JSW Dulux Ltd (NSE:JSWDULUX)

Q1 2027 JSW Dulux Ltd Earnings Call Transcript

Aug 12, 2026 / 09:30 AM GMT

Release Date Price: ₹3099.4 (-1.82%)

Transcript

Key Points

Positve

JSW Dulux Ltd (BOM:500710) delivered a strong quarter with 18.8% revenue growth and 25% volume growth on a like-to-like basis, driven by high double-digit growth in the premium decorative segment.
The company's industrial business grew upwards of 25%, and the automotive segment saw 'stunning growth' with new marquee clients like Porsche and MG, indicating strong portfolio diversification.
Management is executing a clear strategy to gain market share, focusing on premium products, adjacencies like waterproofing and woodcare, and expanding active presence from 3,500 to 4,500 towns.
The integration with JSW Paints under 'Project Akshaya' is progressing well, with initiatives like cross-manufacturing and supply chain redesign already yielding cost savings of INR 2.4 crores in Q1.
The company received one-off benefits including an INR 21.5 crore interest on income tax refund and INR 5.9 crore dividend income, boosting PAT to INR 135.5 crores.
Management has set an ambitious vision to become the number one player in industrial coatings and a top-three player in decorative, backed by a strong brand and group synergies.

Negative

Gross margin was impacted by approximately 2 points due to lower inventory levels in the decorative business, forcing the company to purchase high-priced raw materials at the end of March.
EBITDA margin was diluted by 50 basis points due to one-off items and a reclassification of promotional spends to gross-to-net, which reduced reported margins by 2.5 points.
The company added approximately 160 new employees, primarily in R&D and field sales, leading to higher salary and travel costs that pressured EBITDA margins in the quarter.
The mass market and economy segments grew at a lower rate (early double-digits) compared to premium, indicating a potential weakness in capturing the value-conscious consumer segment.
The competitive environment remains intense, with new entrants pursuing aggressive discounting strategies, which management expects to continue for the next one to two years.
The company's rebates to gross revenue ratio has increased to about 25%, partly due to project business and distributor commissions, which could raise concerns about pricing discipline.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

JSWD.NS - JSW Dulux Ltd
Q1 2027 JSW Dulux Ltd Earnings Call
Aug 12, 2026 / 09:30AM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, good day and welcome to JSW Dualuxe Limited Q1 FY27 Earnings Conference Call.

The conference is now being recorded.

At this moment, all participant lines are in listen-only mode.

Later, we will conduct a question-and-answer session.

At that time, you may click on the Q&A tab to ask a live question.

Please note. That this conference is being recorded.

And now in the conference, over to Mr. Anirban Joshi from ICICI Securities.

Thank you and over to you, sir.

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Unidentified_2 [2]
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