JSW Dulux LimitedChemicalsJSWDULUX
Q1 FY27 concall · earnings callJSW Dulux Limited
The company delivered strong double-digit volume and revenue growth despite operational transitions and raw material cost pressures.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue | ₹965 Cr | 18.8% | |
| Gross Margin | ₹360.8 Cr | 2% | |
| EBITDA | ₹115.1 Cr | 14.7% | |
| PAT | ₹135.5 Cr | — | |
| Volume Growth | 25% | — | |
| EBITDA Margin | 11.9% | -50 bps |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹1,050.46 Cr+1.7% YoY+6.9% QoQ | ₹108.58 Cr-4.6% YoY+11% QoQ | ₹23.85-4.6% YoY+11% QoQ |
| Q2 FY25 | ₹982.29 Cr+2.7% YoY-5.2% QoQ | ₹97.86 Cr+3.9% YoY-14.6% QoQ | ₹21.49+3.8% YoY-14.6% QoQ |
| Q1 FY25 | ₹1,036.27 Cr+3.7% YoY+6.5% QoQ | ₹114.61 Cr+4.3% YoY+5.5% QoQ | ₹25.17+4.4% YoY+5.4% QoQ |
| Q4 FY24 | ₹973.39 Cr+2.3% YoY-5.7% QoQ | ₹108.67 Cr+13.9% YoY-4.5% QoQ | ₹23.87+14% YoY-4.5% QoQ |
| Q3 FY24 | ₹1,032.74 Cr+4.7% YoY+8% QoQ | ₹113.82 Cr+16.8% YoY+20.8% QoQ | ₹24.99+16.8% YoY+20.7% QoQ |
TL;DR
- Revenue grew 18.8% to Rs 965 Cr on a like-to-like basis, with 25% volume growth.
- PAT of Rs 135.5 Cr included one-off items of Rs 21.5 Cr (IT refund interest) and Rs 55.9 Cr (dividend from property sale).
- Gross margin of 37.4% was impacted by high-cost inventory and reclassification of promotional spends.
- EBITDA margin was 11.9%, diluted by reinvestment in growth (hiring ~160 people) and cost pressures.
- Decorative and industrial businesses both grew strongly, led by premium segments.
- Integration with JSW Paints under 'Project Akshaya' is underway, aiming for synergies and cost efficiencies.
Said on the call
“it almost felt like you are having to rewire the house without switching off the mains.”
From the Q&A
| Topic | What management said |
|---|---|
| Growth Drivers | Management stated the strong volume growth was led by the premium decorative segment (grew close to 20%) and adjacencies like waterproofing and woodcare, not by undercoats or putty. |
| Margin Pressure | Gross margin was impacted by ~2 points due to consumption of high-cost inventory (decorative inventory was ~60 days) and ~2.5 points from reclassifying promotional spends from net to gross revenue. |
| Competitive Dynamics | Management expects competitive intensity in decorative to continue for 1-2 years with new entrants discounting, but they benchmark pricing against the market leader, not new competitors. |
| Strategy & Targets | The combined JSW Paints and JSW Dulux aim to be the #2 player overall, #3 in decorative, and #1 in industrial coatings over the next few years, focusing on market share gains while delivering absolute EBITDA. |
| Integration Synergies | Project Akshaya with JSW Paints aims for cost efficiencies; cross-manufacturing, supply chain redesign, and ERP integration are underway, yielding Rs 2.4 Cr savings in Q1. |
Guidance
- Expects to achieve EBITDA margins in the range of 13% to 15%.
- Endeavor is to deliver double-digit volume growth going forward.
- Aims to increase active town presence from ~3,500 to ~4,500 this year.
Source
Summary written from the transcript filed by JSW Dulux Limited for the call held on 12 Aug 2026; published 18 Aug 2026, 20:27 IST.
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