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Revenue
₹907.7 Cr
verification pending
Revenue YoY
-1%
reported change
EBITDA
Pending
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Akzo Nobel India reported Q3 FY26 revenue of ₹907.7 crore, down ~1% YoY, impacted by the carve-out of powder coatings and IRC businesses (approx. ₹25 crore quarterly headwind). However, like-for-like domestic decorative volume grew 8%, with premium segment returning to mid-single-digit growth. EBITDA margin stood at 14.9% (before exceptional items), with sequential gross margin improvement of 80bps. Management attributed the volume rebound to strategic price corrections (5-9% reduction on premium brands) and improved execution. Guidance for Q4 is optimistic, expecting strong volume growth. The company plans to redeploy royalty savings (₹60-65 crore annually) into growth initiatives. Risks include sustained competitive intensity from new entrants offering 12-18% lower pricing and potential margin dilution from mid-market expansion.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects Q4 to be a strong quarter for decorative volume, barring external disruptions, citing recovery in November and December.
- Management guided EBITDA margin in the 14-15% range for the near term, with a target to move towards 15%.
- The company will redeploy the annual royalty savings (₹60-65 crore) from the decorative IP acquisition into growth initiatives and market share gains.
- Chairman Parth Jindal has set a clear intent to become the number 2 player in the Indian paints market within 3-4 years, possibly faster.
Risks flagged
- New players offer pricing 12-18% lower than Akzo Nobel, with additional discounts and free-liter schemes still active in some markets.
- Management acknowledged that entering the mid-market segment could cause a slight initial erosion of about half a percentage point in margins.
- Management deflected detailed questions on revenue synergies and cultural integration, citing early stages and confidentiality.
- Price reductions of 5-9% on premium brands may create a 1-2% volume-value gap for a couple of quarters, pressuring reported revenue growth.
Key quotes
- We were hugely overpriced between five and 9% which is what had led to volume adosion. We've addressed some of those.
- The first task is really driving revenue growth ahead of competition is most critical for us at this point of time.
- What's good for JSW is good for Dulux.
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