JYOTIRESINSANDADHESIVES Q3 FY26 earnings call.
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What the record says.
Jyoti Resins reported a weak Q3 FY26 with flattish revenue and ~4% volume growth, recovering sharply in November-December after a very soft October. The company faces a "crisis of confidence" from long-term investors questioning stagnant performance since FY24 despite increased marketing spends. EBITDA margins have compressed from 32-34% to ~25% over three years due to geographic expansion costs and competitive pressures. Management maintained its long-term EBITDA margin guidance of 22-25% and targets ~320 crores revenue for FY26, requiring ~100 crores in Q4. Brownfield capacity expansion to 3,500 tons/month is 70-80% complete within 1-2 quarters. The company is hiring professionals from multinationals and expanding from 14 to 19 states, with UP market showing early traction (1,000+ outlets). Risk factors include skepticism from institutional investors about accounting credibility, competition from well-funded players like Pidilite, and the extended timeline for new market maturation.
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Guidance to track
- Management maintained the ~320 crore revenue guidance for FY26, requiring approximately 100 crores in Q4, which is traditionally the strongest quarter.
- The 22-25% EBITDA margin range is confirmed as the long-term sustainable guidance, down from historical 32-34%, reflecting increased investments for growth.
- Brownfield expansion to 3,500 tons per month capacity is 70-80% complete, expected to finish within next 1-2 quarters. Greenfield expansion of 40-45 crores planned after FY27.
- Management declined to provide specific timeline for the 500 crore revenue target, stating they need better planning before announcing revised timelines.
Risks flagged
- A long-standing investor explicitly stated that the market does not believe the company's numbers, with the stock trading near triple digits. Multiple investors questioned auditor credibility and demanded share buybacks as trust-building measures.
- Revenue and EBITDA appear essentially flat since FY24 despite increased advertising and marketing spends. Q3 growth guidance of 20% has not been achieved for four consecutive quarters.
- EBITDA margins declined ~700 basis points over three years from 32-34% to ~25%, yet the company continues heavy marketing investments (targeting 7-8% of revenue) with uncertain ROI, and faces competition from larger players with deeper pockets.
- COO stated new markets require 2-3 quarters to complete onboarding and another 3-4 quarters for meaningful market share in Delhi NCR. With 9 of 14 current markets still in buildup stage, the payback period is extended.
Key quotes
- There is a crisis of confidence and that gives credence to the market doubt management.
- We want to be very transparent to all the investors and we'll do better planning and deliver the better numbers in nearer future. I request you all to trust Euro team.
- This is the exceptional EBITDA what we have delivered in last 3 years. So long-term guidance the reason is that 7 to 8% is the different situations what we need to face and we need to put that for the growth front.
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