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Latest filing: 2026-08-13 15:30
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4 announcements match the current filters (relevance ≥ 5).
75% Capacity Expansion to 3,500 TPM Nears Completion; Q1 EBITDA Margin Hits 14.4%
Jyoti Resins reported 17% revenue growth in Q1 FY27, though EBITDA margins compressed significantly to 14.4% due to raw material price spikes linked to West Asia unrest. Management expects margins to normalize to 23-25% in Q2 FY27, supported by new 90-day supply contracts. The company's brownfield expansion to 3,500 TPM (up from 2,000 TPM) is 80% complete and expected to be operational within two months, providing a revenue potential of ₹600-650 Cr. Despite high debtor days in new markets like UP and Jharkhand, the company remains debt-free with a growing network of 210,000 carpenters.
Confidence: HIGH
What changedThe company is nearing the completion of a major 75% capacity hike while navigating a temporary but sharp margin contraction caused by geopolitical input cost volatility.
Why it mattersThe expansion allows the company to target a revenue run-rate nearly double its current TTM levels (₹314 Cr), essential for achieving its long-term ₹1,000 Cr turnover vision.
Q1 EBITDA Margin: 14.4%Capacity Expansion: 75% (to 3,500 TPM)Revenue Potential vs TTM Revenue: 207%Greenfield CapEx Plan: ₹45-50 CrTarget Debtor Days: 120 daysCarpenter Network: 210,000
📅 Short termThe significant margin miss in Q1 may cause short-term price volatility, but the imminent capacity commissioning and margin recovery guidance for Q2 provide a positive counter-narrative.
📈 Long termStructural growth remains intact as the company expands its footprint in North India and doubles its manufacturing base while maintaining a debt-free balance sheet.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Raw material price volatility (VAM)
- High debtor days in new expansion markets
- Execution risk in scaling sales to match 75% higher capacity
Key Highlights
Revenue grew 17% YoY in Q1 FY27, with 10% contributed by volume growth and 7% by price increases.
EBITDA margin dropped to 14.4% in Q1 from TTM levels of 27.1% due to sharp spikes in crude-linked raw material costs.
Capacity expansion from 2,000 to 3,500 TPM is 80% complete, with commissioning expected by Q2 FY27.
Management targets a revenue potential of ₹600-650 Cr from the expanded capacity, compared to TTM revenue of ₹314 Cr.
Registered carpenter base increased to 210,000, supporting the company's retail-heavy B2C model.
👀 What to Watch
Monitor the successful commissioning of the 1,500 TPM additional capacity in Q2 and verify if EBITDA margins rebound to the guided 23-25% range as raw material contracts reset.
75% Capacity Expansion to 3,500 TPM Nearing Completion; Targeting Rs 500 Cr Revenue
Jyoti Resins is nearing the completion of its brownfield expansion, which will increase capacity from 2,000 to 3,500 TPM (a 75% increase), with operations expected to commence before Q2 FY27. The company remains debt-free with a strong liquidity position of Rs 165.9 Cr in cash and investments as of FY26. Management is targeting a revenue milestone of Rs 500 Cr+, supported by a retail network of 13,000 retailers and 3.5 lakh carpenters. While FY26 PAT saw a slight decline to Rs 69.9 Cr from Rs 73.8 Cr in FY25, the company maintains a high ROCE of 35.5%.
Confidence: HIGH
What changedThe company has provided a status update on its brownfield expansion, confirming it is 80% complete and on track for a Q2 FY27 start, while reiterating its long-term growth roadmap.
Why it mattersThe 75% capacity increase is the primary driver for the company to reach its Rs 500 Cr revenue target (a ~60% increase over TTM revenue) without taking on debt, leveraging its high capital efficiency (35.5% ROCE).
Capacity Expansion: 75% (to 3,500 TPM)Expansion Capex: Rs 7-8 CrCash & Investments (FY26): Rs 165.9 CrRevenue Target: Rs 500 Cr+ROCE (FY26): 35.5%Dividend per share (FY26): Rs 9
📅 Short termThe stock may see positive interest as the expansion nears completion, providing clear visibility for volume growth in the upcoming quarters.
📈 Long termThe company is positioning itself as a strong number two in the retail wood adhesive market; long-term success depends on maintaining margins amidst raw material volatility and successfully scaling its influencer (carpenter) loyalty program.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Volatility in raw material prices (VAM)
- High competition from dominant organized players
- Execution risk in geographic expansion beyond core markets
Key Highlights
Brownfield expansion to increase capacity by 75% (from 2,000 to 3,500 TPM) is approximately 80% completed.
Company maintains a debt-free balance sheet with Rs 165.9 Cr in cash, bank balances, and investments as of March 2026.
Retail footprint spans 15 states with 54 branches and a registered base of over 2,10,000 carpenters.
Management provides long-term EBITDA margin guidance of 23-25%, despite FY26 margins settling at 27%.
Fixed asset turnover potential is projected at 8-10x following the completion of the current expansion phase.
👀 What to Watch
Watch for the official commissioning of the additional 1,500 TPM capacity in Q2 FY27 and monitor volume growth trends in newly entered states like Delhi and UP to validate the Rs 500 Cr revenue trajectory.
Jyoti Resins Q1 Results: 32% YoY Profit Drop to ₹11.75 Cr Despite 17% Revenue Growth
Jyoti Resins reported a 16.8% YoY revenue growth to ₹87.71 Cr for Q1 FY27, but net profit declined sharply by 32.4% to ₹11.75 Cr. The profitability contraction was primarily driven by a surge in adjusted raw material costs, which rose to 40.9% of revenue compared to 27.5% in the same quarter last year. Sequentially, the performance was even weaker, with revenue down 5.6% and net profit falling 41.5% from Q4 FY26. Despite the margin pressure, the company maintains a debt-free balance sheet and continues aggressive sales promotion spending.
Confidence: HIGH
What changedThe company experienced a significant margin squeeze in Q1 FY27, with net profit margins falling to 13.4% from 23.1% YoY, despite maintaining double-digit revenue growth.
Why it mattersAs the second-largest wood adhesive brand in India's retail segment, the sharp drop in profitability suggests either intense competition requiring higher discounts/promotions or an inability to pass on rising input costs to consumers in the short term.
Revenue (Q1 FY27): ₹87.71 CrNet Profit (Q1 FY27): ₹11.75 CrRevenue vs TTM Revenue: 27.9%Net Profit vs TTM PAT: 17.0%Adjusted RM Cost %: 40.9%Sales Promotion Expense: ₹13.95 Cr
📅 Short termThe stock is likely to face downward pressure in the short term as the market reacts to the substantial miss on profitability and sequential decline in both top and bottom lines.
📈 Long termThe long-term outlook depends on the company's ability to scale its 'Euro 7000' brand and utilize the upcoming 75% capacity expansion to drive volume growth that can offset current margin pressures.
⚠ Risk flags
- Significant raw material cost inflation
- High sales promotion dependency
- Sharp sequential decline in profitability
Key Highlights
Revenue from operations grew 16.8% YoY to ₹87.71 Cr, representing ~28% of TTM revenue.
Net profit declined 32.4% YoY to ₹11.75 Cr, significantly below the quarterly run-rate required to meet TTM PAT of ₹69 Cr.
Adjusted raw material costs (net of inventory changes) rose to ₹35.93 Cr from ₹20.68 Cr in the year-ago period.
Sales promotion expenses remained high at ₹13.95 Cr, accounting for 15.9% of total revenue.
Basic EPS for the quarter fell to ₹9.79 compared to ₹14.48 in Q1 FY26.
👀 What to Watch
Investors should monitor the trend in Vinyl Acetate Monomer (VAM) prices, as raw material volatility is clearly impacting margins. Watch for management commentary on the progress of the 1,500 TPM capacity expansion and whether the company can regain its 30%+ operating margins through price hikes.
Rs 11.75 Cr PAT: Jyoti Resins Q1 Profit Drops 32% YoY as Raw Material Costs Surge
Jyoti Resins & Adhesives reported a 16.8% YoY increase in revenue to Rs 87.71 Cr for Q1 FY27, but net profit fell significantly by 32.4% YoY to Rs 11.75 Cr. The profitability decline was primarily driven by a sharp rise in raw material costs, which reached Rs 52.21 Cr (before inventory adjustments) compared to Rs 23.75 Cr in the year-ago period. Operating margins were further pressured by high sales promotion expenses of Rs 13.95 Cr, representing nearly 16% of revenue. Consequently, Basic EPS for the quarter dropped to Rs 10 from Rs 14 in Q1 FY26.
Confidence: HIGH
What changedThe company reported its Q1 FY27 financial results, showing a significant contraction in margins despite healthy top-line growth.
Why it mattersThe sharp increase in raw material intensity (rising from ~27.5% to ~40.9% of revenue YoY) suggests significant input cost pressure that is currently not being fully offset by pricing or volume growth.
Revenue (Q1 FY27): Rs 87.71 CrNet Profit (Q1 FY27): Rs 11.75 CrYoY Profit Growth: -32.4%Material Cost (Adjusted): Rs 35.93 CrSales Promotion Expense: Rs 13.95 Cr
📅 Short termThe stock is likely to face negative sentiment in the short term due to the substantial miss on the bottom line and margin compression.
📈 Long termLong-term prospects depend on the successful execution of the '2.0 journey' to reach a Rs 500 Cr turnover and the stabilization of raw material costs.
⚠ Risk flags
- Significant raw material price volatility
- High sales promotion spending to maintain market share
- Margin compression
Key Highlights
Revenue from operations grew 16.8% YoY to Rs 87.71 Cr from Rs 75.10 Cr.
Net profit declined 32.4% YoY to Rs 11.75 Cr, down from Rs 17.38 Cr in the same quarter last year.
Cost of materials consumed spiked to Rs 52.21 Cr, a 120% increase over the Rs 23.75 Cr reported in Q1 FY26.
Sales promotion expenses remained elevated at Rs 13.95 Cr, impacting overall profitability.
Basic and Diluted EPS for the quarter decreased to Rs 10 from Rs 14 YoY.
👀 What to Watch
Investors should monitor management's ability to pass on rising raw material costs to consumers and the progress of the 1,500 TPM brownfield capacity expansion expected by mid-2026.
