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Revenue
Pending
verification pending
Revenue YoY
18%
reported change
EBITDA
Pending
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Jyoti Resins delivered a strong Q4 FY26 with 18% YoY revenue growth, driven by ~16% volume growth and steady 27% EBITDA margin, despite external headwinds. The company achieved its highest-ever quarterly revenue, supported by brand investments (ICC T20 World Cup campaign) and expansion into new states (Odisha, Chhattisgarh). Management targets 15-20% volume growth to reach ₹500cr revenue in 2-3 years, with brownfield capacity expansion to 3,500 tons/month. However, a 60-70% price hike on key raw material VAM (crude derivative) from May 2026 will pressure Q1 margins, though partial pass-through has been initiated. Risk: sustained raw material inflation could compress EBITDA margins below the 23-25% long-term guidance.
Colored figures show movement against the previous available record.
Guidance to track
- Management aims to achieve ₹500cr revenue within 2-3 years, implying 15-20% annual volume growth.
- Targeting 15-20% volume growth for FY27, though Q1 may be impacted by raw material price hikes.
- Long-term EBITDA margin band of 23-25% reiterated, though Q1 FY27 may see pressure from VAM price hikes.
- Marketing budget to rise from 4% to 6-7% of revenue, with 70-80% allocated to trade marketing.
Risks flagged
- VAM prices have risen ~100% due to geopolitical tensions; company has taken 60-70% price hike but Q1 margins will be impacted.
- Receivable days have risen to ~150-160 days from 120 days due to new state expansions; management expects normalization in 2-3 quarters.
- 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.
- Analyst noted new capacity by competitors in Gujarat; management acknowledged awareness but declined to comment on specific competitors.
Key quotes
- We are aiming for that at least 15-20% of volume growth we can achieve to achieve over 500 K of benchmark.
- Our entire focus towards demand generation and entire transformation journey is slated towards this direction only.
- It is almost 5 to 10% of furniture cost... so it will not impact much.
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