JSW DULUX LIMITED

Makes and sells decorative and industrial paints in India under the Dulux brand, following JSW Paints' acquisition of a 61.2% stake from Akzo Nobel in December 2025 (the company was renamed from Akzo Nobel India to JSW Dulux in March 2026). The single reported Paints segment generated Rs 3,599.2 cr of retained business revenue in FY26 with 7% volume growth, split between decorative paints for retail/households and industrial coatings for steel, marine, protective and auto OEM customers. The industrial coatings business leverages JSW Group ownership — management notes roughly 70% of industrial coatings go on steel — with marquee wins cited including a Porsche OEM tie-up and the Navi Mumbai Airport project. The company operates 5 plants, employs about 1,156 people plus 476 workers, and reaches 6,640 dealers across more than 5,000 towns, with management targeting expansion to 6,000+ towns including tier 2/3/4 markets. The premium portfolio mix stands at 44% versus an industry average of 22%; in Q4 FY26 deliberate price corrections in premium categories (from 7-9% premiums down to near-market levels) drove 23% blended volume growth but only 6.2% revenue growth, after which a 9.7% price hike was implemented to offset raw material inflation running at 24-25%. Materials are the dominant cost at 51.9% of revenue, with employees at 8.7% and other operating expenses at 18.6%, and the company is debt-free.