Srivasavi Adhesive Tapes Limited (SRIVASAVI)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Srivasavi Adhesive's revenue was ₹57.0 Cr (+14.0% year on year, +7.5% on the previous half-year), and net profit ₹3.0 Cr (+50.0% year on year); the operating margin was 8.8%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹57.0 | +14.0% | +7.5% |
| Operating profit | ₹5.0 | +25.0% | +25.0% |
| Net profit | ₹3.0 | +50.0% | +0.0% |
| EPS (₹) | 2.19 | +24.4% | +6.8% |
| Operating margin | 8.8% | — | — |
SRIVASAVI delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the SRIVASAVI shares traded on NSE were taken to delivery, against the stock's own 20-session average of 91.29%. That is close to its usual level. Turnover was only ₹4 lakh, so a handful of trades can move this figure. Volume was 0.3 times its average, well below normal. It closed at a price band (circuit) on 10 sessions in about the last 20.
Delivery in the last 5 sessions: 78.4% · 86.8% · 87.5% · 78.6% · 100.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Srivasavi Adhesive Tapes Limited has been sanctioned an Investment Promotion Subsidy of ₹50,00,000 (₹50 Lakhs) by the Department of Industries and Commerce, District Industries Centre, Bengaluru Rural District. The subsidy was granted under the Karnataka Industrial Policy 2025–30 for its Unit-5 facility at Sompura Industrial Area, Nelamangala. Relative to recent half-yearly profits (~₹3 crore in Mar 2026), this ₹0.5 crore grant provides a modest one-time financial boost.
- Sanctioned an Investment Promotion Subsidy of ₹50,00,000 (₹50 Lakhs)
- Subsidy granted under the Karnataka Industrial Policy 2025–30
- Applicable to manufacturing Unit-5 situated at Plot No. 18, Sompura 1st Stage, Industrial Area, Nelamangala Taluk
Srivasavi Adhesive Tapes Limited announced the voting results of its Annual General Meeting held on August 14, 2026. Shareholders approved all three resolutions presented with 100% of valid votes cast in favor. The approved items include adoption of annual accounts, re-appointment of retiring director Ashwini D A, and a special resolution to increase managerial remuneration exceeding Section 197 limits (where 1,03,77,366 interested promoter votes were excluded and 81,600 public votes were polled in favor).
- All 3 resolutions passed with 100% of valid votes cast in favour at the AGM held on August 14, 2026.
- Ordinary resolution on adoption of annual accounts saw 1,04,58,966 votes polled (73.79% of total 1,41,74,166 shares).
- Special resolution for director remuneration hike exceeding Section 197 limits passed with 81,600 valid non-interested votes in favour.
- 1,03,77,366 promoter shares were classified as interested/invalid for the remuneration resolution.
Srivasavi Adhesive Tapes held its 17th Annual General Meeting on August 14, 2026, to adopt the FY26 audited financial statements. A key agenda item was a special resolution to increase director remuneration beyond the standard limits prescribed under Section 197 of the Companies Act, 2013. The company confirmed that statutory auditors issued a clean report with no qualifications for the financial year. This follows a growth phase where quarterly revenue reached ₹57.0 cr in March 2026, supported by the operationalization of its new Unit 5 Polymer Division.
- 17th Annual General Meeting successfully conducted on August 14, 2026.
- Special resolution proposed to increase director remuneration exceeding Section 197 limits.
- Statutory auditors reported zero qualifications or adverse comments for the year ended March 31, 2026.
- Remote e-voting was completed between August 11 and August 13, 2026, with a cut-off date of August 7, 2026.
- Company continues to leverage its Unit 5 facility which commenced production on November 3, 2025.
Financial Performance
Revenue Growth by Segment
Standalone revenue from operations grew 31.78% YoY to INR 52.91 Cr in H1 FY26 from INR 40.15 Cr in H1 FY25. Segment-specific percentage splits are not disclosed in available documents.
Geographic Revenue Split
Not disclosed in available documents, though manufacturing is concentrated in Karnataka.
Profitability Margins
Net Profit Margin for FY25 was 7.54%, an improvement from 6.65% in FY24. However, H1 FY26 standalone net profit fell to INR 3.01 Cr from INR 4.31 Cr in H1 FY25, a 30% decline despite higher revenue.
EBITDA Margin
Operating profit before working capital changes for FY25 was INR 10.25 Cr, representing an EBITDA-equivalent margin of approximately 11.18% on total income of INR 91.69 Cr.
Capital Expenditure
The company invested in the commencement of Unit 5 (Polymer Division) in Nelamangala, which began commercial production on November 3, 2025. Specific INR Cr values for the project were not disclosed.
Credit Rating & Borrowing
Not disclosed in available documents. Total standalone borrowings as of September 30, 2025, were INR 9.31 Cr, including INR 3.22 Cr in long-term and INR 6.08 Cr in short-term debt.
Operational Drivers
Raw Materials
Polymers, specialty films, fabrics, and adhesives. These materials are critical for the production of industrial specialty tapes.
Capacity Expansion
Unit 5 (Polymer Division) in Nelamangala, Bengaluru Rural, commenced commercial production on November 3, 2025. This unit is expected to provide vertical integration for polymer-based tape components.
Raw Material Costs
Cost of materials consumed for H1 FY26 was INR 41.90 Cr, representing 79.1% of revenue from operations. This high percentage makes the company highly sensitive to input price fluctuations.
Strategic Growth
Expected Growth Rate
31%
Growth Strategy
Growth is driven by the operationalization of Unit 5 (Polymer Division) in late 2025, which allows for vertical integration and expansion into high-performance industrial specialty segments. The company is focusing on building strong teams and leveraging its new capacity to increase market penetration.
Products & Services
Industrial Specialty Adhesive Tapes, Foams, Films, Fabrics, and Die cuts.
Brand Portfolio
Srivasavi Tapes.
New Products/Services
New products from the Polymer Division (Unit 5) are expected to contribute to revenue starting in H2 FY26.
Market Expansion
Expansion into the Sompura Industrial Area, Nelamangala, with the new Unit 5 facility to serve the Bengaluru industrial hub.
External Factors
Industry Trends
The industry is shifting toward high-performance specialty tapes for industrial applications. Srivasavi is positioning itself by integrating polymer manufacturing to stay competitive in this evolving landscape.
Competitive Moat
The company's moat is built on its diverse product portfolio (foams, films, fabrics) and its move toward vertical integration with Unit 5, which reduces dependency on external polymer suppliers and enhances cost leadership.
Macro Economic Sensitivity
Highly sensitive to industrial production growth and manufacturing sector demand in India, particularly in automotive and electronics where specialty tapes are used.
Consumer Behavior
B2B industrial demand is shifting toward more specialized, high-durability adhesive solutions for complex manufacturing processes.
Regulatory & Governance
Industry Regulations
Operations are subject to Karnataka State Pollution Control Board norms and safety standards for chemical and polymer manufacturing. SEBI (LODR) Regulations 2015 govern its financial reporting and disclosures.
Environmental Compliance
The company spent INR 11.37 Lakhs on CSR activities in FY25, exceeding its obligation of INR 11.31 Lakhs. It must comply with pollution norms in the Sompura and Doddaballapura industrial areas.
Taxation Policy Impact
The company's effective tax rate for FY25 was approximately 24.38%, with total tax expenses of INR 2.43 Cr on a profit before tax of INR 9.23 Cr.
Legal Contingencies
No pending material court cases or legal disputes with specified INR values were disclosed in the audit reports for the period ending March 31, 2025.
Risk Analysis
Key Uncertainties
Volatility in raw material prices (polymers/chemicals) and the successful ramp-up of the new Unit 5 facility are the primary business risks.
Geographic Concentration Risk
100% of manufacturing facilities are located in Karnataka (Doddaballapura, Gowribidanur, and Nelamangala), creating high regional concentration risk.
Third Party Dependencies
High dependency on raw material suppliers, as material costs represent nearly 80% of revenue.
Credit & Counterparty Risk
Trade payables stood at INR 17.35 Cr as of September 30, 2025, indicating significant credit exposure to suppliers.
