Key Metrics of Jyothy Labs
About Jyothy Labs
Sectors
Company details
- Website
- jyothylabs.com
- Registered office
- Ujala House,, Ram Krishna Mandir Road,, Kondivita,, Andheri (east),, Mumbai, In-mh, 400059
- Listed
- NSE: JYOTHYLAB · ₹171.91
Operational Areas of Jyothy Labs
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 23 Sep 2026 | CARE | Reaffirmed | AA | — | Stable | ₹250 Cr | View |
| 16 Sep 2025 | CARE | Reaffirmed | AA | — | Stable | ₹250 Cr | View |
| 20 Aug 2024 | CARE | Reaffirmed | AA | A1+ | Stable | ₹350 Cr | View |
| 18 Sep 2023 | CARE | Reaffirmed | AA | A1+ | Stable | ₹350 Cr | View |
| 19 Sep 2022 | CARE | Reaffirmed | AA | — | Stable | ₹263 Cr | View |
| 29 Sep 2021 | CARE | Reaffirmed | AA | — | Stable | ₹288 Cr | View |
| 21 Dec 2020 | CARE | Reaffirmed | AA | A1+ | Stable | ₹725 Cr | View |
| 03 Jan 2020 | CARE | Reaffirmed | AA | A1+ | Stable | ₹380 Cr | View |
| 13 Nov 2018 | CARE | Reaffirmed | AA | A1+ | Stable | ₹500 Cr | View |
| 29 May 2018 | CARE | Other | — | — | — | — | View |
Credit strengths (CARE, Sep 2026)
+ Diversified product portfolio and established position in the domestic FMCG industry
JLL operates in home care and personal care segments, which are part of the Indian FMCG industry. Its product portfolio spans fabric care products, dishwashing products, and mosquito repellents, catering to a wide consumer base. Ujala and Henko continue to lead in fabric care, remaining key revenue contributor s. In dishwashing, Exo maintained steady traction. Although Pril and Fa 1SEBI: Securities and Exchange Board of India; RBI: Reserve Bank of India; MCA: Ministry of Corporate Affairs; IRDAI
+ Steady operating efficiency in FY26
In FY26, JLL reported stable revenue growth, supported by healthy volume growth. Fabric care remained the principal growth driver, recording 8.1% value growth and 9.5% volume growth, supported by detergent powders, bars and the nearly twofold growth in liquid detergents. PBILDT margin moderated to 15.32% in FY26 from 17.59% in FY25 due to raw-material inflation and limited cost pass-through. Profit after tax (PAT) consequently declined by 10.0% to ₹333.19 crore (PY: ₹371.17 crore).
+ Strong distribution network
JLL has an established pan -India omnichannel distribution network, with its products available across ~4.0 million retail outlets as on June 30, 2026, including direct reach of over 1.4 million outlets, supported by 10,000+ channel partners. In FY26, the company added nearly 0.1 million outlets to its direct network through broad-based expansion across urban and rural markets, while modern trade, e-commerce, and quick-commerce channels grew by 26%. Rural and semi-urban penetration is supported
+ Robust financial risk profile
In FY26, the company remained net debt-free, with only minimal obligations in the form of lease liabilities. Tangible net worth strengthened further, reflecting healthy accretion to reserves, and a dividend of ₹128.52 crore was declared in FY26. Net cash flows from operating activities improved compared to previous year, supported by healthy cash generation from operations. The company’s financial risk profile remains strong, supported by low leverage and the absence of long-term debt.
+ Liquidity: Strong
The company continues to maintain a strong liquidity position, supported by cash and bank balances, including investments, of ~₹997 crore as on March 31, 2026. JLL remained net debt-free, with no bank borrowings outstanding at FY26-end, providing sizeable liquidity headroom. Gross cash accruals (GCA) stood at ~₹433.61 crore in FY26 and remained adequate against routine capex of ~₹65 crore incurred during the year. Future routine and maintenance capex is expected to be funded through internal
Credit challenges
− Presence in a highly competitive and price sensitive FMCG industry
The company operates in a highly competitive FMCG sector dominated by large multinational corporations with diversified product portfolio and the advantage of negative working capital cycles. These players are better positioned to absorb raw material price fluctuations and adopt aggressive pricing strategies. The Indian FMCG market, particularly in rural regions, remains highly price sensitive, making it difficult for companies to fully pass on cost increases. Intense competition driven by marke
− Exposure to raw material volatility
JLL remains exposed to volatility in crude-linked raw materials, particularly LABSA (acid slurry), SLES and packaging materials. The recent escalation in Middle East geopolitical tensions has resulted in higher crude oil prices and input cost inflation, adversely impacting gross margins in Q1FY27. While JLL has undertaken blended price increases of ~4%-4.5%, the benefit is expected to accrue gradually over Q2FY27 and H2FY27.
− Optimising production efficiency to combat lower utilisation
In FY26, fabric care, the company’s largest revenue segment, contributed 46% to sales (PY: 44%), followed by Home care at 41% and personal care at 11%. Despite their strong contribution, capacity utilisation in fabric care and household insecticides remained below optimal levels, indicating scope for improvement. Better alignment of production with demand, supported by sharper consumer insights, targeted marketing, and optimised processes, can enhance utilisation and market share. This strategic
Could lead to an upgrade
• Substantial growth in its scale of operations (total operating income [TOI]) and significant improvement in market share in the overall FMCG industry. • Sustained return on capital employed (ROCE) over 25% .
Could lead to a downgrade
• Decline in the profit before interest, lease rentals, depreciation and taxation (PBILDT) margin on a sustained basis below 11%. • Any debt-funded project, resulting in the overall gearing increasing above 0.5x.
Agency-reported financials (CARE, 23 Sep 2026)
| Metric | Q1FY27 |
|---|---|
| Total operating income | ₹773 Cr |
| PBILDT* | ₹64.68 Cr |
| Profit after tax (PAT) | ₹47.64 Cr |
| Overall gearing (x) | — |
| Interest coverage (x) | 53.90× |
| PAT margin | 6.2% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term bank facilities | Working capital & bank lines | — | ₹250 Cr | — | AA (Stable) | Reaffirmed | CARE |
CARE ratings on record (checked 24 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Cash Credit | ₹250 Cr | CARE AA; Stable |
| Commercial Paper (Standalone) | — | Withdrawn |
| Non Convertible Debentures | — | Withdrawn |
| Term Loan | — | Withdrawn |
Lenders
| Fund-based - LT | Cash Credit | HDFC Bank Ltd. |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 83% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 83% chance the next rating action is stable or better
- Current rating AA (investment grade)
- Interest coverage 53.9×
What happened, step by step
- Jan 2020 — ₹140 cr raised
- Dec 2020 — Full repayment of term loans
“The company had also raised Rs.140 crore for meeting its capex expenditure during FY18 and FY19. .”
Rated limits by facility
Timeline
From the report
The rating further derives strength from JLL's strong financialrisk profile, supported by its net debt-free balance sheet, strong cashflow generation and sizeable cash and liquid investments of ~₹997 crore as on March 31, 2026, which provide significant liquidity headroom and financial flexibility.
From the report
The rating further derives strength from JLL's strong financialrisk profile, supported by its net debt-free balance sheet, strong cashflow generation and sizeable cash and liquid investments of ~₹997 crore as on March 31, 2026, which provide significant liquidity headroom and financial flexibility.
From the report
Robust financial risk profile In FY26, the company remained net debt-free, with only minimal obligations in the form of lease liabilities.
From the report
JLL remained net debt-free, with no bank borrowings outstanding at FY26-end, providing sizeable liquidity headroom.
From the report
Gross cash accruals (GCA) stood at ~₹433.61 crore in FY26 and remained adequate against routine capex of ~₹65 crore incurred during the year.
From the report
The rating also reflects JLL’s strong financial risk profile, supported by a net debt-free position, sizeable cash and liquid investments, which together provide significant liquidity headroom and financial flexibility.
From the report
Robust financial risk profile In FY25, the company remained net debt-free, with only minimal obligations in the form of lease liabilities.
From the report
Liquidity: Strong The company maintains a strong liquidity position, with cash and bank balances, with liquid investments, amounting to ₹748.51 crore as of end-FY25.
From the report
There has been no utilisation of sanctioned working capital limits, providing additional liquidity headroom.
From the report
In FY25, the company generated gross cash accruals (GCA) of ₹459.53 crore.
From the report
The company is net debt-free and holds substantial cash and liquid equivalents, indicating a strong liquidity position.
From the report
Robust Financial Risk Profile The company maintains a strong financial risk profile, remaining net debt-free with only minimal lease liabilities.
From the report
Liquidity: Strong JLL’s strong liquidity profile is demonstrated by a significant increase in its cash and liquid investments to ₹610.83 crore as of March 31, 2024, with no other debt obligations besides lease liabilities.
From the report
The company is expected to remain debt-free in the near term, given the absence of any debt-funded capital expenditure plans.
From the report
Robust financial profile: JLL demonstrates exceptional financial strength, primarily attributed to its debt-free status and minimal lease obligations totalling ₹ 44 crore.
From the report
This stability is further bolstered by a well-established product portfolio, consistently generating robust cash flow from operations, which reached ₹ 306.83 crore in FY23.
From the report
Additionally, JLL maintained a consistent dividend payout ratio of around 60% and a large cash reserve of ₹ 283.47 crores as on March 31, 2023.
From the report
The consistent healthy cash accruals annually with prudently managed working capital allow for debt free financials and unutilised working capital facilities amounting to ₹ 445 crores for the last 12 months ended March 31, 2023.
From the report
The company is expected to remain debt-free in the near term with the absence of any debt funded capex. 2 CARE Ratings Ltd.
From the report
The ratings also factor strong financial risk profile with JLL being net debt free, robust debt coverage metrics and strong liquidity profile.
From the report
Strong financial risk profile remains net debt free : The pre-payment of long-term loans and reduced dependence on external working capital borrowing coupled with significant increase in the cash position has resulted in the company having net cash of ₹85 crore as on March 31, 2022.
From the report
Strong financial risk profile remains net debt free : The pre-payment of long-term loans and reduced dependence on external working capital borrowing coupled with significant increase in the cash position has resulted in the company having net cash of ₹85 crore as on March 31, 2022.
From the report
Average working capital utilisation levels have remained between 1% and 2% in the past 24 months ending August 2022, the lower utilisation is due to high cash available with the company.
From the report
Improvement in the interest service ratio from 17.36x to 22.46x and the overall repayment of debt levels are sufficient to provide a comfortable cushion for the company in case of repayments.
From the report
Liquidity: Strong The liquidity is marked by strong accruals to the tune of ₹222.94 crore and the prepayment of long-term debt; the company is expected to be debt free by FY24 (the company continues to remain net debt free as on June 30, 2022).
From the report
The cash flow from operations has decreased from ₹402.15 crore to ₹202.55 crore due to increase in the debtor levels and decrease in the payable levels.
From the report
However, the cash and liquid investments grew to ₹205.13 crore in FY22 (PY: 187.33) providing a comfortable cushion.
From the report
Low average utilisation of bank lines of 1.45% in the past 12 months ending August 2022 are more than adequate to meet its incremental working capital needs over the next one year.
From the report
The company used cash to pay dividend to the tune of ₹146.88 crore as on June 2022.
From the report
Net debt free company as on March 31, 2021; coverage indicators also remain comfortable JLL’s overall gearing improved to 0.12x as on March 31, 2021 from 0.28x as on March 31, 2020on account of prepayment of long term loans and reduced dependence on working capital borrowing.Significant increase in cash positionled to lower reliance on external debt to support working capital requirements of the company as such average working capital utilization reduced to 1% in the 12 months ending August 2021 as compared with 33% in the 12 months ending November 2020.
From the report
Net debt free company as on March 31, 2021; coverage indicators also remain comfortable JLL’s overall gearing improved to 0.12x as on March 31, 2021 from 0.28x as on March 31, 2020on account of prepayment of long term loans and reduced dependence on working capital borrowing.Significant increase in cash positionled to lower reliance on external debt to support working capital requirements of the company as such average working capital utilization reduced to 1% in the 12 months ending August 2021 as compared with 33% in the 12 months ending November 2020.
From the report
Liquidity: Strong JLL’s liquidity profile is marked by strong expected accruals of Rs.228 crore in FY22 against n egligible repayment obligations of Rs.50 crore.
From the report
JLL had significant cash and bank balance of Rs.187 crore as on March 31, 2021 although around Rs.150 crore was utilized in making dividend payments.
From the report
Low average utilization of bank lines of 1% in the past 12 months ending August 2021 are more than adequate to meet its incremental working capital needs over the next one year.
From the report
Debt coverage indicators remain comfortable in FY20 and have shown improvement in H1FY21 on the back of lower working capital borrowing as well as prepayment of term loans.
From the report
CARE notes that, improved cash flow from operations have allowed the company to prepay its debt obligations in the current financi al year and also reduce dependence on working capital borrowing.
From the report
The average of maximum fund based utilization including commercial paper (standalone) for last 12 months ended November 2020 was about 40%.
From the report
Presence of unencumbered cash and bank balance of Rs. 121.23 crore as on September 30, 2020 provides additional liquidity support to the company.
From the report
Analytical approach: CARE has considered the consolidated financials of JLL while arriving at the ratings owing to financial support in the form of corporate guarantee for loans availed by Jyothy Fabricare Services Limited, which is 75.10% subsidiary of JLL and also are in und er the same management.
From the report
Also, during FY19 (i.e., on July 26, 2018), the company has rapid Rs.75 crore short term debt which the company had availed for the purpose of refinancing then existed debt in FY18.
From the report
The company had also raised Rs.140 crore for meeting its capex expenditure during FY18 and FY19. .
From the report
Liquidity: Strong JLL’s liquidity profile continues to remain strong on the back drop of expected GCA of Rs.243 crore projected in FY20 coupled with large unencumbered cash and liquid investment of Rs.168.74 crore as on Sep.30.2019.
From the report
The increase was mainly on account of a short term debt availed of Rs. 75 crore, for the purpose of refinancing an existing debt (refinanced in April 2018).Interest coverage ratio improved from 4.68x in FY17 to 6.10x in FY18 on account of improved profitability and lower finance cost outgo as a result of refinancing the long term NCDs at a lower cost.
From the report
As on March 2018, on a consolidated basis, JLL had current investments lying in the form of liquid mutual funds aggregating to Rs.113.15 crore and free cash and bank balance of Rs.78 crore resulting into total of Rs.191 crore (as compared to Rs.98 crore as on March 31, 2017), while it maintained a cash and cash equivalent balance of Rs. 94 crore as on September 30, 2018.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Jyothy Labs
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
| Part of Life Insurance Corporation of India. | itcportal.com | 1910 | Kolkata, India | |
 Dabur India |
Beverages & Soft Drinks · Food & Beverages | dabur.com | — | New Delhi, India |
 Gillette India |
Shampoo, Hair Oil & Hair Care · FMCG - Personal & Home Care | in.pg.com | — | Mumbai, India |
 Unilever India Limited |
Part of Unilever. | unilever.co.id | — | Mumbai, Maharashtra, India |
 Balaji Wafers |
Part of Balaji Wafers Private Limited. | balajiwafers.com | — | Rajkot, India |
 Wipro Consumer Care & Lighting |
Soaps & Body Wash · FMCG - Personal & Home Care | wiproconsumercare.com | — | India |
| Dabur |
Soaps & Body Wash · FMCG - Personal & Home Care | dabur.com | 1884 | New Delhi, India |
 Philips (India) |
Soaps & Body Wash · FMCG - Personal & Home Care | philips.co.in | 1930 | Kolkata, India |
 Natchkin |
Soaps & Body Wash · FMCG - Personal & Home Care | natchkin.com | 2026 | India |
 Mother Sparsh |
Soaps & Body Wash · FMCG - Personal & Home Care | mothersparsh.com | 2016 | India |
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Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Soaps, fabric care and dishwash
Filings
No filings on record yet.