India · Delayed Price · Currency is INR Jyothy Labs Earnings Call Transcripts
Fiscal Year 2026
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Revenue grew 3.5% for FY 2026 with strong volume growth in fabric care and personal care, but margins declined due to input cost inflation and competitive pricing. Margin pressure is expected to persist near term, with selective price hikes taken and further actions possible.
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Q3 FY26 saw 5.1% revenue growth and 7.2% volume growth, but margins declined due to price cuts and input cost inflation. Fabric Care and Personal Care segments performed well, while Dishwash faced intense competition and margin pressure.
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Q2 FY26 saw flat value growth due to GST disruptions, but volume grew 2.8% and modern trade channels delivered double-digit growth. Gross margin declined to 48.1% on input cost pressure, while EBITDA margin held at 16.1%. Outlook for H2 is positive, with new launches and double-digit volume growth targeted.
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Q1 FY26 saw modest revenue and volume growth amid inflation and urban softness, with rural markets outperforming. Gross margin declined due to input costs and competition, but EBITDA margin was maintained. Outlook is positive for H2, with innovation and demand recovery expected.
Fiscal Year 2025
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FY25 saw modest value growth and stronger volume growth amid urban demand softness and input cost pressures. Fabric Care and Dishwash segments grew, while Personal Care and HI declined. Margin improvement is expected in H2 FY26, with new product launches and a strong cash position supporting future growth.
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Q3 FY25 saw 4% revenue growth and 8% volume growth, with gross margin stable at 49.8% but EBITDA margin down to 16.4%. Urban demand remains weak, while rural demand is recovering; HI segment declined but other segments grew. Margin guidance is maintained at 16–17% amid input cost volatility.
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Q2 FY25 saw modest value growth and improved gross margins, with strong performance in e-commerce and select product segments despite muted consumer demand and regional disruptions. Margin guidance remains conservative due to raw material volatility, and new launches are planned for the coming quarters.
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Q1 FY25 delivered 8% revenue and 10.8% volume growth, with EBITDA margin rising to 18%. All segments grew, led by fabric care and personal care, while modern trade and e-commerce now contribute 15% of sales. Cash reserves remain strong at INR 650 crores.