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Jyothy Labs Q2 Review — Weak Quarter Despite Volume Growth, Says Motilal Oswal Maintaining 'Neutral' Stance
Market share gains, the success of new launches, a recovery in personal care, and the turnaround of HI portfolio will be crucial for Jyothy Labs’ earnings growth.
13 Nov 2025, 12:54 PM IST 
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Jyothy Laboratories expects Ebitda margin to be in the range of 16%- 17% in H2 FY26. (Source: Company website)
Jyothy Laboratories posted flat YoY sales growth in Q2 FY26, with volumes rising 3% (estimate: 4%; 1QFY26 4%). The difference between value and volume growth was primarily due to MRP reductions, higher grammage, and promotional price-offs in select categories. Jyothy Labs expects a 2%-2.5% value volume gap at the overall level going forward.
