JSW Dulux Ltd — Q4 FY26

JSW Dulux delivered a record 23% volume growth in Q4 FY26, driven by pricing corrections and strong performance across both decorative and industrial verticals. Revenue grew 6.2% YoY on a like-to-like basis, with the gap between volume and revenue attributed to price and mix adjustments. EBITDA margin contracted to 14.4% (down 60bps YoY) due to elevated raw material costs and competitive pricing. Management guided for double-digit volume growth in FY27, targeting market share gains, though near-term margin pressure persists from crude-linked inflation. The company is integrating operations with JSW Paints, with systems integration expected post-Diwali. Key risk: sustained raw material inflation could further compress margins if pricing actions lag.