JSW Dulux Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript JSW Dulux Ltd filed with BSE on 16 Jul 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
JSW Dulux (formerly Akzo Nobel India) held its 72nd AGM, reporting FY2026 revenue from retained operations of Rs.3,599.2 crore on 7% volume growth, with EBITDA of Rs.507.4 crore and profit before tax excluding exceptional items of over Rs.453 crore. Management described the year as one of corporate transformation following the JSW Group's acquisition and rebranding from Akzo Nobel India, alongside expansion of manufacturing capacity, distribution reach and new product launches. The company confirmed an interim dividend of Rs.156 per share already paid and proposed a final dividend of Rs.50 per share for the year.
Numbers mentioned
Revenue from operations (retained business): Rs.3,599.2 Crores (FY2026)
p. 5
“Our revenue from operations for retained business in FY2026 stood at Rs.3,599.2 Crores, buoyed by a 7% volume growth.”
Parth Jindal, page 5 of the filed PDF · View the filing
EBITDA: Rs.507.4 Crores (FY2026)
p. 5
“We sustained double-digit EBITDA margins with EBITDA at Rs.507.4 Crores and Profit Before Tax excluding exceptional items of over Rs.453 Crores.”
Parth Jindal, page 5 of the filed PDF · View the filing
EPS (like-to-like, retained business): Rs.73.3 (FY2026)
p. 5
“During this transformation year also, our retained business delivered an industry-leading EPS of Rs.73.3 on a like-tolike basis.”
Parth Jindal, page 5 of the filed PDF · View the filing
Return on equity: 41.2% (FY2026)
p. 5
“Similarly, our return of equity of 41.2% ending March 2026 was significantly up from 27.3% in the preceding financial year.”
Parth Jindal, page 5 of the filed PDF · View the filing
Manufacturing capacity: 305 million liters per annum
p. 4
“We have iconic global brands, five manufacturing sites with a combined capacity of 305 million liters per annum, and a world-class research and development center driving innovation.”
Parth Jindal, page 4 of the filed PDF · View the filing
Sustainably sourced raw materials: 67% (FY2026)
p. 6
“Nearly 67% of our raw materials are sustainably sourced.”
Parth Jindal, page 6 of the filed PDF · View the filing
Scope 1 and Scope 2 carbon emissions reduction: 23% (FY2026)
p. 6
“Similarly, our Scope 1 and Scope 2 carbon emissions decreased by 23%.”
Parth Jindal, page 6 of the filed PDF · View the filing
Dividend per share: Rs.206 (FY2026)
p. 9
“The Company has also declared a very good dividend to the shareholder by paying Rs.206 per share of Rs.10 each fully paid off, including final dividend of Rs.50.”
Biswendra N Kundu, page 9 of the filed PDF · View the filing
Final dividend per share: Rs.50 (FY2026)
p. 18
“Item 2 relates to confirmation of Interim Dividend of Rs.156 per share as already paid and declaration of Final Dividend of Rs.50 per share for the year ended March 31, 2026 as an ordinary resolution.”
Parth Jindal, page 18 of the filed PDF · View the filing
India GDP growth: 7.7% (FY2026)
p. 5
“In FY2026, India’s GDP grew a firm 7.7% despite a marginal dip in consumer confidence and uptick in inflation, thus confirming India’s fundamentals as one of the world’s fastest-growing major economies for several consecutive years.”
Parth Jindal, page 5 of the filed PDF · View the filing
CSR reach: over 35,000 people (FY2026)
p. 6
“Equally important and something we take great pride in is our commitment to society, where our CSR initiatives positively impacted over 35,000 people.”
Parth Jindal, page 6 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Market position in decorative paints — top two player
stated as an aspiration by Parth Jindal
p. 4
“Across sectors, JSW prides itself on consistently building category-leading businesses, and our ambition for JSW Dulux too is straightforward - we want to attack the market and become the number two player in the Indian paints and coating industry.”
Parth Jindal, page 4 of the filed PDF · View the filing
Position in automotive and specialty coatings — top two player · by 2031
stated as an aspiration by Parth Jindal
p. 4
“In industrial coatings, we strive for leadership in marine and protective coatings and to be a top two player in automotive and specialty coatings by 2031.”
Parth Jindal, page 4 of the filed PDF · View the filing
Position in industrial coatings — number one player
stated as an aspiration by Parth Jindal
p. 18
“Nothing short of being the number one player in industrial will be acceptable for JSW Dulux.”
Parth Jindal, page 18 of the filed PDF · View the filing
Distribution and innovation launches — coming closer to Diwali
stated firmly by Rajiv Rajgopal
p. 16
“Both brands like Velvet Touch, Dulux Velvet Touch and Dulux Weathershield are continuing to reinvent itself and with our marketing teams, you would see that coming closer to Diwali, this year.”
Rajiv Rajgopal, page 16 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said price increases of 10-12% were taken gradually across the industry, not fully offsetting raw material cost increases, and that softening crude prices should help maintain profitability.
Answered by Rajiv Rajgopal
Asked by Lily Pradhan: With crude oil price volatility stressing margins, what cost optimization measures is JSW Dulux implementing to improve profitability?
p. 16
“The industry had taken a price increase anywhere between 10% to 12%. Has it completely negated the raw material increase? The answer is no, we had to do it in a gradual manner.”
Rajiv Rajgopal, page 16 of the filed PDF · View the filing
Management said the group is participating in more market segments in marine, protective, automotive and specialty coatings than before under AkzoNobel ownership.
Answered by Rajiv Rajgopal
Asked by Lily Pradhan: How does management intend to leverage JSW Group's steel and cement relationships to boost the industrial coating segment?
p. 16
“In marine and protective, we have started building new avenues of growth under the leadership of our Chairman. We have been asked, mandated, to participate in every market, every segment.”
Rajiv Rajgopal, page 16 of the filed PDF · View the filing
This question was raised in the chat/floor session but not directly answered on the call; management said remaining queries would be answered in writing.
Answered by Parth Jindal
Asked by Ashit Kumar Pathak: What are the primary factors behind the standalone revenue drop to Rs.3,599.2 Crores against Rs.4,069.2 Crores?
p. 18
“So the rest of the questions that Rajiv and I have not been able to answer will be answered in writing and with your permission, I will now take up the agenda of the meeting.”
Parth Jindal, page 18 of the filed PDF · View the filing
Management said the focus is on consolidating growth in large cities first, then expanding into tier two and tier three markets, with more detail to be shared alongside quarterly results.
Answered by Rajiv Rajgopal
Asked by Multiple speakers (Kundu, Pal, Gupta, Banerjee, Bakshi): What is the strategy on distribution expansion into tier two and tier three markets?
p. 17
“How do we consolidate our growth in the large cities as a first and then how do we really grow in tier two and tier three.”
Rajiv Rajgopal, page 17 of the filed PDF · View the filing
Management said Bengal is a high market share state with personal connections to the region and will continue to be an area of investment focus.
Answered by Rajiv Rajgopal
Asked by Manoj Kumar Gupta: What is the plan for investment and growth in Bengal?
p. 17
“Kolkata and Bengal is one of the high market share states and will continue to be one of the areas to invest.”
Rajiv Rajgopal, page 17 of the filed PDF · View the filing
Management confirmed a licensing arrangement continues to give access to AkzoNobel's R&D, patents and technologies on the industrial side.
Answered by Parth Jindal
Asked: What is JSW Dulux's relationship with AkzoNobel Global for technical know-how following the acquisition?
p. 18
“On the industrial side we continue to enjoy and receive all their research and development, all their patents, all their technologies under the licensing agreement and this gives us a unique edge in terms of approaching the market.”
Parth Jindal, page 18 of the filed PDF · View the filing
Risks flagged
Crude oil price volatility affecting margins
p. 18
“In terms of crude oil, as the entire paint industry is completely dependent on this product, any price fluctuations do have an impact on the Company, but there has been a series of steps taken by our CFO, by our CEO and by the team to mitigate them and those will be explained as we go on.”
Parth Jindal, page 18 of the filed PDF · View the filing
Volatility in crude oil price and forex
p. 5
“However, consequent to the recent global developments, we also witnessed significant volatility in both the crude oil price and forex.”
Parth Jindal, page 5 of the filed PDF · View the filing
Heightened competitive intensity in the industry
p. 5
“In addition to this, there was also the heightened competitive intensity in our industry.”
Parth Jindal, page 5 of the filed PDF · View the filing
Increased competition from new entrant in decorative paints
p. 17
“As you know the competition intensity has grown with the entry of the Birla Group into paints with more competition coming in and obviously with Dulux now getting so strong, we will be a very, very significant player in this space”
Parth Jindal, page 17 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.