JSW Dulux, formerly Akzo Nobel India, closed FY2025-26 with a sharp rebound in volumes and aggressive growth ambitions under its new identity, even as higher raw material costs and forex volatility weighed on profitability.
The paints and coatings major, maker of Dulux Paints, reported a record 23% volume growth in the March quarter, with revenue from retained operations rising 6.2% year-on-year to Rs. 883.3 crore. EBITDA edged up 2.2% to Rs. 126.7 crore, while profit before tax slipped marginally by 0.7% to Rs. 104.3 crore.
For the full financial year, however, the company reported softer numbers. Revenue from retained operations fell 0.5% to Rs. 3,599.2 crore, while EBITDA declined 7% to Rs. 507.4 crore. Profit before tax, excluding exceptional items, dropped 5.9% to Rs. 453.3 crore.
The company’s reported standalone performance reflected steeper declines due to the impact of divestments and restructuring. FY26 revenue fell 11.6% to Rs. 3,599.2 crore, while EBITDA dropped 20.9% to Rs. 507.4 crore.
The year also included exceptional gains of Rs. 1,846.3 crore, driven largely by proceeds from the sale of the Powder Coatings and IRC businesses. Separately, the company’s subsidiary booked a Rs. 64.8 crore gain from the sale of immovable property in Vashi, Navi Mumbai.
JSW Dulux’s Board proposed a final dividend of Rs. 50 per share. Combined with the previously announced special dividend of Rs. 156 per share, the total recommended payout for FY26 stands at Rs. 206 per share.
“Committed to enhance value for its shareholders, the Board has proposed a final dividend of Rs. 50/- per share, subject to shareholders’ approval. This, together with the special dividend of Rs. 156/- per share, takes the recommended total dividend for the financial year 2025-26 to Rs. 206/- per share,” said Parth Jindal, Chairman, JSW Dulux Ltd.
Management said demand conditions strengthened during the fourth quarter across business verticals, although geopolitical tensions triggered a sharp spike in raw material prices in March.
“In Q4 FY2025-26, overall demand conditions improved and the market saw a demand uptick across verticals. In March 2026, given the geopolitical situation, raw material prices increased sharply. Subsequently, calibrated price increases were taken in our business verticals.
"We delivered a strong finish to the year with robust 23% volume growth and 6.2% revenue growth in our retained business. In Industrial Paints, we achieved double-digit growth. In Decorative Paints, we corrected price premiums in core brands in Q3 and Q4 FY2025-26 which led to strong rebound in volume growth.
While continuing to redeploy royalty savings from Decorative Paints towards marketing and promotions, we sustained our double-digit profitability," said Rajiv Rajgopal, Joint Managing Director and CEO, JSW Dulux Ltd.
"Overall, FY 2025-26 was a year of transformation. Stepping into FY2026-27, we remain attentive to evolving geopolitical developments and are taking further pricing actions to mitigate the impact of raw material cost pressures and forex volatility across business verticals.
"More importantly, we are focused on accelerating market share gains and enhancing profitability through innovation, superior quality, stronger customer engagement, and the realization of synergies at scale," he added.
