JSW Dulux Reports 21 percent Revenue Growth and 4.4 percent Increase in Operating EBITDA in Q2 FY27

Mumbai, Nov 05: The Board of Directors of JSW Dulux Limited, a 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.”

Corporate highlights:

During Q2 FY27, the shareholders of the Company approved the proposal to split/sub-divide the shares of the Company in the ratio of 10:1 by sub-dividing the face value of equity shares from Rs. 10/- per share to Re. 1/- per share. Subsequently, on the Record Date (22 Oct 2026) as fixed, these shares stand sub-divided as aforesaid for trading purpose on stock exchanges.

Business highlights:

• Decorative paints launched VT Soft Sheen pan-India under the Accessible Luxury portfolio, combining the TruColour proposition with an 8-year Dulux Assurance warranty to deliver enhanced aesthetics and long-term paint performance to consumers.
• Automotive & Specialty Coatings launched the EONIX™ Rubbing & Polishing Compound range, marking the brand’s entry into adjacent categories in OEM-authorized workshop networks. The premium product range strengthens the automotive refinish portfolio with professional-grade surface correction and finishing solutions, delivering superior gloss, consistent finish quality and application efficiency, while establishing EONIX as a high-performance brand for OEM service networks.