Srivasavi Adhesive Tapes FY26 revenue rises 22% to ₹110 crore
Srivasavi Adhesive Tapes Limited achieved a 22% rise in FY26 revenue to ₹109.98 crore, supported by new manufacturing capacity and entry into defense and EMS sectors. While PAT declined to ₹6.01 crore due to increased depreciation and finance costs, the company strengthened its balance sheet with net worth of ₹46.71 crore. Management projects future margin improvements as new assets ramp up and targets ₹1,000 crore revenue through backward integration and export expansion.
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Srivasavi Adhesive Tapes Limited reported a 22% increase in revenue from operations to ₹109.98 crore for the financial year ended March 31, 2026, driven by capacity expansion and entry into high-barrier sectors. The company’s profit after tax for the year stood at ₹6.01 crore compared to ₹6.80 crore in the previous year, as heavy investments in new assets impacted margins. Management characterized FY26 as a peak investment year, with significant capital expenditure deployed to establish five manufacturing units and a new polymer division.
The company’s strategic focus on import substitution and backward integration underpinned its performance. Revenue growth was supported by new contracts with defense PSUs and electronic manufacturing services (EMS), alongside certifications from Indian Railways. Exports grew by 20% year-on-year in the third quarter, with management noting that recent US tariff reductions could further enhance competitiveness. The workforce expanded to 357 employees from 280 a year ago, reflecting the scaling of operations.
Financial metrics for FY26 highlight the cost of scaling. The cost of materials consumed rose to ₹83.08 crore, while finance costs increased to ₹47 lakh from ₹28 lakh in FY25. Depreciation also climbed to ₹144 lakh from ₹110 lakh, attributed to the commissioning of new assets. Despite margin pressure, the balance sheet strengthened, with net worth growing to ₹46.71 crore and reserves and surplus reaching ₹32.54 crore. Total assets expanded to ₹85.86 crore, including ₹10.58 crore of capital work in progress (CWIP) primarily for the upcoming polymer division.
| Metric | FY26 | FY25 |
|---|---|---|
| Revenue from Operations | ₹109.98 crore | ₹90.16 crore |
| Profit After Tax | ₹6.01 crore | ₹6.80 crore |
| Basic EPS | ₹4.24 | - |
| Finance Cost | ₹47 lakh | ₹28 lakh |
| Depreciation | ₹144 lakh | ₹110 lakh |
| Net Worth | ₹46.71 crore | - |
Looking ahead, management outlined a long-term vision to achieve ₹1,000 crore in revenue built on four pillars: backward integration, capacity expansion, sector diversification, and export scale-up. The polymer division, targeted to go live by FY27, will have a capacity of 6,000 tons per year for captive consumption and innovative products. The company is also planning to establish a foreign office to boost exports, which currently account for 15% of turnover. Management expects operating leverage to improve as new capacities, particularly Unit 4 in Gujarat, scale towards full operation.
Historical Stock Returns for Srivasavi Adhesive Tapes
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.46% | +5.18% | +54.13% | +70.17% | +18.74% | +90.83% |
What is the projected timeline for the new polymer division to reach full operational capacity and contribute to margins?
How will the company finance the remaining capital work in progress for the polymer division without further straining finance costs?
When can investors expect the operating leverage from Unit 4 in Gujarat to offset the current margin pressure?
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