Jyoti Resins & Adhesives Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Jyoti Resins & Adhesives Ltd filed with BSE on 11 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Jyoti Resins and Adhesives reported Q4 FY26 revenue growth of 18% year-on-year, driven by nearly 16% volume growth, with EBITDA margin at nearly 27%. Management said the quarter's performance was achieved despite raw material cost pressure from rising VAM prices and disruptions linked to the West Asia conflict. The company also discussed brand-building initiatives, plans to expand into Odisha and Chhattisgarh, and receivables that rose alongside revenue growth in newer states.
3 statements from this call are not shown because their supporting quotes could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue growth: 18% (Q4 FY26 y-o-y)
p. 3
“we delivered a strong performance with revenues growing by 18% y-o-y, led by a nearly 16% volume growth during Q4”
Utkarsh J Patel, page 3 of the filed PDF · View the filing
Volume growth: 16% (Q4 FY26)
p. 3
“we delivered a strong performance with revenues growing by 18% y-o-y, led by a nearly 16% volume growth during Q4”
Utkarsh J Patel, page 3 of the filed PDF · View the filing
EBITDA margin: nearly 27% (FY26)
p. 3
“EBITDA margin stayed steady at nearly 27%, which was in our range guidance for FY26”
Utkarsh J Patel, page 3 of the filed PDF · View the filing
FY25 revenue growth: 11% (FY25)
p. 6
“if we talk about the FY25, we grew by 11%; FY26, we grew by 8%”
Utkarsh J Patel, page 6 of the filed PDF · View the filing
FY26 revenue growth: 8% (FY26)
p. 6
“if we talk about the FY25, we grew by 11%; FY26, we grew by 8%”
Utkarsh J Patel, page 6 of the filed PDF · View the filing
Two-year growth: approximately 19% (FY25-FY26)
p. 6
“we have grown approximately 19% in two years”
Utkarsh J Patel, page 6 of the filed PDF · View the filing
Current capacity utilization: 65%
p. 7
“Right now, we are operating about 65% of our capacity”
Utkarsh J Patel, page 7 of the filed PDF · View the filing
Monthly capacity: 2,000-ton capacity per month
p. 7
“it is a 2,000-ton capacity per month and we have done almost 80% of brownfield expansions”
Utkarsh J Patel, page 7 of the filed PDF · View the filing
March monthly volume: more than 2,100 tons per month (March 2026)
p. 7
“if we talk about the March, we have crossed more than 2,100 tons per month”
Utkarsh J Patel, page 7 of the filed PDF · View the filing
Receivables: INR 125 crores to INR 160 crores
p. 10
“the receivables have gone up from INR 125 crores to INR 160 crores, which makes our receivable days four and a half to five months”
Ritesh Ashar, page 10 of the filed PDF · View the filing
Advertising and trade marketing spend: 4% of revenue (FY26)
p. 8
“for the advertising and trade marketing, actually, we have spent 4% of our revenue right now”
Utkarsh J Patel, page 8 of the filed PDF · View the filing
OEM revenue share: 6%
p. 12
“right now, of our revenue 6% revenue is coming from the OEMs”
Utkarsh J Patel, page 12 of the filed PDF · View the filing
Fixed deposit: INR 140 crores
p. 13
“Sir, as we have seen that you have a FD of INR 140 crores”
Vatsal Shah, page 13 of the filed PDF · View the filing
Liquid funds deployed: INR 46.8 crores
p. 13
“we have deployed money into liquid funds to the tune of INR 46.8 crores”
Vinay Pandit, page 13 of the filed PDF · View the filing
Dividend payout to PAT: 15% of PAT (last 6 years)
p. 13
“if you see last 6 years, we have given 15% of our PAT to the stakeholders as per the dividend, and that is very much maintained”
Utkarsh J Patel, page 13 of the filed PDF · View the filing
VAM price rise: almost 100%
p. 12
“It is already risen, not more price from here because it is almost 100% price rise”
Utkarsh J Patel, page 12 of the filed PDF · View the filing
VAM price level: INR 160 – INR 180
p. 12
“it was earlier INR 80, INR 75 around right now it is running INR 160 – INR 180 around”
Utkarsh J Patel, page 12 of the filed PDF · View the filing
Q4 revenue from Maharashtra: INR 100 crores (Q4 FY26)
p. 17
“these are the things that's why that revenue we are generated of INR 100 crores of revenue into the Q4”
Utkarsh J Patel, page 17 of the filed PDF · View the filing
Total company revenue: almost INR 300 crores
p. 16
“It's more than INR 7,500 crores of market. And we have reached almost INR 300 crores”
Utkarsh J Patel, page 16 of the filed PDF · View the filing
VAM inventory: 25 to 30 days
p. 12
“we are running with the inventory of 25 to 30 days”
Utkarsh J Patel, page 12 of the filed PDF · View the filing
Registered carpenters on platform: almost 2,00,000
p. 5
“so till now we have registered almost 2,00,000 carpenters into our platform”
Utkarsh J Patel, page 5 of the filed PDF · View the filing
Provisions vs redemptions difference: INR 4 crore (last year)
p. 22
“it is only INR 4 crore of difference between the provisions and the redemptions”
Utkarsh J Patel, page 22 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Volume growth — 15%-20% · FY27
stated as an aspiration by Utkarsh J Patel
p. 6
“Yes, we are expecting that we should aim for the 15% - 20%. But I think it is better that this quarter is very much not the suitable time that we can disclose.”
Utkarsh J Patel, page 6 of the filed PDF · View the filing
Revenue target — INR500 crore plus revenue company · next two, three years
stated as an aspiration by Utkarsh J Patel
p. 4
“we are confident that the momentum built in Q4 will continue as we progress on our journey towards becoming an INR500 crore plus revenue company over the next two, three years.”
Utkarsh J Patel, page 4 of the filed PDF · View the filing
EBITDA margin — 23%-25% · longer term
stated as an aspiration by Utkarsh J Patel
p. 9
“So, 23% - 25% EBITDA margin, we have always guided for the longer term. So, we are aiming to sustain that.”
Utkarsh J Patel, page 9 of the filed PDF · View the filing
Gross margin — 65%
stated as an aspiration by Utkarsh J Patel
p. 9
“we are aiming for the gross margin 65% for that”
Utkarsh J Patel, page 9 of the filed PDF · View the filing
Advertising and trade marketing spend — 6% to 7% · next 3 years
stated firmly by Utkarsh J Patel
p. 9
“This, from this year, 6% to 7% from this year. And I think we will continue this at least 3 years from now.”
Utkarsh J Patel, page 9 of the filed PDF · View the filing
Debtor days — 120 days · within two quarters
stated firmly by Utkarsh J Patel
p. 5
“So, we are aiming that within two quarters will come with that.”
Utkarsh J Patel, page 5 of the filed PDF · View the filing
New market expansion — Odisha and Chhattisgarh · May '26
stated firmly by Utkarsh J Patel
p. 4
“we are commencing operations and strengthening our footprint in new markets of Odisha and Chhattisgarh during May '26, itself”
Utkarsh J Patel, page 4 of the filed PDF · View the filing
Revenue mix retail vs OEM — 85% retail, 15% OEM · after two, three years
stated as an aspiration by Utkarsh J Patel
p. 12
“we are assuming that after two, three years our revenue will be 85% into the retail and 15% around into the OEMs.”
Utkarsh J Patel, page 12 of the filed PDF · View the filing
Carpenter registrations — 2,50,000 carpenters · end of the year
stated as an aspiration by Utkarsh J Patel
p. 5
“So, we are expecting 2,50,000 carpenters end of the year, we can say.”
Utkarsh J Patel, page 5 of the filed PDF · View the filing
Carpenter registrations — 3,00,000 carpenters · near future
stated as an aspiration by Utkarsh J Patel
p. 5
“So, we are aiming 3,00,000 carpenters near future.”
Utkarsh J Patel, page 5 of the filed PDF · View the filing
NSE listing
stated conditionally by Utkarsh J Patel
p. 25
“It is in process. We are into the process and very near, maybe it will be listed on the NSE.”
Utkarsh J Patel, page 25 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management declined to give a specific number due to geopolitical uncertainty but indicated an aim for 15-20% growth.
Answered by Utkarsh J Patel
Asked by Saket Kapoor: What volume guidance can be expected for the current year given capacity additions?
p. 6
“Yes, we are expecting that we should aim for the 15% - 20%. But I think it is better that this quarter is very much not the suitable time that we can disclose.”
Utkarsh J Patel, page 6 of the filed PDF · View the filing
Management said VAM prices rose sharply and about 60-70% of the raw material cost increase has been passed through in price hikes from May 1.
Answered by Utkarsh J Patel
Asked by Saket Kapoor: How has RM (VAM) pricing behaved amid crude/geopolitical issues?
p. 7
“we have taken the price rise and almost 70% (of) price rise (of raw material)”
Utkarsh J Patel, page 7 of the filed PDF · View the filing
Management said the entire growth was from volume as price increases only took effect recently.
Answered by Utkarsh J Patel
Asked by Videsh Ashar: What percentage of sales growth came from price hikes versus volume?
p. 8
“So, we grew by 8% means the volume front. And there is not much difference versus that because the price rise has just got effected since last month.”
Utkarsh J Patel, page 8 of the filed PDF · View the filing
Management reiterated 23-25% EBITDA margin as the long-term guided range, noting near-term pressure from VAM price increases.
Answered by Utkarsh J Patel
Asked by Pawan Kumar: What EBITDA margin band is sustainable given current gross margin targets?
p. 9
“So, 23% - 25% EBITDA margin, we have always guided for the longer term. So, we are aiming to sustain that.”
Utkarsh J Patel, page 9 of the filed PDF · View the filing
Management said VAM is not manufactured in India and current volumes are not suitable for backward integration.
Answered by Utkarsh J Patel
Asked by Mahak Singhvi: Is backward integration into VAM raw material production being considered?
p. 21
“Right now, this volume is not suitable for that.”
Utkarsh J Patel, page 21 of the filed PDF · View the filing
Management (Samit Shah) said Q4 is structurally a heavy quarter for the business and not primarily driven by anticipatory stocking.
Answered by Samit Shah
Asked by Amish Kanani: Was Q4 offtake seasonally high or driven by dealers stocking ahead of price rises?
p. 19
“So that is where -- so it is not because of the fear of price rise and all they have stocked the material and all.”
Samit Shah, page 19 of the filed PDF · View the filing
Management said it is too early to say for the full year, but Q1 will likely see margin impact across the industry from the raw material cost spike.
Answered by Utkarsh J Patel
Asked by Mahak Singhvi: Should investors expect operating margin reduction this year given the cost/price/spend dynamics?
p. 25
“It is too early to say for the entire year. But yes, of course, it will effect on the Q1.”
Utkarsh J Patel, page 25 of the filed PDF · View the filing
Risks flagged
Rising VAM (raw material) prices linked to crude oil and geopolitical situation
p. 7
“So, it is crude derivatives. So yes, it is affected because of these situations.”
Utkarsh J Patel, page 7 of the filed PDF · View the filing
West Asia conflict disruptions during a critical business period
p. 4
“disruptions arising from the West Asia conflict in Q4, which was during one of the most critical business periods of the year”
Utkarsh J Patel, page 4 of the filed PDF · View the filing
Extended monsoon season affecting H1
p. 4
“including an extended monsoon season in H1”
Utkarsh J Patel, page 4 of the filed PDF · View the filing
Elevated receivable/debtor days from expansion into new states
p. 11
“But we can control. And if you go about the past, if you see about the FY '21, '22, '23, we have controlled that within 118 days around.”
Utkarsh J Patel, page 11 of the filed PDF · View the filing
Uncertainty over stability of VAM prices affecting near-term margins
p. 15
“we have not correct assumption about that the VAM prices will be stable for the next 12 months or 3 months or 5 months or we do not know about that”
Utkarsh J Patel, page 15 of the filed PDF · View the filing
LPG/gas cylinder issues causing carpenter labour migration affecting demand
p. 15
“So, we are seeing that that they are migrating into the particular states because of the LPG issues and everything.”
Utkarsh J Patel, page 15 of the filed PDF · View the filing
Expected Q1 industry-wide EBITDA impact from raw material price pass-through timing
p. 25
“I believe that all the chemical industries, pharma industries will get this effect into the Q1 regarding the EBITDA”
Utkarsh J Patel, page 25 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.