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 growth was nearly flat due to GST disruptions, but modern trade and digital channels saw double-digit growth. Margins were pressured by input costs and price reductions, yet cash generation and liquidity remain strong. Outlook for H2 is positive, with new launches and double-digit volume growth targeted.
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Q1 FY26 saw modest value growth and stronger volume growth, with rural markets outperforming urban. Competitive intensity and input costs pressured margins, but innovation and new launches are expected to drive H2 improvements. Full-year EBITDA margin guidance remains at 16%-17%.
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 steady at 49.8% but EBITDA margin down to 16.4%. Fabric care and dishwash segments grew, while HI and personal care faced headwinds. Management remains cautious on FY26 growth and margin outlook.
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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 strong revenue and volume growth, margin expansion, and market share gains across all segments. Focus remains on volume-led growth, rural expansion, and brand investment, with robust cash reserves and no immediate price hikes planned.