Key Highlights:
- JSW Dulux reported revenue from operations of ₹961.9 crore in Q2 FY27, registering a 21.3% year-on-year growth on a comparable retained business basis.
- EBITDA from operations increased 4.4% to ₹110.9 crore, while PAT excluding exceptional items rose 2.0% to ₹71.2 crore during the quarter.
- Strong volume growth of 21% in Q2 FY27 and 23% in H1 FY27 reflects continued demand across decorative and industrial paints businesses.
- H1 FY27 revenue grew 20.0% to ₹1,926.9 crore, with EBITDA rising 9.4% to ₹226.0 crore and PAT excluding exceptional items increasing 50.5% to ₹206.7 crore.
- Decorative paints witnessed strong traction ahead of the festive season, while industrial paints benefited from demand in infrastructure, energy, and automotive segments.
- The company launched VT Soft Sheen under its Accessible Luxury portfolio and introduced the EONIX™ Rubbing & Polishing Compound range for OEM-authorised workshop networks.
Mumbai, November 5, 2026: 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 quarter and half year ended September 30, 2026.
The company reported strong operational performance with continued double-digit growth in both volumes and revenue while maintaining profitability despite elevated raw material costs.
Comparable Standalone Results of Retained Business
Q2 FY27 Performance
JSW Dulux delivered strong growth across key financial parameters during the quarter:
- Volume growth of 21%
- Revenue from operations at ₹961.9 crore, up 21.3% from ₹793.3 crore
- EBITDA from operations at ₹110.9 crore, up 4.4% from ₹106.3 crore
- PAT excluding exceptional items at ₹71.2 crore, up 2.0% from ₹69.8 crore
H1 FY27 Performance
For the first half of FY27, the company reported:
- Volume growth of 23%
- Revenue from operations at ₹1,926.9 crore, up 20.0% from ₹1,605.3 crore
- EBITDA from operations at ₹226.0 crore, up 9.4% from ₹206.6 crore
- PAT excluding exceptional items at ₹206.7 crore, up 50.5% from ₹137.3 crore
The H1 FY27 PAT includes dividend income of ₹55.9 crore received from ICI India Research and Technology Centre Private Limited, a subsidiary of the company.
Reported Standalone Results
Q2 FY27
Reported standalone results, which compare against previous year figures that include the carved-out business, showed:
- Revenue from operations at ₹961.9 crore, up 16.2% from ₹827.6 crore
- EBITDA from operations at ₹110.9 crore, compared with ₹110.6 crore in the previous year
- PAT at ₹71.2 crore
The previous year’s PAT included exceptional items amounting to ₹1,874.2 crore, representing pre-tax proceeds from the sale of the Powder Coatings business, IRC, and related costs.
H1 FY27
For H1 FY27:
- Revenue from operations stood at ₹1,926.9 crore, up 5.8% from ₹1,820.7 crore
- EBITDA from operations was ₹226.0 crore
- PAT stood at ₹206.7 crore
The previous year’s figures also included exceptional gains of ₹1,874.2 crore.
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.”
Commenting on business performance, he added: “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.”
On profitability, Rajgopal said:
“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.”
He further noted that the company will continue evaluating the impact of geopolitical developments and raw material inflation and implement calibrated price increases where necessary.
Corporate Highlights
During Q2 FY27, shareholders approved the proposal to split and subdivide the company’s equity shares in a 10:1 ratio.
Under the approved plan:
- Face value was reduced from ₹10 per share to ₹1 per share
- The subdivision became effective from the record date of October 22, 2026
- Trading on stock exchanges now reflects the revised share structure
Business Highlights
Decorative Paints
JSW Dulux launched VT Soft Sheen across India under its Accessible Luxury portfolio.
The product combines:
- TruColour technology
- An 8-year Dulux Assurance warranty
- Enhanced aesthetics
- Long-term paint protection and performance
The launch aims to offer consumers a premium painting solution with improved durability and finish quality.
Automotive & Specialty Coatings
The company also introduced the EONIX™ Rubbing & Polishing Compound range.
The launch marks:
- Entry into adjacent automotive aftermarket categories
- Expansion of the automotive refinish portfolio
- Greater presence within OEM-authorised workshop networks
The range is designed to deliver:
- Superior gloss
- Consistent finish quality
- Enhanced application efficiency
- Professional-grade surface correction solutions
Outlook
The company remains focused on strengthening market share across decorative and industrial paints while balancing growth investments and profitability.
Demand momentum in infrastructure, energy, automotive, and consumer segments continues to support growth. However, management remains cautious regarding ongoing raw material inflation and geopolitical uncertainties affecting input costs.
About JSW Dulux Limited
JSW Dulux Limited (formerly Akzo Nobel India Limited) is one of India’s leading decorative paints and coatings companies.
Its portfolio includes globally recognised brands such as:
- Dulux
- International
- Sikkens
The company employs approximately 1,300 people and operates:
- Five manufacturing facilities
- One RD&I centre
- Regional offices across India
- A nationwide distribution network
In December 2025, JSW Paints Limited, part of the US$23 billion JSW Group, became the promoter and holding company of the business. The company continues to focus on accelerating growth, expanding market presence, and delivering long-term value creation for stakeholders.