Analysts/Institutional Investor Meet/Con. Call Updates

November 09, 2026 BSE Limited N ational Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Bandra – Kurla Complex, Dalal Street, Mumbai – 400 023 Bandra (E), Mumbai – 400 051 BSE Code: 532926 Scrip Code: JYOTHYLAB Dear Sir / Madam, Sub: Transcript of the earnings conference call for the quarter and half-year ended September 30, 2026 Pursuant to Regulation 30(6) read with Part A of Para A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015, transcript of the earnings conference call held on Wednesday, November 4, 2026 for analyst/ investors to discuss the Un-audited Financial Results for the quarter and half-year ended September 30, 2026 and the way forward, is enclosed. Further, the aforesaid information is also available on the website of the Company at www.jyothylabs.com. Kindly take the above on your record and disseminate the same for the information of investors. Thanking you, Yours faithfully, For Jyothy Labs Limited Shreyas Trivedi Head – Legal & Company Secretary Encl.: as above Jyothy Labs Limited CIN: L24240MH1992PLC128651 ‘Ujala House’, Ramkrishna Mandir Road, Kondivita, Andheri (East), Mumbai 400059. Tel: +91 022-6689 2800 | Fax: +91 022-6689 2805 info@jyothy.com | www.jyothylabs.com “Jyothy Labs Limited Q2 and FY27 Earnings Conference Call” November 04, 2026 MANAGEMENT: MS. M. R. JYOTHY – CHAIRPERSON AND MANAGING DIRECTOR – JYOTHY LABS LIMITED MR. PAWAN AGARWAL – CHIEF FINANCIAL OFFICER – JYOTHY LABS LIMITED MODERATOR: MR. NITIN – ICICI SECURITIES Page 1 of 13 Jyothy Labs Limited November 04, 2026 Moderator: Ladies and gentlemen, good day. Welcome to Jyothy Labs Limited Q2 and FY27 Earnings Conference Call. This call is being hosted by ICICI Securities on behalf of Jyothy Labs Limited. As a reminder, all the participants' lines will be in the listen-only mode and there will be an opportunity for you to ask a question after the presentation concludes. Should you need assistance during a conference call, please signal an operator by pressing start and zero on your touchtone telephone. I now hand the conference over to Mr. Nitin from ICICI Securities. Thank you, and over to you, sir. Nitin: Hi, thank you so much. It's an absolute pleasure from ICICI Securities to host the management team of Jyothy Labs for Q2 FY27 earnings call. From the management side, we have Ms. Jyothy, Chairperson and Managing Director; and Mr. Pawan Agarwal, Chief Financial Officer. I now hand over the call to Ms. Jyothy for her opening remarks. Thank you, and over to you, ma'am. M.R. Jyothy: Thank you. Good afternoon, everyone, and welcome to Jyothy Labs Q2 FY27 earnings call. Our financial results and investor presentation are available on our website and the stock exchanges. I trust you have had the opportunity to review them. Consumer demand remained relatively resilient during the quarter. Rural markets continue to outperform urban markets, although urban consumption is showing signs of gradual recovery. Modern trade and e-commerce and quick commerce maintained strong growth, while general trade remained subdued. The FMCG sector continues to face a challenging operating environment with geopolitical uncertainty, elevated commodity prices and changing consumer behavior affecting both growth and profitability. The ongoing conflict in West Asia has resulted in sharp increases in crude derivatives, chemicals and packaging costs, while the deficient monsoon has raised concerns around agricultural output, food inflation and rural purchasing power. The immediate challenge for the industry is managing input cost inflation without affecting consumer affordability and demand. Against this backdrop, let me turn to Jyothy Lab's performance. Q2 was particularly challenging for profitability, although our underlying business continued to deliver healthy growth. Revenue from operations increased by 3.3% to INR760 crores, while reported volumes declined marginally, primarily reflecting the exit of the Pril and Fa businesses following the expiry of the brand license agreement in May 2026. Excluding Pril and Fa, the company delivered a healthy 12.4% value growth and 8.1% volume growth during the quarter, supported by our core brands, selective pricing, new launches and distribution expansion. For the first half, the corresponding growth was 10.2% in value and 6.2% in volume. Page 2 of 13 Jyothy Labs Limited November 04, 2026 These numbers provide a more meaningful assessment of our underlying business performance. Across distribution channels, general trade remained subdued, while modern trade sustained double-digit growth and e-commerce and quick commerce continued their strong momentum. Our focus remains on improving distribution productivity and strengthening execution across channels. Coming to category performance, Fabric Care continues to lead growth, delivering 10.4% value growth. Detergent powders and bars maintained their growth momentum. Liquid detergents grew by over 50% year-on-year, driven by Henko, Ujala, MoreLight and Mr. White. Our fabric conditioner, Ujala Young & Fresh continues to perform well, reinforcing our confidence in these emerging formats and their long-term growth potential. Excluding Pril, the Home Care segment grew by 15.3%, driven largely by volumes. In dishwash, Exo delivered an encouraging 23% growth, supported by new variants, liquids, wider distribution, and brand investments. Our campaigns featuring Yami Gautam and Keerthy Suresh have helped strengthen consumer awareness and interest. In HI, profitability improvement remains our priority while actively pursuing growth in liquid vaporizers format. Coil contribution now stands at 30% to 35% of the HI portfolio compared with 43% to 45% a year ago. We continue to strengthen our presence in liquid vaporizers, aerosols and other formats. During the quarter, we introduced Maxo Agarbatti with a government approved formulation. This completes an important part of our portfolio expansion, and our focus now is on scaling these newer formats to more to support more profitable growth. Personal Care delivered a little over 11% value growth, supported by pricing actions in Margo and a favorable base following last year's GST transition. We also launched Margo Gentle, a glycerin bathing soap in argan oil and moringa oil variants in select markets. However, sharp increases in palm oil, neem oil and other ingredients affected profitability. Despite price increases of approximately 10% to 12%, the cost escalation could not be fully absorbed. Our priority remains strengthening the Margo franchise while progressively restoring category margins. Let me now turn to our financial performance. Revenue from operations stood at INR760 crores compared with INR736 crores last year. The most significant challenge during the quarter was the unprecedented increase in raw material and packaging costs, which compressed gross margin to 34.8% compared with 48.1% last year and 38.5% in the preceding quarter. Inflation was particularly severe in crude derivatives, LABSA, SLES, soap noodles, palm oil, and packaging materials. HDPE and polypropylene prices have increased by approximately 55% to 60% over levels prevailing before the West Asia conflict, while packaging costs now account for approximately Page 3 of 13 Jyothy Labs Limited November 04, 2026 18% to 20% of our cost base. The crude-linked inputs constitute nearly 60%, 65% of our consumption basket. And given the abnormally high persistent inflation in crude and crude derivative inputs, it has impacted the gross margins of the company in a material way over the past few months. The consumption of high-cost finished goods kept in inventories earlier continued to affect margins in the quarter, even though at the beginning of the quarter, there was some softening in commodity prices, particularly in July and early August. However, the renewed inflationary pressure seen in October has added to near-term unce [Showing first 8,000 characters — download PDF for full document]