Buy Jyoti Resins and Adhesives; target of Rs 1764: CD Equisearch

CD Equisearch's research report on Jyoti Resins and Adhesives

Jyoti Resins & Adhesives is one of the leading manufacturers of white glue adhesives in the Indian retail market. It operates in the brand name of ‘Euro 7000’ which it launched in 2006 and has currently presence in 14 Indian states. Increasing Government support through projects like ‘Pradhan Mantri Awas Yojana’ under the scheme ‘Housing for All’ and projects related to promote smart cities have bolstered demand for woodworking in India in the past few years. Consumers’ inclination towards high quality and appealing wooden aesthetics have also helped accelerate growth in wood adhesives market. Rising demand for both commercial and residential projects (supported by growing urbanization) too has buoyed demand for wood adhesives.

Outlook

Balancing odds, we assign a ‘buy’ rating on the stock with a target of Rs 1764 based on 22x FY27e earnings, over a period of 9-12 months.

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Jyoti Resins - 08082025 - cd