Transcript of Q1 FY26 Post Earnings Conference Call.
Price
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Awaiting price reaction for this filing.
Jyoti Resins & Adhesives reported a soft Q1 FY26 (ended June 2025), with volumes down 3% year-on-year due to early monsoons that hit wood adhesive demand across the industry; adjusted revenue came in at around INR 70 crore versus INR 74 crore in Q1 FY25. Despite the top-line softness, the company delivered a strong 27.5% EBITDA margin in the quarter and guided for 27-28% EBITDA margin for FY26, higher than its long-term 22-25% band. Management unveiled a new brand campaign with celebrity Pankaj Tripathi, plus 30+ dealer/carpenter meets in April-May, with total marketing and trade spending guided at 7-8% of revenue (half for brand communication). On growth, the company reiterated its target of reaching INR 500 crore turnover in three years from the current INR 300 crore base, and announced a brownfield capacity expansion of 1,500 tons/month (CapEx under INR 10 crore) over 6-12 months, taking total capacity to 3,500 tons/month, with a larger greenfield expansion (~INR 45 crore over 2 years) also being scouted near Ahmedabad.
Margin guidance of 27-28% for FY26 and clear three-year INR 500 crore revenue roadmap are positives for the stock, but near-term volume weakness (3% YoY drop in Q1) and rising brand-building costs may keep the share price range-bound until post-Diwali demand recovery materialises.