JYOTHYLAB - Jyothy Labs

📊 NSE: JYOTHYLAB 🏢 Personal Care - Indian 📅 Last Updated: 12/14/2025 8:44

💰 Financial Performance

Revenue Growth by Segment

In FY 2024-25, Fabric Care grew 5.0% (44% of revenue), Dishwashing grew 3.7% (34% of revenue), Household Insecticides declined 6.5% (7% of revenue), Personal Care declined 0.9% (11% of revenue), and Others grew 10.8% (4% of revenue). For H1 FY26, the company reported 1% value growth and 3.2% volume growth.

Geographic Revenue Split

Not disclosed in available documents, though the company maintains a pan-India presence with 23 manufacturing facilities and a strong focus on rural-driven growth.

Profitability Margins

Gross margin for H1 FY26 stood at 48%, a contraction from 50.8% in H1 FY25 due to input cost pressures. PAT margin for FY24 was 13.3% (INR 369.3 Cr on INR 2,767.2 Cr revenue).

EBITDA Margin

Operating EBITDA margin was 17.5% in FY25 (INR 500 Cr) compared to 17.4% in FY24 (INR 480 Cr). However, H1 FY26 saw a decline to 16.3% from 18.4% in the previous year due to higher operating costs and commodity fluctuations.

Capital Expenditure

The company is expected to remain debt-free as there are no major debt-funded capital expenditure plans. Cash and bank balances including investments increased to INR 757 Cr in FY25 from INR 618 Cr in FY24.

Credit Rating & Borrowing

CARE Ratings reaffirmed 'CARE AA; Stable' for long-term bank facilities (INR 250 Cr) and 'CARE A1+' for Commercial Paper (INR 100 Cr, later withdrawn as unutilized). The company operates with minimal finance costs of INR 6 Cr (FY25).

⚙️ Operational Drivers

Raw Materials

Key inputs include chemicals for detergents (Fabric Care), raw materials for soaps (Personal Care), and materials for insecticide coils. Specific commodity names like palm oil or LAB are not explicitly listed but are categorized as 'input costs' and 'commodities'.

Capacity Expansion

The company operates 23 state-of-the-art manufacturing facilities across India. Specific MTPA capacity figures or planned expansion units are not detailed in the provided text.

Raw Material Costs

Cost of Goods Sold (COGS) was INR 1,419 Cr in FY25, representing 49.8% of revenue, a slight increase of 1.1% YoY from INR 1,404 Cr.

Manufacturing Efficiency

The company focuses on economies of scale and productivity improvements to balance competitive pricing with profitability.

Logistics & Distribution

Advertisement and sales promotion costs were INR 240 Cr in FY25 (8.4% of net sales), used to support a distribution network reaching 1.2 million outlets directly.

📈 Strategic Growth

Expected Growth Rate

3.20%

Growth Strategy

Growth will be driven by volume-led expansion in rural markets using the van/moped model, scaling premium product launches, and leveraging digital/modern trade channels. The company aims to maintain an EBITDA margin of 16-17% through better mix management and scaling innovations.

Products & Services

Fabric whiteners, detergent powders, detergent bars, liquid detergents, dishwash bars, dishwash liquids, household insecticide coils, and personal care soaps.

Brand Portfolio

Ujala, Maxo, Exo, Henko, Pril, Margo, and Mr. White.

New Products/Services

Focus on liquid detergents (main growth driver for Fabric Care) and organic/natural products developed through R&D.

Market Expansion

Expansion of direct reach to 1.2 million outlets and total availability in 2.8 million outlets, focusing on rural-driven growth and modern trade/e-commerce.

Market Share & Ranking

Ujala commands a dominant position in the fabric care (whitener) segment; the company is a prominent pan-India FMCG player.

Strategic Alliances

Merged Jyothy Fabricare Services Ltd (JFSL) into the parent company and divested its 75% equity stake in Jyothy Kallol Bangladesh Limited (JKBL) as of March 25, 2025.

🌍 External Factors

Industry Trends

The FMCG sector is seeing a measured recovery driven by affordability and easing cost pressures, with a shift toward digital channels and premiumization.

Competitive Landscape

Operates in a fiercely competitive and price-sensitive industry dominated by MNCs with larger diversified portfolios.

Competitive Moat

Strong brand equity (Ujala), a massive distribution network (2.8m outlets), and a debt-free balance sheet provide a durable competitive advantage against smaller players.

Macro Economic Sensitivity

Highly sensitive to rural sentiment and inflation; a median population age of 27 and government financial inclusion initiatives are expected to drive exponential consumption growth.

Consumer Behavior

Increasing consumerism and rising aspirations among India's young population are driving demand for cleaning and hygiene solutions.

Geopolitical Risks

Global uncertainties continue to pose challenges to input costs and supply chain stability.

⚖️ Regulatory & Governance

Industry Regulations

Impacted by GST rate revisions (September 2025) which caused a 13% advantage for some distributors through input credit but disrupted short-term market flow.