Today, the Board of Directors of JSW Dulux Limited (formerly Akzo Nobel India Limited), a leading Decorative and Industrial Paints company and part of the JSW Group, approved the financial results for the first quarter ended 30 June 2026.
Reported Standalone results (previous year numbers include carved-out business)
Q1 FY2026-27:
• Revenue from operations at ₹965.0 crore, decline of 2.8% from ₹993.1 crore
• EBITDA from operations at ₹115.1 crore, decline of 14.4% from ₹134.5 crore
• PAT at ₹135.5 crore, up by 48.8% from ₹91.1 crore
Comparable Standalone Results of retained business*
Q1 FY2026-27 (compared with Q1 FY2025-26):
• Strong 25% volume growth in Q1
• Revenue from operations at ₹965.0 crore, up by 18.8% from ₹812.0 crore
• EBITDA from operations at ₹115.1 crore, up by 14.7% from ₹100.4 crore
• PAT at ₹135.5 crore, up by 101.6% from ₹67.2 crore
* Note:
Numbers presented after re-grouping of certain promotional spends.
The dividend income of ₹55.9 crore pertains to the dividend declared and paid by ICI India Research and Technology Centre Private Limited, subsidiary of the Company (Rs. 447 per equity share)
Last year comparable results (Q1 FY2025-26) of retained business exclude carved-out business, and are provisional, unaudited and based on Management estimates.
Commenting on Q1 FY2026-27 results, Rajiv Rajgopal, Joint Managing Director and CEO, JSW Dulux Ltd. said, “Q1 FY2026-27 started on a strong note as we made solid progress on our strategic priorities, delivering double-digit volume and value growth across all businesses with market share gains.
In Decorative Paints, we witnessed strong growths across Retail and Projects business led by significant growth in core Premium portfolio and supported by equally strong performance in adjacencies.
In Industrial Paints, new order wins across energy and infrastructure sectors, automotive OEMs, premium vehicle refinish and coil coatings further strengthened our double-digit growth momentum.
We took calibrated price increases to partly offset raw material inflation. Our industry-leading working capital efficiency had a temporary adverse impact on our gross margins.
We grew EBITDA by 14.7% led by prudent cost management while investing in growth initiatives.”
Corporate highlights:
The Board of Directors today approved alteration in the share capital of the Company by way of sub-division/ split of the existing Equity Shares of the face value Rs. 10/- each to face value Rs. 1/- each, subject to shareholders’ approval.
Commenting on the proposal, Parth Jindal, Chairman, JSW Dulux Ltd. said, “The approved stock split underscores our commitment to making share ownership more accessible to a wider investor community. While the split does not change the Company’s intrinsic value, we believe it will enhance liquidity and broaden equity participation. We remain steadfast in our focus on creating sustainable value for all shareholders.”
Business highlights:
Decorative paints portfolio was further strengthened with two new propositions:
Upgraded Dulux Aquatech Waterproof Basecoat and Dulux Aquatech Damp Cure were launched in waterproofing. These upgrades deliver on the growing consumer demand for simplified waterproofing solutions that offer more effective protection against dampness and efflorescence across both new and repainting surfaces.
Powering a new era of high-performance water-based wood finishes for home interiors, new Sadolin Hydro PU – Dulux’s innovative water-based polyurethane wood coating was launched. With low VOC, child- safe certification, superior water resistance and fast drying formulation, this innovation elevates the Dulux portfolio through sustainable innovation and a superior consumer experience.