Srivasavi Adhesive Tapes Ltd(SRIVASAVI)

NSE: SRIVASAVI

₹ 89.95+9.56%refreshed 27 Oct, 10:31 am ISTMarket cap: ₹ 128 crUpdated: 27 Oct 2026

About

Srivasavi Adhesive Tapes makes industrial specialty self-adhesive tapes from film, foam, foil, fabric and paper, plus adhesives, polymer products, woven fabrics, die-cuts and labels, sold under its 'Dollar' brand. It offers 300+ SKUs across eight product lines. Its customers are in industries including automotive, railways, aerospace, defence, electronics and solar. Revenue from operations was ₹109.98 cr in FY26, up from ₹90.16 cr in FY25.^[1][2][3]

Products and brand

300+ SKUs across eight product lines under the 'Dollar' brand (FY26).^[1]
Tapes include filament, fiberglass, polyester, double-sided, aluminium foil, BOPP packaging and masking tapes.^[1]
Revenue mix in FY26: 75-80% specialty products and 20-25% commodity products.^[2]
Unit 3's facility makes pressure-sensitive adhesives (rubber, water-based, hotmelt), butyl and silicone sealants, emulsions and PU foam in-house (Q3 FY26).^[4]

Manufacturing footprint

Five manufacturing units in Bangalore and Vadodara, Gujarat, covering about 2 lakh sq ft as of FY26. That is double the footprint before the IPO.^[2]
Units 2, 3 and 4 started operating during FY26. In Q2 FY25 the company had two manufacturing units.^[2][5]
Capacity utilisation in FY26: 60-70% at Units 1 and 2, about 50% at Units 3 and 4.^[2]
The company plans to grow its manufacturing footprint from 2 lakh to over 4 lakh sq ft (FY26 annual report).^[1]
Permanent employees rose from 280 to 357 during Q3 FY26.^[4]

Key operating numbers

Order book of ₹160-175 cr stated for FY27.^[2]
Aerospace made up about 4% of revenue in FY26.^[2]
In Q3 FY26, railways and locomotive business grew 100% YoY and renewables business grew 49% YoY.^[4]
Working capital days were 75-100 in FY26. R&D spending was 0.5-1% of revenue in FY26.^[2]

Customers and markets

Serves automotive, locomotives, aerospace, defence, electrical and electronics, solar, FMCG, white and brown goods, and construction (FY26).^[1]
Exports were about 15% of turnover in FY26, sold across 27+ countries. Exports grew 20% YoY in Q3 FY26.^[2][4]
The company exported its pressure-sensitive adhesives to South Korea (FY26 annual report).^[1]
Six NDAs signed with prospective customers: two in lithium-ion batteries, one in EMS, one in automotive and two with retail brands.^[1]
Holds Part-I approval from Indian Railways for auto-adhesive tapes.^[1][2]

Expansion and capex

Unit 5 is a polymer division at Dobbaspet with 6,000 tonnes a year of capacity and about ₹10 cr invested. It will make fabrics for the company's own use and is targeted to go live in FY27.^[2]
Unit 6 is leased, with power connections underway. Production was expected in about four months, with capex within ₹5 cr (as stated at the Q4 FY26 call).^[2]
Management said an overseas office is planned to grow exports beyond 15% of turnover.^[2]

Recent developments

Q3 FY26: signed its first contract with a defence PSU and supplied adhesives for mortar shells. In the same quarter it entered the EMS sector.^[4]
Defence supplies cover ammunition factories, parachute factories and BEL (Q4 FY26 call).^[2]
The polymer division signed a five-year purchase agreement with a multinational company to supply PP, HDPE and technical woven fabric, effective 1 July 2026.^[1]
Some new products have reached 95% qualification for EMS applications. A Japanese-spec product is on trial at an EMS customer (FY26).^[1][2]

Market Cap

₹128 Cr

High / Low

₹98 / 39

Stock P/E

22.4

Price / Book

2.9

Book Value

₹33

EPS

₹3.9

No. of Shares

1.42 Cr

ROCE

12.7%

ROE

11.9%

OPM

7.5%

Debt / Equity

0.41

Sales

₹110 Cr

Net Profit

₹6 Cr

Promoter holding

74.6%

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