About Jyoti Resins and Adhesives Ltd
Jyoti Resins and Adhesives Ltd (BSE: 514448) is a publicly-listed Indian specialty chemicals company primarily engaged in the manufacture and sale of synthetic resins and wood adhesives. It was incorporated in December 1993 and began operations in 1994, with its headquarters in Ahmedabad, Gujarat, India.
The company is best known for its EURO 7000 brand of wood adhesives, which has become one of the leading retail adhesive brands in India, especially in the furniture and woodworking segment. Its products include various formulations of white glue and specialty adhesives tailored for different applications such as waterproofing, fast-drying, and weather resistance.
Jyoti Resins operates a modern manufacturing facility in Santej, Gujarat and has built a strong distribution network across multiple Indian states to serve carpenters, retailers, and industrial users. Over the years, it has focused on quality, innovation, and market reach, helping it grow steadily within the competitive adhesives market.
Performance Highlights – Q3 FY26
The company reported revenue of ₹72.3 crore during Q3 FY26, supported by stable operations despite a softer demand environment. Operating EBITDA stood at ₹18.9 crore, reflecting an EBITDA margin of 26.1%, while net profit came in at ₹15.4 crore, translating into a PAT margin of 21.3%. The business maintained a strong gross margin of 72.4% during the quarter.
Volume growth remained flattish in Q3, as soft sales in October weighed on performance; however, overall volume growth for 9MFY26 was around 4–5%. The EBITDA margin of 26% was impacted by slower volume growth and elevated advertising and trade marketing spends across TV, digital, and trade channels. Despite this, margins remained within the company’s guidance, with the 9MFY26 EBITDA margin at 27%.
Strategically, the company continued to expand its presence in new markets while strengthening its share in existing markets. During the quarter, it increased its branch network to 56 from 54 and expanded its sales force to 455 members, reinforcing its growth and distribution capabilities.
Way Forward
The Company will continue to maintain healthy return ratios with a target ROE of 30–40% and ROCE above 40%. It remains committed to staying debt free while generating positive operating and free cash flows. Working capital discipline will be sustained by keeping expense-related liabilities below 30–35% of revenue, in line with the FY25 level of approximately 34%.
The Company will focus on achieving a revenue milestone of ₹500 crore over the next three years. This growth will be supported by increased investments in branding and marketing initiatives to strengthen and establish a nationwide presence.
The Company plans to deepen its penetration in existing states by increasing the number of branches and distributors, with a clear objective of improving market share. Simultaneously, it intends to enter new states while further strengthening its position in current markets.
In response to strong demand and rising market share, the Company currently operates with a production capacity of 2,000 TPM. It is in the process of setting up a warehouse to enhance storage of raw materials and finished goods, along with undertaking brownfield expansion at its existing facility to support future growth.
Equity
The company’s share capital remained unchanged at ₹120.0 crore across FY24, FY25, and H1 FY26. Other equity increased steadily from ₹1,542.4 crore in FY24 to ₹2,172.6 crore in FY25 and further to ₹2,410.1 crore in H1 FY26. As a result, total equity rose from ₹1,662.4 crore in FY24 to ₹2,292.6 crore in FY25 and ₹2,530.1 crore in H1 FY26, reflecting strengthening net worth.
Non-Current Liabilities
Deferred tax liabilities (net) increased marginally from ₹5.4 crore in FY24 to ₹6.0 crore in FY25 and ₹6.2 crore in H1 FY26. Other financial liabilities also rose from ₹9.3 crore to ₹12.8 crore and ₹14.7 crore over the same periods. Consequently, total non-current liabilities grew from ₹14.7 crore in FY24 to ₹18.8 crore in FY25 and ₹20.9 crore in H1 FY26.
Current Liabilities
Within financial liabilities, trade payables increased from ₹99.0 crore in FY24 to ₹147.9 crore in FY25 before moderating to ₹129.2 crore in H1 FY26. Other financial liabilities rose slightly from ₹20.3 crore in FY24 to ₹23.4 crore in FY25, followed by a sharp increase to ₹111.2 crore in H1 FY26. Other current liabilities stood at ₹888.0 crore in FY24, increased to ₹951.5 crore in FY25, and eased to ₹902.9 crore in H1 FY26. Provisions declined from ₹5.9 crore in FY24 to ₹1.0 crore in FY25 and ₹0.8 crore in H1 FY26.
Current tax liabilities (net) increased from ₹225.0 crore in FY24 to ₹247.5 crore in FY25, before reducing to ₹125.5 crore in H1 FY26. Overall, total current liabilities rose from ₹1,238.2 crore in FY24 to ₹1,371.3 crore in FY25 and then declined to ₹1,269.6 crore in H1 FY26.
Total Equity and Liabilities
Total equity and liabilities increased from ₹2,915.3 crore in FY24 to ₹3,682.7 crore in FY25 and further to ₹3,820.6 crore in H1 FY26, indicating overall balance sheet expansion.