JSW Dulux Limited reports 23% volume growth in Q4 FY26 amid company´s rebrand
The results were driven by improved demand, pricing discipline, and momentum across both decorative and industrial segments.
INDIA – JSW Dulux Limited said it ended Q4 FY26 with 23% volume growth in its retained business after the transition from Akzo Nobel India Limited, alongside 6.2% revenue growth for the quarter.
For the quarter ended March 2026, revenue from operations stood at ₹883.3 crore (USD 91.8 million), up 6.2% year on year, while consolidated net profit rose 16% to ₹125.7 crore (USD 13.1 million).
Profit before tax came in at ₹169.7 crore (USD 17.6 million), compared with ₹137.6 crore (USD 14.3 million) in the same quarter last year.
According to the company, the volume surge reflected the first full benefits of its post-transition strategy, with stronger traction in the business it retained after restructuring.
For FY26, JSW Dulux reported consolidated revenue of ₹3,599.2 crore (USD 373.9 million) and consolidated net profit of ₹1,973.8 crore (USD 205.1 million), though exceptional gains from asset sales and restructuring materially boosted profit.
Standalone revenue for the year was reported at ₹3,632.5 crore (USD 377.6 million), down 11.34% from the previous year, reflecting the impact of the portfolio changes.
Rajiv Rajgopal, Joint Managing Director and CEO, JSW Dulux Ltd, said, “In Q4 FY2025-26, overall demand conditions improved, and the market saw a demand uptick across verticals. In March 2026, given the geopolitical situation, raw material prices increased sharply. Subsequently, calibrated price increases were taken in our business verticals.¨
Meanwhile, the business has been reshaped following the JSW Group transition, including the divestment of the Powder Coatings and Research Centre divisions, which generated large exceptional income during the year.
After that restructuring, the company said it is now focused on accelerating growth, expanding market share, and extracting operating collaboration from the retained business.
The board recommended a final dividend of ₹50 (USD 0.52) per share for FY26. Combined with the previously paid special interim dividend of ₹156 (USD 1.62) per share, the total dividend for the year amounts to ₹206 (USD 2.14) per share.
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