Jyoti resins & adhesives Limited has released the complete transcript of its Q3 & 9M FY26 post earnings conference call held on February 10, 2026. The company submitted the transcript to BSE Limited on February 12, 2026, in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015, digitally signed by Managing Director Utkarsh Patel.

Conference Call Participants and Format

The earnings call was coordinated by KAPITIFY Consulting and featured key management representatives including Mr. Utkarsh J. Patel (Managing Director), Mr. Samit Shah (Chief Operating Officer), and Mr. Meghal Shah (Finance). The call was conducted at 11:30 AM IST and included detailed discussions on quarterly performance and strategic initiatives.

Management Commentary on Q3FY26 Performance

Managing Director Utkarsh Patel acknowledged that Q3FY26 was a soft quarter with flattish revenue and volume growth year-over-year, following 20% volume growth in Q2FY26. The company experienced particularly weak performance in October, while sales recovered strongly in November and December. Patel emphasized that the December exit rate was strong, matching Q3 growth expectations.

Strategic Focus Areas Discussed

During the call, management outlined several key strategic initiatives currently underway. The company is focusing on talent acquisition, induction training, brand communications, and trade marketing as part of its 360-degree growth approach. Management confirmed their target of achieving ₹500 crores revenue, supported by capacity expansion to 3,500 tons per month.

Investor Concerns and Management Responses

Several investors raised concerns about the company's performance and strategic direction during the call. Key issues discussed included the impact of increased advertising spend on margins, competition from established players like Pidilite and Astral, and requests for share buyback programs. Management acknowledged these concerns while defending their long-term brand building strategy.

Investors also questioned the company's auditor selection and requested consideration of more reputed auditing firms. Management indicated they would discuss these suggestions at the board level, noting their current auditor R Kabra & Co. LLP is associated with Germany-based Ecovis firm.

Market Expansion and Competitive Positioning

The company's Chief Operating Officer Samit Shah provided insights into expansion plans, confirming presence across 14 states with mature market status (20%+ market share) achieved in 5 states. The company is actively expanding in UP and Delhi-NCR markets, with over 1,000 outlets established in UP territory and positive repeat order trends.

Financial Metrics and Guidance

Management confirmed their long-term EBITDA guidance of 22-25%, noting that current higher margins are exceptional. The company plans to invest 7-8% of revenue in ATL and BTL marketing activities, up from the current 4-4.5% for nine months FY26. Volume growth for Q3FY26 was reported as flattish year-over-year, with nine-month volume growth at 4-4.5%.

Jyoti Resins & Adhesives Limited , a key player in the white glue segment, has reported a robust performance for Q2 H1 FY26, with a 20% year-on-year growth in both volume and gross revenue (excluding GST). The company has maintained its EBITDA margins at 27.50% despite extended monsoon disruptions, showcasing its resilience in challenging market conditions.

Expansion Plans and Financial Targets

The company is currently undertaking a significant brownfield capacity expansion, aiming to increase its production capacity by 1,500 tons per month over the next six months. This expansion will boost Jyoti Resins' total capacity from 2,000 tons to 3,500 tons per month, enhancing its ability to meet growing market demand.

Utkarsh Patel, Managing Director of Jyoti Resins, stated, "We are targeting a topline of INR 330-340 crore for the full year FY26." This target aligns with the company's broader goal of reaching INR 500 crore in revenue within the next three years, representing an ambitious growth trajectory.

Marketing and Branding Initiatives

Jyoti Resins plans to increase its marketing spend to 7-8% of revenue, focusing on brand communications and trade marketing. The company has already invested in advertising campaigns featuring brand ambassador Pankaj Tripathi on TV channels and digital platforms like Instagram and Facebook.

Geographic Expansion

The company is actively expanding its presence across India. Utkarsh Patel mentioned, "We are now present in more than 650 counters and in major seven cities of UP. We are also focusing on West Bengal and have developed branches in North India, including Punjab and Haryana."

Jyoti Resins aims to add five to six more states to its network within the next year, including Tamil Nadu, Kerala, Odisha, and Bihar, with the goal of achieving a pan-India presence within three years.

Product Portfolio and Market Focus

The company remains committed to its core white glue product range, which caters to furniture gluing applications. Patel emphasized, "We have the entire range for furniture gluing. We want to stick to this product portfolio for at least four to five years, targeting the INR 7,000 crore market."

Future Outlook

Despite challenges such as the extended monsoon season, Jyoti Resins maintains an optimistic outlook for the upcoming quarters. The company is implementing various strategies, including hiring local talent in new regions, developing CRM systems, and creating new apps for carpenters and trade marketing.

As Jyoti Resins continues to expand its capacity and market presence, it aims to capitalize on the growing demand in the adhesives sector, positioning itself for sustained growth in the coming years.

Key Financial and Operational Highlights