Mumbai: 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, today.

Comparable Standalone Results of Retained Business*

Q2 FY27:

  • Strong volume growth of 21% in Q2 FY27 
  • Revenue from operations at Rs.961.9 crore, up 21.3% from Rs.793.3 crore
  • EBITDA from operations at Rs.110.9 crore, up 4.4% from Rs.106.3 crore
  • PAT excluding exceptional items at Rs.71.2 crore, up 2.0% from Rs.69.8 crore

H1 FY27:

  • Strong volume growth of 23% in H1 FY27 
  • Revenue from operations at Rs.1,926.9 crore, up 20.0% from Rs.1,605.3 crore
  • EBITDA from operations at Rs.226.0 crore, up 9.4% from Rs.206.6 crore
  • PAT excluding exceptional items at Rs.206.7 crore, up 50.5% from Rs.137.3 crore

* Notes: 

  1. Last year (LY) comparable results of retained business exclude carved-out business, and are provisional, unaudited and based on Management estimates.
  2. Numbers presented after re-grouping of certain promotional spends.
  3. H1 FY27 numbers include dividend income of Rs.55.9 crore pertaining to the dividend declared and paid by ICI India Research and Technology Centre Private Limited, subsidiary of the Company (Rs. 447 per equity share)
  4. PAT growth excludes LY exceptional items of Rs.1,874.2 crore (pre-tax proceeds from sale of Powder Coatings, IRC, and related costs) in Q2 and H1 FY26.

Reported Standalone Results (Previous Year Numbers Include Carved-out Business)

Q2 FY27:

  • Revenue from operations at Rs.961.9 crore, up 16.2% from Rs.827.6 crore
  • EBITDA from operations at Rs.110.9 crore, up 0.3% from Rs.110.6 crore
  • PAT at Rs.71.2 crore, LY Rs.1,682.7 crore includes exceptional items of Rs.1,874.2 crore (pre-tax proceeds from sale of Powder Coatings, IRC, and related costs)

H1 FY27:

  • Revenue from operations at Rs.1,926.9 crore, up 5.8% from Rs.1,820.7 crore
  • EBITDA from operations at Rs.226.0 crore, down 7.8% from Rs.245.1 crore
  • PAT at Rs.206.7 crore. LY Rs.1,773.7 crore includes exceptional items of Rs.1,874.2 crore (pre-tax proceeds from sale of Powder Coatings, IRC, and related costs

Notes: 

  1. Numbers presented after re-grouping of certain promotional spends.
  2. LY PAT includes exceptional items of Rs.1,874.2 crore (pre-tax proceeds from sale of Powder Coatings, IRC, and related costs) in Q2 and H1 FY26.

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.”