By: ICN Bureau
Last updated : November 08, 2026 8:55 am
While raw material inflation remains elevated, we have undertaken calibrated price increases to partly offset margin dilution
Paints and coatings manufacturer JSW Dulux Limited (formerly known as Akzo Nobel India Limited) reported strong operational expansion for the second quarter of FY27, driven by robust decorative and industrial market demand.
The company posted a 21.3% year-on-year increase in revenue from operations to Rs. 961.9 crore on a comparable retained-business basis, up from Rs. 793.3 crore in the corresponding period last year. Total sales volume grew by an impressive 21% year-on-year during the July–September quarter.
The double-digit volume growth reflects strong festive-season traction across all decorative paint portfolios and substantial market share gains. The industrial coatings division also witnessed robust growth, expanding by over 32% due to heightened infrastructure development, energy sector mandates, and a strengthening automotive vertical.
However, intense raw material inflation and escalating geopolitical tensions put pressure on the paint industry's margins. Comparable EBITDA from operations ticked up by 4.4% to Rs. 110.9 crore, against Rs. 106.3 crore in Q2 FY26. While the company's profit after tax (PAT) excluding exceptional items marginally increased by 2% to Rs. 71.2 crore on a retained basis, overall consolidated net profit declined by 9.2% to Rs. 88.8 crore compared to Rs. 97.8 crore in the prior-year period due to higher operational expenses.
Commenting on Q2 FY27 results, Rajiv Rajgopal, Joint Managing Director and CEO, JSW Dulux Ltd. said, “We delivered consecutive quarter of double-digit volume and value growth, reflecting steady progress on our strategic priorities. We continued to make steady market share gains across our businesses.
In Decorative Paints, all categories witnessed strong traction leading up to the festive season. Industrial Paints performance was aided by strong demand in infrastructure and energy sectors. We saw gains in automotive space with customer wins and entry into new verticals.
While raw material inflation remains elevated, we have undertaken calibrated price increases to partly offset margin dilution. Despite these headwinds, comparable EBITDA grew 4.4% through prudent balance between cost management and growth initiatives.
However, as geopolitical disturbances continue to affect raw material inflation, we will keep evaluating the situation and implementing calibrated price increases.”
Operational integration under Project Akshaya unlocked Rs. 7.3 crore in synergies for the quarter, achieved via supply chain optimization and cross-manufacturing across the group's manufacturing facilities. The company intends to scale this to target 7% to 10% of full-year EBITDA from project savings.
JSW Dulux expanded its product landscape with the pan-India launch of 'VT Soft Sheen' under its Accessible Luxury portfolio and introduced the 'EONIX' rubbing and polishing compounds for automotive workshops.