Transcript of the investor call attached.
JSWDULUX · price
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JSW Dulux reported record 23% volume growth in Q4 FY26, driven by strong performance in both decorative and industrial verticals. Revenue grew 6.2% (lower than volume due to price corrections taken in September-October to become more competitive). EBITDA margin was protected at 14.4%, though PAT/PBT saw slight decline due to pricing actions. The company took 9.7% price increases but notes raw material inflation remains elevated at 24-25%, requiring additional 3-4% pricing. The company completed its integration move from Gurgaon to Mumbai, with cultural integration progressing well, project business dealer integration done, and SAP integration planned for post-Diwali. Real estate sale completed in March 2026 generated Rs 64.8 crore. The company aims to become a strong number 3 player from its current position targeting 8% blended market share.
Strong volume growth demonstrates successful execution post-ownership change, but margin pressure from raw material inflation remains a near-term concern. The company expects to normalize to double-digit volume growth but faces uncertainty from geopolitical factors and competitive intensity in the paint industry.