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 / Q4-FY26 / risks
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Jyoti Resins and · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
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.