Investor Presentation of Q2 & H1 FY26.
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Jyoti Resins and Adhesives (maker of the Euro 7000 wood adhesive brand, the No. 2 player in India's retail white glue segment) shared its Q2 & H1 FY26 investor presentation. Q2 revenue grew 14% YoY to Rs 74.4 crore with 20% volume growth, while net profit rose 5.3% to Rs 17.2 crore. EBITDA margin stood at 27.5%, down 221 bps YoY as the company ramped up advertising and brand spend (including onboarding actor Pankaj Tripathi as brand ambassador) and took on plant maintenance. For H1 FY26, revenue rose 11.2% to Rs 149.5 crore but EBITDA fell 4% to Rs 41.1 crore with margin contracting 436 bps to 27.5%. The company remains net debt-free, holds ROE above 35% and ROCE above 50%, and is guiding a 3-year revenue target of Rs 500 crore along with a brownfield capacity expansion.
Strong top-line and volume growth is positive, but the sharp YoY EBITDA margin compression (despite management framing it as planned brand investment) is a watchpoint for near-term profitability. Long-term growth story remains intact given the debt-free balance sheet, high return ratios, and clear Rs 500 crore revenue ambition.