Jyoti Resins and Adhesives Limited

“Jyoti Resins is a high-ROCE, debt-free, owner-operated compounder with genuine brand equity in its niche, but the entire investment thesis rests on continuity of a single foreign license (UHU GmbH) for which there is no fallback; at ~22x earnings the market prices in the quality without providing margin of safety for this binary risk, making this a business to track closely and enter only at a meaningful discount to current levels.”