This article first appeared on GuruFocus .
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Q3 Revenue from Operations:INR 740 crores, reflecting a value growth of 5.1% and volume growth of 7.2% year-on-year.
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Gross Margin for Q3:46.5%, lower by 330 basis points year-on-year.
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EBITDA Margin for Q3:15%, nearly 150 basis points lower compared to Q3 of last financial year.
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Operating EBITDA for Q3:INR 111 crores.
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Profit After Tax (PAT) for Q3:INR 81 crores.
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Revenue for Nine Months Ended December 31, 2025:INR 2,227 crores, with a volume growth of 4.5%.
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Gross Margin for Nine Months:47.5%, compared to 50.4% in the same period last year.
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EBITDA Margin for Nine Months:15.9%, against 17.8% in the previous period.
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PAT for Nine Months:INR 266 crores, against INR 294 crores during the previous period.
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Fabric Care Value Growth:9.2% in Q3, driven primarily by volume.
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Dishwash Volume Growth:7% in Q3, despite a 1.3% value decline.
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Personal Care Value Growth:Nearly 11% in Q3, primarily volume-led.
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HI Segment Value Growth:12.6% in Q3, driven by volume.
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Release Date: February 09, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Jyothy Labs Ltd ( BOM:532926 ) reported a 7.2% year-on-year volume growth for Q3 FY26, indicating strong demand recovery.
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The Fabric Care segment delivered a 9.2% value growth, driven primarily by volume, with liquid detergents posting high double-digit volume growth.
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The Personal Care segment returned to profitable growth in Q3, with an 11% value growth primarily led by volume.
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The Household Insecticide (HI) segment posted a 12.6% value growth driven by volume, with a focus on reducing coil dependence and expanding the liquid vaporizer portfolio.
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Modern trade, e-commerce, and quick commerce channels delivered strong growth, indicating successful adaptation to changing consumer purchasing behaviors.
Negative Points
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Gross margin for Q3 was 46.5%, lower by 330 basis points year-on-year, due to MRP cuts and lower sales realization.
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The Dishwash category saw a 1.3% value decline despite a 7% volume growth, impacted by price reductions and promotional offers.
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EBITDA margin stood at 15%, nearly 150 basis points lower compared to Q3 of last financial year, indicating margin pressures.
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The geopolitical situation and ForEx fluctuations pose ongoing risks to cost stability and profitability.
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The divestment of the Bangladesh JV resulted in a loss of INR4 crores, highlighting challenges in international market expansion.
Q & A Highlights
Q: What challenges are Jyothy Labs facing in the household insecticide category, and what steps are being taken to address them? A: Pawan Kumar Agarwal, CFO, explained that the company is focusing on reducing coil dependence and increasing the share of liquid vaporizers (LV) and new product developments (NPDs). The coil share has decreased to one-third of total HI revenue, and the newly launched Aerosol is performing well. The company expects to turn around the category by the end of FY27.
Q: What were the reasons behind the divestment of the JV in Bangladesh, and what are the key learnings? A: Pawan Kumar Agarwal, CFO, stated that the Bangladesh market was challenging due to cheaper product availability and operational issues. The decision to divest was made to cut losses and focus on domestic growth and select export markets where the company is performing well, such as the Middle East and Southeast Asia.
Q: How does Jyothy Labs see demand trends in the future, and which product categories are expected to contribute more? A: Pawan Kumar Agarwal, CFO, noted that rural demand has been resilient, and urban demand showed signs of recovery in the recent quarter. The company is optimistic about continued demand recovery, especially in urban areas. Fabric Care and other segments have shown decent volume growth, indicating potential for good future quarters.
Q: Is there any restocking benefit in Q3 after the GST disruption, and what is the impact on Dishwash segment margins? A: Pawan Kumar Agarwal, CFO, mentioned that the GST disruption mainly affected the Personal Care segment, with demand normalizing post-disruption. The Dishwash segment faces competitive intensity, leading to MRP cuts. Margins are under pressure due to elevated raw material costs and price reductions, with gradual improvement expected over time.
Q: What is the strategy for pricing and volume growth, and how does the company plan to address margin pressures? A: Pawan Kumar Agarwal, CFO, emphasized a focus on volume-led growth in the near term due to external demand slowness. The company aims to achieve double-digit volume growth, with pricing pressures mainly in the Dishwash and Liquid Detergent categories. Margin pressures are expected to persist in the near term, with gradual stabilization anticipated.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
