Jyoti Resins & Adhesives Q2 FY27 results: net profit up 7.8% to ₹18.48 crore, revenue up 31.3%

How did Jyoti Resins & Adhesives perform in Q2 FY27?

Jyoti Resins & Adhesives reported standalone revenue of ₹97.67 crore in Q2 FY27, up 31.3% from ₹74.38 crore in Q2 FY26. Total income rose 29.8% to ₹100.56 crore, while EBITDA increased 9.9% to ₹22.50 crore. The EBITDA margin fell 4.5 percentage points to 23.0%.

Profit before tax rose 7.7% to ₹24.89 crore and net profit increased 7.8% to ₹18.48 crore. Basic EPS rose from ₹14 to ₹15. The company did not provide a previous-quarter comparison in the facts, and the results presented were standalone.

What changed in Jyoti Resins & Adhesives' costs and profit?

Total expenses increased 39.1% to ₹75.67 crore from ₹54.39 crore in Q2 FY26. Cost of materials rose 61.5% by ₹11.54 crore to ₹30.30 crore, employee cost increased 31.4% by ₹2.70 crore to ₹11.31 crore, and other expenses rose 10.6% by ₹2.64 crore to ₹27.66 crore. Depreciation fell 12.5% by ₹0.06 crore to ₹0.42 crore, while finance costs were ₹0.08 crore.

Other income fell 7.4% by ₹0.23 crore to ₹2.89 crore from ₹3.12 crore. There was no exceptional item in either quarter. Tax expense rose 7.6% by ₹0.45 crore to ₹6.41 crore from ₹5.96 crore, and profit before tax increased 7.7% to ₹24.89 crore. The investor presentation said the EBITDA margin recovered from 14.4% in Q1 FY27 to 23.0% in Q2 FY27.

How did the first half of FY27 go?

Profit before tax fell 12.9% by ₹6.00 crore to ₹40.35 crore from ₹46.35 crore. Net profit declined 12.5% by ₹4.30 crore to ₹30.23 crore from ₹34.53 crore, and basic EPS fell from ₹29 to ₹25.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets stood at ₹438.71 crore, compared with ₹425.59 crore at 31 March 2026, while total equity was ₹304.80 crore against ₹288.76 crore. The company had no borrowings at either balance-sheet date. Cash declined to ₹17.09 crore from ₹39.48 crore, inventories rose to ₹19.88 crore from ₹8.53 crore, trade receivables rose to ₹161.66 crore from ₹159.15 crore, and trade payables rose to ₹12.37 crore from ₹9.55 crore.

For H1 FY27, operating cash flow was ₹42.55 crore, compared with negative ₹3.37 crore in H1 FY26. Investing cash flow was negative ₹55.52 crore against positive ₹2.22 crore, financing cash flow was negative ₹10.88 crore against no financing cash flow, and capital expenditure was negative ₹2.77 crore against positive ₹1.91 crore. The investor presentation separately reported net cash flow from operating activities of ₹461.6 million.

How has Jyoti Resins & Adhesives done over the last 8 quarters?

Revenue has risen year on year for each of the last seven quarters. It reached a period high of ₹97.67 crore in Q2 FY27, compared with a low of ₹65.25 crore in Q2 FY25. The latest quarter followed Q4 FY26 revenue of ₹92.94 crore, so the current direction was higher. EBITDA margin was 23.0% in Q2 FY27, above Q3 FY26’s 26.1% trough? No: the margin’s period low was 23.0% in the latest quarter, versus a high of 31.6% in Q3 FY25.

What else did the company announce?

The board approved the unaudited standalone financial results for the quarter and half year ended 30 September 2026 and took on record the limited review report issued by R Kabra & Co. LLP. The Audit Committee reviewed the half-year results before the board’s approval on 5 November 2026. The company also submitted the Q2 and FY27 investor presentation and revised unaudited results on the same date. No dividend, fund raise or appointment was reported in the listed same-day filings.

What did Jyoti Resins & Adhesives' management say?

Management said Q2 FY27 revenue growth was led by approximately 15% volume growth and price increases taken in Q1 FY27. It expects EBITDA margin at 24-25% levels in H2 FY27, subject to no further sharp increase in raw-material prices, and gave long-term EBITDA guidance of 23-25%. The company aims to sustain gross margins of 65% or more for the year and is focused on scaling revenue toward ₹500 crore and ₹1,000 crore through core wood adhesives, with no near-term diversification.

Management said the brownfield expansion at Santej was completed, lifting capacity from 2,000 TPM to 3,500 TPM, or 42,000 MTPA annualised. Greenfield Phase 1 in Gujarat is planned with ₹45–50 crore initial capital expenditure for 1,500 TPM and can expand to 5,000 TPM. It said VAM remains volatile because of freight rates and the current geopolitical scenario, new regions take 2-3 years to break even, and top states contribute approximately 80-85% of revenue.

How did other Specialty Chemicals companies do?

Among 64 other Specialty Chemicals companies that filed for the quarter, the median revenue growth was 28.7%. Thirty peers grew faster than Jyoti Resins & Adhesives, while 34 grew more slowly. Of the 60 peers used for the profit comparison, 51 reported higher profit.