It is an industry wide phenomena. Look at the quarterly material cost of Pidilite, HP Adhesives etc. and you will see a declining trend. Since Pidilite is well diversified, the trend is not as deep as it is in case of Jyoti Resins.
The raw material under concern that adhesive companies buys which has gone down in cost is Vinyl Acetate Monomer or VAM. This raw material is also used in decorative wall paints. Hence you will also be able to see a declining trend as far as material cost is concerned in quarterly numbers of paint companies like Asian Paints, Berger, Akzo Nobel, Shalimar, Indigo etc. Of course, it is not as pronounced due to a different mix of raw material required to manufacture paints.
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