Jyoti Resins and Adhesives Limited

“Jyoti Resins holds a real but narrow brand in India's structurally growing wood adhesives market, with impressive reported ROIC and zero debt — but 185-day debtor days mean profits are largely uncollected paper, a SEBI manipulation finding poisons governance credibility, a single-product regional model caps reinvestment runway, and management has been persistently opaque about the receivables deterioration; at 14.9x trailing P/E the stock looks optically cheap but is fairly valued at best and a value trap at worst, making AVOID the only defensible conclusion.”