts 81.73% Gujarat - 10.88% t5— Madhya Pradesh - 0.21% Maharashtra - 69.30% 6.89% Telangana - 1.07% B Domestic Goa - 1.85% Andra Pradesh - 0.62% B nternational (G
Slide 17: Solvent-Based vs Water-Based Adhesives
SOLVENT-BASED VS WATER-BASED ADHESIVES [spebl ADHESIVE Solvent-Based Synthetic Rubber Adhesives Water-Based Synthetic Rubber Adhesives Synthetic rubber + solvents { Composition ] Water-based polymers Superior bonding strength | Bonding Feel | Flexible bond Strong, durable [ Finish & Appearance ] Cle
Slide 18: Our Journey
OUR JOURNEY [specbE ADHESIVE @ 1972- The SPEB brand (“Super 2006- Commissioned an Q 2020-21- Introduced synthetic Perfect Everlasting Bond”) was automated packaging line to resin adhesives and specialized founded, rooted in pioneering enhance efficiency and scale grades like HEATFIX for advanced syn
Slide 19: Manufacturing Process
MANUFACTURING PROCESS < peb ey B ADHESIVE ; Transfer finished Pack final product using Procure Raw Transfer RM to Stirrer . ] ¥ Materials (RM) for processing products from Stirrer Seaming Machine connected to Holding Tank to Holding Tank / r \A 01} Underground storage tanks Stirrer Product filling 3
Slide 20: Online Market Places
ONLINE MARKET PLACES specbHE ADHESIVE e The Company has established a presence across leading online marketplaces to enhance digital reach and customer accessibility. * Online platforms enable lead generation, order visibility, and faster customer ADHESIVE s \ onboarding with minimal incremental cos
Slide 21: Industry Overview
INDUSTRY OVERVIEW Spebm ADHESIVE Global Synthetic Rubber-Based Adhesives Market Indian Synthetic Rubber-Based Adhesives Market * The global synthetic rubber-based adhesives market is * The Indian synthetic rubber-based adhesives market was estimated at USD 18—-22 billion in CY2024. valued at approxi
Slide 22: Management Commentary
MANAGEMENT COMMENTARY [spcbHADHESIVE SPEB Adhesives’ journey over the past three decades has been anchored in building a focused, high-performance synthetic rubber adhesives business. Over the last four years, we have demonstrated consistent scale-up in operations, with revenue growing from 27.9 cro
Slide 23: Board of Directors
BOARD OF DIRECTORS [specbE ADHESIVE A o) Gaurav Vithlani > Kirtikumar Vithlani Harish Vithlani Bhaumik Vithlani Managing Chairman & Whole- Executive Executive Director Time Director Director Director 25+ Years of Experience 40+ Years of Experience 40+ Years of Experience 20+ Years of Experience A Ba
Slide 24: Board of Directors
BOARD OF DIRECTORS [specbE ADHESIVE Sartaj Singh Kajal Pandya Dhaval Mehta Chiraj Shah Independent Director Independent Director Independent Director Independent Director Engineering & Public Sector Education & Institutional Wealth Management Distribution & Supply Chain Leadership Leadership Expert
Slide 25: Events – Listing Ceremony on NSE Emerge
EVENTS (spebm ADHESIVE Listing Ceremony on NSE Emerge 8th December, 2025 Speb Adhesives Limited successfully lists on NSE Emerge with a 233.73 Cr public issue, marking a new era of growth and public trust ‘“l" DS .nunlrfl p ! ] J-k} LISTING EREVMONY of VES LIMITED SPEB ADHESI ® — Investor Presentatio
Slide 26: Events
EVENTS [specbE ADHESIVE WOFX - World Furniture Expo Leadership Team 4th - 6th December, 2025 WOFX 2025 provided us with a meaningful platform to connect, collaborate, exchange ideas, and build lasting relationships within the furniture ecosystem iy = o T ——— Investor Presentation @ (HE)
Slide 27: Vision & Mission
VISION & MISSION [spebll ADHESIVE Our Vision * < To be one of the most trusted & innovative adhesive manufacturers globally, setting A benchmarks in quality & sustainability through our brand SPEB-7 ADHESIVE. With our focus on manufacturing adhesive for the Furnishing & Furniture Segment, we look fo
Slide 28: Key Financial Ratios
KEY FINANCIAL RATIOS 0.00 2.67 19.5 Beb Net Debt Market Cap to Sales Asset Turnover . S_PCP,’_ [ ] [ ] [ ] \SB 25.1% 26.8 % 371% | ROA ROE ROCE [ ] [ ] [] 17.9% 13.15% 12 OPM% PAT% EV / EBITA [ ] [ ] [ ] As on March 2025 —— |[nvestor Presentation ®
Slide 29: Profit and Loss
PROFIT AND LOSS [spebl ADHESIVE (nZcr.) Particulars HIFY26 FY25 FY24 Revenue from Operations 24.74 44.78 42.56 Cost of Materials Consumed 15.44 25.37 26.3 Employee Expenses 19 257 2:52. Other Expenses 2.08 1.47 1.08 EBITDA 4.9 8.01 6.54 EBITDA % 19.8% 17.89% 15.37% Other income 0.28 0.58 0.60 Deprec
Slide 30: Balance Sheet
BALANCE SHEET [spcbl ADHESIVE (nZcr.) Particulars September 2025 March 2024 March 2025 Equity Capital 17.61 0.17 17.61 Reserves 1.4 19.30 1.5 Borrowings 0.00 0.00 0.00 Other Liabilities 2.86 1.23 1.91 Total Liabilities 31.87 20.70 27.27 Fixed Assets 3.83 256 2.30 CwWIP 0.00 0.00 0.00 Investments 0.0
Slide 31: Disclaimer
[EpcbE ADHESIVE This presentation (the “Presentation”) has been prepared by SPEB Adhesives Limited (the “Company”) solely for information purposes. It does not constitute any offer, recommendation, invitation, or solicitation to purchase or subscribe to any securities of the Company, nor shall it fo
Slide 32: Thank You
h])rl) 7 WalLFix Thank You [specbl ADHESIVE ™M MERLIN CAPITAL Mr. Gaurav Vithlani Mr. Ayush Divecha Managing Director Email : ir@merlincapital.co.in Email : gaurav@speb7.com Contact : +91 81048 55515