JYOTHYLAB

Jyothy Laboratories (JYL) reported 1% YoY sales growth (below our est.) in 4QFY25. Volume growth was 4% (est. 7%, 8% in 3QFY25). The gap between volume and value growth was due to higher grammage and promotional price subs in select categories. Fabric Care delivered 2% value growth (led by liquid detergents), EBIT margin contracted by 60bp YoY to 22.4%, and EBIT declined by 1% YoY. Liquid detergent saw strong growth (20-25%), but the mix is small for JYL as of now. Segment EBIT margin can be 23-24% in the medium term.