Jyoti Resins & Adhesives Ltd (514448)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Jyoti Resins' revenue was ₹87.7 Cr (+16.9% year on year, -5.7% on the previous quarter), and net profit ₹11.8 Cr (-30.9% year on year); the operating margin was 14.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹87.7 | +16.9% | -5.7% |
| Operating profit | ₹12.7 | -39.7% | -49.4% |
| Net profit | ₹11.8 | -30.9% | -41.2% |
| EPS (₹) | 10.00 | -30.9% | -40.2% |
| Operating margin | 14.4% | — | — |
📢 Recent Corporate Announcements
Jyoti Resins & Adhesives Limited has received approval from the National Stock Exchange of India (NSE) for listing and trading of its equity shares effective October 08, 2026. A total of 1,20,00,000 fully paid equity shares of face value ₹10 each will trade under the symbol JYOTIRES in the EQ series. The company's shares are currently listed exclusively on the BSE. This dual listing expands access across India's largest equity exchange platform.
- Listing and trading on NSE to commence from October 08, 2026
- Total of 1,20,00,000 equity shares of face value ₹10 each admitted to dealings
- Stock assigned the trading symbol JYOTIRES under series EQ
- Approval granted vide NSE letter reference NSE/LIST/262 dated October 06, 2026
Jyoti Resins & Adhesives Ltd has appointed Ms. Margi N. Shah as its new Company Secretary and Compliance Officer, effective August 29, 2026. The decision was approved during a Board of Directors meeting held on the same day between 07:15 PM and 07:40 PM. Ms. Shah is a qualified Company Secretary (Membership No. A74016), holds nil shares in the company, and is not related to any directors. This is a routine statutory appointment to comply with SEBI LODR regulations and Section 203 of the Companies Act, 2013.
- Appointed Ms. Margi N. Shah as Company Secretary and Compliance Officer effective August 29, 2026
- Board meeting approving the appointment conducted on August 29, 2026 (07:15 PM to 07:40 PM)
- Appointee holds CS Membership No. A74016 and reports nil shareholding in the company
- Appointment executed under SEBI LODR Regulation 6 and Section 203 of Companies Act, 2013
Jyoti Resins and Adhesives Limited has announced the appointment of Ms. Margi N. Shah as Company Secretary and Compliance Officer, effective August 29, 2026. The appointment fills a statutory Key Managerial Personnel (KMP) position pursuant to Section 203 of the Companies Act, 2013, and SEBI LODR regulations. Ms. Shah holds no equity shares in the company and is not related to any directors. This is a routine secretarial update with no impact on business operations or financials.
- Appointment of Ms. Margi N. Shah as Company Secretary & Compliance Officer effective August 29, 2026
- Membership No. of the appointed CS is A74016
- Shareholding of the appointee in the company is Nil
- Board meeting conducted between 07:15 PM and 07:40 PM on August 29, 2026
Jyoti Resins & Adhesives Limited has published its Annual Report for FY 2025-26 and scheduled its 33rd Annual General Meeting (AGM) for Wednesday, September 16, 2026. In FY26, the company posted its highest-ever revenue of ₹314.74 crore (up 10.8% YoY) and a PAT of ₹69.98 crore with an EPS of ₹58.32. The Board recommended a dividend of ₹9 per share, backed by a debt-free balance sheet with ~₹166 crore in treasury reserves. Management reiterated its roadmap to reach ₹500 crore in revenue and highlighted its planned direct listing on the NSE.
- 33rd AGM convened for September 16, 2026 via VC/OAVM; remote e-voting runs September 12-15, 2026 (cut-off: September 9, 2026).
- FY26 revenue grew 10.8% YoY to ₹314.74 crore, with PAT reported at ₹69.98 crore (EPS ₹58.32).
- Recommended dividend of ₹9 per share, sustained at this level for the third consecutive year.
- Installed manufacturing capacity reached 40,000 TPA at Santej, Gujarat, backed by cash/treasury of ~₹166 crore.
Jyoti Resins & Adhesives has published its Annual Report for FY 2025-26 and scheduled its 33rd AGM for September 16, 2026. For FY26, revenue increased 10.8% YoY to ₹314.74 crore, crossing the ₹300 crore mark for the first time, while PAT declined 5.3% YoY to ₹69.98 crore due to higher brand investments. The company maintained its debt-free balance sheet with a cash/treasury reserve of ~₹166 crore and proposed a dividend of ₹9 per share. Operational capacity stands at 40,000 TPA, with medium-term revenue targeted at ₹500 crore.
- FY26 revenue grew 10.8% YoY to ₹314.74 crore (₹31,474 lakhs)
- FY26 PAT declined 5.3% YoY to ₹69.98 crore with an EPS of ₹58.32
- Board recommended a dividend of ₹9 per share for FY26
- Operating manufacturing capacity reached 40,000 TPA at Santej, Gujarat
- Debt-free balance sheet maintained with a treasury surplus of ~₹166 crore
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.
- 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.
Jyoti Resins has published the audio recording of its conference call for the Q1 FY2026-27 results. The call likely covers the company's progress toward its ₹500 Cr turnover target and the status of its 75% capacity expansion from 2,000 to 3,500 TPM. With a TTM revenue of ₹314 Cr and a high ROCE of 37%, management's commentary on maintaining 27%+ margins is critical for investors following a period of price return decline.
- Audio recording of Q1 FY27 earnings call released on August 12, 2026
- Company is executing a 75% capacity expansion from 2,000 TPM to 3,500 TPM
- Management maintains a long-term revenue CAGR target of 30% to reach ₹500 Cr turnover
- Current TTM revenue stands at ₹314 Cr with an operating profit margin of 27.1%
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%.
- 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.
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.
- 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.
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.
- 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.
Jyoti Resins & Adhesives has scheduled a Group/One-on-One investor meeting with Equirus Institutional Investor on August 13, 2026, in Mumbai. The company currently operates with a TTM revenue of ‡314 Cr and a strong ROCE of 37.0%. This meeting occurs as the company works toward a 75% capacity expansion target (from 2,000 to 3,500 TPM) and a ‡500 Cr turnover goal. No unpublished price-sensitive information is expected to be disclosed during the session.
- Investor meeting scheduled for August 13, 2026, with Equirus Institutional Investor in Mumbai.
- Company is pursuing a 30% revenue CAGR target to reach ‡500 Cr turnover.
- Current installed capacity stands at 2,000 TPM with a brownfield expansion to 3,500 TPM underway.
- Financial health remains robust with zero debt and a 27.1% TTM operating profit margin.
Jyoti Resins & Adhesives has scheduled its Q1 FY2027 post-earnings conference call for August 11, 2026, at 5:00 PM IST. Management will discuss the company's performance following a TTM revenue of Rs 314 Cr and a healthy ROCE of 37%. Investors will likely seek updates on the company's '2.0 journey' which targets a Rs 500 Cr turnover and a 75% capacity expansion from 2,000 to 3,500 TPM. This call is particularly relevant given the stock's 33.2% decline over the past 12 months despite maintaining zero debt.
- Post-earnings conference call scheduled for Tuesday, August 11, 2026, at 17:00 IST
- Management representation includes Managing Director Utkarsh Patel and COO Samit Shah
- Company is currently executing a brownfield expansion to add 1,500 TPM to its existing 2,000 TPM capacity
- Targeting a 30% revenue CAGR to reach a long-term turnover goal of Rs 500 Cr
- Operating margins stood at 27.1% for the trailing twelve months (TTM)
Jyoti Resins & Adhesives has scheduled a board meeting on August 11, 2026, to approve its unaudited standalone financial results for the quarter ended June 30, 2026. The company enters this quarter following a FY26 performance with Rs 315 Cr revenue and a 27% operating margin. Investors will be tracking the progress toward the management's 30% revenue CAGR target and the status of the 1,500 TPM brownfield capacity expansion. The company remains debt-free with a high ROCE of 37%, though the stock has seen a 33.2% decline over the last 12 months.
- Board meeting scheduled for August 11, 2026, to approve Q1 FY27 results
- Results cover the three-month period ending June 30, 2026
- Company is targeting a turnover of Rs 500 Cr, compared to TTM revenue of Rs 314 Cr
- Ongoing brownfield expansion aims to increase capacity by 75% to 3,500 TPM
- Promoter holding increased slightly to 54.37% as of March 2026
Jyoti Resins & Adhesives Ltd has announced the resignation of Ms. Tejal Varde from the position of Company Secretary and Compliance Officer. The resignation is effective from the close of business hours on July 10, 2026, citing personal reasons. The Board of Directors met on the same day from 06:00 P.M. to 07:00 P.M. to take the resignation on record. No successor was named in the current disclosure.
- Ms. Tejal Varde resigned as Company Secretary & Compliance Officer effective July 10, 2026.
- The resignation letter was received and accepted by the company on July 10, 2026.
- The Board Meeting to process this change lasted exactly 1 hour, concluding at 07:00 P.M.
- The departure is attributed to 'Personal Reason' as per the formal resignation letter.
Jyoti Resins & Adhesives Ltd has announced the resignation of Ms. Tejal Varde from the position of Company Secretary and Compliance Officer, effective July 10, 2026. The resignation was tendered for personal reasons and accepted by the Board during a meeting held on the same day. As a Key Managerial Personnel (KMP), her departure is a standard administrative change. The company will need to appoint a successor to ensure continued regulatory compliance.
- Resignation effective from the close of business hours on July 10, 2026
- Board meeting to record the change concluded at 07:00 P.M. on July 10, 2026
- Outgoing officer held ICSI Membership No. A63253
- The Board meeting for this transition lasted exactly 1 hour
Financial Performance
Revenue Growth by Segment
The company operates in a single product segment: synthetic wood adhesives (white glue). Reported revenue for Q2 FY26 was INR 74.4 Cr, representing an adjusted revenue growth of 20% YoY. This growth is driven by a 20% increase in sales volumes despite a heavy and prolonged monsoon season.
Geographic Revenue Split
Approximately 80-85% of revenue is generated from five core existing states, with Gujarat being a primary market. The company is aggressively expanding into Uttar Pradesh and Delhi, where it has on-boarded over 650 dealers, and is targeting growth in Karnataka and Maharashtra (Mumbai and Pune).
Profitability Margins
The company reported a PAT margin of 23.1% for Q2 FY26, with a Net Profit of INR 17.2 Cr. Gross margins are managed through an asset-light model and operational efficiencies, though specific gross margin percentages were not disclosed. The company aims to maintain return ratios (ROE and ROCE) between 25-30% (MDA) or up to 30-40% (Investor Presentation).
EBITDA Margin
EBITDA margin stood at 27.5% for Q2 FY26, with an Operating EBITDA of INR 20.5 Cr. Management guides for a full-year FY26 EBITDA margin of 27-28%, though long-term guidance is set at 25% to account for potential raw material price increases and intensified competition requiring higher brand investments.
Capital Expenditure
Planned brownfield capital expenditure is estimated at INR 5 Cr to INR 7 Cr over the next six months to increase capacity by 1,500 tons per month. The company is also scouting land for a future greenfield expansion on the outskirts of Ahmedabad.
Credit Rating & Borrowing
The company is entirely debt-free as of September 2025. It maintains a zero-debt status to provide a financial buffer against economic volatility and does not have sanctioned working capital limits exceeding INR 5 Cr.
Operational Drivers
Raw Materials
The primary raw materials are chemicals used for water-based Polyvinyl Acetate (PVA) wood adhesives. While specific chemical names like VAM are not explicitly listed, PVA-based formulations constitute the core product cost. Raw material price volatility is cited as a key risk to profitability.
Capacity Expansion
Current installed capacity is 2,000 Tons Per Month (TPM) or 24,000 TPA. A brownfield expansion is underway to add 1,500 TPM, bringing total capacity to 3,500 TPM (42,000 TPA) within the next two quarters (by mid-2026).
Raw Material Costs
Raw material costs are a significant portion of the cost structure, though the exact percentage of revenue is not specified. Management uses operational efficiency and an asset-light model to navigate input cost volatility, which can fluctuate based on global chemical prices.
Manufacturing Efficiency
Current capacity utilization is between 60% and 70%. The company maintains an asset turnover ratio of 8x and achieves among the highest EBITDA per tonne compared to industry peers due to its lean operational structure.
Logistics & Distribution
Selling and distribution expenses are approximately 16-17% of revenue according to investor presentations, while MDA reports a figure under 12%, suggesting different accounting classifications for trade marketing and logistics.
Strategic Growth
Expected Growth Rate
30%
Growth Strategy
The company plans to achieve its 30% revenue CAGR and INR 500 Cr turnover target through a '2.0 journey' involving: 1) Expanding capacity by 75% (from 2,000 to 3,500 TPM); 2) Increasing penetration in UP and Delhi; 3) Investing 7-8% of revenue into trade marketing and brand communication; 4) Strengthening SOPs and hiring senior management like a new COO; and 5) Enhancing digital infrastructure through CRM and carpenter-focused mobile apps.
Products & Services
High-grade synthetic wood adhesives, specifically water-based Polyvinyl Acetate (PVA) white glue, sold primarily to the retail segment for carpentry and home improvement.
Brand Portfolio
EURO 7000, EURO Adhesives.
New Products/Services
The company is focusing on its core white glue category but is exploring customized products for the OEM business, including modular furniture, PVC, and MDF segments.
Market Expansion
Targeting national leadership by expanding from its 14-state footprint into new territories, with a specific focus on scaling UP, Delhi, and Karnataka over the next 12-18 months.
Market Share & Ranking
Ranked as the 2nd largest selling wood adhesive brand in India's retail segment.
Strategic Alliances
No current acquisitions or JVs in the pipeline, though management is open to opportunities that meet their margin and synergy requirements.
External Factors
Industry Trends
The industry is growing at a 7.1% CAGR through 2032. There is a rapid shift toward sustainable, water-based PVA solutions due to environmental regulations. Jyoti Resins is positioned in this 'most compliant' segment, having outpaced the industry with a 38% revenue CAGR over the last decade.
Competitive Landscape
Competes against larger, more diversified national players. Jyoti Resins maintains a 'focused approach' on the retail wood adhesive niche to defend its market share.
Competitive Moat
The moat is built on: 1) A powerful loyalty program for 350,000 carpenters (the key decision-makers); 2) A lean, asset-light model with 8x asset turnover; and 3) Strong brand recall for 'Euro 7000' as the #2 retail player. These are sustainable due to the high switching costs associated with carpenter trust in product quality.
Macro Economic Sensitivity
Highly sensitive to government infrastructure spending, the booming home improvement market, and rising consumer disposable income, which drive demand for furniture and wood adhesives.
Consumer Behavior
Shift toward modular furniture and professional home improvement services is increasing the demand for high-quality, fast-setting adhesives.
Geopolitical Risks
Potential trade barriers or global supply chain issues affecting chemical imports could impact raw material availability and pricing.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act, 2013, and environmental standards for chemical manufacturing. The company's focus on water-based products is a proactive response to tightening environmental norms.
Environmental Compliance
The company focuses on water-based PVA adhesives to comply with stricter environmental and safety regulations regarding solvent-based products.
Legal Contingencies
The company has disclosed the impact of pending litigations as of March 31, 2025, in Note 29 of its financial statements. Specific case values were not provided in the summary, but auditors confirmed disclosure of all material foreseeable losses.
Risk Analysis
Key Uncertainties
1) Raw material price volatility (high impact on margins); 2) Seasonal demand fluctuations due to monsoons (impacted Q2 revenue by ~7% relative to volume); 3) Success of geographic expansion into non-core states.
Geographic Concentration Risk
High concentration with 80-85% of revenue coming from 5 states, primarily in Western India.
Third Party Dependencies
Dependency on a network of 65 distributors and 13,000 retailers for market access.
Technology Obsolescence Risk
Low risk in the adhesive category, but the company is mitigating digital lag by investing in new CRM and mobile application platforms for trade partners.
Credit & Counterparty Risk
The company maintains positive operating cash flows (INR 20.56 Cr in H1 FY26) and focuses on working capital efficiency to manage receivables.
