Transcript of Q4 and FY25 Post Earnings Conference Call.
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Jyoti Resins & Adhesives reported Q4 FY25 volume growth of 15% YoY and 24% QoQ, with full-year volume growth at 12% (held back by a flat Q2). Revenue grew 14% YoY on adjusted basis. EBITDA margins remained above 30% in Q4, supported by operating leverage. The company added 6 new branches (42 to 48) and signed actor Pankaj Tripathi as brand ambassador. Capacity expansion of 1,500 tons/month is underway at existing plant (capex INR 5-7 crores), taking total capacity to 3,500 tons/month, which can generate INR 650-700 crores of revenue at 80% utilization. Management targets FY26 revenue of INR 360-370 crores (25% growth) and FY27 revenue of INR 450-500 crores. EBITDA margin guidance stands at 25-28% longer-term. Marketing spend to rise to 7-8% of revenue from current ~2%.
Positive for shareholders — clear multi-year growth roadmap with volume and revenue targets, capacity expansion supports the INR 500 crore FY27 ambition, and brand ambassador + higher marketing spend should accelerate retail penetration. However, receivables jumped to 44% of sales (INR 126 cr vs INR 94 cr) and the company holds INR 147 cr in cash without major capex plans, raising questions on working capital efficiency and capital allocation.