Transcript of the proceedings of the AGM
JSWDULUX · price
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Akzo Nobel India held its 71st AGM on August 4, 2025. FY25 revenue crossed the Rs. 4,000 Crore mark for the first time, reaching Rs. 4,091.2 Crores (3% growth), while listed peers de-grew by 2%. Net profit was Rs. 428.6 Crores with EPS of Rs. 94.10, record absolute gross and EBITDA margins, and double-digit profitability for the sixth straight year. The company remains debt-free with 32% return on equity, and the board proposed a total dividend of Rs. 100 per share (up from Rs. 75). The biggest announcement: parent Akzo Nobel NV signed an agreement on June 27, 2025 to sell its 74% stake to JSW Paints for a transaction value of Rs. 8,926 Crores (22x EV/EBITDA), subject to regulatory approvals and a mandatory open offer to minority shareholders. JSW Paints, part of the $23 billion JSW Group, will gain full IP rights of the Dulux brand and continue Akzo's technology partnership for coatings.
This is a transformative event for minority shareholders - they will be eligible for the mandatory open offer from JSW Paints on top of the generous Rs. 100 dividend. Post-acquisition, the JSW-Akzo combination is positioned as a serious challenger in the Indian paints market, potentially driving stronger long-term growth and value, though near-term stock action will depend on the open offer price and regulatory clearance timelines.