Jyothy Laboratories Limited (NSE: JYOTHYLAB) Q2 2026 Earnings Call dated Feb. 09, 2026
Corporate Participants:
M R Jyothy — Chairperson and Managing Director
Pawan Agarwal — Chief Financial Officer
Analysts:
Unidentified Participant
Rushabh Shah — Analyst
Harit Kapoor — Analyst
Amit Purohit — Analyst
Umang Shah — Analyst
Vyom Chheda — Analyst
Akshay Krishnan — Analyst
Dhiraj Mistry — Analyst
Ronak Shah — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Jyoti Labs Q3FY26 earnings conference call hosted by ICICI Securities Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero or your touchstone phone. Please note that this conference is being recorded.
I now hand the conference over to Mr. Dheeraj Mistry. Thank you. And over to you sir.
Dhiraj Mistry — Analyst
Thank you. Good afternoon everyone. First of all, I would like to thank management of Jyoti Laboratory to give this opportunity to host this call. We have with us Mr. Pawana Garwal, CFO and Ms. Jyoti, Chairperson and Managing Director to the management for their opening remarks. Thank you.
M R Jyothy — Chairperson and Managing Director
Good afternoon everyone. A warm welcome to the Q3FY26 earnings call of Jyoti Labs Limited. Our financial results and investor presentation are available on our website and the stock exchanges. I trust you have had the opportunity to go through them. We entered Q3 with a favorable macro backdrop. The FMCG sector has begun showing signs of revival aided by easing inflation, steady consumption and a supportive policy environment. Consumer confidence improved steadily through the quarter and we believe this momentum will continue to build in the coming months. The recent GST rate cuts, repo rate reductions and softening inflation have collectively supported improved affordability.
These effects began reflecting in Q3 and their full benefit is likely to unfold over the next few quarters. Demand for daily use essentials and home care products has begun to recover visibly. Rural markets remained strong, supported by good monsoons, stable farm income and sustained government spending. Urban demand too improved as the quarter progressed, although it remains value driven and highly competitive, particularly in online channels. Modern trade, E commerce and quick commerce delivered strong growth for us. Encouragingly GT staged a recovery across all regions in the country, marking a welcome shift after a few subdued quarters.
The temporary disruption following the GST rate changes largely settled by end November. The initial inventory destocking gave way to restocking momentum across channels. As we had indicated in previous earning calls, the broad based consumption recovery seems to have begun. However, sustained traction over a couple more quarters will be necessary to call it a firm trend. Coming to business Performance highlights fabricel delivered a 9.2% value growth driven primarily by volume. Our entire liquid detergent portfolio across Ujala, Henco, Mr. White and Morlite continue to perform strongly. The new launch, Dr. Wool was well received in its debut quarter.
Liquid detergents posted high double digit volume growth in a profitable manner despite price cuts with several players reducing MRPs and offering higher grammage. Nonetheless, category momentum remains strong, particularly in the southern markets. Dishwash category saw 7% volume growth despite a 1.3% value decline, an outcome of price reductions, grammage increases and promotional offers. Competitive intensity in this space has escalated with multiple players dropping MRPs and pushing larger packs, impacting average realizations across the board. Personal care segment returned to profitable growth in Q3. It grew by nearly 11% in value, primarily volume led. The post GST disruption in September and October was resolved by November.
Our Margot franchise performed well across channels with Margo Original Neem and Margo Neem Naturals being key contributors. The focus turnaround plan for the HI segment is beginning to deliver results. The segment posted 12.6% value growth driven by volume. Coil sales continued to decline, but the drop was more than offset by a decent volume growth in liquid vaporizers. The recently launched Maxo Aerosol is also scaling up well. We remain on track to reduce coil dependence, expand portfolio and minimize losses in HI segment for the nine months period ended December 2025. Although the sales at Rupees 22.
27 crore grew by 2.2% in value terms, the volume growth was 4.5%. Fabricare grew by 6.2%, registering a robust 7% volume growth. Liquid detergents have nearly doubled both in volume and value terms. Personal care registered a price led value growth of 1.8%. The dishwash segment declined by 1.7% in value despite delivering more than 6% of growth in volume largely due to price cuts, extra gramages and promotional offers. Lastly, the HR segment was down by 3.5%. However, the outlook of the segment looks promising in the medium to long term. Now coming to our financial performance for Q3 and nine months ended 31 December 2025.
Revenue from operations for Q3 stood at 740 crores reflecting value growth of 5.1% and volume growth of 7.2% year on year. The difference between value and volume growth was primarily due to MRP reductions and higher grammage. Gross margin for the quarter was 46.5% lower by 330 basis points year on year. Gross margins remained under pressure due to MRP cuts and lower sales realization, especially in the dishwasher and liquid detergent categories and elevated input prices of select commodities such as LAPSA, SLES, etc. Given the current geopolitical situation and resultant unpredictability in the forex and crude prices Coupled with increased competitive intensity, the gross margin is likely to remain subdued over the next couple of quarters.
At the minimum, advertisement and promotion spends were at 7.7% of revenue. However, our A and P spend on a broader time horizon will remain in 8 to 9% range. EBITDA margin stood at 15%, nearly 150 basis points lower. Compared to Q3 of last financial year, operating EBITDA for Q3 stood at 111 crores and PAT was at 81 crores. For the nine months period ended 31st December 2025. Revenue from operations stood at 2,227 crores. Gross margin was 47.5% compared to 50.4% in the same period last year, while operating margin EBITDA margin was 15.9% again 17.8%. In the previous period, PAT stood at rupees 266 crores against 294 crores during the previous period.
With the introduction of India’s new labor codes, we have assessed the likely impact and made necessary disclosures based on ICAI guidance. Given that our pay structure already aligns with the revised wage definitions, the financial impact remains negligible. We will continue to track developments in this regard and account for it accordingly. While near term margin pressures persist, especially in dishwasher and liquid detergent segments Due to reduced MRPs and input cost inflation, especially in LAPSA and SLES, we expect gradual stability in raw material prices going forward. Geopolitical volatility and forex fluctuations continue to remain watch points. We remain cautiously optimistic about a sustained recovery in consumption.
With an improving macro, ongoing cost discipline and executional agility, we are well placed to build on the momentum of Q3. In closing, I would like to thank our teams for their commitment, our trade and distribution partners for their trust, and our investors for their continued support and engagement. We appreciate your time today and now look forward to your questions. Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Rushab Shah from Burgerlock pms. Please go ahead.
Rushabh Shah
Hi, I’m Audible.
operator
Sir, can you please be a little louder maybe?
Rushabh Shah
Yeah. Hi. So my question is in the household insecticide category. Our medium term focus has always been on driving efficiency and turning around the category but it has not been reflected in our results purely comparing on a yearly basis. So what problems or challenges are we facing in this category? Is the competition that is hurting us or is the acceptance of the brand in the minds of people?
Pawan Agarwal
Thanks Rusha for the question in HI category. About four quarters ago we had clearly articulated how we are building up this business and at that time we announced that we are going to grow this business profitably. And a lot of actions have been taken in pursuance of that announcement. And one of the action is defocusing on coil and focusing more on growing LV and NPDs in a profitable manner. And for the last couple of quarters we have made good progress on this. You would recall in earlier earning calls we had indicated that coil and LV ratio used to be 50:50 and prior to that coil was even higher.
Coil share in the total segmental revenue was higher. Now coil stands at one third of total HI revenue as we speak. So in the last three four quarters there has been a lot of work which has been done on the LV side and also the newly launched Aerosol is also doing good job for us in the marketplace. As a result, if you look at this quarter both in volume and value terms we have grown double digit and the losses are minimal. We hope and expect to maintain this momentum going forward. And as indicated earlier, maybe by the end of FY27 we are quite positive that we should be able to turn around this completely and we’ll be out of votes.
Rushabh Shah
Okay sir, thank you. My next question is that the divestment of our JV that was JK BPL, we had incurred a loss of about 4 crores. So we did this divestment because it did not mean the desired result for us. Just wanted to know what other key learnings or what mistakes did, did we make so that we don’t repeat them in the future.
Pawan Agarwal
Thanks for this question. You know we had, we had put in a number of years in, in making inroads in Bangladesh market and through our subsidiary JKBL more than 10 years we tried that market. It’s a difficult market and you know we, we tried a number of things in order to expand our presence over there. But because of the cheaper products availability over there and the other issues which led to other operational issues which led to the situation whereby we could not expand it in a meaningful manner. So we thought it prudent to cut our losses and discontinue that operation.
And this is why we took a decision in March last year and we sold our stake to the minority shareholder and we came out of this and we are completely focused on our domestic growth and in select export market where we are doing pretty well, for instance Middle east or Southeast Asian countries. So it’s a focused strategy, I would say so where we are confident that we’ll be able to make our presence felt. We are diverting our energies in those geographies.
Rushabh Shah
Okay, my third question is how do you see the demand panning out in the future years? Because what we are seeing that the FMCG results have been flattish for quite some years. So in our product profile, what do you think which product category will contribute higher towards our pipeline?
Pawan Agarwal
The overall, as we have been mentioning, the demand has been resilient as far as rural market is concerned for the last whatever, four, five quarters. The stress was seen only on the urban side. And the good news is that in this quarter we saw a good revival of demand in urban markets. It’s too early to comment. As Jyoti mentioned in her opening remarks also, we are also watching this sustainability of this demand trend and there is no reason why it should fall, you know, so we are quite upbeat about recovery of demand, especially on the urban side going forward.
And across the segment, if you look at we have done, we have delivered in this quarter a decent volume growth, whether it is fabricare post wash or you know, detergent bars or liquids or you know, liquid vaporizer everywhere, double digit volume growth. So it looks like that, you know, if this trend continues that we are going to see good quarters going forward.
Rushabh Shah
Okay, thank you. I’ll get back in with you.
Pawan Agarwal
Thank you.
operator
Thank you. A reminder to all participants, anyone who wishes to ask a question may press star N1 on the Touchstone telephone. The next question is from the line of Hareet Kapoor from Investec. Please go ahead.
Harit Kapoor
Yeah, good evening. I just had a few questions. You know, one was on the volume growth side, is there any kind of restocking benefit going into quarter three after quarter two had this little bit of GST disruption in our numbers and if any, could you kind of quantify that? That’s my first question.
The second one was on. This deflation impact of almost 2%. Seems like given that you’ve mentioned your dishwash, volume growth, it’s all coming from kind of dishwash. Because there seems to be a very sharp 8, 9% impact there. On the realization side, if you could just kind of highlight till when do you expect this to continue? When does this kind of anniverse rise in the base. Is this a new impact for the last two quarters? That’s my second one and third is on the margin. So it doesn’t look like there is too much of incremental inflation impact going forward. So how do we see this margin gross margin improvement process? How long do you think that takes? So those are my questions.
Pawan Agarwal
Thanks. Thanks Arit. So to answer your first question on volume growth, especially in the context of GST rate revisions which happened in September 1, as we mentioned earlier it was only the personal care segment which was impacted because of GST rate rationalization and we did not see much of stroke DA stocking issues because part of the quarter which is let’s say end of September, October and some part of November, there was slowness in demand as far as personal care portfolio is concerned from the retail outlets because they were clearing the old inventory. But after that I think we have got a decent inflow of orders from the market.
So it comes back to normalcy. We are not seeing any sudden spike or you know, sudden trough. Of course the initial few weeks after GST rollout was a bit of disruption, but otherwise it’s business back to normal. The second question of dishwash that you talked about. Yes, I think in the last couple of we are seeing the competitive intensity going up in this segment and we have also taken some MRP cuts in previous quarter. As of now it’s very difficult to predict which way it will go because this is a function of market realities and we are focused on growth.
So we will wait and watch how market evolves as far as dishwash is concerned. Thirdly, your question was on margin and the RM inflation and how it is going to impact the margin going forward. So in our context if you look at the key raw materials such as lapsa sles or noodles for that matter, we have not seen a respite in these key commodities which is bulk of our raw material procurement both on year, on year basis and sequentially. Also there is a inflation, visible inflation coupled with the lowering of prices in liquid detergent and dishwash, more so in dishwash category has led to this impact on gross margin.
In the near term margin pressure will be there, a couple of quarters at the minimum is what we feel. But slowly as the liquid detergent expansion happens and also in the dishwasher, if the raw material prices cooled off going forward, I think the margin will slowly and gradually get back to the earlier levels, but it may take some time.
Harit Kapoor
Yeah, that’s it for me. I’ll come back for more if I have Any questions? Thank you.
Pawan Agarwal
Thank you, Hareet.
operator
Thank you. The next question is from the line of Amit Purohit from Elara Capital. Please go ahead.
Amit Purohit
Yeah, sir, thank you for the opportunity. Just on the overall growth as I see Fabricare has done well for us. High single digit growth. Is that the case that volume growth in that would also be higher than the value growth, maybe double digit kind of a thing.
Pawan Agarwal
So thanks Amit for your question. In Fabricare, our post wash portfolio has delivered double digit growth and this one is also done really well. Mainwash has also been done well. So net net. Fabricare has done well. You are right.
Amit Purohit
So I mean is there a volume value gap which is kind of negative or it is only the dishwash that is kind of impacting the entire pricing impact?
Pawan Agarwal
Mainly dishwash. As I said, dishwash is the area where we have seen the volume value major gap. Otherwise it’s broadly in line. Other segments are in line.
Amit Purohit
Okay, okay. And just I mean from an outlook perspective, while we aspire to have a double digit volume growth next year, I wanted to understand from a value growth perspective, as the share of liquid detergents goes up in our overall mix, would that restrict kind of some bit of price growth to some extent? If raw water prices remains as they are and also what is is the industry wide, there is no price increase taken in detergent because detergent was anyway not part of gst. Right. So we could have anyway taken price increase. So what is stopping us to take price increases in that especially in some of our leadership categories. Just your thoughts.
M R Jyothy
So detergents both in powders and liquids will be competitive is what we can say. Amit and post wash also. Yes, post wash in one of the post two of the post wash things. We are leaders there and there we are taking price increases as and when required. Only if you know material, raw materials and things go up, we are taking price increases. Detergents will especially be competitive in the market as you know what, that is how that is being dictated. We will be also following that. Except in few markets where we are leaders there we will be taking up price increases.
Amit Purohit
Okay. Okay. So for next year the volume value gap should kind of convert. Right? Is that way to think because dishwash will come into the base most likely. And even if you don’t take any price increases, the volume value gap should converge. Right. That way to think.
Pawan Agarwal
No, we mentioned this early, Amit, we mentioned this earlier also that in the near term the volume value gap is likely to persist to the range of 2 to 3% and if you see it in every quarter you are seeing volume value get gap of 2 to 3%. In the near term, we believe that this trend is likely to continue.
Amit Purohit
And sir, can you touch about some of the distribution initiatives that you could share? I mean whether it is direct reach expansion or general overall reach expansion, how are you thinking both in urban and rural currently? What is their reach and what is the directories? These pointers. Thanks. That’s it for myself.
M R Jyothy
So Amit, as you know, last year we reached about 13 lakh retail outlets. Directly this year we are close to closing it at 14 lakh retail outlets which is direct reach. Now between urban and rural, we are, you know, if you take that way it is almost equal across regions. So we have, you know, whatever we are doing, it is across regions and not in particular rural or urban that way. So for us, this 1 lakh retail outlets that we will be adding this year will be a pan India phenomenon.
Amit Purohit
Sure. Thanks. Thanks a lot.
M R Jyothy
Thank you.
operator
Thank you. The next question is from the line of Umang Shah from Banyan Tree Advisors. Please go ahead.
Umang Shah
Hi ma’. Am. Thank you for the opportunity. I had a question on distribution. While our Overall reach is 3.6 million outlets, what would this number be for Exo and Margo?
M R Jyothy
So we don’t give that individual brands separately.
Umang Shah
Okay. Any. Any rough idea on whether indexing these brands to overall growth could be a driver going forward?
Pawan Agarwal
Sorry, as I said, we don’t get into that level of details at a high level. We always announce what is our reach level, direct and indirect. And that’s where we end.
Umang Shah
No problem. No problem. Second question was two parts. One was how is the response to Jovia? And second was we had launched to West Bengal. So just wanted to understand how that is doing.
M R Jyothy
Yeah. So both have been received well. The thing is it’s. It’s a new Jovia is an npd. And if you take any npd, if it has. We internally have certain parameters of what we call it as a success. So it has fulfilled those parameters and it’s doing. It’s been accepted really well. So. And UJALA IDD in West Bengal, there are learnings we are trying to. While it has been accepted, there are few learnings as well which we are trying to incorporate going along.
Umang Shah
Okay. Okay. And in terms of home insecticide, the. The profitability like you very well mentioned will come as more and more liquid sold and the mix increases. Are we also reducing our ad spend there to make it break even or will the ad spend will continue in that Direction.
Pawan Agarwal
Umang, that’s a great question. We always stated that if we were to cut down on our ad spend on HI segment, we are already profitable. But the fact that we continue to invest behind this brand, Maxo brand and also we are coupling it with other initiative like focusing on LV and you know, penetrating the new product into the channel. All these things put together is giving us a hope that, you know, we will be able to turn around this category and we are in the right direction.
Umang Shah
Got it, Got it. Thank you so much. I’ll join back in the queue.
Pawan Agarwal
Thank you.
operator
Thank you. The next question is from the line of Vyom Cheda from BP Equities.
Vyom Chheda
Yeah, so I just wanted a question regarding the dishwashing segment that as you can see that the value is decreasing by 1.3%. Right. But at the same time it is the majority part of the revenue stream. So I just wanted to ask that the price cut in the MRP is for the penetration into the market or what is the strategy regarding that and by when it will be recovered.
M R Jyothy
So it is a pure competitive action view. It has nothing to do with reaching and all of that because distribution as a thing for it is important for all our brands and we’ve been doing that, be it dishwash, be it detergent across the portfolio. But MRP reductions are purely competitive in nature and as and when things change, we’ll also change accordingly.
Vyom Chheda
Yeah. Okay, thank you.
M R Jyothy
Thank you.
operator
Thank you. The next question is from the line of Rushab Shah from Bugalog pms. Please go ahead.
Rushabh Shah
Hi, thanks for the opportunity again. So just wanted to know more about this laundry business. What, what was the management thought process to start this business and also how is this business going? Any thoughts on that?
Pawan Agarwal
Could you repeat your question? We couldn’t hear it clearly.
Rushabh Shah
Just wanted to know more about this laundry business. What was the management’s thought process to start this business and how is it going? Like, can you give some thoughts on that?
Pawan Agarwal
Right, so it is, it is a very old business. Earlier you would recall that it used to be done under a subsidiary and then later on you know this business was merged with the parent company and now it’s a division of Jyoti Labs limited and reported under others segment and we are focused on building on the retail franchisee in this business and under fabric Spa brand we have 200 plus outlets spread across few states. We are growing reasonably well in this segment. We are not incurring cash losses over there. So in that sense we are working towards making it profitable. It May take some time in order to bring a meaningful profit into this business.
But the first goal was to arrest the losses which to a large extent we have been able to achieve.
Rushabh Shah
My next question is, as you say, there are many, many more players in the category in which we are present. Correct. And everyone is ready to spend money on their particular category. So what would differentiate us from them?
Pawan Agarwal
You are talking in the context of laundry business or in general? You are talking about.
Rushabh Shah
In general.
M R Jyothy
No. Yeah, it will be purely on differentiation, Rishabh. So we have, our brands are different. What we offer is differentiated with what the competition is offering. As long as that’s very clearly communicated to the consumer and they use the brand and they find that of value, they’ll continue to use and we’ll win market share like how we’ve been doing since last so many years. Our market shares only shares have only grown over a period of last so many years. And it’s a pure, what do you call the trust that consumers have in us in each brand that we bring in and the market shares reflect that.
Rushabh Shah
Just a follow up on this one. Could you just give out the market shares what it was there five years back and now for the categories in which we are present.
Pawan Agarwal
No, we do not share market share related information publicly.
Rushabh Shah
Yeah. Okay, thank you, thank you, thank you.
operator
The next question is from the line of Akshay Krishnan from ICICI Securities. Please go ahead.
Akshay Krishnan
My question is on the pricing and the volume trade off. So just want to understand like the recent growth has been more on the volume led and the pricing power remains constrained across the categories. So how do you assess the risk. Of this prolonged promotion led growth risk and the margin pressure and what is the specific milestone or the triggers would prompt a shift towards the pricing led growth even if you entail the near term volume risk.
Pawan Agarwal
We had stated earlier also that our focus is volume led growth in the near term. You know, given the external environment and given the slowness in the demand for the past few quarters, four, five quarters. The first goal before us was to get back to double digit volume growth. And if you look at the pricing angle also it is the dishwash category and let’s say liquid detergent, which is kind of disturbing a little bit. Other than that, broadly the pricing side, we are in a comfortable situation. Of course there is a scope for, for improvement. But the near term goal is volume growth.
Akshay Krishnan
Okay, okay, okay. So coming to this dishwasher, my second question so that is that is this volume and the value disconnect and with the volume Growth offset by the pricing action. Is this a technical response to the heightened competition or do you see a structural difference in the margin and the growth profile for the category over the medium and the. And how is the competitive intensity persisting over here?
Pawan Agarwal
The competitive intensity is high at least you know in dishwash. And we have reacted to, you know what others have done in the market. So as a result we had to take some steep price cuts and we will wait and watch, you know how this segment evolves in the marketplace.
Akshay Krishnan
So how do you see this margins. Profile improving over here and what has been in for the YTD basis over here?
Pawan Agarwal
So margins will be under pressure in dishwash. If you look at last two quarters. Also there has been a impact on margin in the near term because elevated raw material cost and the price cuts etc, there is a bit of impact on the on the margins in the near term. We do not expect margin to swing back significantly in dishwasher. But eventually I think a few quarters here and there, finally the margins will stabilize at the earlier levels.
M R Jyothy
See the price cuts have been purely competitive. Akshay in that sense we wouldn’t have taken that price cuts knowing the situation. But looks like premiumization is just a word and not an action done by competition. So that’s where we see good enough good image brands going down just to increase their market share and volume. People have taken these drastic steps with leading to no results. So let’s see where it goes.
Akshay Krishnan
Perfect ma’. Am. So if I can squeeze in one. Final question on the excise side. So what is with the coils remaining a structural weak and the liquids driving the growth? What is the steady state portfolio mix the management is targeting in the hi and at what scale do you see the format begin to materially change in the segment versus to drive up the profitability on the coin that’s been declining. And on the long term basis how do you see this to stabilize further?
Pawan Agarwal
As I indicated earlier many times that we are working on a plan and our plan indicates that by end of next year, next year we should be turning profitable. Now second point is the ratio of coil in the overall hi segmental sale that also has been coming down and which gives us a breathing space to focus on profitability. So all I can tell you is that we are marching ahead on our action plan and the early results are quite encouraging. So it gives us confidence that are on the right track.
Akshay Krishnan
Okay? Okay. Okay. Okay. Perfect. Perfect. And good luck. Thank you.
Pawan Agarwal
Thank you.
operator
Thank you. A reminder to all participants, anyone who wishes to ask A question may press star N1 on the touchdown telephone. The next question is from the line of Yogesh Mittal, an individual investor. Please go ahead.
Unidentified Participant
Hi. Thanks for giving me the opportunity. I wanted to know one thing. Is it possible to tell about that we are getting margin pressures due to the competition. How much is it related to the online presence and the means the competition. On the online for where the online VC tailors charge for our for for the listings and also where there is a threat of that of more brands and private label. Thank you.
Pawan Agarwal
So in our case Yogeshji, our general Trade is roughly 2/3 of the business and 1/3 of the business is composed of modern trade, E commerce, quick commerce institutions, exports and all of that. In that sense E commerce and quick commerce is still a very small portion of our total company’s revenue. And in terms of the basket modern trade, E commerce, quick commerce basket our margins are reasonably okay. So while there is an increasing demand on the E commerce quick commerce side you know in terms of you know, promotions etc and discounts but still it is not to a level where which gives us worry, you know. So it’s still in decent range.
Unidentified Participant
Yeah. Thank you. Thanks.
operator
Thank you. The next question is from the line of Raunaksha from Aquarius securities. Please go ahead.
Ronak Shah
Yeah, so thanks for the opportunity. So sir, my first question is regarding the dishwash category. So where we are seeing the competition has led certain pie scores. Can you quantify at a broader level what can be the price cuts which we have implemented and in the and by when it’s like to annualize in the FY27.
Pawan Agarwal
See our pricing action downward pricing revision at a portfolio level would be between 8 and 9% in dishwash category. And going forward what shape and size it will take only time will tell. We are watching the market and competitive moves very carefully and we will take necessary action to combat the competition.
Ronak Shah
Okay sir. Got it. Sir, my second question is regarding the margin. So we recall the last few odd quarters when we were bit confident on catching up the 16% plus sort of EBITDA margin. Now when the things are not favor in terms of the competition on top of that the RM price are getting escalated. Are we going to see a pressure from that front and are we need to revisit our 16 sort of plus sort of ambition to 15 to 16% range.
Pawan Agarwal
At this stage we are watching the market and the external environment very carefully. We are not giving any guidance on the margin. Let’s wait for a few quarters and see you know how market stock Stabilizes both on the input side and also the side in the market. Then we would be able to take a firm view on medium term EBITDA margin trajectory.
Ronak Shah
Okay. Okay, that’s it. From my side. Thank you sir.
Pawan Agarwal
Thank you.
operator
Thank you. The next question is from the line of Umang Shah from Banyan Tree Advisors. Please go ahead.
Umang Shah
Hi sir. Thank you for the opportunity. Again, in Vishwa segment, is it the largest player who is alone taking these price cuts or the regional players are also the ones who are doing this?
M R Jyothy
No, no. It is a large player, very well known player, the large and largest player in the market who is resorting to these kind of cheap tricks. They have literally downgraded their brand and brought it to this level. Otherwise local players are not doing any such actions.
Umang Shah
Right, right. Thank you so much for this. And second clarification was as the raw material prices of detergents are increasing, do we see the unorganized players in the detergent market that you are in struggling far more than we do? And if yes, are we gaining market share in Ujala, idd, Moorlite and Snow White?
Pawan Agarwal
We have gained market share in Ujala, idt, especially in Southern India. We have done well. And for others also we are in a comfortable position. We are not losing market share in a meaningful manner anywhere.
Umang Shah
Okay. Okay, sure. And last was Henko. We have been positioning it as a premium detergent and I think Ariel and Surfexl are the ones who we would be comparing them with. And our distribution from what I understand was restricted to metros and large cities only. Going forward, any plan to scale this brand up?
M R Jyothy
So the thing is it’s a premium offering in our portfolio and premium detergents sell in few select areas only. It’s largely metro south India and those kind of large, large part of India is still low priced and mid priced segments. So we are there at the right place and we do selective spends on these on this brand for us and for the country as such, it’s the low priced and the mid price detergents that are doing well.
Umang Shah
Got it. Thank you so much.
M R Jyothy
Thank you.
operator
Thank you. As there are no further questions from the participants, I now hand the conference over to the management for closing comments.
Pawan Agarwal
Thanks operator and thanks everybody who has joined the call. We are grateful to you for your continued interest in the company. Thank you so much.
operator
Thank you on behalf of ICICI Security limited. That concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.