JSW Dulux Limited, formerly Akzo Nobel India Limited, reported strong underlying growth in the first quarter of FY2026-27, with revenue from operations in its retained business rising 18.8% year-on-year to Rs. 965 crore.

 

The Decorative and Industrial Paints company, part of the JSW Group, said volumes grew 25% in the quarter ended June 30, 2026, while EBITDA from operations increased 14.7% to Rs. 115.1 crore. Profit after tax (PAT) more than doubled to Rs. 135.5 crore, up 101.6% from Rs. 67.2 crore in the comparable period.

 

On a reported standalone basis, which includes the carved-out business in the previous-year numbers, revenue from operations declined 2.8% to Rs. 965.0 crore from Rs. 993.1 crore. EBITDA fell 14.4% to Rs. 115.1 crore, while PAT rose 48.8% to Rs. 135.5 crore.

 

“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,” said Rajiv Rajgopal, Joint Managing Director and CEO, JSW Dulux Ltd.

 

“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.”

 

The company’s Board of Directors also approved a proposal to split its existing equity shares with a face value of Rs. 10 each into shares with a face value of Re. 1 each, subject to shareholders’ approval.

 

“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,” said Parth Jindal, Chairman, JSW Dulux Ltd.

 

JSW Dulux expanded its Decorative Paints portfolio during the quarter with new offerings in waterproofing and wood finishes.

 

The company launched upgraded versions of Dulux Aquatech Waterproof Basecoat and Dulux Aquatech Damp Cure, targeting growing demand for simpler waterproofing solutions that provide protection against dampness and efflorescence on both new and repainting surfaces.

 

It also launched Sadolin Hydro PU, a water-based polyurethane wood coating for home interiors. The product features low VOC, child-safe certification, water resistance and a fast-drying formulation.

 

JSW Dulux said the launches are aimed at strengthening its portfolio through product innovation and improved consumer experience.

 

In December 2025, JSW Paints Limited, part of the US$23 billion JSW Group, became the new promoter and holding company of Akzo Nobel India Limited. The company has since been focused on accelerating growth and strengthening its competitive position under the JSW Group.