Q4 2026 JSW Dulux Ltd Earnings Call Transcript
Key Points
- JSW Dulux Ltd (BOM:500710) reported a record volume growth of 23% in both decorative and industrial verticals.
- The company achieved a 6.2% revenue growth, marking one of the strongest performances in the last four quarters.
- JSW Dulux Ltd has successfully integrated its projects business and is working on cross-manufacturing to optimize production.
- The company has launched new products under the Velvet Touch umbrella and is seeing traction in premium segments.
- JSW Dulux Ltd has secured strategic tie-ups with leading OEM manufacturers and has a strong order book in oil and gas infrastructure.
- The company is facing elevated raw material costs, with RMC inflation hovering between 24% and 25%, impacting margins.
- There is a gap between volume and revenue growth due to price and mix adjustments, which the company is working to bridge.
- Cultural and system integration is still ongoing, with full integration expected towards the end of the year.
- The EBITDA margin has slightly declined due to price corrections and elevated spends, with a current margin of 14.4% compared to 15% last year.
- The paint industry remains highly competitive, with aggressive pricing and incentives from competitors impacting market dynamics.
Ladies and gentlemen, good day and welcome to JSW Dulux Q4 FY26 Earnings Conference Call hosted by ICICI Securities.
Operator Instructions
I now hand the conference over to Mr. Aniruddha Joshi from ICICI Securities.
Thank you and over to you, Mr. Joshi.
Yeah, thanks, Michelle. On behalf of ICICI Securities, we welcome you all to Q4 FY26 and FY26 results webinar of JSW Deluxe Limited, formerly Axonobel India Limited. We have with us today Senior Management, represented by Mr. Rajiv Rajgopal, Joint Managing Director and CEO Mr. Krishna Rallapalli, Whole Time Director and CFO Mr. Rohit Ghanshyamdas Totla, Whole Time Director. And Mr. Rajiv Jha, General Counsel, Company Secretary and Compliance Officer. Now I hand over the call to Mr. Rajiv Jha to read out the disclaimer and then take the call forward. Thanks, and over to you, Rajiv, sir.
Sir, you're on mute.
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