JSW Dulux Limited (formerly Akzo Nobel India 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 72nd Annual General Meeting is scheduled for 10th July 2026 through Video Conferencing/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.

Key Financial Ratios

Key financial ratios for the standalone and consolidated entity are presented below:

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 scheduled for 10th July 2026. 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. The paid-up share capital of the company as on 31st March 2026 stood at ₹455.40 million, comprising 45.54 million equity shares of ₹10 each.

Transformative Corporate Developments

FY 2025-26 was marked by several landmark corporate events, as summarised below:

Business Segments and Strategic Priorities

Decorative Paints continued to be the core business, with the company leveraging Dulux's brand equity across premium, mid-tier, and economy segments. The domestic paints and coatings industry is estimated at $9.4 billion in early FY26, with the Decorative segment accounting for approximately 75% of total demand. Key product launches during the year included Dulux Velvet Touch Eterna (backed by a 10-year Dulux Assurance guarantee), SuperClean 3-in-1, Weathershield Hi Sheen, and Aquatech DampProtect 2-in-1. The company's distribution network reached over 5,000 towns, with plans to expand to over 6,000 towns.

Industrial Paints maintained strong positioning across Automotive and Specialty Coatings, Marine and Protective Coatings, and Coil and Packaging Coatings. The India industrial coatings market reached an estimated USD 3.09 billion. Key highlights included:

According to SIAM, the Indian automobile industry achieved record total wholesales of 2.83 crore units in FY26, with Passenger Vehicles growing 7.9% (46.43 lakhs units), Commercial Vehicles by 12.6%, and Two-Wheelers by 10.7%. Electric Vehicle registrations surpassed 25 lakhs units, a 24% year-on-year increase, with penetration rising to 8.5%.

Operational and ESG Highlights

The company operates five manufacturing facilities across Hyderabad, Bengaluru, Malanpur (Gwalior), Mohali, and Navi Mumbai. The Gwalior site recorded its highest-ever production of 3,467 KL in July 2025 and highest dispatches of 3,351 KL in September 2025. Capital expenditure for the year aggregated to ₹47 Crores. The company generated cash from operations of ₹158.2 Crores during the year and had NIL borrowings as at the end of FY 2025-26.

On sustainability, renewable energy usage reached 29.1% of total energy consumption. The dual-fuel PNG system retrofitted at the Bengaluru plant reduced carbon emissions by up to 30%. Total Scope 1 emissions stood at 239.59 Ton CO2e and Scope 2 emissions at 5,808.85 Ton CO2e for the current financial year. R&D expenditure for the year stood at ₹156 million. Foreign exchange earnings were ₹1,803 million and outgo was ₹6,297 million.

CSR spending for FY26 totalled ₹107.41 million against an obligation of ₹106.71 million. Key initiatives included:

• Indradhanush Project: 493 women entrepreneurs added in FY26, taking the total footprint to 1,581 enterprises across 22 districts in seven states; average monthly income increase of ₹1,000–2,000 for women entrepreneurs.
• Paint Academy: 2,108 candidates trained in decorative painting; 4,508 painters received RPL and upskilling training; 541 youths trained in vehicle refinish trade.
• Project Parivartan: Supporting 5,455 students across 6 project locations.
• Healthcare (Arogya Disha): Over 22,000 tele consultations completed in FY26; cumulative consultations since inception crossed 1.2 lakhs.
• Cancer Care: 160 children supported for cancer care in partnership with Kids Can.

Governance, Board Changes and Auditor

The Board underwent significant reconstitution during the year. Parth Jindal was appointed as Non-Executive Chairman and Rajiv Rajgopal was redesignated as Joint Managing Director & CEO, both effective 9th January 2026. New Independent Directors Shantanu Maharaj Khosla and Sutapa Banerjee, and Non-Executive Director Kaustubh Sudhakar Kulkarni were also appointed. There were 14 Board Meetings held during the year. The company closed FY26 with 1,387 FTEs, with a build rate of 32.3% supported by 200+ new hires. Employee engagement survey (Voices 2025) recorded 92% participation, an engagement score of 4.1, and an eNPS of 28.

M/s Deloitte Haskins & Sells LLP (Firm Registration No. 117366W/W100018) has been proposed as the new Statutory Auditor for five consecutive years commencing from the conclusion of the 72nd AGM, replacing M/s Price Waterhouse Chartered Accountants LLP. The proposed statutory audit fee for FY 2026-27 is ₹1,10,00,000 plus applicable taxes. The company's market capitalisation stood at ₹13,137 Crores as of March 2026.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE133A01011/7bb5a7d7-77c9-4e48-82d6-08eb68e7a5e8.pdf

JSW Dulux Ltd filed its Business Responsibility and Sustainability Report (BRSR) for the financial year 2025-26 with BSE Limited and National Stock Exchange of India Limited. The report, submitted pursuant to Regulation 34(2)(f) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, outlines the company's performance on environmental, social, and governance parameters. The filing confirms that Bureau Veritas (India) Pvt Ltd provided reasonable assurance for the BRSR Core KPIs.

The company reported a total energy consumption of 43944.39 GJ for the year, with renewable sources accounting for 12784.95 GJ. Total greenhouse gas emissions (Scope 1 and Scope 2) stood at 6048.44 Ton CO2e. JSW Dulux generated 3694.86 metric tonnes of waste, of which 3154.83 metric tonnes were recycled. The company reported zero fatalities and a Lost Time Injury Frequency Rate (LTIFR) of 0 for both employees and workers.

Financial and Operational Metrics

The company’s paid-up capital was reported at ₹ 455,403,140. Turnover for the financial year was ₹ 35,992,000,000, with a net worth of ₹ 23,930,000,000. The reporting boundary was on a consolidated basis. The company operates 5 plants and 4 offices nationally, serving 24 states and 4 countries internationally.

Employee Statistics

JSW Dulux employed 1156 permanent employees and 476 workers as of the end of the financial year. The workforce included 2 differently abled employees. The company reported that 100% of employees and workers were covered by health and accident insurance. The Board of Directors comprised 10 members, with 2 women representatives.

Stakeholder Grievances

The company received 34 shareholder complaints during the year, with 3 pending resolution at the close of the year. Customer complaints totaled 2061, with 679 pending. No complaints were reported regarding sexual harassment, discrimination, or child labour during the current financial year.