JSW Dulux Limited (formerly known as Akzo Nobel India Limited) — quarter ended 31 March 2026 and year ended 31 March 2026
Optional commentary: The company name in the document is JSW Dulux Limited (formerly Akzo Nobel India Limited). The results include both standalone and consolidated financial statements for the quarter ended 31 March 2026 and the year ended 31 March 2026.
| Particulars | Quarter ended 31 March 2026 (Unaudited) (Refer Note 2) |
Quarter ended 31 December 2025 (Unaudited) |
Quarter ended 31 March 2025 (Unaudited) (Refer Note 2) |
For the year ended 31 March 2026 (Audited) |
For the year ended 31 March 2025 (Audited) |
|---|---|---|---|---|---|
| 1 Income | |||||
| (a) Revenue from operations | 8,833 | 8,944 | 10,144 | 35,992 | 40,693 |
| (b) Other income | 19 | 36 | 28 | 173 | 276 |
| (c) Net gain on sale of immovable properties | – | 111 | – | 160 | – |
| Total income | 8,852 | 9,091 | 10,172 | 36,325 | 40,969 |
| 2 Expenses | |||||
| (a) Cost of materials consumed | 4,712 | 4,377 | 5,492 | 18,682 | 21,625 |
| (b) Purchases of stock-in-trade | 397 | 478 | 479 | 1,834 | 2,119 |
| (c) Changes in inventories of finished goods, work-in-progress and stock-in-trade | 139 | 395 | (163) | 572 | (564) |
| (d) Employee benefits expense | 746 | 672 | 842 | 3,119 | 3,364 |
| (e) Finance costs | 43 | 28 | 25 | 121 | 98 |
| (f) Depreciation and amortisation expense | 201 | 186 | 219 | 753 | 893 |
| (g) Other expenses | 1,571 | 1,666 | 1,904 | 6,710 | 7,737 |
| Total expenses | 7,809 | 7,802 | 8,798 | 31,791 | 35,272 |
| 3 Profit / (Loss) from operations before exceptional items and tax (1-2) | 1,043 | 1,289 | 1,374 | 4,534 | 5,697 |
| 4 Exceptional Items – Income / (Expense) (refer note 4) | – | (279) | – | 18,463 | – |
| 5 Profit / (Loss) before tax (3+4) | 1,043 | 1,010 | 1,374 | 22,997 | 5,697 |
| 6 Tax expense | |||||
| (a) Current tax | 137 | 183 | 280 | 3,222 | 1,409 |
| (b) Deferred tax (net) | 207 | 86 | 19 | 598 | 2 |
| 7 Net Profit / (Loss) for the period / year (5-6) | 699 | 741 | 1,075 | 19,177 | 4,286 |
| 8 Other comprehensive income | |||||
| Items that will not be reclassified to profit or loss | |||||
| (i) Gain/(Loss) of defined benefit plans | 20 | (70) | 51 | (70) | 46 |
| (ii) Income tax relating to above | (5) | 18 | (12) | 18 | (11) |
| Other comprehensive income for the period / year | 15 | (52) | 39 | (52) | 35 |
| 9 Total comprehensive income for the period / year (7+8) | 714 | 689 | 1,114 | 19,125 | 4,321 |
| 10 Paid – up equity share capital (Shares of Rs. 10 each) | 455 | 455 | 455 | 455 | 455 |
| 11 Earnings per equity share (of Rs. 10 each) (not annualised) from operations: | |||||
| (a) Basic | 15.35 | 16.27 | 23.60 | 421.10 | 94.11 |
| (b) Diluted | 15.35 | 16.27 | 23.60 | 421.10 | 94.11 |
| Particulars | As at 31 March 2026 (Audited) | As at 31 March 2025 (Audited) |
|---|---|---|
| A ASSETS | ||
| 1 Non-current assets | ||
| (a) Property, plant & equipment | 3,596 | 3,956 |
| (b) Right-of-use assets | 1,008 | 837 |
| (c) Capital work-in-progress | 486 | 667 |
| (d) Intangible assets | 11,528 | 19 |
| (e) Financial assets | ||
| (i) Investments | 1 | 1 |
| (ii) Loans | 2 | 5 |
| (iii) Other financial assets | 114 | 101 |
| (f) Deferred tax assets | – | 307 |
| (g) Non current tax assets (net) | 2,276 | 1,968 |
| (h) Other non-current assets | 1,069 | 1,151 |
| Total non-current assets | 20,080 | 9,012 |
| 2 Current assets | ||
| (a) Inventories | 5,711 | 6,047 |
| (b) Financial assets | ||
| (i) Trade receivables | 6,029 | 5,849 |
| (ii) Cash & cash equivalents | 2,031 | 2,472 |
| (iii) Bank balances other than (ii) above | 539 | 523 |
| (iv) Loans | 2 | * |
| (v) Other financial assets | 125 | 89 |
| (c) Other current assets | 2,767 | 1,731 |
| Total current assets excluding assets classified as held for sale | 17,204 | 16,711 |
| (d) Assets classified as held-for-sale | – | 3,293 |
| Total current assets | 17,204 | 20,004 |
| Total Assets | 37,284 | 29,016 |
| Particulars | As at 31 March 2026 (Audited) | As at 31 March 2025 (Audited) |
|---|---|---|
| B EQUITY AND LIABILITIES | ||
| 1 Equity | ||
| (a) Equity share capital | 455 | 455 |
| (b) Other equity | 23,487 | 12,832 |
| Total equity | 23,942 | 13,287 |
| Liabilities | ||
| 2 Non-current liabilities | ||
| (a) Financial liabilities | ||
| (i) Lease liabilities | 631 | 448 |
| (ii) Other financial liabilities | * | 2 |
| (b) Provisions | 1,033 | 91 |
| (c) Deferred tax liabilities (net) | 273 | 686 |
| (d) Other non-current liabilities | 62 | – |
| Total non-current liabilities | 1,999 | 1,227 |
| 3 Current liabilities | ||
| (a) Financial liabilities | ||
| (i) Lease liabilities | 160 | 173 |
| (ii) Trade payables | ||
| – Total outstanding dues of micro enterprises and small enterprises | 418 | 353 |
| – Total outstanding dues of creditors other than micro enterprises and small enterprises | 7,118 | 9,213 |
| (iii) Other financial liabilities | 943 | 977 |
| (b) Provisions | 267 | 389 |
| (c) Other current liabilities | 2,437 | 2,586 |
| Total current liabilities excluding liabilities relating to assets held for sale | 11,343 | 13,691 |
| (d) Liabilities relating to assets classified as held for sale | – | 811 |
| Total current liabilities | 11,343 | 14,502 |
| Total liabilities | 13,342 | 15,729 |
| Total equity and liabilities | 37,284 | 29,016 |
| Description | For the year ended 31 March 2026 (Audited) | For the year ended 31 March 2025 (Audited) |
|---|---|---|
| A Cash flow from operating activities | ||
| Profit before tax | 22,997 | 5,697 |
| Adjustments for: | ||
| Depreciation and amortisation expense | 753 | 893 |
| Loss on sale of property, plant and equipment (net) | 7 | 7 |
| Net gain on termination of leases | (5) | – |
| Provision for inventory obsolescence made | 146 | 20 |
| Provision for doubtful debts and advances | 72 | 31 |
| Exceptional items (net) | (18,463) | 0 |
| Net foreign exchange differences | 18 | 20 |
| Provision/liabilities no longer required written back | (73) | (63) |
| Provision on indirect tax cases made / (written back) | (4) | 8 |
| Loss allowance on government grants | – | 21 |
| Interest income | (103) | (262) |
| Unwinding of discount on financial assets | (3) | (3) |
| Net gain on sale of immovable properties | (160) | – |
| Finance costs | 121 | 98 |
| Operating profit before change in operating assets and liabilities | 5,303 | 6,467 |
| (Increase) in trade receivables | (343) | (1,258) |
| (Increase) / Decrease in inventories | 32 | (759) |
| (Increase) / Decrease in loans | 1 | (1) |
| (Increase) / Decrease in other financial assets | (54) | * |
| (Increase) / Decrease in other assets | (1,064) | 287 |
| Increase / (Decrease) in trade payables | (1,847) | 95 |
| (Decrease) in other financial liabilities | (193) | (84) |
| Increase / (Decrease) in provisions | (132) | 7 |
| Increase / (Decrease) in other liabilities | (121) | 18 |
| Cash generated from operations | 1,582 | 4,772 |
| Income taxes paid (net) | (747) | (1,653) |
| Net cash inflow / (outflow) from operating activities (A) | 835 | 3,119 |
| B Cash flow from investing activities | ||
| Payments for purchase of property, plant and equipment (including Capital work-in-progress) | (470) | (1,065) |
| Proceeds from sale of Powder Coatings business division and International Research Center division (net) | 21,879 | – |
| Income tax on gain on sale of Powder Coatings business division and International Research Center division | (2,751) | – |
| Payments for purchase of intangible assets | (11,520) | – |
| Payments for investments in subsidiary | * | (1) |
| Proceeds from sale of immovable property (net) | 189 | – |
| Income tax on gain on sale of immovable property | (33) | – |
| Proceeds from reimbursement of incremental costs incurred pursuant to the above slump sale (net) | 71 | – |
| Bank deposits | 7 | 1,982 |
| Interest received | 105 | 299 |
| Net cash inflow from investing activities (B) | 7,477 | 1,215 |
| C Cash flow from financing activities | ||
| Principal element of lease payments | (180) | (178) |
| Dividend paid | (8,470) | (4,326) |
| Interest paid | (104) | (91) |
| Net cash (outflow) from financing activities (C) | (8,754) | (4,595) |
| Net (decrease) in cash and cash equivalents (A+B+C) | (442) | (261) |
| Cash and cash equivalents at the beginning of the year | 2,472 | 2,730 |
| Effect of exchange rate changes on cash and cash equivalents | 1 | 3 |
| Cash and cash equivalents at the end of the year | 2,031 | 2,472 |
| Particulars | As at 31 March 2026 (Audited) | As at 31 March 2025 (Audited) |
|---|---|---|
| A ASSETS | ||
| 1 Non-current assets | ||
| (a) Property, plant & equipment | 3,597 | 3,957 |
| (b) Right-of-use assets | 1,008 | 837 |
| (c) Capital work-in-progress | 486 | 667 |
| (d) Intangible assets | 11,528 | 19 |
| (e) Financial assets | ||
| (i) Investments | * | * |
| (ii) Loans | 2 | 5 |
| (iii) Other financial assets | 114 | 101 |
| (f) Deferred tax assets | – | 314 |
| (g) Non current tax assets (net) | 2,278 | 1,969 |
| (h) Other non-current assets | 1,069 | 1,151 |
| Total non-current assets | 20,082 | 9,020 |
| 2 Current assets | ||
| (a) Inventories | 5,711 | 6,047 |
| (b) Financial assets | ||
| (i) Trade receivables | 6,029 | 5,849 |
| (ii) Cash & cash equivalents | 2,698 | 2,482 |
| (iii) Bank balances other than (ii) above | 539 | 523 |
| (iv) Loans | 2 | * |
| (v) Other financial assets | 125 | 89 |
| (c) Other current assets | 2,767 | 1,731 |
| Total current assets excluding assets classified as held for sale | 17,871 | 16,721 |
| (d) Assets classified as held-for-sale | – | 3,293 |
| Total current assets | 17,871 | 20,014 |
| Total Assets | 37,953 | 29,034 |
| Particulars | As at 31 March 2026 (Audited) | As at 31 March 2025 (Audited) |
|---|---|---|
| B EQUITY AND LIABILITIES | ||
| 1 Equity | ||
| (a) Equity share capital | 455 | 455 |
| (b) Other equity | 24,061 | 12,847 |
| Equity attributable to owners of the Company | 24,516 | 13,302 |
| Non-controlling interests | * | * |
| Total equity | 24,516 | 13,302 |
| 2 Non-current liabilities | ||
| (a) Financial liabilities | ||
| (i) Lease liabilities | 631 | 448 |
| (ii) Other financial liabilities | * | 2 |
| (b) Provisions | 1,041 | 91 |
| (c) Deferred tax liabilities (net) | 271 | 690 |
| (d) Other non-current liabilities | 62 | – |
| Total non-current liabilities | 2,005 | 1,231 |
| 3 Current liabilities | ||
| (a) Financial liabilities | ||
| (i) Lease liabilities | 160 | 173 |
| (ii) Trade payables | ||
| – Total outstanding dues of micro enterprises and small enterprises | 418 | 353 |
| – Total outstanding dues of creditors other than micro enterprises and small enterprises | 7,147 |