Bengaluru, Feb 03: Today, the Board of Directors of Akzo Nobel India Limited, a leading paints and coatings company and maker of Dulux Paints, approved the financial results for the quarter, and nine months ended 31 December 2025.
Comparable Results excluding divested business (Powder Coatings and IRC)
Q3 FY2025-26:
• Revenue from operations at ₹907.7 crore, decline of 1.0% from ₹916.6 crore
• EBITDA from operations at ₹135.7 crore, decline of 2.0% from ₹138.4 crore
• PAT excluding exceptional items at ₹94.6 crore, up by 5.9% from ₹89.3 crore
9M FY2025-26:
• Revenue from operations at ₹2,737.7 crore, decline of 2.2% from ₹2,800.7 crore
• EBITDA from operations at ₹380.7 crore, decline of 9.7% from ₹421.7 crore
• PAT excluding exceptional items at ₹258.5 crore, decline of 7.6% from ₹279.7 crore
Note:
I. Last year Restated Results (Q3 and 9M FY2024-25) are provisional, unaudited and based on Management estimates.
II. Exceptional items of ₹27.9 crore (statutory impact of Labour Codes, retention bonus and receipt recognized towards impairment provision) in both Q3 and 9M FY2025-26; and ₹1,846.3 crore (including pre-tax proceeds from sale of Powder Coatings, IRC, and related costs) in 9M FY2025-26.
Reported results including divested business
Q3 FY2025-26:
• Revenue from operations at ₹907.7 crore, decline of 13.6% from ₹1,050.5 crore
• EBITDA from operations at ₹135.7 crore, decline of 18.7% from ₹167.0 crore
• PAT excluding exceptional items at ₹94.6 crore, decline of 12.9% from ₹108.6 crore
9M FY2025-26:
• Revenue from operations at ₹2,737.7 crore, decline of 10.8% from ₹3,069.1 crore
• EBITDA from operations at ₹380.7 crore, decline of 21.1% from ₹482.3 crore
• PAT excluding exceptional items at ₹258.5 crore, decline of 19.5% from ₹321.1 crore
Akzo Nobel India Limited Joint Managing Director and CEO, Rajiv Rajgopal, commented: “In Q3 FY2025-26, we delivered overall volume growth of 5.9%. Excluding exports, we registered volume growth of 6.6% and revenue growth of 1.8% driven by premium portfolio in both paints and coatings. In decorative paints, domestic volumes grew 8% led by premium across geographies. Re-investing savings on decorative paints royalty into our business, we undertook focused initiatives including targeted pricing actions and strengthened engagement with painters and architects. Across our automotive & vehicle refinish, marine, protective and industrial coatings, we built new relations with marquee global brands and leading Indian corporates.
While growing, we maintained double-digit profitability. Profit After Tax (PAT) excluding exceptional items increased by 5.9% YoY, reflecting strong underlying operational performance.
Post the completion of acquisition by JSW, the focus now is to integrate into the new ways of working, and together, be #BetterEveryday. We will now increase investment in innovation, technology and digital tools as we accelerate our growth journey.”
Corporate updates:
- Completion of acquisition and Promoter change: On 10 December 2025, JSW Paints Limited acquired 60.76% shareholding (comprising 2,76,70,295 equity shares) in Akzo Nobel India limited pursuant to the Share Purchase Agreement between JSW Paints Limited and Imperial Chemicals Industries Limited and Akzo Nobel Coatings International B.V. This is in addition to the 2,01,428 equity shares acquired by JSW Paints Limited under its open offer on 12 November 2025. Pursuant to the acquisition of an aggregate 2,78,71,723 equity shares, representing 61.2% of the voting share capital of the Company, JSW Paints have become the Promoter and Holding Company of Akzo Nobel India Limited effective 10 December 2025.
- Strengthening Board composition: The Board of Directors of Akzo Nobel India at its meeting on 9 January 2026: (i) on-boarded Mr. Parth Jindal as a Non-Executive Director (Non-independent) and Chairman of the Company with immediate effect, subject to shareholders’ approval; (ii) re-designated Mr. Rajiv Rajgopal as “Joint Managing Director and Chief Executive Officer” of the Company with immediate effect, and (iii) appointed Mr. Shantanu Maharaj Khosla as an Independent Director w.e.f. 9 January 2026 for a period of three years, subject to shareholders’ approval.
- Proposed change of Company name: The Board of Directors of Akzo Nobel India at its meeting on 28 January 2026 approved the proposal for change of name of the Company from Akzo Nobel India Limited to “JSW Dulux Limited”, subject to approval of the shareholders of the Company and the Central Government/Ministry of Corporate Affairs.
Business highlights:
- In decorative paints, we focussed on innovation to drive accelerated growth, and launched three offerings in the retail market across home exteriors, flooring and designer finishes:
– Dulux Weathershield Metallics capitalizes on the rising demand for enhanced aesthetics and architect-led specifications in the home exteriors segment.Building on Dulux Weathershield’s proven durability promise, the range offers over 80 metallic shades with a premium real-metal finish and is backed by a 10-year warranty.
– Dulux Weathershield Floor Plus extends the Dulux Weathershield brand’s exterior protection promise into flooring applications. Powered by advanced PU technology for high-impact durability, the product offers the largest shade range in the segment, with over 800+ colour options, and has a 2-year warranty.
– Dulux Weathershield Textures portfolio expanded with the launch of three new designer finishes – Ultrafine, Superfine and Dholpur – enabling Dulux paints brand to participate aggressively in the designer finish segment. These launches improve basecoat-to-topcoat attachment, thereby supporting accelerated system-led adoption for premium offerings.