Neutral Jyothy Laboratories; target of Rs 350: Motilal Oswal

Motilal Oswal's research report on Jyothy Laboratories

Jyothy Laboratories (JYL) posted flat YoY sales growth in 2QFY26, with volumes rising 3% (est. 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. JYL expects a 2%-2.5% value volume gap at the overall level going forward. GT channel continued to remain under pressure, while alternate channels grew double digits.

Outlook

We reiterate our Neutral rating on the stock with a TP of INR350 (premised on 30x Sep’27E P/E).