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JSW Dulux Q4 FY26 Results: Revenue Up 6.2%, PAT Jumps 51.6%; ₹50 Dividend Recommended

13 May 2026

JSW Dulux Limited reported strong Q4 FY26 results with revenue up 6.2% to ₹883.3 Cr and PAT jumping 51.6% to ₹125.7 Cr (excluding carved-out business), supported by 23% volume growth and a real estate asset sale of ₹64.8 Cr. Full-year reported PAT surged 360% to ₹1,973.8 Cr, driven by exceptional gains including the sale of the Powder and IRC business for ₹1,874 Cr. The company also announced corporate changes including a name change, new board appointments, and relocation of its corporate office to JSW Center, Mumbai.
JSW Dulux Q4 FY26 Results: Revenue Up 6.2%, PAT Jumps 51.6%; ₹50 Dividend Recommended

JSW Dulux Limited Reports Strong Q4 and FY26 Performance, Announces Share Buyback and Relocation of Corporate Office

Company Sees Double-Digit Profitability, Recommends Final Dividend of ₹50 per Share

JSW Dulux Limited (formerly Akzo Nobel India Limited) has released its investor presentation for the quarter and financial year ended 31st March 2026. The presentation, based on audited financial results approved by the Board of Directors on 13th May 2026, was shared with BSE Limited and the National Stock Exchange of India Ltd. ahead of the investor call held on 14th May 2026.

Key Highlights

  • Double-digit profitability sustained in Q4
  • Final dividend of ₹50 per share recommended, subject to shareholder approval
  • Name change to "JSW Dulux Limited" in Articles of Association and on stock exchanges
  • Relocation of corporate office to JSW Center, Mumbai, effective April 1, 2026
  • Appointment of Mr. Kaustubh Sudhakar Kulkarni as Non-Executive Director and Ms. Sutapa Banerjee as Independent Director
  • Strong quarterly performance driven by double-digit volume growth and improved market conditions in the B2C segment
  • Full-year PAT rose to ₹1,973.8 Cr from ₹429.5 Cr, a 360% increase

Business Segment Highlights

  • Decorative Paints witnessed a rebound in volume growth amid competitive pressure
  • Pricing corrections were taken in January–February to reduce the pricing premium in select categories
  • New product launches included VT Luxury Finishes and Mass & Economy Primers
  • Premium traction continued, with retail and semi-urban geographies recording faster growth
  • Industrial Paints delivered broad-based growth across verticals
  • Auto & Specialty Coatings expanded its market presence in the premium segment
  • Marine & Protective Coatings recorded its highest revenue achievement in March

Strategic Ambition

JSW Dulux's stated ambition is to be the preferred brand of choice for consumers, customers, and employees, driven by innovation, superior quality, and customer service, while gaining market share and growing EBITDA.

Conference Call Details

The results investor call was facilitated by ICICI Securities and featured participation from the company's senior leadership. Key representatives included Mr. Rajiv Rajgopal (Joint Managing Director and CEO), Mr. Krishna Rallapalli (Wholetime Director and CFO), and Mr. Rajiv L. Jha (General Counsel, Company Secretary & Compliance Officer).

Disclosure of Final Assessment Order

JSW Dulux Limited has disclosed that it received a Final Assessment Order from the Income Tax Department on May 11, 2026. The order pertains to Assessment Year 2023-24 and was issued under Section 143(3) read with Section 144C(3) and Section 144B of the Income Tax Act, 1961.

Details of the Assessment Order

  • Additions aggregating to ₹111.63 crore, covering a range of transfer pricing and corporate tax matters
  • Dispute areas include AMP expenses, R&D expenses, contract R&D expenses, transfer pricing adjustments, and certain other corporate tax matters
  • Penalty proceedings initiated under Section 270A of the Income Tax Act, 1961

Tax Demand Breakdown

The tax demand arising from the Final Assessment Order amounts to INR 36.46 crore (including interest).

Management's Position

JSW Dulux Limited has stated that, based on internal assessment and advice from tax consultants, the company believes it has strong merits in the matter. The company intends to challenge the Final Assessment Order before the appropriate Appellate Authorities and also contest the penalty proceedings under Section 270A of the Income Tax Act.