JSW Dulux Q2 FY27 Results: Consolidated Net Profit ₹71.40 Crore on Total Income of ₹964 Crore
- Earnings
- Paints and coatings
Reviewed byRachit TripathiBlacklitt Research
JSW Dulux (NSE: JSWDULUX) reported consolidated total income of ₹964 crore and net profit of ₹71 crore for the quarter ended 30 Sep 2026, it said in a filing on 04 Nov 2026. Standalone total income was ₹964 crore and net profit ₹71 crore for the same quarter.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹964 crore, up 15.4% YoY and down 2.7% QoQ
- Net profit and EPS: ₹71 crore, down 95.8% YoY and 10.4% QoQ; basic EPS ₹15.68
- Finance costs: ₹5 crore, up 95.7% YoY from ₹2 crore
- Exceptional items: Year-ago quarter carried exceptional income of ₹1,874.2 crore pre-tax
Standalone
The company on its own, without its subsidiaries
- Total income: ₹964 crore, up 15.4% YoY and down 7.8% QoQ
- Net profit and EPS: ₹71 crore, down 95.8% YoY and 47.5% QoQ; basic EPS ₹15.63
- Dividend income: ₹55.9 crore from subsidiary in H1 FY27, per the media release
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 964 | 835 | +15.4% | 991 | -2.7% | |
| Revenue from operations | 962 | 828 | +16.2% | 965 | -0.3% |
| Other income | 2 | 8 | -68.8% | 26 | -90.6% |
| 71 | 1,683 | -95.8% | 80 | -10.4% | |
| Profit before tax | 89 | 1,972 | -95.5% | 118 | -24.6% |
| Finance costs | 5 | 2 | +95.7% | 3 | +73.1% |
| Depreciation | 20 | 18 | +9.8% | 20 | -1.5% |
| Tax expense | 17 | 289 | -94.0% | 38 | -54.2% |
| Net profit margin | 7.40% | 201.46% | -194.06 pp | 8.05% | -0.64 pp |
| EPS, basic (₹) | 15.68 | 369.52 | -95.8% | 17.51 | -10.5% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Total income rose 15.4% to ₹964 crore while net profit fell 95.8% to ₹71 crore. The year-ago quarter included exceptional income of ₹1,874.2 crore pre-tax, which the media release ties to the sale of the Powder Coatings business and the International Research Center division, so the year-on-year comparison is against a quarter with a large one-off gain.
Revenue from operations grew 16.2% to ₹962 crore, while other income fell 68.8% to ₹2 crore. Other income is now 0.2% of total income, so the top line is almost entirely operating revenue. Profit before tax of ₹89 crore against finance costs of ₹5 crore shows a small gap between operating earnings and profit.
Quarter on quarter, net profit fell 10.4% while total income fell 2.7%. Tax expense was ₹17 crore against ₹38 crore in the June quarter, a tax rate of 19.6% of profit before tax.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 964 | 835 | +15.4% | 1,046 | -7.8% | |
| Revenue from operations | 962 | 828 | +16.2% | 965 | -0.3% |
| Other income | 2 | 8 | -68.8% | 81 | -97.0% |
| 71 | 1,683 | -95.8% | 136 | -47.5% | |
| Profit before tax | 89 | 1,972 | -95.5% | 173 | -48.8% |
| Finance costs | 5 | 2 | +95.7% | 3 | +73.1% |
| Depreciation | 20 | 18 | +9.8% | 20 | -1.5% |
| Tax expense | 18 | 289 | -93.9% | 38 | -53.8% |
| Net profit margin | 7.38% | 201.45% | -194.06 pp | 12.95% | -5.57 pp |
| EPS, basic (₹) | 15.63 | 369.50 | -95.8% | 29.76 | -47.5% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone results follow the same pattern. Total income rose 15.4% to ₹964 crore and net profit fell 95.8% to ₹71 crore, against a year-ago quarter that included the ₹1,874.2 crore pre-tax exceptional income. The standalone and consolidated net profit figures are both ₹71 crore for the quarter.
Standalone net profit fell 47.5% quarter on quarter, more than the 7.8% fall in total income.
The company says Q2 FY27 standalone profit after tax excluding exceptional items was ₹71.2 crore, up 2.0% from ₹69.8 crore. It also says raw material inflation remains elevated and that it has undertaken calibrated price increases to partly offset margin dilution.
The company's consolidated figures include its subsidiary ICI India Research and Technology Centre Private Limited. The subsidiary's results are not material to the group, according to the auditor's review, which relied on management-certified figures for it.
The Board also approved the appointment of Bahram Navroz Vakil as an Independent Director from 4 Nov 2026 to 3 Nov 2029, subject to shareholder approval by postal ballot, and a change of registered office to Mumbai, subject to shareholder and regulatory approvals. Shares were sub-divided from face value ₹10 to ₹1 each, effective 22 Oct 2026.
Inference
The filing says the shareholders approved a sub-division of equity shares from ₹10 to ₹1 each, with 22 Oct 2026 as the Record Date, and the board approved the appointment of an Independent Director and a change of registered office, both subject to shareholder approval.
The filing does not say why the year-ago quarter's exceptional income arose beyond the media release's description, what drove the rise in inventories and trade payables, or why employee benefit expenses fell year on year, and it does not say whether shareholders will approve the director appointment.
Filed with BSE on . Reference: Original filing (PDF)
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