JSW Dulux (JSWDULUX) — Financial Results

Investor Takeaways

Revenue grew 18.8% YoY to ₹965 crores in Q1 FY27, driven by 25% volume growth and premium category contribution.

Net profit surged 101.3% YoY to ₹135.5 crores, supported by gross margin expansion to 39.5-40% and EBITDA growth of 14.7%.

EBITDA margin reached 11.9%, targeting 13-15% long-term; inventory reduced to 60 days versus industry 110-120 days.

Volume growth fueled by premium brands (45% of decorative revenue), value-per-outlet increases, and direct distribution shifts in top towns.

Strategic expansion to 4,500 towns from current 3,400-3,500, targeting 8-10% market share by 2030-31; 'Project Akshaya' delivered ₹2.4 crore savings.

Management aims for top 2-3 position in decorative coatings and number one in industrial coatings by 2030-31; double-digit volume and value growth targeted.

Overall Tone: Positive

Key Financial Highlights

Metric	Value	YoY Change
Revenue	965	18.8%
Net Profit	135.5	101.3%
EBITDA	114.7	14.7%
EPS	17.51
OPM	9.81

What Changed

JSW Dulux Limited reported robust Q1 FY27 results, with revenue up 18.8% YoY to ₹965 crores and net profit surging 101.3% YoY to ₹135.5 crores. The growth was driven by 25% volume expansion, particularly in premium decorative segments (contributing 45% of decorative revenue), alongside value-per-outlet increases and direct distribution shifts in top towns. Gross margin improved to 39.5-40%, contributing to EBITDA growth of 14.7% and an EBITDA margin of 11.9%, which management targets to reach 13-15% long-term. Inventory reduction to 60 days (vs. industry 110-120 days) reflects improved working capital efficiency. The company announced plans to relocate headquarters to Mumbai and expand presence to 4,500 towns from current 3,400-3,500, targeting 8-10% market share by 2030-31. Strategic initiatives include 'Project Akshaya' for cost synergies (₹2.4 crore savings realized), partnerships with Mahindra and Porsche, AI-driven distribution, and R&D reinvestment. The turnaround strategy is gaining traction, with double-digit volume and value growth targets set for the coming years.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
JSW Dulux Limited	7.19	80.05%	96.78%	14,114.99
Titan Company Ltd	78.65	36.68%	20.89%	4,53,299.17
Asian Paints Ltd	52.9	22.63%	28.69%	2,52,269.02
LG Electronics India Ltd	62.24	23.8%	32.96%	1,13,609.53

JSW Dulux trades at a significant discount to peers on P/E, with substantially higher ROE and ROCE, indicating stronger profitability and efficiency relative to its market valuation.

Risks & Concerns

No specific risks identified in the filing; however, execution risks in expanding to 4,500 towns and achieving 8-10% market share by 2030-31 cannot be ruled out.

Market volatility in consumer durables sector could impact growth momentum.

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q1FY27	965	79.7	9.81
Q4FY26	883.3	125.7	12.1
Q3FY26	894.4	74.3	13.16
Q2FY26	834.9	1,682.8	11.07

The quarterly trend shows revenue growth accelerating in Q1FY27, with net profit declining from the exceptional Q2FY26 base but still up 101.3% YoY. OPM fluctuated in prior quarters but stabilized at 9.81% in Q1FY27, reflecting margin pressure from higher volume growth investments. The company’s profitability trajectory remains positive, with EBITDA margin expansion and inventory optimization supporting sustainable growth.

📄 View Original Announcement (PDF)

📊 Stock Analysis — JSWDULUX ✨ Ask AI About This

About JSW Dulux Limited (JSWDULUX)

Consumer Durables · Paints/Varnish · Listed on NSE

Market Cap: ₹14,311.95 Cr P/E: 7.3 ROE: 80.0% ROCE: 96.8% Div Yield: 6.55%

View full JSWDULUX stock details →

📡 Get AI alerts when JSWDULUX files next

Free • Daily 5 PM digest • Track filings, board meetings, and corporate actions

Track JSWDULUX — Free

💡 Ask AI about this filing

"How will margin expansion offset ongoing pricing pressure in decorative segment?" "What is the expected timeline for achieving 8-10% market share target?" "How will ERP integration specifically improve profitability in industrial coatings?"

Ask AI Free →

📊 More JSWDULUX filings

See all JSWDULUX filings →

🔥 Also filed on 18 August 2026

MURUDCERA Murudeshwar Ceramics Limited Annual Report LUXIND Lux Industries Limited Corporate Action MMP MMP Industries Limited Corporate Action VADILALIND Vadilal Industries Limited Corporate Action ONESOURCE Onesource Specialty Pharma Limited Announcement LUXIND Lux Industries Limited Annual Report

View all today's announcements →

Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

📡 Get AI alerts when JSWDULUX files new disclosures

Track JSWDULUX filings, board meetings, and corporate actions. Free email alerts at 5 PM.