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JSW Dulux Q2 FY27 results: net profit down 95.8% to ₹71.42 crore, revenue up 15.2%
JSW Dulux Limited reported consolidated Q2 FY27 revenue of ₹961.92 crore, up 15.2% from Q2 FY26, while EBITDA was ₹111.01 crore at an 11.5% margin. Net profit was ₹71.42 crore and basic EPS was ₹15.68, compared with ₹1,683 crore and ₹369.51 in the year-ago quarter, which included a ₹1,874 crore exceptional gain. Against Q1 FY27, revenue fell 0.3%, EBITDA fell 3.6% and net profit fell 10.4%.
Key points
- Consolidated Q2 FY27 revenue was ₹961.92 crore, up 15.2% from ₹834.91 crore in Q2 FY26 and down 0.3% from ₹965.02 crore in Q1 FY27.
- Consolidated EBITDA was ₹111.01 crore, up 0.3% year on year and down 3.6% sequentially; the margin was 11.5%, compared with 13.3% and 11.9%.
- Consolidated net profit was ₹71.42 crore and basic EPS was ₹15.68, down 95.8% and 95.8% from Q2 FY26, respectively.
- Total expenses rose 17.5% year on year to ₹875.49 crore, led by a 38.1% rise in cost of materials to ₹608.39 crore; there was no exceptional item in Q2 FY27.
- H1 FY27 revenue was ₹1,926.95 crore, up 5.3%, while net profit was ₹151.13 crore, down 91.5% from H1 FY26.
How did JSW Dulux perform in Q2 FY27?
JSW Dulux reported consolidated revenue of ₹961.92 crore in Q2 FY27, up 15.2% from ₹834.91 crore in Q2 FY26 but down 0.3% from ₹965.02 crore in Q1 FY27. EBITDA was ₹111.01 crore, up 0.3% year on year and down 3.6% sequentially. The EBITDA margin was 11.5%, compared with 13.3% in Q2 FY26 and 11.9% in Q1 FY27.
Consolidated net profit was ₹71.42 crore, against ₹1,683 crore in Q2 FY26 and ₹79.72 crore in Q1 FY27. Basic EPS was ₹15.68, compared with ₹369.51 and ₹17.51, respectively. On the standalone basis, revenue was ₹961.92 crore and profit after tax was ₹71.22 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 961.92 | 965.02 | 834.91 | +15.2% | −0.3% |
| Other income | 2.41 | 25.59 | 7.72 | −68.8% | −90.6% |
| Total expenses | 875.49 | 872.95 | 744.82 | +17.5% | +0.3% |
| EBITDA | 111.01 | 115.11 | 110.72 | +0.3% | −3.6% |
| EBITDA margin | 11.5% | 11.9% | 13.3% | −1.8 pp | −0.4 pp |
| Profit before tax | 88.84 | 117.66 | 1,972 | −95.5% | −24.5% |
| Tax | 17.43 | 37.94 | 289.19 | −94.0% | −54.1% |
| Net profit | 71.42 | 79.72 | 1,683 | −95.8% | −10.4% |
| EPS (₹) | 15.68 | 17.51 | 369.51 | −95.8% | −10.5% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in JSW Dulux's costs and profit?
Total expenses rose 17.5% year on year to ₹875.49 crore, including cost of materials of ₹608.39 crore, up 38.1%. Other expenses were ₹171.75 crore, up 6.6%; employee cost fell 2.6% to ₹71 crore; finance costs rose 93.9% to ₹4.46 crore; and depreciation rose 9.8% to ₹20.12 crore. Other income fell 68.8% to ₹2.41 crore, while tax fell 94.0% to ₹17.43 crore.
Q2 FY26 included a ₹1,874 crore exceptional gain, while Q2 FY27 had no exceptional item. Management said price increases only partly offset raw-material inflation, B2C margins were affected by higher promotion spending, and B2B margins were lower because of business mix. It also said lower investment income limited comparable PAT growth to 2%.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 608.39 | 440.70 | +167.69 | +38.1% |
| Employee cost | 71 | 72.90 | −1.90 | −2.6% |
| Finance costs | 4.46 | 2.30 | +2.16 | +93.9% |
| Depreciation | 20.12 | 18.32 | +1.80 | +9.8% |
| Other expenses | 171.75 | 161.10 | +10.65 | +6.6% |
| Total expenses | 875.49 | 744.82 | +130.67 | +17.5% |
| Other income | 2.41 | 7.72 | −5.31 | −68.8% |
| Tax | 17.43 | 289.19 | −271.76 | −94.0% |
| Exceptional items | none | +1,874 (gain) |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, consolidated revenue was ₹1,926.95 crore, up 5.3% from ₹1,830.01 crore in H1 FY26, while total income was ₹1,954.95 crore, up 5.9% from ₹1,846.72 crore. Profit before tax was ₹206.54 crore, down 90.1% from ₹2,094.52 crore, and net profit was ₹151.13 crore, down 91.5% from ₹1,773.78 crore.
H1 FY27 basic EPS was ₹33.19, compared with ₹389.49 in H1 FY26. The earlier half included exceptional gains, including ₹1,874.2 crore of pre-tax proceeds from the sale of Powder Coatings, IRC and related costs in Q2 and H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,927 | 1,830 | +5.3% |
| Profit before tax | 206.54 | 2,095 | −90.1% |
| Net profit | 151.13 | 1,774 | −91.5% |
| EPS (₹) | 33.19 | 389.49 | −91.5% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹3,870.9 crore, compared with ₹3,795.32 crore at 31 March 2026, and total equity was ₹2,323.45 crore against ₹2,451.64 crore. The company reported no borrowings at either date, while cash fell to ₹81.3 crore from ₹269.8 crore. Inventories rose to ₹811.92 crore from ₹571.1 crore.
H1 FY27 operating cash flow was ₹133.3 crore, compared with an outflow of ₹194.69 crore in H1 FY26. Investing cash flow was an outflow of ₹22.9 crore, against an inflow of ₹1,056.66 crore, while financing cash flow was an outflow of ₹298.3 crore against an outflow of ₹860.35 crore. Capital expenditure was ₹37.6 crore, compared with ₹24.22 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 3,871 | 3,795 |
| Total equity | 2,323 | 2,452 |
| Borrowings | 0 | 0 |
| Cash and equivalents | 81.30 | 269.80 |
| Inventories | 811.92 | 571.10 |
| Trade receivables | 669.53 | 602.91 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 133.30 | −194.69 |
| Cash from investing | −22.90 | 1,057 |
| Cash from financing | −298.30 | −860.35 |
| Capital expenditure | 37.60 | 24.22 |
Source: Company's results filing (XBRL).
How has JSW Dulux done over the last 8 quarters?
Revenue peaked at ₹1,050.46 crore in Q3 FY25 and reached its lowest level of ₹834.91 crore in Q2 FY26; it was ₹961.92 crore in Q2 FY27 after ₹965.02 crore in the preceding quarter. Revenue has remained near the ₹961.92 crore level for two quarters after the sequential decline from Q1 FY27.
EBITDA margin peaked at 15.9% in Q3 FY25 and bottomed at 11.5% in Q2 FY27, following 11.9% in Q1 FY27. Profit after tax was highest at ₹1,682.8 crore in Q2 FY26 because of the exceptional gain, while the lowest was ₹71.42 crore in Q2 FY27; it fell from ₹79.72 crore in Q1 FY27.
What else did the company announce?
The board approved the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026. It appointed Bahram Navroz Vakil as an additional independent director for a three-year period from 4 November 2026 to 3 November 2029, subject to shareholder approval, and proposed shifting the registered office to JSW Centre in Mumbai.
HDFC Asset Management said the aggregate holding of HDFC Mutual Fund schemes in JSW Dulux increased by 2.21% to 8.06% as of 30 October 2026. The board also approved a postal ballot for the independent-director appointment and registered-office change; no dividend or fund-raising proposal was stated in the same-day filings.
What did JSW Dulux's management say?
Management said comparable standalone revenue grew 21.3% and volume rose 22%, marking a fourth consecutive quarter of double-digit volume growth. It reported B2C festive-season traction and calibrated price increases, alongside B2B order wins in infrastructure, power, coil and automotive OEM. Comparable gross margin fell to 36.8% from 41.7%, while EBITDA margin declined to 11.5% from 13.4%.
Management said Project Akshaya delivered realised benefits of ₹7.3 crore in Q2 and is intended to optimise capacity utilisation, redesign the supply chain and harmonise ERP and systems. It also said the joint venture has further 4.5mtpa capacity and expects this to grow to 16mtpa by FY32. Management identified raw-material inflation, trade disruptions affecting TiO2 prices, declining consumer confidence, rupee weakness and business mix as risks.
How did other Paints companies do?
Five Paints companies filed for the quarter, with a median revenue growth of 15.0%. Three peers grew more slowly than JSW Dulux, while two grew faster than the company. Profit increased for two of the five peers.
| JSW Dulux revenue growth (YoY) | +15.2% |
|---|---|
| Median of 5 other Paints companies | +15.0% |
| Companies with slower revenue growth than JSW Dulux | 3 of 5 |
| Companies with faster revenue growth than JSW Dulux | 2 of 5 |
| Companies whose net profit rose | 2 of 5 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was JSW Dulux's revenue in Q2 FY27?
Revenue from operations was ₹961.92 crore, up 15.2% from ₹834.91 crore in Q2 FY26 (consolidated).
Did JSW Dulux make a profit in Q2 FY27?
Yes. Net profit was ₹71.42 crore, against a net profit of ₹1,683 crore in Q2 FY26.
What was JSW Dulux's EPS in Q2 FY27?
Basic earnings per share were ₹15.68, against ₹369.51 in Q2 FY26.
When did JSW Dulux announce its Q2 FY27 results?
On 4 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Unaudited Financial Results For The Quarter Ended Sep 26 (BSE, 16 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Held On 4Th November 2026 (BSE, 4 November 2026) · PDF
- Unaudited Fiancial Results For The Quarter And Half Year Ended 30 September 2026 (BSE, 4 November 2026) · PDF
- Proposed Change In Registered Office (BSE, 4 November 2026) · PDF
- The investor presentation (4 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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