Investor Presentation for Results for Q4 and FY 26.
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Jyoti Resins & Adhesives, the maker of Euro 7000 wood adhesives, reported its highest ever Q4FY26 revenue of Rs 929 million with ~16% volume growth, while FY26 revenue grew 10.8% YoY to Rs 3,147 million. However, profitability contracted — EBITDA fell 5.1% to Rs 849.6 million (27% margin vs 31.5% in FY25), and PAT declined 5.3% to Rs 699.8 million (22.2% vs 26% in FY25). The company attributes the pressure to elevated raw material prices driven by geopolitical factors, partially offset by operating leverage and a price increase. Management flagged Q1 FY27 receivables may stay elevated due to scaling up in newer states (UP, West Bengal, Karnataka). The company remains debt-free with Rs 1,659 million in cash and investments, declared a dividend of Rs 9 per share (15.4% payout), and is expanding capacity from 2,000 to 3,500 TPM by Q2 FY27.
The stock faces near-term margin pressure from raw material costs and elevated receivables in new markets, though the company's strong brand moat, asset-light model, and clear Rs 500 Cr revenue vision provide a positive long-term structural story.