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1. At a Glance
Akzo Nobel India, incorporated in 1954, spent the quarter under a name roughly eight months old. Consolidated revenue for the three months to June 2026 was ₹965.0 crore, against ₹995.1 crore a year earlier. That is a fall of 3.0%. Operating profit was ₹115.1 crore against ₹134.5 crore, down 14.4%. Net profit was ₹79.7 crore against ₹91.0 crore, down 12.4%. Earnings per share, the profit attributed to each share, was ₹17.50.
The company attached an asterisk to those comparisons itself. Per the filing notes, the June 2026 quarter is not comparable with earlier periods. The Powder Coatings business division and the International Research Center division left by slump sale during the September 2025 quarter. A slump sale is the sale of a whole business unit for one lump sum.
Management’s like-for-like base strips both out and points the arrows the other way. On that base, revenue rose 18.8% from ₹812.0 crore. Management states that EBITDA rose 14.7% and volume growth was 25%. EBITDA is operating profit before interest, tax and depreciation are counted. Both sets of figures are official and both sit in the same press release.
Elsewhere on the calendar, the board approved a 10-for-1 stock split, subject to a postal ballot. Three GST and income-tax matters reached the announcements feed inside four months. Two senior executives filed resignations in August. The trailing multiple is 36.9, so the market pays ₹36.90 for every ₹1 of yearly profit. The industry multiple is the same 36.9.
2. Introduction
Akzo Nobel India Limited was incorporated in 1954. Per the company description, it manufactures, trades and sells paints and related products. It also provides research and development services to its holding company and to other group companies. For seven decades the letterhead said one thing.
Per the board meeting outcome of 2 February 2026, JSW Paints Limited acquired 61.2% of the company on 10 December 2025. That same set of results carried exceptional income of ₹1,846.3 crore. A postal ballot concluded on 2 March 2026 and approved four changes. Parth Jindal was appointed Chairman and Shantanu Khosla an independent director. Rajiv Rajgopal was redesignated Joint Managing Director and Chief Executive. The company was renamed JSW Dulux.
The corporate identity number stayed exactly as it was, L24292WB1954PLC021516. The registered office is still in Kolkata and the paint is still Dulux. Only the parent changed. A new surname, the same identity number and the same address make for a rename rather than a rebuild.
The transaction runs through the numbers. Revenue fell from ₹995 crore in the June 2025 quarter to ₹835 crore in the September 2025 quarter, the quarter of the slump sale. It then read ₹894 crore and ₹883 crore in the two quarters after that. The June 2026 quarter came in at ₹965 crore. The perimeter being measured changed in the middle of that series.
Management, on the concall, calls the integration programme Project Akshaya. Management says it is aimed at reducing duplication and funding growth initiatives. It reports ₹2.4 crore of savings realised in the three months to June 2026, against a three-year roadmap. Per management, JSW Paints is made in the Gwalior factory and JSW Dulux in a JSW Paints plant. Some volume is also made in Mohali. Two paint companies now make each other’s paint.
The move to a new enterprise system, the software that runs the company’s records, is targeted by the end of the year. Management says the transitional services arrangement with the former AkzoNobel digital ecosystem runs on a clock.
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3. Business Model: WTF Do They Even Do?
The company sells colour, and then sells the promise that the colour will still be there in fifteen years.
The decorative business offers paints, lacquers and varnishes. It also supplies tinting machines, colour concepts and training programmes to the building, infrastructure and renovation industry. The Dulux Assurance warranty programme covers 17 products across home interiors and exteriors. Coverage on applicable products runs up to 15 years. That is a long time to underwrite a chemical film against monsoons, landlords and children with crayons.
The portfolio then widens considerably. Automotive and Specialty Coatings covers factory-applied car coatings, consumer electronics coatings, vehicle refinishes and specialty coatings. Marine and Protective Coatings, under the International brand, protects assets both in and out of water. Its customers sit in oil and gas, power, infrastructure and wind energy. Industrial Coatings runs coil and extrusion coatings, packaging coatings, wood finishes and adhesives. Those serve roofings, building structures, aluminium composite panels and domestic appliances. Metal packaging is served too, including food cans, caps, closures and aerosols.
The industrial brands include Interpon, Sikkens, Butanox and Dissolvine. The roster continues with Dry-Flo, Elotex, Kramasil and Levasil. The consumer side is Dulux, with professional lines such as Solitaire Stain Resist and Weather Shield Ultra Clean. One naming convention reads like a chemistry index and the other like a Sunday afternoon.
Physically there are five sites, with aggregate capacity of 305 million litres a year. There is one research centre in Mumbai and 1,387 employees. Distribution runs through roughly 22,000 retailers and about 4,000 business customers. Per the investor presentation, the company is fourth in the market with 5% of decorative paints. The same presentation puts its industrial share at 7%.
Per the disclosure for the
