JSW Dulux Limited has released its Annual Report for FY 2025-26, presenting a year of significant transformation underpinned by a change in promoter ownership, a landmark brand acquisition, and resilient operational performance in a highly competitive market. The company has sent letters to shareholders who have not registered their email addresses, providing the weblink and QR code for accessing the Notice of the 72nd Annual General Meeting and the Annual Report. The AGM is scheduled for Friday, 10th July 2026 at 2:00 PM IST through Video Conferencing or Other Audio Visual Means.

Financial Performance Overview

Based on comparable standalone performance of the retained business, the company reported revenue from operations of ₹3,599.2 crores for FY 2025-26, compared to ₹4,069.3 crores in the previous year. The year-on-year decline reflects the slump sale of the Powder Coatings and International Research Centre divisions completed in July 2025. On a comparable basis, the company delivered 7% volume growth and sustained double-digit profitability for the seventh consecutive year. EBITDA stood at ₹507.5 crores and Profit After Tax at ₹1,917.7 crores on a standalone basis.

The following table summarises the standalone and consolidated financial performance:

*before exceptional items. Numbers not comparable due to slump sale of Powder Coatings and International Research Centre divisions during the quarter ended 30 September 2025.

Dividend and Capital Allocation

The Board declared a special interim dividend of ₹156 per equity share in August 2025, funded from proceeds of the slump sale. The Board has further recommended a final dividend of ₹50 per equity share for FY 2025-26, subject to shareholder approval at the 72nd AGM. The total dividend for FY 2025-26, including the proposed final dividend, amounts to ₹206 per equity share — the highest ever declared by the company for a single financial year. The final dividend, if approved, will result in appropriation of ₹227.7 Crores (inclusive of TDS) and will be paid to members on record as of Friday, 3rd July 2026.

Transformative Corporate Developments

FY 2025-26 was marked by several landmark corporate events, including a change in promoter where JSW Paints Limited acquired 61.20% equity via Share Purchase Agreement and Open Offer, with the transaction closing on 10th December 2025. The company acquired intellectual property rights (including Dulux brand) for decorative paints in India, Bhutan, Bangladesh, and Nepal from Akzo Nobel Coatings International B.V. at ₹11,520 million, completed on 1st July 2025. Additionally, the Powder Coatings division was sold for ₹20,730 million and the International Research Centre division for ₹700 million. The company was renamed from Akzo Nobel India Limited to JSW Dulux Limited, effective 11th March 2026, and relocated its corporate office to JSW Centre, Bandra Kurla Complex, effective 1st April 2026.

JSW Dulux 's Co MD & CEO has laid out an ambitious growth agenda for FY27, focusing on multiple strategic priorities aimed at strengthening the company's position in the Indian paints and coatings market. The leadership's vision encompasses product portfolio expansion, enhanced brand visibility, and a significant widening of the company's geographic presence, all while keeping a firm eye on cost management.

Strategic Priorities for FY27

The Co MD & CEO's growth roadmap for FY27 is built around several interconnected pillars designed to drive sustainable business expansion. The following key focus areas have been highlighted as central to the company's strategy:

Expanding Geographic Footprint

A standout element of the FY27 strategy is the company's ambition to extend its reach to over 6,000 towns. This geographic expansion signals a deliberate push to penetrate deeper into India's vast and diverse market, tapping into both urban and semi-urban demand for paints and coatings products. Broadening the distribution and retail network to this scale reflects the company's intent to capture a larger share of the growing Indian decorative and industrial paints segment.

Product and Brand Development

Alongside geographic growth, JSW Dulux's leadership has emphasized the importance of expanding the product range to cater to evolving consumer preferences and market demands. Strengthening brand presence is also a stated priority, underscoring the company's focus on building long-term consumer trust and market recognition. These initiatives are expected to complement the wider distribution push by ensuring that a robust and recognizable product offering is available across the expanded network.

Cost Discipline as a Growth Enabler

Even as JSW Dulux pursues an aggressive expansion strategy, the Co MD & CEO has stressed the importance of maintaining cost discipline. This balanced approach—pursuing growth while managing expenses—reflects a measured strategy aimed at ensuring that expansion efforts translate into sustainable business performance. Cost discipline is positioned not as a constraint but as an enabler that supports the company's broader FY27 ambitions.