Buy Jyothy Labs, target of Rs 240: Sharekhan

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26 Aug, 2025 12:21

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Sharekhan's research report on Jyothy Labs

Jyothy Labs Limited (JLL) posted 13.7% y-o-y price-led revenue growth in Q3FY2023, aided by double-digit growth across categories (except HI). Volume growth stood stable q-o-q at 2%. Double-digit revenue growth and better operating efficiencies aided 146 bps and 242 bps y-o-y expansion in gross margin and OPM to 43.1% and 13.8%, respectively; adjusted PAT grew 57% y-o-y to Rs. 59.8 crore. JLL aims to focus on volume-led growth, improve market share, increase its distribution reach, and enhance digitisation to achieve double-digit revenue growth in the medium-long term. Further, JLL targets to achieve a historical OPM of 15-16% in the next 1-2 years.

Outlook

The stock is currently trading at a discounted valuation of 24.4x/20.1x its FY2024E/FY2025E EPS. We maintain Buy with an unchanged PT of Rs. 240.

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Jyothy Labs - 27 -01-2023 - khan