Any current/future new fundraising through debt or equity?

No new fundraising through equity or debt is planned currently. Capacity expansion will be funded through internal accruals only. Specifically, the company plans brownfield expansion (adding 1,500 tons/month capacity) funded via internal accruals. Greenfield expansion over the next 3 years may require Rs. 40-45 crores, but this will be invested gradually. No mention of immediate requirement for external funding for CapEx or acquisitions. Company continues to generate strong cash flows and holds significant free cash on the balance sheet. Dividend payout policy remains consistent, distributing

Any current/future capex/capital investment/strategic investment?

The company plans to add another 1,500 tonnes per month of capacity at the existing plant over the next 1.5 years through brownfield expansion, with a CapEx of around INR 10 crores. There are plans for a greenfield expansion with a new facility on the outskirts of Ahmedabad to handle storage of raw materials and finished goods, and potentially manufacture up to 3,500 tonnes per month in the near future. The greenfield expansion is projected to require around INR 40 to 45 crores of investment, to be used gradually over the next three years. No plans for backward integration due to high cost and

Future growth expectations in sales/revenue/volumes?

Targeting 20% to 25% volume growth over the next 3 to 4 years. Aiming to reach around Rs. 500 crores sales by FY27, with optimism to achieve Rs. 450 to 500 crores based on 20% volume growth. Current volume growth: 18% YoY in Q3 FY25, but Q2 was flat, which may cause FY25 volume growth to be slightly below 20%. Expanding from 32 to 42 branches in 9 months to build distribution and leverage dealer networks for growth. Focusing on increasing market share in existing territories and penetrating newer states with a target of at least 100 tons monthly volume per new state. Plans for brownfield capac

Future growth expectations in earnings/operating earnings/profits/EPS?

The company targets a volume growth of 20% to 25% over the next 3 to 4 years, driven by network expansion and increased sales efforts. Revenue is expected to reach Rs. 450 to 500 crores by FY27 from approximately Rs. 280-290 crores in FY25, assuming 20% volume growth. EBITDA margin guidance is maintained at a steady state of around 25%, with a short-term expectation of about 29% EBITDA margin this year. Gross margin is expected to stabilize around 65%, considering variable raw material costs, with price adjustments passing through with a lag of about one quarter. Expansion includes opening new

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Jyoti Resins and Adhesives LtdQ4 FY26Chemicals & Petrochemicals

Jyoti Resins and Adhesives Ltd Q4 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹1,011P/E: 15.1Market Cap: ₹1.1K CrSector: Chemicals & Petrochemicals

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Order

N/A

Capex

Yes

1 of 4 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

→Targeting 20% to 25% volume growth over the next 3 to 4 years.
→Aiming to reach around Rs. 500 crores sales by FY27, with optimism to achieve Rs. 450 to 500 crores based on 20% volume growth.
→Current volume growth: 18% YoY in Q3 FY25, but Q2 was flat, which may cause FY25 volume growth to be slightly below 20%.
→Expanding from 32 to 42 branches in 9 months to build distribution and leverage dealer networks for growth.
→Focusing on increasing market share in existing territories and penetrating newer states with a target of at least 100 tons monthly volume per new state.
→Plans for brownfield capacity expansion (adding 1,500 tons per month) and greenfield expansion for future demand.
→Leveraging OEM and retail segments for broad-based volume growth.

Margin guidance

Category 3

→The company targets a volume growth of 20% to 25% over the next 3 to 4 years, driven by network expansion and increased sales efforts.
→Revenue is expected to reach Rs. 450 to 500 crores by FY27 from approximately Rs. 280-290 crores in FY25, assuming 20% volume growth.
→EBITDA margin guidance is maintained at a steady state of around 25%, with a short-term expectation of about 29% EBITDA margin this year.
→Gross margin is expected to stabilize around 65%, considering variable raw material costs, with price adjustments passing through with a lag of about one quarter.
→Expansion includes opening new branches and leveraging consignees and sales agents to grow market penetration gradually across India.
→Capacity expansions via brownfield CapEx will increase production by approximately 1,500-2,000 tons per month within 1.5 years, supporting growth projections.
→The long-term vision aims for Rs. 1,000 crore revenue in the white glue segment with sustained profitability through brand building and market expansion.

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Fundraise plans

→No new fundraising through equity or debt is planned currently.
→Capacity expansion will be funded through internal accruals only.
→Specifically, the company plans brownfield expansion (adding 1,500 tons/month capacity) funded via internal accruals.
→Greenfield expansion over the next 3 years may require Rs. 40-45 crores, but this will be invested gradually.
→No mention of immediate requirement for external funding for CapEx or acquisitions.
→Company continues to generate strong cash flows and holds significant free cash on the balance sheet.
→Dividend payout policy remains consistent, distributing 15% of profits to shareholders.

Order book

The transcript of Jyoti Resins & Adhesives Limited's Q3 & 9M FY25 Post Earnings Conference Call does not explicitly mention current or expected order book or pending orders. However, the following insights are relevant regarding demand and market expansion: - The company is targeting a 20% volume growth annually over the next 3 to 5 years. - They are expanding their branch network from 32 to 42 branches in 9 months to increase market penetration. - Focus on onboarding new dealers, carpenters, and retail expansion in new states like UP and Delhi. - Volume growth of 18% year-on-year was reported in Q3 FY25, reflecting healthy demand. - Plans to add 1,500 tons per month capacity via brownfield expansion to meet increasing demand. - Expecting good response from new and existing markets, aiming to become the largest player with a Rs. 500 crore sales target by FY27. No direct data on order backlog or pending orders was disclosed.

Capex plans

Yes

→The company plans to add another 1,500 tonnes per month of capacity at the existing plant over the next 1.5 years through brownfield expansion, with a CapEx of around INR 10 crores.
→There are plans for a greenfield expansion with a new facility on the outskirts of Ahmedabad to handle storage of raw materials and finished goods, and potentially manufacture up to 3,500 tonnes per month in the near future.
→The greenfield expansion is projected to require around INR 40 to 45 crores of investment, to be used gradually over the next three years.
→No plans for backward integration due to high cost and complexity (95% raw material, VAM, is imported).
→Expansion investments will also include developing the sales network pan India, brand management, and marketing initiatives.
→All expansions and investments are proposed to be funded through internal accruals, with no new fundraises planned.

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