Jyoti Resins & Adhesives Ltd — Call Transcript 2026

Feb 12, 2026

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12[th] February, 2026

To,

The Manager, BSE Limited, Department of Corporate Services, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400001

Script Code: 514448

Dear Sir/Madam,

Subject– Transcript of Q3 & 9M FY26 Post Earnings Conference Call.

In accordance with the requirement of Regulation 30 of SEBI (LODR) Regulations, 2015 read with We hereby submit the Transcript of Q3 & 9M FY26 Post Earnings Conference Call held on Tuesday, 10[th ] February, 2026.

This is for your information and records.

Thanking You,

Yours Faithfully

For, Jyoti Resins and Adhesives Limited

Utkarsh Digitally signed by Utkarsh Patel Patel Date: 2026.02.12 18:24:18 +05'30' Utkarsh Patel Managing Director DIN: 02874427

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Jyoti Resins & Adhesives Ltd

Q3 & 9M FY26

POST EARNINGS CONFERENCE CALL

February 10, 2026 11:30 AM IST

Management Team

Mr. Utkarsh J. Patel - Managing Director Mr. Samit Shah - Chief Operating Officer Mr. Meghal Shah - Finance

Call Coordinator

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Strategy & Investor Relations Consulting

Jyoti Resins & Adhesives Ltd. (JYOTIRES) Q3 & 9M FY26 Post Earnings Conference Call February 10, 2026 11:30 AM IST

Presentation

Vinay Pandit: Ladies and gentlemen, on behalf of Kaptify Consulting Investor Relations Team, I welcome you all to the Q3 and 9 months FY26 Post Earnings Conference Call of Jyoti Resins and Adhesives Limited. Today, on the call from the management team we have with us, Mr. Utkarsh Patel, Managing Director, Mr. Samit Shah, Chief Operating Officer and Mr. Meghal Shah, Finance.

As a disclaimer, I would like to inform all of you that this call may contain forward-looking statements which may involve risk and uncertainties. Also, a reminder that this call is being recorded.

I would now request the management to give us their opening remarks, to detail us about the business performance highlights for the period ended December 2025, the growth perspective and vision for the coming years, post which we will open the floor for Q&A. Over to the management team.

Utkarsh J Patel: Ladies and gentlemen, I welcome you all to the quarter three FY26 concall. As you would have seen, this quarter was soft in terms of flattish revenue and volume growth, y-o-y after 20% volume growth in quarter 2. This quarter witnessed a very soft October while sales recovered strongly in November and December. Our exit rate in December was very strong matching our quarter 3 growth. In quarter 4, we aim to cover up significant lost ground.

On the balance sheet front, we continue to have a strong cash and bank balance and continue to generate incremental cash flows every year, which we are investing back into the business with focused ATL and BTL spends. We, Euro team wish to assure you that we are working hard and setting up the right building blocks for the next level of growth to achieve our first targeted INR 500 crores revenue target. We are continuously aiming to increase our market share in existing states as well as increase our footprint in new states.

Now we are opening the floor for the question-and-answers.

Moderator: Thank you, sir, for the opening remarks. All those who wish to ask question may use the option of raise hand. In case you are unable to do that just drop a message in the chat window, we will invite you to ask the question. We'll take the first question from Keshav Garg, Keshav you can go ahead.

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Keshav Garg:

So Mr. Patel, I'm your longstanding investor and I'm very disappointed with the numbers. I mean, operating performance is one thing and our revenue and EBITDA is flat since FY24 and whatever extra advertisement spend we are doing, it is not reflecting in the numbers. So, but be that as it may, I can take at face value, whatever you are saying that, I mean, the demand conditions were soft and you are making efforts. I appreciate that. Sir, but our share price is about to go into triple digits now and the stock is trading at a really -- I mean, nobody believes your numbers. That is the bottom line. Anybody I discuss your stock; nobody believes your numbers.

So, sir -- and you are not open to getting some reputed auditor also. So now that we are cash rich, at least do a share buyback so that there can be confidence in your stock that the numbers are real, and since anyway our EPS is stagnant because profits are stagnant, if you do a share buyback, the number of shares will reduce and the earning per share will increase. So -- and that will basically restore the confidence of the investor community in the stock. So, what is your opinion on this?

Utkarsh J Patel:

So, Keshav, you are very right. Since last three, four quarters, we are saying that the unit economics is very good. If we talk about the EBITDA or PAT, but revenue growth, we have not generated that much growth level. But see, as we go with the history of Euro, if we look at the history of 10 years, we have consolidated. We have consolidated every 2-3 years; we have strengthened our ground. We have strengthened our fundamentals. Then after that, we have taken growth. So, this has been the history of the last 10 years.

As you are saying that the proposal of buyback that you are keeping, but we are assuming that we need that fund to deploy into the business actually, because we have just started. When we started this journey. We are the first Adhesive brand. When we brought the Pankaj Tripathi, it has been 8 months now. And now, we have not started ATL that much. And also, we have made the strong ground for the trade marketing also. Recently, last year, like we did 33 around dealer meets in April/May, mega meets, carpenter meets and that is an ongoing process.

So, I suggest to take it at that level that it is a B2C business. It will take the time to reflect into the numbers, what efforts we are making. It will take the time for that. And as you can see, in the last 70 years, no brand has won confidence at this level, be it carpenters, be it investors, be it dealers. So, today Euro has taken that stand and we are standing here in front of a dominant brand. That is a big achievement for all of us. And

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we are very much confident that we will take this journey forward strongly. If we can reach this much, then we have a lot of strong fundamentals.

But this is the matter of the time. And that was a really a surprise for us into the quarter 3 beginning, which was October month, the demand all over building construction material was very slow. So that is the reason for that.

Keshav Garg: So basically Mr. Patel, you are saying that we had cash, net cash of around INR 170 crores in September. Now whatever advertisement you are doing, it is all being deducted from your P&L. So, in any case, the maximum buyback the company can do is INR 56 crores, one-fourth of the net worth and we have INR 170 crores lying with us. And then we have internal accruals also. And stock is trading at basically 11 times EV/EBITDA. So, on one hand, you are saying that we have B2C stock. On the other hand, your stock is running at 11 times, which is the valuation of a commodity stock. But even after that, it is not looking attractive enough that you can do a share buyback of INR 50 crores.

So, this is the crisis of confidence and that gives credence to the market doubt that when the stock is trading at very low level, the company is showing cash also, but the management is not confident of buying back. So, sir that is what the doubt is.

Utkarsh J Patel: Okay. We will take this into account and discuss it internally in the Board. We will look positive around that, what we can do. Keshav Garg: Thank you, thank you. Utkarsh J Patel: Thank you, Keshav. Moderator: Sir, we will take the next question from Smith Gala. Smith, you can go ahead, please. Smith Gala: Yeah, thank you for the opportunity. So, you mentioned that October was a very soft quarter and the run rate for December was back on track what we are targeting for, which means that 20% to 25% volume growth was achieved in December, and November was also a good month. So, was October so flat that there was no sales that the company is reporting flat volumes for the quarter and we have also been deploying the strategy of heavy marketing expenditure, getting a brand ambassador, and now it is not showing results from the past eight months where we have seen other advertising policies or theories or things which can be

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done, and where we show a very short turnaround time in one to -- once the advertising results start showing. This is cutting our margins from 28%, 29% to 25% and still we are wanting to continue the strategy, which is clearly not delivering.

So why is management so adamant on continuing this sort of strategy which is giving us such a big hit on the P&L?

Utkarsh J Patel:

So, Smit, it is not about anything we are adamant on. We are working on different strategies also. But see, sometimes we believe in ourselves and what we have experienced in 17 years, that confidence we have. So, it is about the replica and the executions. If we see as a central and western part, if we look at it, then regionally, Euro has delivered a strong number. So, I want to tell you that you should look at it in that way that as a regionally, Euro has covered a strong 25%, 30% market share. So, even for this it has taken so many years.

Today, if you look at any brand's legacy, it is a 20-25 year old legacy. So, this journey took place here and the strong PAT margins we have delivered, we have been delivering for the last three years. So, it is a very good thing that today the company has a strong reserve, a strong fundamental to take this journey forward. I request you to see at that level that if we sit at INR 150 crores today, then the entire fund will be deployed in the company's brand expansion. But I don't want to go for that strategy that if we have it, then do this.

So, the strong fundamental ground, until it is built, there is no point in deploying it. So, we are correcting that level. Today, we have made a lot of corrections. Existing structures, CRM improvements, HR teams, new talent acquisitions, branding strategies, trade marketing strategies, so many things. So we are on that path, but it will reflect after a few quarters, not in a one quarter.

Smith Gala:

It is not a matter of one quarter. And I was not even talking from the angle of correcting it. The new strategy that we put on brand ambassador and heavy marketing, without that strategy, our sales were coming a lot. So, with the new strategy, we are not able to deliver, and it is not from one quarter but from the past three quarters that the sales are not coming.

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Utkarsh J Patel:

Smith Gala:

Utkarsh J Patel:

• No, see in quarter two, if you see y-o-y, we have given 20% growth in volume. So, it was also a good number because quarter 2 is anyways flat. If you see, July, August, September is always a long monsoons and festival seasons. So, quarter 2, in all the building construction materials, the company is very soft. So as comparatively, Euro has -- we have given a 20% growth that is giving us good confidence. But if we talk about quarter 3, then really in the market, genuinely, tertiary demand and the whole market issue, you know all the numbers of all the other companies also. So that is not in our hand, but we are trying best to cover up into the quarter 4 for that.

And sir, the cash that is lying around of INR 170 crores, INR 180 crores, according to that, we are telling that we have the resources to deploy. But in front of that, there is a big heavyweight competition that is coming now. Astral has also launched it. So, they are coming in with big pockets. So, whatever we deploy may not be actually enough rather than we should always look for what we are best at.

• See Smith, the competition was there from the first day and it is very strong. You all know that, right? And in the same competition, we have came out and reached this level. So, the competition was there before, it is not that it is there now. So that is also a dominant and strong brand name, you all know that. Still, if we talk about a regionally strong brand, if we talk about Gujarat, then 35% market share. So, if you get any chance to check the channels, I really appreciate that you will get that confidence that what people are thinking about Euro in actual trade, what carpenters are thinking, how dealers are satisfied, how carpenters are satisfied.

So, we have done a strong job at that ground level. Because of that, today the company did not need any funds, it became debt-free, it is doing so much development with internal accrual, whether it is in the marketing stage, the brownfield expansion, now our brownfield expansion is about to end, so that has also been deployed. So, the plant will also come to that capacity now, where we will be able to generate a revenue of INR 600 crores, INR 700 crores, 3,500 tons per month. So, the 360-degree efforts we are making for that.

Smith Gala:

So, the plant that has increased its capacity and is now active, are its orders ready. Can we see the visibility of the pipeline, because if the capacity is increasing and we are not getting volume growth or orders, then the depreciation costs will keep on piling up, which will create more problems in the numbers.

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Utkarsh J Patel: No, see, our CapEx is not large at all. If you see, today we will increase from a revenue of INR 300 crores to a capacity of 1,500 tons per month. It is an investment of INR 5 crores to INR 6 crores. And it is not that we have increased the capacity too much. This is a requirement. I will tell you the reason for that. As a B2C model, 4 months come in our quarter where a good volume is generated. For example, last March, it was about 2,000 tons per month. So, if we had not built that capacity in advance, we would have lost that opportunity.

So, we don't want to go for that in a very small CapEx amount. So, if you look at the unit economics according to this, then we are going fundamentally strong. But it is a matter of a few quarters that what we want to go for that. And we do not want to – see if we talk about consumer level ATL, right? So, as a building construction material, that is a visibility that is to create a trust. Otherwise, we want to invest more into the trade rather than the brand communications. That has been my sentence from the start and it is so now. So, we are going forward according to that strategy, that the money won't be stopped. It does not have any meaning for us to deploy money into that and we get no result. So, we are going very strategically into the spending. It is not like a conservative thinking, but it is a very strategic what we are doing.

Smith Gala: Okay, thank you. Utkarsh J Patel: Thank you. Moderator: Thanks, Smith. We will take the next question from Aachal Pal. Aachal, you can go ahead, please. Aachal Pal: Yeah, hi. So, sir, firstly, I wanted to ask where are we seeing -- in which market we are seeing the challenges or are we facing any pricing pressure? Because if I see the peers like Pidilite, Astral, Jubilant, almost all have reported mid-double digit revenue growth. So just wanted to have a look like in which markets we are facing the challenges. Utkarsh J Patel: See, first of all, Aachal, it is a very multi businesses they have. So, I cannot comment on regarding you -- Aachal Pal: So, this double-digit growth that I have seen that is an only adhesive business I am talking about. I have not considered other businesses.

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Utkarsh J Patel:	Right. But I just want to share you some details about the adhesives
	industry. So, they are more into the epoxies also, the cyano-adhesives
	also, construction chemicals, waterproof adhesives, tile adhesives. So,
	it is a different adhesive and we are into the white glue only. But you
	are very right. This is not any excuse that they have delivered and we
	are -- because of so and so reason.
	Yes, of course, we have not delivered that much of number in quarter
	3. But as I explained that quarter 2, we have got a very good confidence
	that when we have grown by 20% on y-o-y, even in such tough
	monsoon months. So that we are on that and we are bringing a lot of
	strategies in improvements. We are into that execution journey. But
	execution, if you want to do it in the right direction, so it is taking some
	times for that. That is the only reasons.
Aachal Pal:	Okay. So, there is no pricing pressure we are facing, right?
Utkarsh J Patel:	Sorry.
Aachal Pal:	There is no pricing pressure that we are facing right now.
Utkarsh J Patel:	It is not about the pricing pressure. Yes, it is about the competition that
	has become aggressive. There is nothing bad in that. But as I said that
	the competition was there from the first day and it was with a very
	strong name. And it is. But we learn from that different experience what
	we have measured into the last 17 years. And every company, every
	brand has a place. It has to be made. And that niche market where what
	we have created into the carpenter and dealer segments.
	So, we are always taking those pressures positively. Maybe it can fall
	on the effect of the number 1-2 quarters. But it is a very good thing that
	we have become quite aware. Our team is doing a lot of effort. And we
	are improving on day-to-day basis.
Aachal Pal:	Okay. And how much the advertisement spend we have done this
	quarter and how much we are targeting for the year?
Utkarsh J Patel:	For the 9 months, we have done almost 4%, 4.5% of ATL, BTL. So,
	that we also want to take to the 7% to 8% around of revenue. Okay.
Aachal Pal:	Okay. And sir, just wanted to understand like how much margin are we
	giving to our retailers in the new market versus our old markets?

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Utkarsh J Patel: For the Euro, we are giving 8% to 13%, for the dealers also and 8% to 13% for the carpenters also. So, that is depends upon the older and new market. So, if it is a new market, then we go higher to penetrate more. And for the -- where the brand is very much established, then it is 8% to 9% around.

Aachal Pal: Okay. Sir, last question is on EBITDA margin. So, I have seen the peers also. So, we are at a very good EBITDA margin like 25% plus. Whereas if I see Pidilite, Astral and Jubilant, they are like around, Jubilant is around 7% to 8%, Astral is 16% to 17%. So, what are the right things we are doing that we are able to maintain this kind of margin? And also, is this margin is sustainable going forward when we are scaling the business?

Utkarsh J Patel: See, first always I am saying that this is the reason that we have been very focused for the white glue and we want to build our brand into the white glue segment only. So that is the one reason. Then second is we have put always our employee and customer into the core. So, what strategies and what whatever policies we design, we always focus about their benefits and for the long-term relationship with them. And also, we have controlled our expenses. We spend each and every money very -- we don't flood our money in any kind of -- where there are more chances of losses and what impact due to the future plans. So that we are very much controlled into that. So, we want to make this model scalable, this model which is today at INR 300 crore, so in this model, we want to add more team, more talent acquisition and more training and induction, and we want to make this scalable. That is our plan. So that can give us to INR 500 crore of revenue.

Aachal Pal: Okay, okay. Okay, thank you. Moderator: Thank you. Thanks, Aachal. We'll take the next question from Vatsal Shah. Vatsal, you can go ahead please. Vatsal Shah: Hi, thank you for the opportunity. So, there are two specific questions which I would like to ask. So, if we see -- as Utkarshji, you had mentioned that last three years had been pretty good in terms of how the business has scaled. Sir if I talk of last three years in particular, last 12 to 14 quarters, one question has been the decreasing EBITDA margins, which has been consistently decreasing from the range of 32% to 34% to almost 25%, 26% now. So, is it just because of geographic expansion and sales promotion strategy that our margins have been decreasing or is it because of competition also? So, could you just give some more clarity on that?

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And second question, could you provide specific sales growth numbers for your top three states, which is Rajasthan, Gujarat and in Maharashtra? If I'm mistaken, please correct. But your top three states growth numbers over the last y-o-y, year-on-year. So, could you just help gain clarity on the two questions, please?

Utkarsh J Patel:

Sure. See in a margin fund, I always guided with the 22% to 25% of EBITDA in a longer term. So, this is the exceptional EBITDA what we have delivered in last three years. So long term we have always guided to this. The reason is that 7% to 8% is the different situations what we need to face and we need to put that for the growth front. So, trade marketing spends, competition, you are saying that maybe sales promotion discount, we will need to pass into the channels. So ATL marketing, we have started brand communication. So that was always the plan to remain with the 22%, 25% of EBITDA. So that is the reason. And that increase is not happening, but at the same time, it is being deployed very properly which is needed for future expansion of the brand, for this support.

So that is needed. And for the number for the state-wise, I cannot give you on this call, but you can separately contact our IR for that.

Vatsal Shah:

Sure. Right. And just, you know, because we have been writing to the IR team and them a lot, but the correspondence and communication have been very poor. So, I think the IR should take a note that the communication to existing shareholders should be a little more proactive.

Utkarsh J Patel: Sure. So, we will correct that way and we will pass this message to the team for that.

Vatsal Shah:

Yeah. And last question, Utkarsh bhai, as the first investor did mention in the call, why do not we have a reputed auditor? Because that will give a lot of confidence in large investors and also DIIs and FIIs. So, we are lacking a decent reputed auditor and it has nothing to do with the company's existing strategy or the previous strategy. But now, if we have a vision of scaling this company over the next three to five years, I would seriously recommend that at the Board level, you should discuss on having a reputed auditor.

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Utkarsh J Patel: Sure. Sure, Vatsal. So, you are very right and we are on to that also. So, we have always made improvements in each and every part. So, we respect the advice and suggestions of yours. So, we will do this as well. But right now, if we talk about the current auditor, so it is R Kabra and that is a solo partner of the Ecovis firm that is from the Germany. So, the Ecovis is also very reputed firm into the Germany. So, that is our auditor. But definitely I understand what you are saying that in a big four or big five round. So, we will have that future plan for that.

Vatsal Shah: Thank you. Thank you, Utkarsh bhai. Utkarsh J Patel: Thank you.

Moderator: Thanks, Vatsal. Sir, we will take the question from chat. This question is asked by Kevin Gala. Sir, since you said we are consolidating since last two years and you know such period do come in our journey. Why are you still giving guidance of 20% growth since last four quarters?

Utkarsh J Patel: You are very right that -- but see, we want that growth actually. This was our plan. And if see, we have consolidated for one year. If we see the revenue number, in '22-'23, it was INR 260 crores, it has reached to INR 285 crores. So, that has also grown by 9%, 10% in that year. But after that, we have consolidated for one year, which is the number of '22-'23 and '23-'24 number. From '23-'24, we have taken 10% growth. But you are very right, we had a growth plan of 20%. But anyhow, because of so many circumstances, we were not able to deliver.

But now we will plan that we will study the plans very well and give the number according to our executions, which will give transparency. So, this is the reason that though the quarter 3 is flattish and there is no much more to any announcement in this quarter. But though we are facing to you all and we want to understand and your suggestions to grow more from here.

Moderator: Okay. Sir, we have another question from Fortune Limited on chat. This question is, if you want FY26 revenue of around INR 320-odd crore, as you mentioned in last quarter. So, are you estimating INR 100 crore revenue in quarter 4?

Utkarsh J Patel: The exact number I cannot say into this call. But the quarter 4 is always a very good quarter to cover up the sales because if we go about the history, then every quarter 4 is always very volumetric for us. So, we are trying best to deliver it well so that we can set an average for the whole year. So, we are trying our best for that.

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Moderator:	Okay. And sir, there is one more question on chat by Chitaksh Gupta.
	His question is, can you please repeat the volume growth of Q3? I joined
	late, so I missed. Also, what was the price hit we had in Q3?
Utkarsh J Patel:	Volume growth for Q3 is almost y-o-y flattish around and 9 months is
	4% around, 4% to 4.5% for the 9 months.
Moderator:	And we have one more question from Kishan Gupta on chat. What is
	the single most important thing you people are focusing currently?
Utkarsh J Patel:	Right now, we are focusing on the multifunction what we needed for
	the growth. Like I mentioned that talent acquisitions, induction training,
	and brand communications, trade marketing. So, all 360-degree efforts
	what we needed to grow from here.
Moderator:	And Kishan Gupta is following up. How was the growth in white glue
	industry in October?
Utkarsh J Patel:	There is not a particular data we have for the October. But October is
	all over very, very down into the demand, maybe the longer monsoon
	and the festivals also. But we don't have the exit data for the October.
Moderator:	Okay. And there is one more question from Diya Jain on chat. Volume
	in tons and ASP for this quarter.
Utkarsh J Patel:	For this quarter means? Quarter 4.
Moderator:	Quarter 3.
Utkarsh J Patel:	We don't use the number quarterly on this call. But if they have the
	question, they can ask, they can do the mail to the IR team.
Moderator:	Okay. Sir we'll take the next question from Amit Agicha. Amit, you can
	go ahead, please.
Amit Agicha:	Yeah, thank you for the opportunity. Sir, my question was on capacity
	and market share, like the current capacity is 24,000 TPA, like what
	capacity utilization is current and if we do 24,000 TPA, so what would
	be the peak revenue potential? And as far as the market share is
	concerned, you said our Gujarat market share is 35%. So, all India level
	market share, what is the TAM size?

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• Utkarsh J Patel: See, first of all, we are present in 14 states. And we have built 5 states quite maturely. And in the remaining 9 states, our journey of penetration is still on. So, we are not present in the whole of India, but we are planning to be present in 5 to 6 more states in the next 2 years. About the capacity, right now, our capacity is 2,000 tons per month. Averagely, we are doing 1,200, 1,250 tons per month that is average. But as I mentioned that few months goes to wind up to the 1,500-1,800. And after that, we have built the capacity in advance, which is being utilized now. After that we are moving for the 3,500 ton per month. In that, almost 70%, 80% work has been finished. So, after one or two quarters, end of this quarter, maybe we will have the capacity of 3,500 tons. So, in that, we will be able to generate a revenue of about INR 600 to INR 700 crores.

• Amit Agicha: Sir, the market share of India level, like as you said in Gujarat it is 35%. So, will you be able to make it at all India level?

• Utkarsh J Patel: As I said, we are not present at all India level. So, it is not the right number to explain that all over India market share. We are not present in lot of the states.

• Amit Agicha: Understood, sir. All the best for the future. Utkarsh J Patel: Thank you. Moderator: Thanks, Amit. We will take the next question from Faisal Hawa. Faisal, you can go ahead, please. Sir, we will move on to Smith Gala. Smit, you can go ahead, please.

• Smith Gala: Yeah. Sir, so again, a strategy level question. So, how far have we reached in the NSE listing process and when will we be able to see the NSE listing, so that the share has more visibility, more than more volumes, etc., which are more in NSE than BSE?

• Utkarsh J Patel: Sure. So exact dates, I don't have available right now, but NSE process is on. So, we will communicate with our CS and compliance team and we will definitely get back to you regarding that.

• Smith Gala: Okay. And qualitatively, not in numbers, qualitatively, almost 40 days have passed since quarter 4. So how is the demand in quarter 4?

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Utkarsh J Patel: In quarter 4, we had a good demand in December and in December, due to a push in the trade, in January, we are focusing more into the pull side. So, we have done more carpenter meets into December and January. So now, comparatively, demand is good in all over market since quarter 3. So, it looks like market is now coming back to the rhythm. Smith Gala: Okay. Thank you. Moderator: We will take the next question from Mudit Minocha. Mudit, you can go ahead, please. Mudit Minocha: Hello. Thanks for the opportunity. I wanted to know that your new states, your growth there, maybe not in numbers but at least qualitatively if you can guide as to what is the growth there, because the existing states, you will be able to grow from the industry growth only. I want to understand how is your growth in those states and how far are you from getting the growth and brand presence like the other five states?

Utkarsh J Patel: Sure, Mudit. So, I want to suggest Mr. Samit Shah, our COO, to answer this question. Samit Shah: Hi, Mudit. Hello. Am I audible? Mudit Minocha: Yes, you are audible. Samit Shah: Hello. Mudit Minocha: Yes, you are audible, sir. Samit Shah: Mudit, good question. So basically, right now, we are in a build-up stage across all the new states and we are going for a right talent onboarding and increasing our footprints, our penetration in the market in terms of acquiring new dealers, onboarding new carpenters across to drive demand also on one hand and on the other hand, to have a placement across. So that's a process which is going on and we have got a few new states and we are also in the process of adding another four to five states which are lucrative states in terms of growth prospects for the coming quarters.

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Jyoti Resins & Adhesives Ltd. (JYOTIRES) Q3 & 9M FY26 Post Earnings Conference Call February 10, 2026 11:30 AM IST

So, in the portfolio, we are adding those also so that our current volume which is being driven majorly from Western and Central gets divided amongst further growing states also. So that process is going on at this moment. So probably in a couple of quarters or two to three quarters, I think we will be able to, I think, finish the onboarding process and start placements across the new territories. That's the plan.

Mudit Minocha:

Thank you. My second question is above the line marketing expenses. Hello. Am I audible?

Utkarsh J Patel:

Yeah.

Mudit Minocha: Hello.

Moderator: Yes. Yes. You are audible.

Utkarsh J Patel:

Mudit, are you able to hear us?

Mudit Minocha:

Yes. So I want to ask is above the line marketing may be good for longterm brand presence and equity, but the brand equity that you have created by focusing more on below the line and trade channel, are you making any efforts to convert that into growth, and have you ever piloted that where does the return on marketing spend is more on below the line marketing or above the line marketing say, and then we can double down that this is a good strategy.

Samit Shah:

Right. So, again a good question actually. So, very important question for our trade and industry. So, as you see that our major, our major marketing spend is skewed towards trade marketing because that's our key trade people, right? So that will always be there. However, brand marketing also we are very conscious about and we have started investing in that after onboarding Pankaj Tripathiji also as our brand ambassador. And we are selectively investing in the right avenues wherever TG is there, right?

So rather than flourishing or spending money extravagantly on the brand marketing front, we are very conscious on that investment and spending where our TG is. Along with that, trade marketing will always remain our priority one, key priority to engage in wherever new territories we go. So, to engage with those our trade people be it dealers or be it carpenters to onboard them and to retain them for a longer period. It would be our focus area.

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Jyoti Resins & Adhesives Ltd. (JYOTIRES) Q3 & 9M FY26 Post Earnings Conference Call February 10, 2026 11:30 AM IST

So, obviously, BTL will remain a key focus along with ATL as well. However, we will again, I mean, I will again reiterate the fact that our investment will be more skewed towards trade marketing.

Mudit Minocha:

Thanks.

• Moderator: Thanks, Mudit. We will take the next question from Harish Shah. Harish, you can go ahead please. Sir, we will move on to Amit Agicha. Amit, you can go ahead please.

• Amit Agicha: Over the years, can you tell us of at least three to four special insights that you have in this business, which will enable you to succeed even against Pidilite?

• Utkarsh J Patel: So, the main thing is that focus as a single product, single industry. This is the key success, I believe. Second is always putting the customer and the employee into the core. That is always a strategy, good strategy. And the community, the end users are the key persons who trust the brand and who recommend our brand. So, to focus on to the carpenters, it is the best strategy to take this business next level.

• Amit Agicha: I understand that as a platitude because that applies to almost all the businesses in the world. But can you give me three or four steps that you take to really have a greater understanding of the customer and to engage with him? Well, because you are now facing a competitor whose distribution strategy is and even the advertising and branding strategy is like iconic.

• Utkarsh J Patel: See, you are very right and that's why they are there and we appreciate for that and you always benchmark and we learn from that. So, but the main thing to addition of your thought is the distributions and the network to build is the main criteria into that. And as we work on to the community, this trust is not actually built just like that.

For that we need to do the transaction of our promises what we have made that we need to deliver regularly, consistently. So, as a Euro, as central and western states, we have become so strong in this and if this delivery is coming from years, repeat business is coming, the reason for that is that we have over delivered the promises that we have made. So, that is the key what I want to share with you, what your question is. So that I believe.

Amit Agicha: Okay, I understood. Basically, spending the time in the business and keeping on delivering itself is a strategy.

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Jyoti Resins & Adhesives Ltd. (JYOTIRES) Q3 & 9M FY26 Post Earnings Conference Call February 10, 2026 11:30 AM IST

Utkarsh J Patel:

Right, right.

Amit Agicha:

And secondly, sir, many companies, Havells is an example, where the owner have taken sometimes, on the distribution, at least they have left it more to professional management, because finally, you do as owners get tired with so many other things. And yet the owner also sits and is almost on first name terms with most distributors. So, are we kind of thinking of that kind of strategy also, because over many years, the owner may tire out with so many things?

And once you have a more professional team in place for distribution, advertising and marketing, like how Pidilite has done, it could yield more longer lasting returns.

Utkarsh J Patel: So, it is about the right strategy. I think it is not about the tiredness, but I believe that it should be about the delegation of the work. And that should be handled -- we already started for that to professionals and the strategy is to be for that.

Samit Shah:

• So, Amit, I think just to answer this, I think you rightly pointed out. So, we have realized this fact. And as you rightly mentioned that we as a leadership team, we want to focus on the further growth prospects and all across and we'll try to scheme as much as possible, the market potential. Hence, we already started onboarding the professionals from outside organizations or from the various multinationals also in our company and find it quite attractive, company to enter into. And they've started. So, I will not name those people. But I think we all started onboarding a North, East, West, South across wherever we are expanding new geographies and new territories. So completely right from zero level, we are having the professionals to drive the business further, right.

So, to ensure that we, a management team can keep focusing on the core things and the business is being driven by the professionals, because that's how you grow. Right. So, I think that's what we've already implemented.

Amit Agicha:

So, can you give me which kind of companies are we hiring these people from?

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Jyoti Resins & Adhesives Ltd. (JYOTIRES) Q3 & 9M FY26 Post Earnings Conference Call February 10, 2026 11:30 AM IST

Samit Shah: As I mentioned, I can't tell the name of those companies at this moment as the process is going on, but there are multinationals. You can understand the multinationals where they come from and the kind of professional approach, the kind of SOPs and processes they follow, the kind of tech they operate on, the kind of sales techniques they follow.

So, all these new practices are bringing in and coming into Jyoti Resins also now. So, as we really, I mean, clearly mentioned in the beginning that we are in the transformation phase at this moment. So, we are on the hiring spree at the leadership level, at the ground level, with the right talented guys on board to drive the business for that.

Amit Agicha: Thank you very much for answering my questions so well. I really appreciate it.

Thank you.

Utkarsh J Patel: Thank you. Moderator: Thanks Amit. Sir, we'll take the question from Harish Shah. Harish, you can go ahead, please.

Harish Shah: Yeah. Am I audible? My question and suggestion are for Utkarshji. Sir, I'm going through the balance sheet. So, sales numbers are quite better comparing to nine-month ended, '24 and '25. But sir, sales promotion, commission and other expenses, expenses part has increased about, say, 25% compared to nine months. So, I wanted to give a suggestion about reverse marketing strategy, rather spending on promotional expenses, shall we spend on creating demand, like distributing free samples? When customers are asking for it themselves, then the commission expenses will reduce automatically.

Utkarsh J Patel: You are very right, Harish. Actually, we are into that also. And we believe also with this thought process. So, we are also in the process of how to create more demand from the ground level, from the carpenters, architects, interiors or the consumers also. So, the reason is that only, is that we don't want to be only discounted brand, but we want to go…

Harish Shah: Right. Because it also sometimes decreases brand value, that so many expenses, which is happening in promotion and commission. So, product demand, sometimes customer mindset is such that if you are getting cheap, then something is not right.

Utkarsh J Patel:

Right, Harishji, you are very right.

Harish Shah: Sometimes it happens.

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Jyoti Resins & Adhesives Ltd. (JYOTIRES) Q3 & 9M FY26 Post Earnings Conference Call February 10, 2026 11:30 AM IST

Samit Shah:	That's a very valid question, Harishji. Actually, so, in the same direction
	we are working, I think you pointed out very correctly. So, if there is a
	demand, there is a pull of the product, then I think we'll have to spend
	less on the creating awareness and push for the brand. And I think we
	will be channelling the investment.
Harish Shah:	Generating demand is more important because I being a marketing
	person since last 40 years. I know that if there is a demand from the
	front, then there is very less commission or percentage we need to pass
	to mediators.
Samit Shah:	So, if market pull is there, you can save a lot of money on the trade
	push.
Harish Shah:	Yeah, right, right, right. Correct, correct. Okay, sir. Okay.
Utkarsh J Patel:	Thank you.
Moderator:	We'll take the next question from Aditi Loharuka. Aditi, you can go
	ahead.
Aditi Loharuka:	Am I audible?
Moderator:	Yes. Yes, yes.
Aditi Loharuka:	Sir, as you mentioned that out of 14 states in which we are present, 5
	are matured markets. So, for you, like what are the indicators of a
	matured market for the rest of the 9 states? Like, and is it state specific
	or is it same for all like the parameters which we have to achieve to
	consider a state to be a matured market? Thank you.
Samit Shah:	Yeah, Aditi, I think good question. So yes, we have benchmark, how do
	we name market as a mature market and how is it a growth market for
	us? So, any market where we have got a decent market share in the
	range of around 20% and above is we have termed as a mature market,
	though the benchmark is 25%. So, but once the market comes around
	20% range, we start considering that as a mature market. So, these 5
	states which we are mentioning, we are around having 20% of market
	share and in rest 9 states, we are in the process of acquiring that market
	share. And the seeding work is going on; complete 2.0 transportation
	process is going on in those states.

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Jyoti Resins & Adhesives Ltd. (JYOTIRES) Q3 & 9M FY26 Post Earnings Conference Call February 10, 2026 11:30 AM IST

And along with that, to answer, Aditi, we are also adding few more lucrative states, as I mentioned earlier in my earlier other answer also, to have a higher penetration, larger economies of scale, whatever investment we do on an ATL front, it gets divided amongst various markets and we create awareness and market pull, as Harishji also rightly mentioned earlier that market pull always helps. So, we are in that process also.

So, overall, on trade and brand perspective, both places we are investing very consciously to build a strong pull.

Aditi Loharuka:

Samit Shah:

Okay. So, sir, can you just tell your market share in the states of UP and territory of Delhi?

So, it's -- I think we have just -- UP we have just opened a year back or so. So, it's at the build-up stage. The good number, Aditi would want to say that I think we are present across more than 1,000 outlets in UP territory at this moment as we speak. And we started getting repeat orders from most of these outlets. So that's a very good positive sign that our brand is being accepted very well in those markets. And we are also building up our UP business in a robust manner going forward, because it's one of the biggest states of the country and in the speaking way also.

So probably most of our trade comes from this region. So that's very focused, I think, key and focused market for us. So, obviously, we are very conscious about it to build and gain more market share from there.

Aditi Loharuka:

Samit Shah:

Aditi Loharuka:

Samit Shah:

Okay. And sir, what about the performance in Delhi?

We consider, I mean, so Delhi, again, as I mentioned, the Delhi-UP, we started together simultaneously. So, we are building it up. So, DelhiNCR and UP is under, build-up stage only at this moment as we speak. It's been just a year. So, we are penetrating there across key outlets, key markets, hiring right talent across. We are expanding our dealer base. We are onboarding carpenters by having a lot of carpentry meets also, to build a steady demand also from that. So, it's a build-up stage. Probably, it may take around another three to four quarters for us to have a decent presence in Delhi-NCR.

Okay, sir. Thank you.

Yeah. Most welcome. Thanks.

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Jyoti Resins & Adhesives Ltd. (JYOTIRES) Q3 & 9M FY26 Post Earnings Conference Call February 10, 2026 11:30 AM IST

Moderator: We will take the question from chat. This question is for asked by Ayush Sharma. By when we are planning to achieve INR 500 crores in revenue and what would be the product proportion of volume and price growth in the same?

Utkarsh J Patel: So, as I mentioned that we are now very much conscious about the numbers. So, I think we will do the proper planning and then we can present the numbers. So that's why it is not right now the time that we can give the exact number of, exact year of the INR 500 crores of revenue. So, we will come back with the better planning for that.

Moderator: Okay. And another question is also, when do we planning to, planning on doing more CapEx? If yes, how much, which justifies the INR500 crores revenue mark? Utkarsh J Patel: So, right now we are on to the brown field expansions and that is already 70%, 80% work is done. So, within next one or two quarters, it will be finished. And I think after '27, we can, we will assume that we will start for the new greenfield and that will be around INR 40 crores to INR 45 crore rupees of greenfield new expansion. Moderator: We will take the last question from the chat, which is from Vishal Pandya. His question is how was VAM prices in quarter gone by and what are the prices now? And how does it affect our profitability? Utkarsh J Patel: It is definitely affecting our profitability, but the right now it is flat around. So, not much rise into the VAM prices. Moderator: Okay. Since sir, there are no further questions, would you like to give any closing comments? Utkarsh J Patel: So, I request you all and thank you very much for that and request you all to trust Euro team. We are trying our best to deliver the good numbers. And as we mentioned that we want to be very transparent to all the investors and we will do better planning and deliver the better numbers in nearer future. Thank you very much for trusting us. Moderator: Thank you, sir. Thank you to the management team for their valuable time and thank you to all the participants for joining on the call. This brings us to the end of today's conference call. You all may disconnect now. Thank you. Vinay Pandit: Thank You.

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