Speb Adhesives (NSE:SPEB) Operating Income: ₹84.2 Mil (TTM As of Mar. 2026)

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NSE:SPEB Speb Adhesives Ltd NSE:SPEB
22 GF Score
Price ₹87.65
! 4 Warning Signs
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What is Speb Adhesives Operating Income?

Speb Adhesives NSE:SPEB 22 Operating Income is ₹84.2 Mil as of Mar. 2026. GuruFocus rates NSE:SPEB with a GF Score™ of 22/100. The stock has 4 warning signs investors should review.

Speb Adhesives's Operating Income for the six months ended in Mar. 2026 was ₹37.8 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was ₹84.2 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Speb Adhesives's Operating Income for the six months ended in Mar. 2026 was ₹37.8 Mil. Speb Adhesives's Revenue for the six months ended in Mar. 2026 was ₹258.0 Mil. Therefore, Speb Adhesives's Operating Margin % for the quarter that ended in Mar. 2026 was 14.64%.

Speb Adhesives's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Speb Adhesives's annualized ROC % for the quarter that ended in Mar. 2026 was 20.74%. Speb Adhesives's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 45.87%.

Speb Adhesives  (NSE:SPEB) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Speb Adhesives's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Sep. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=75.558 * ( 1 - 26.7% )/( (266.686 + 267.335)/ 2 )
=55.384014/267.0105
=20.74 %

where

Invested Capital(Q: Sep. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=318.778 - 17.659 - ( 34.433 - max(0, 28.138 - 231.773+34.433))
=266.686

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=579.711 - 15.669 - ( 296.707 - max(0, 21.234 - 413.38+296.707))
=267.335

Note: The Operating Income data used here is two times the semi-annual (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Speb Adhesives's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Sep. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=87.69/( ( (86.969 + max(169.165, 0)) + (35.024 + max(91.142, 0)) )/ 2 )
=87.69/( ( 256.134 + 126.166 )/ 2 )
=87.69/191.15
=45.87 %

where Working Capital is:

Working Capital(Q: Sep. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(105.986 + 28.57 + 62.747) - (17.659 + 0 + 10.479)
=169.165

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(80.424 + 31.431 + 0.60699999999997) - (15.669 + 0 + 5.651)
=91.142

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Speb Adhesives's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=37.779/257.997
=14.64 %

* 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.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Speb Adhesives Operating Income Related Terms

Speb Adhesives Operating Income Historical Data

* Premium members only.

The historical data trend for Speb Adhesives's Operating Income 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.

Speb Adhesives Operating Income Chart

Speb Adhesives Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Operating Income
34.84 21.18 61.55 73.86 84.17

Speb Adhesives Semi-Annual Data
Mar22 Mar23 Mar24 Mar25 Sep25 Mar26
Operating Income Get a 7-Day Free Trial 0.00 0.00 39.99 46.38 37.78
NSE:SPEB
22GF Score
Speb Adhesives Ltd NSE:SPEB
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Speb Adhesives Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the semi-annually data reported by the company within the most recent 12 months, which was ₹84.2 Mil.

* 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.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of ₹84.2 Mil mean?
Speb Adhesives (NSE:SPEB) has a Operating Income of ₹84.2 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Speb Adhesives and its competitors.
Is Speb Adhesives' Operating Income too high?
Speb Adhesives' current Operating Income is ₹84.2 Mil. Overall, Speb Adhesives has a GF Score™ of 22/100, reflecting its overall financial health beyond just this single metric.
How does Speb Adhesives' Operating Income compare to LIN and SHW?
Speb Adhesives' Operating Income of ₹84.2 Mil can be compared against companies in the Chemicals industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Chemicals company?
A good Operating Income depends on the Chemicals industry context. However, Operating Income 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 Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Speb Adhesives and its competitors. Speb Adhesives's current Operating Income is ₹84.2 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Speb Adhesives stock overvalued right now?
Speb Adhesives (NSE:SPEB) has a current Operating Income of ₹84.2 Mil. The current Operating Income is ₹84.2 Mil. Speb Adhesives' overall GF Score™ is 22/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Speb Adhesives (NSE:SPEB), the current Operating Income is ₹84.2 Mil as of Mar. 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.

Speb Adhesives Business Description

Address Plot no. J 33, MIDC, Taloja, Raigad, Panvel, MH, IND, 410208
Speb Adhesives Ltd is engaged in the manufacturing of solvent-based synthetic rubber adhesives and offers water-based adhesives. The company focuses on in-house manufacturing of solvent-based adhesives, with water-based adhesives being produced on a contractual manufacturing basis. Its product portfolio includes various products customized for industrial and retail applications, such as multi-purpose adhesives, spray-grade adhesives, premium bonding adhesives, Ducting and Insulation adhesives, woodworking adhesives, footwear-grade adhesives, and adhesives used in Generator Sets. The company operates a B2B model through three business channels: dealer-distribution network, industrial sales, and government supply contracts. It generates the majority of its revenue from overseas markets.
22GF Score

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Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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