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Earnings Call

JSW Dulux Earnings Call: Key Takeaways

JSW Dulux reported record 23% volume growth in Q4 FY26, following its ownership transition from Akzo Nobel. Management is focusing on bridging the gap between volume and revenue via price corrections.

Why this was an Alfa AlertNot a filter event. Performance was strong in volume but revenue/margins were impacted by pricing corrections and inflation.
Highlights
Revenue growth6.2% revenue growth; 23% volume growth.
MarginsEBITDA at 14.4%; RMC inflation pressuring near-term margins.
Order bookStrong in oil/gas, marine, and marquee coil projects.
Demand visibilityStrong; demand returning to the paint industry.
Management confidenceHigh; confident in brand quality and JSW-led transformation.

Growth

Revenue grew 6.2%; volumes surged 23% across decorative and industrial verticals. EBITDA margin stood at 14.4%.

Outlook

Targeting double-digit volume growth for FY27; implementing integrated SAP and cross-manufacturing across JSW plants by year-end.

Risks

Massive RMC inflation (24-25%) causing 13.5% cost impact; crude oil and forex volatility remain key headwinds.

Source

Earnings Call filed with BSE, NSE: JSWDULUX. Summary written with AI assistance from the document.

Read the document ↗

JSW Dulux Ltd: key numbers

Share price
₹3,199.60
Market cap
₹14,654 Cr
Revenue (annual)
₹3,599 Cr
Net profit (annual)
₹1,974 Cr
P/E (TTM)
7.5×Sector 45.9×
Promoter holding
61.20%+0.00% QoQ
FII holding
8.49%Current quarter

Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.

More from JSW Dulux Ltd

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20:13 IST BSE
Legal & Regulatory

JSW Dulux Legal & Regulatory

JSW Dulux Limited received a Show Cause Notice from the West Bengal GST Department for Rs. 0.57 Crore regarding Input Tax Credit disallowance.

Value
₹0.57 Cr
From
West Bengal GST Department
16:58 IST BSE
Legal & Regulatory

JSW Dulux Legal & Regulatory

JSW Dulux reported that the Karnataka GST Department nullified the entire aggregate demand of Rs. 14.76 Crore. The company successfully appealed the original tax demand order.

Value
₹14.76 Cr
11:35 IST BSE
Annual General Meeting

JSW Dulux Annual General Meeting

JSW Dulux intimated that e-voting for its postal ballot on face-value split and capital clause alterations closed on 20 September 2026. Results await the Scrutinizer's report.

13:47 IST NSE
Legal & Regulatory

JSW Dulux Legal & Regulatory

JSW Dulux received a Karnataka GST Show Cause Notice demanding Rs.10.61 Crore for ITC disallowance (April 2022–March 2023). The company is responding within the stipulated timeline.

Value
₹10.61 Cr
17:22 IST BSE
Legal & Regulatory

JSW Dulux Legal & Regulatory

JSW Dulux received a GST show cause notice from the Karnataka GST Department demanding ₹48.59 Crore. The company is preparing its response to the authorities.

Value
₹48.59 Cr