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1. At a Glance
Revenue for the June 2026 quarter came in at ₹87.71 crore, up 16.8% from ₹75.10 crore a year earlier. Operating profit was ₹12.65 crore against ₹20.64 crore. Net profit was ₹11.75 crore against ₹17.38 crore. EPS was ₹9.79 against ₹14.48. The top line went up and everything below it went sideways down a flight of stairs.
The company itself supplies the reason: management described the quarter as an externally-driven margin shock, citing global uncertainties and unrest in West Asia that drove spikes in crude prices and freight rates. Vinyl acetate monomer — the one input that matters here, and a molecule most shareholders had a happy life not knowing about — went from a normal ₹75–78 per kg to ₹170–180 in late March, per management. Because Jyoti runs light on raw material and finished goods inventory, management said it could not smooth the spike and had to take the impact.
Meanwhile the commercial machine ran flat out: 54 mega dealer meets in Q1, which per the concall were held inside a 45-day window between mid-April and end-May, at roughly ₹4.5 crore of spend. That is more than one dealer meet per weekday, sustained for nine weeks, in a business that sells wood glue.
Also in the quarter: entry into Jharkhand, a registered carpenter base crossing 2,10,000, sales force up to 562, and a board approval on 27 June 2026 for direct listing of equity shares on NSE, subject to approvals.
Q1 EBITDA margin, per management: 14.4%.
2. Introduction
Jyoti Resins and Adhesives was established in 1994 by Chairman Jagdish Patel, a first-generation entrepreneur, with an IPO in 1994–95 and a manufacturing setup at Santej, Ahmedabad, on roughly 8,000 square yards. For its first decade it was, by the evidence of its own financials, a company that existed. Sales in FY17 were ₹40.92 crore and net profit was ₹0.39 crore — a margin so thin it could be used as an edge-banding tape.
The pivot was 2006, when the Euro 7000 white-glue brand launched into the retail segment. Mr. Utkarsh Patel had joined in 2005 after chemical engineering and management courses in marketing and international business, and now serves as Managing Director. The company’s own journey slide reads like a state-conquest map: 250 TPM and markets outside Gujarat in 2007, Rajasthan in 2010, Maharashtra and other key markets in 2012, 500 TPM by 2016–17, 12 states and 1,000 TPM by 2018–19, 2,000 TPM in 2022, then New Delhi and UP with five new branches in 2023–24, and actor Pankaj Tripathi onboarded as brand ambassador in 2025.
The numbers followed the map. Sales went from ₹101.29 crore in FY21 to ₹314.74 crore in FY26. Net profit went from ₹12.17 crore to ₹69.98 crore over the same stretch, peaking at ₹73.87 crore in FY25. Borrowings, which were ₹7.82 crore back in FY17, have been absent from the balance sheet since FY23 — the company’s presentation notes it has been net debt negative since FY18.
Recent filings cover the Q1 FY27 results approved on 11 August 2026, the investor presentation the same day, the earnings call transcript on 13 August, and — filed a day before this entry — the annual report and the notice of the AGM. The Company Secretary, Mr. Manish Jain, resigned in September 2023.
The brand tagline is #SirfJodoNahinFayedonKeSaathJodo. Roughly: don’t just stick things, stick them with benefits. It is, structurally, a loyalty-points pitch delivered as a bonding instruction.
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3. Business Model: WTF Do They Even Do?
They import VAM, turn it into white glue at Santej, and then spend enormous effort persuading carpenters to ask for it by name.
That second half is the actual business. The company’s presentation states the position plainly: adhesives are not sold, they are recommended. Customers, contractors, architects and dealers follow carpenter preference. So the marketing spend does not chase the person paying for the wardrobe — it chases the person gluing it. Euro 7000 holds a 15–35% market share in top states, and matured markets — Gujarat, Maharashtra, MP, Rajasthan — contribute 80–85% of revenue, with Gujarat at about 35%.
The product range covers five named glues, each with a Hindi tagline, arranged in a hierarchy of promises. EURO Ultra 5-in-1 is fast-drying, waterproof, high coverage, extra strength and high grab, and is called the No Compromise Adhesive. EURO WP 2-in-1 is fast-drying and waterproof — two benefits, marketed as “Smart Bano 2in1 Chuno.” EURO Xtra offers extra strength. Extreme 3 Hi Strong offers three. PVC Glue does pre-edge bending tapes. Somewhere in this lineup is a lesson about how many adhesive properties can be counted, and the answer is five. Packaging runs from 500 grams to 60 kilograms, which is the range between a home repair and a small industrial event.
Distribution is the deliberately expensive part. Management stated the company is not going the traditional distribution module: stock is transferred to 54 branches across 15 states and billed directly to 13,000 retailers, with 65 distributors
