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In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
HP Adhesives's Net-Net Working Capital for the quarter that ended in Jun. 2026 was ₹.
The industry rank for HP Adhesives's Net-Net Working Capital or its related term are showing as below:
NSE:HPAL's Price-to-Net-Net-Working-Capital is ranked better than 69.06% of 598
companies
in the Chemicals industry
Industry Median: 8.445
vs NSE:HPAL: 4.99
HP Adhesives (NSE:HPAL) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
HP Adhesives Net-Net Working Capital Related Terms
HP Adhesives Net-Net Working Capital Historical Data
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The historical data trend for HP Adhesives's Net-Net Working Capital can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
NSE:HPAL vs LIN, SHW, ECL: Net-Net Working Capital Comparison
For the Specialty Chemicals subindustry, HP Adhesives's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
HP Adhesives Price-to-Net-Net-Working-Capital vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, HP Adhesives's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where HP Adhesives's Price-to-Net-Net-Working-Capital falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
HP Adhesives (NSE:HPAL) has a Net-Net Working Capital of ₹ as of Jun. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on HP Adhesives According to the industry distribution chart, HP Adhesives ranks #185 out of 598 companies in the Chemicals industry, placing it in the top 30.9%.
Is HP Adhesives' Net-Net Working Capital too high?
HP Adhesives' current Net-Net Working Capital is ₹. Based on the distribution chart, HP Adhesives ranks #185 out of 598 companies in the Chemicals industry, which is above the industry midpoint. Overall, HP Adhesives has a GF Score™ of 82/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does HP Adhesives' Net-Net Working Capital compare to LIN and SHW?
According to the Chemicals industry distribution chart, HP Adhesives ranks #185 out of 598 companies for Net-Net Working Capital. This puts HP Adhesives in the upper half of its industry. The industry median Net-Net Working Capital is 8.45. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Chemicals company?
The median Net-Net Working Capital among Chemicals companies is 8.45, based on 598 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on HP Adhesives For the Chemicals industry, the median Net-Net Working Capital is 8.45 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. HP Adhesives's current Net-Net Working Capital is ₹. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is HP Adhesives stock overvalued right now?
Based on GuruFocus' analysis, HP Adhesives (NSE:HPAL) is currently considered Significantly Undervalued. The stock's GF Value™ is ₹57.56, compared to a current price of ₹35.93 — trading 37.6% below its estimated fair value. The current Net-Net Working Capital is ₹. HP Adhesives' overall GF Score™ is 82/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For HP Adhesives (NSE:HPAL), the current Net-Net Working Capital is ₹ as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is HP Adhesives (NSE:HPAL) Overvalued in 2026?
Based on GuruFocus' analysis, HP Adhesives stock appears to be undervalued.
The current stock price of ₹35.93 is trading 37.6% below its estimated GF Value™ of ₹57.56.
GuruFocus considers HP Adhesives to be Significantly Undervalued.
Key valuation signals for NSE:HPAL:
Net-Net Working Capital: ₹
GF Value™: ₹57.56 vs. price of ₹35.93 (37.6% below fair value)
No single metric tells the full story. See the NSE:HPAL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
HP Adhesives Ltd is an Indian manufacturer and distributor of adhesives, sealants, and ancillary products. Its portfolio includes solvent cements, silicone sealants, contact adhesives, white glue/PVA, epoxy putties and adhesives, spray paints, drainage solutions, and plumbing accessories. The company primarily serves the plumbing, construction, and do-it-yourself markets, offering products used for pipe joining, bonding, sealing, and repair applications. It markets its goods under its own brands through a distribution network of dealers, retailers, and channel partners across India, with some export activity. HP Adhesives operates in a single reportable business segment, adhesives and solvent products, and generates revenue mainly from the sale of manufactured and traded goods through its distribution network. The company is headquartered in India and listed on Indian stock exchanges.
82GF Score
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