Jyoti Resins & Adhesives Ltd
Current Price
₹856.3
As of 20 May 2026
Market Cap
₹1.02K Cr
As of 20 May 2026
Report updated: 2026-05-16
Jyoti Resins & Adhesives Ltd
India's #2 wood adhesive brand under EURO 7000 — single product, single category, far behind Pidilite's Fevicol. After rocketing from Rs.101 Cr to Rs.261 Cr revenue FY21-FY24, the stock has now seen three flat years and a deliberate margin compression as management spends 4% of revenue on brand and trade (rising to 6-8% FY27).
Rs.867
Share price (May 2026)
Down ~37% from May-25 peak Rs.1,374
Rs.1,680 Cr
Market cap (Small Cap)
Rs.314.7 Cr
FY26 revenue (+10.8% YoY)
FY25 Rs.284.1 Cr
Rs.70 Cr
FY26 PAT
Fell YoY from Rs.73.9 Cr; P/E ~14.9x
27.0%
FY26 EBITDA margin
Down from 32.6% FY24; guide 22-25% long-term
~54.4%
Promoter holding (Apr 2026)
+3.5pp in 10 months — Patel family open-market buying
Stock Funda Summary
- India's #2 wood adhesive (white glue) brand under EURO 7000, far behind Pidilite/Fevicol #1.
- Single product, single category — management explicit: no diversification until Rs.1,000 Cr revenue (FY26 was Rs.315 Cr).
- FY21-FY24 was a rocket (sales Rs.101 to Rs.261 Cr, EBITDA margin 10% to 33%) but FY24-FY26 has been three flat years (sales Rs.257 to Rs.315 Cr, PAT actually fell in FY26 to Rs.70 Cr, EBITDA margin eroded 33% to 27%).
- The margin compression is deliberate — heavy brand spend (Pankaj Tripathi ambassador + JioHotstar ICC T20 World Cup ATL Feb-Mar 2026).
- Spend has produced sparks (Q2 FY26 +20%, Q4 +16% volume) but not consistency.
- Receivables stretched to ~165 days.
- Highest-signal item: promoter Patel family bought 50.83% → 54.4% in 10 months (FY26 ~107 lakh shares open-market) into a falling stock.
- Brownfield 3,500 TPM live before Q2 FY27.
- Live event timeline tracks SAST disclosures, quarterly volumes, ATL spend ROI, and VAM raw-material price pass-through.