Revenue declined 2.8% to ₹965 crore from ₹993.1 crore in Q1 FY26.
Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 14.4% to ₹115.1 crore, compared with ₹134.5 crore a year ago. EBITDA margin stood at 11.93%, down from 13.54% in Q1 FY26.
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On a comparable standalone basis for the retained business, volume growth stood at 25% in Q1 FY27. Revenue from operations for the retained business stood at ₹965 crore, up 18.8% from ₹812 crore in Q1 FY26. EBITDA from operations increased 14.7% to ₹115.1 crore from ₹100.4 crore.
Profit after tax (PAT) for the retained business rose 101.6% to ₹135.5 crore, compared with ₹67.2 crore in the year-ago quarter.
The company said the numbers were presented after regrouping certain promotional spends. The ₹55.9 crore dividend income pertains to the dividend declared and paid by ICI India Research and Technology Centre Private Limited, a subsidiary of the company, at ₹447 per equity share.
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The comparable Q1 FY26 results for the retained business exclude the carved-out business and are provisional, unaudited and based on management estimates.
Separately, the company approved the sub-division or split of its equity shares. Under the proposal, each existing equity share with a face value of ₹10 will be split into 10 equity shares with a face value of ₹1 each, subject to shareholder approval through postal ballot and applicable regulatory or statutory approvals.
Parth Jindal, Chairman, JSW Dulux Ltd, said, “The approved stock split underscores our commitment to making share ownership more accessible to a wider investor community. While the split does not change the Company’s intrinsic value, we believe it will enhance liquidity and broaden equity participation. We remain steadfast in our focus on creating sustainable value for all shareholders.”
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The company also approved alteration of the relevant clauses of its Memorandum and Articles of Association following the proposed share split, subject to shareholder approval under the Companies Act, 2013 and applicable listing regulations.
Rajiv Rajgopal, Joint Managing Director and CEO, JSW Dulux Ltd, said, “Q1 FY2026-27 started on a strong note as we made solid progress on our strategic priorities, delivering double-digit volume and value growth across all businesses with market share gains.
In Decorative Paints, we witnessed strong growth across the Retail and Projects business led by significant growth in the core Premium portfolio and supported by equally strong performance in adjacencies. In Industrial Paints, new order wins across energy and infrastructure sectors, automotive OEMs, premium vehicle refinish and coil coatings further strengthened our double-digit growth momentum.
We took calibrated price increases to partly offset raw material inflation. Our industry-leading working capital efficiency had a temporary adverse impact on our gross margins. We grew EBITDA by 14.7%, led by prudent cost management while investing in growth initiatives.”
Shares of JSW Dulux Ltd ended at ₹3,150.00, up by ₹93.50, or 3.06%, on the BSE.
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