JSW Dulux Q1 profit rises 49 per cent, approves 1:10 stock split

MUMBAI: JSW Dulux has given its first-quarter numbers a fresh coat of paint, with profit jumping even as reported revenue took a small step back. The paints maker, formerly known as Akzo Nobel India, posted standalone profit after tax of Rs 135.5 crore for Q1 FY27, up 48.8 per cent from Rs 91 crore a year earlier.

Revenue from operations stood at Rs 965 crore, down 2.8 per cent from Rs 993.1 crore in Q1 FY26. EBITDA from operations also slipped 14.4 per cent to Rs 115.1 crore from Rs 134.5 crore.

The headline numbers, however, come with a little fine print. The company said the year-ago figures included businesses that were subsequently carved out, making a direct comparison less meaningful. On a comparable basis for the retained business, volume grew 25 per cent, while revenue from operations rose 18.8 per cent to Rs 965 crore from Rs 812 crore. EBITDA increased 14.7 per cent to Rs 115.1 crore, while PAT more than doubled, rising 101.6 per cent to Rs 135.5 crore from Rs 67.2 crore.

The statutory results show that total standalone income reached Rs 1,046.3 crore, helped by other income of Rs 81.3 crore, compared with Rs 9 crore in the year-ago quarter. This included Rs 55.9 crore in dividend income from ICI India Research and Technology Centre and Rs 21.5 crore in interest on an income-tax refund.

On the cost side, material consumption rose to Rs 635.8 crore from Rs 518.6 crore, while employee benefits expense fell to Rs 82.2 crore from Rs 97.5 crore. Finance costs were broadly stable at Rs 2.6 crore, compared with Rs 2.7 crore a year earlier. Total expenses came in at Rs 872.9 crore, against Rs 879.6 crore.

JSW Dulux said its decorative paints business saw growth across retail and projects, led by its premium portfolio, while the industrial paints business benefited from new orders in energy and infrastructure, automotive OEMs, premium vehicle refinish and coil coatings. The company also took calibrated price increases to partly offset raw material inflation.

The quarter also brought a share-market makeover. The board approved a proposal to split each existing Rs 10 equity share into 10 shares of Re 1 each, subject to shareholder and regulatory approvals. The company will seek shareholder approval through a postal ballot, with the proposal requiring an ordinary resolution for the split and a special resolution for the alteration of the Articles of Association.

JSW Dulux also launched two new waterproofing propositions, Dulux Aquatech Waterproof Basecoat and Dulux Aquatech Damp Cure, along with Sadolin Hydro PU, a water-based polyurethane wood coating positioned around low VOCs, child-safe certification and faster drying.

The company cautioned that its Q1 FY27 results are not directly comparable with previous periods because of the slump sale of its Powder Coatings business and International Research Centre division in September 2025.