Raw material price inflation (VAM)
VAM prices have risen ~100% due to geopolitical tensions; company has taken 60-70% price hike but Q1 margins will be impacted.
JYOTIRESINSANDADHESIVES / bear-case history
Track the concerns that keep returning.
Jyoti Resins and · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
Receivables days increasing
Receivable days have risen to ~150-160 days from 120 days due to new state expansions; management expects normalization in 2-3 quarters.
Demand destruction from price hikes
Analyst raised concern that 60-70% price hike could lead to demand destruction; management believes impact is limited as adhesive is 5-10% of furniture cost.
Competitive intensity in Gujarat
Analyst noted new capacity by competitors in Gujarat; management acknowledged awareness but declined to comment on specific competitors.