JYOTHYLAB
Micro CapJyothy Labs Limited
Consumer
Founded in 1983, Jyothy Labs operates primarily in Home Care and Personal Care, segments constituting 50% of the Indian FMCG industry. Key categories include Fabric Care, Dish Wash, Household Insecticides, and Personal Care. FY26 revenue was Rs 2,944 crores. Holds #1 in Fabric Whitener, #2 in Dishwash, and #2 in Mosquito repellent coil (volume).
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Strong fundamentals, management trust is supportive, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100PAT -12% YoY · margin compression · Rev +8% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹717 Cr | +7.7% | -3.1% |
| EBITDA | ₹97 Cr | -13.4% | -12.6% |
| Operating margin | 13.0% | -400 bps | -200 bps |
| PAT | ₹68 Cr | -11.7% | -16.1% |
| PAT margin | 9.5% | -208 bps | -147 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 revenue grew 7.7% YoY with 10.8% volume growth, but EBITDA fell 13.7% and PAT dropped 12.3% due to gross margin contraction. FY26 saw 3.5% revenue growth and 6% volume growth, with EBITDA down 10% and PAT down 10.2% YoY, reflecting sustained margin pressure.
Despite decent volume growth in Q4 and FY26, significant gross margin contraction and declining EBITDA/PAT raise concerns. Management prioritizes growth over margins, indicating continued pressure. The ability to pass on costs and competitive intensity will be key to margin recovery.
Business Share by Category (Q4 FY26)
Latest issuer-disclosed distribution across 6 reported categories.
Fabric Care Portfolio
Fabric Care remained the growth engine, with strong performance across portfolio. Liquid detergents scaled ~2X.
Organized Channels
Modern Trade, E-commerce & Quick Commerce grew 26%, showing continued shift towards high-growth channels.
Household Insecticides
Household Insecticides progressing towards profitability, with improved mix led by Liquid Vaporizers and new formats.
Innovation & New Launches
Focused innovation driving future growth with key launches like Dr. Wool liquid detergent, Exo variants, and refreshed Margo pack.
Improving Consumption Trends
Growth strengthened in H2 FY26 with improving consumption trends.
Organized Channels Expansion
Organised channels gained share with Modern Trade, E-commerce, and Quick Commerce continuing to expand.
Muted Demand Environment
Delivered 6% volume growth despite a muted demand environment in FY26.
Input Cost Inflation
Input cost pressures building up led by inflation in crude-linked derivatives and packaging inputs.
Retail Inflation & Crude Prices
Persistently high crude prices and retail inflation pose a risk to the overall demand momentum.
Competitive Intensity
Competitive intensity stayed high with price-offs, higher grammage driving consumer choice.
Margin Pressure
Margins remained under pressure as full pass-through of steep cost increases was difficult.
Volatile Demand Environment
Growth to be prioritised over margins, with continued focus on driving volumes in a volatile environment.
Input Cost Volatility
Margins likely to remain subdued in the near term, given limited ability to pass on full input cost inflation.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The presentation explicitly provides Q4 FY26 versus the same period last year and FY26 versus the same period last year for all financial metrics, indicating a focus on annual comparisons. No sequential (QoQ) data is provided for financial performance.
Volume Growth (Q4 FY26)
Volume grew by 10.8% in Q4 FY26.
Volume Growth (FY26)
Delivered 6% volume growth despite a muted demand environment in FY26.
Gross Margin (Q4 FY26)
UNDER_STRESSGross Margin at 45.2% vs. 49.2% in the same period last year.
Gross Margin (FY26)
UNDER_STRESSGross Margin at 47.0% from 50.2% in the same period last year.
Prioritizing Growth over Margins
Growth to be prioritised over margins, with continued focus on driving volumes in a volatile environment.
Subdued Near-Term Margins
Margins likely to remain subdued in the near term, given limited ability to pass on full input cost inflation.
Selective Price Increases
Selective price increases underway, with gradual pass-through aligned to demand elasticity.
Focus on Organized Channels
Organised channels to remain key growth drivers, with rising salience in overall sales mix.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Gross Margin Trend | Q4 FY26: 45.2% (vs 49.2% PY); FY26: 47.0% (vs 50.2% PY) | Signs of stabilization or recovery, indicating successful cost pass-through or easing input costs. |
| Volume Growth | Q4 FY26: 10.8% YoY; FY26: 6% YoY | Sustained double-digit volume growth, especially in a challenging demand environment. |
| Organized Channel Contribution | Modern Trade, E-commerce & Quick Commerce grew 26% | Continued strong growth and increasing salience of organized channels in overall sales mix. |
| Input Cost Inflation | Pressures building up from crude-linked derivatives and packaging inputs. | Any moderation in input cost inflation or improved ability to pass on costs without impacting demand elasticity. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
42NeutralSMA20 -15.5% / mo · near 52W low
Technical chart
JYOTHYLABweekly · 3Y-59.2%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 33. Wait for confirmation.
- SMA20 falling (~18.4% over last month) — short-term momentum negative.
- RSI(14) at 33 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
DEEP VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 74.7%.
- Balance sheet contributes 14/15 to the score.
Main drags
- Valuation is weaker at 17/30; verify the latest quarterly trend.
- Quality is weaker at 13/20; verify the latest quarterly trend.
- Growth is weaker at 18/25; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +11 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 96th percentile of the scored universe and 96th percentile within Consumer. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 62.9%. Key concern: ROCE trend is -7.4%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 96th pctile, median 67 · Micro: 93rd pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 62.9%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.8%.
- ▸12 years of positive FCF.
Trust risks
- ▸ROCE trend is -7.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 19.90
- P/B
- 3.55
- EV/EBITDA
- 13.22
- Market Cap
- 7287.00Cr
Profitability
- ROE
- 19.00%
- ROCE
- 24.60%
- ROA
- 13.75%
- Dividend Y
- 1.76%
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- 16.00%
- Revenue 3Y
- 9.00%
- EPS 3Y
- 32.00%
Balance Sheet
- Debt/Equity
- 0.03
- Interest Coverage
- 83.33×
- Altman Z
- 7.79
- Book Value
- 55.80
Cash Flow
- FCF Yield
- 2.06%
- FCF Positive Y
- 12/5
- OCF
- 311.00 Cr
- EPS TTM
- 10.09
Shareholding
- Promoter Hold
- 62.89%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 1%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.