Cost pressures caught up with JSW Dulux Ltd in the second quarter. The coatings manufacturer posted a 9.2% drop in consolidated net profit to ₹88.8 crore for the three months ended September 30, tripped up by surging raw material expenses even as paint sales volumes swelled. Profit stood at ₹97.8 crore during the corresponding quarter last year, according to the company's exchange filing.
Yet top-line expansion told a completely different story. Revenue from operations jumped 16.2% to ₹961.9 crore, up from ₹827.6 crore a year ago, powered by a 21% surge in sales volume. Total income advanced 15.44% to ₹964.3 crore. But runaway operational overhead quickly wiped out the volume gains. Total expenses climbed 18.7% to ₹875.5 crore, outpacing sales growth and eroding bottom-line margins.
The paints and coatings firm—formerly known as Akzo Nobel India Ltd—relied on tight overhead management to keep operating profit afloat, pushing comparable Ebitda up 4.4%. Management cited sustained traction across both consumer and industrial lines heading into the festive period.
“We delivered consecutive quarters of double-digit volume and value growth, reflecting steady progress on our strategic priorities,” said Joint Managing Director and Chief Executive Officer Rajiv Rajgopal. Decorative paints captured market share across interior and exterior tiers, while industrial demand drew power from public infrastructure projects and energy installations. Automotive orders expanded as the company broke into fresh supplier verticals.
The margin defense remains an uphill climb. “While raw material inflation remains elevated, we have undertaken calibrated price increases to partly offset margin dilution,” Rajgopal said.
| Financial Metric | Q2 FY27 | Q2 FY26 | YoY Change |
|---|---|---|---|
| Revenue from Operations | ₹961.9 cr | ₹827.6 cr | +16.2% |
| Net Profit | ₹88.8 cr | ₹97.8 cr | -9.2% |
| Total Expenses | ₹875.5 cr | — | +18.7% |
| Total Income | ₹964.3 cr | — | +15.4% |
| Volume Growth | 21.0% | — | — |
For the first half of FY27, total consolidated income advanced 6.4% to ₹1,954.9 crore. The operational shift reflects the broader overhaul since December 2025, when JSW Paints acquired a 60.76% controlling interest from Imperial Chemicals Industries Ltd and Akzo Nobel Coatings International BV, absorbing the legacy brand into the $23 billion JSW Group conglomerate.
Management warned that geopolitical friction continues to disrupt chemical feedstocks. To defend gross margins through the second half of the fiscal year, JSW Dulux plans to review regional input costs monthly and roll out further targeted price adjustments across its commercial portfolio.