JSW Dulux Limited — Investor Meet, 21-05-2026: Analysts/Institutional Investor Meet/Con. Call Updates

JSW Dulux Limited held a conference call to discuss its financial results for the quarter and year ended March 31, 2026. Management provided insights into performance, strategic priorities, and outlook.

**Financial Performance:** The company reported a strong volume growth of 23% across decorative and industrial segments. Revenue grew by 6.2%, driven by price and mix adjustments. EBITDA saw a ~2% growth on a like-for-like basis. PAT showed a slight decline due to elevated raw material costs, which are impacting margins. A final dividend of INR50 per share was approved.

**Management Commentary & Outlook:** Management is excited about the JSW Dulux journey post ownership change, focusing on integration and transformation. They acknowledge the impact of price reductions on margins but expect this to bridge with volume growth. The company is working on correcting price premiums and becoming more competitive, especially in mass and economy segments. Industrial paints are showing all-around growth, with tie-ups in Automotive and Specialty Coatings, and strong order books in Marine and Protective.

**Operational Updates:** The company is focused on integrating decorative and industrial businesses, with dealer integration for projects business underway. Retail integration is planned for early next year. They are also working on SAP system integration, targeted for completion by year-end. Capacity utilization for decorative paints is 55-60%, and for industrial products, it's 70-80%.

**Analyst Q&A Highlights:** Key discussions revolved around cultural and system integration progress, which is ongoing. Management clarified that the EBITDA margin impact is due to price reductions and a higher contribution from premium segments. The company is at par with competitors like Berger in the mid-market. They are on track to achieve an 8% blended market share target, with industrial segments gaining traction. The outlook for FY27 is cautious due to unpredictable global factors, but structurally, the industry is sound.

**Investor Angle:** Management appears confident about the transformation and integration progress, with a clear focus on long-term growth and market share gains, despite short-term margin pressures from raw material inflation.