Jyoti Resins & Adhesives Ltd — Updates, 14-05-2025: Company Update

Jyoti Resins & Adhesives Ltd. has announced a board meeting to review the financial results for the quarter and half-year. The company reported a 14% volume growth year-on-year for FY25, driven mainly by five mature states—Gujarat (35% market share), Rajasthan, Madhya Pradesh, Maharashtra, and Karnataka—with expansion underway in newer states including UP, Delhi, West Bengal, Chhattisgarh, and Telangana. Capacity is being expanded by 1,500 tons per month to reach 3,500 tons monthly, supporting potential revenue of over INR 650 Cr at 80% utilization. Marketing spends will increase to 7-8% of revenue, led by brand ambassador Pankaj Tripathi to boost visibility and retailer engagement. The company focuses on deepening penetration in existing markets and gradual growth in new geographies, expecting 20-25% revenue growth in FY26. Debtor days have risen due to higher March sales but remain manageable with diversified distribution across 48 stockists and 12,500 retailers. Loyalty program liability stands at INR 95 Cr, backed by INR 147 Cr in fixed deposits, with redemptions managed through a digital platform for 200,000 registered carpenters. The firm targets profitable operations in new states within three years, has limited CapEx beyond brownfield expansion, and foresees EBITDA margins around 25-28% assuming stable raw materials and marketing investment.