The JSW Dulux Q2 results show revenue from operations of ₹961.9 crore for the July–September 2026 quarter, up 21.3% year-on-year on a comparable retained-business basis. Consolidated net profit, however, fell 9.2% to ₹88.8 crore from ₹97.8 crore, as higher operating expenses weighed on earnings.
The company reported sales volume growth of 21% in the quarter, compared with revenue of ₹793.3 crore a year earlier. Industrial coatings grew by more than 32%, according to Indian Chemical News, which reported the results on 8 November 2026.
How Did JSW Dulux Perform in Q2 FY27?
Comparable EBITDA from operations rose 4.4% to ₹110.9 crore, from ₹106.3 crore in the same quarter of FY26. Profit after tax excluding exceptional items increased 2% to ₹71.2 crore on a retained basis.
Revenue growth was much faster than profit growth. Rajiv Rajgopal, Joint Managing Director and CEO, said the company delivered a “consecutive quarter of double-digit volume and value growth”. On margins, he pointed to “calibrated price increases to partly offset margin dilution” as the response to elevated raw material inflation.
What Do the JSW Dulux Q2 Results Mean for the Paint Industry?
The quarter shows the squeeze many coatings makers face: demand and volumes are growing, but input costs are absorbing part of the gains. Revenue rose 21.3%, while comparable EBITDA grew only 4.4%.
Industrial coatings growth of more than 32% also stands out. The company says it is using calibrated price increases to partly offset the margin dilution.
What Is Project Akshaya Delivering?
JSW Dulux said Project Akshaya delivered ₹7.3 crore in synergies this quarter. The company aims for these savings to reach 7% to 10% of full-year EBITDA.
During the quarter it also launched “VT Soft Sheen” across India under its Accessible Luxury portfolio, and introduced EONIX rubbing and polishing compounds for automotive workshops.
Market Reaction and Industry Response
No share-price reaction or trade-body comment on the results was found in the sources reviewed for this report. The company’s own commentary points to pricing action and cost savings as the main levers for protecting margins.
What Happens Next?
The key points to watch are how far calibrated price increases offset raw material inflation, and whether Project Akshaya savings move toward the 7% to 10% of EBITDA target. The company has not given further quantified guidance in the coverage reviewed.
Frequently Asked Questions
What was JSW Dulux’s revenue in Q2 FY27?
Revenue from operations was ₹961.9 crore, up 21.3% year-on-year from ₹793.3 crore on a comparable retained-business basis.
Did JSW Dulux’s profit rise or fall in Q2?
Consolidated net profit fell 9.2% to ₹88.8 crore from ₹97.8 crore, due to higher operating expenses. Profit after tax excluding exceptional items rose 2% to ₹71.2 crore on a retained basis.
How much did volumes grow?
Sales volume rose 21% year-on-year, and industrial coatings grew by more than 32%.
Source: Indian Chemical News (ICN Bureau), 8 November 2026.
Leave a comment