JSW Dulux: Akzo Nobel India Renamed After JSW Takeover in 2026

Introduction

In a significant development within the Indian paint industry, JSW Paints Limited has completed its acquisition of a majority stake in Akzo Nobel India Limited. The transition has prompted a strategic rebranding, with the board proposing to rename the company 'JSW Dulux Limited'. This move comes as the company announced its financial results for the third quarter of fiscal year 2025-26, which showed a decline in reported profits but underlying stability when adjusted for divested businesses.

The JSW Paints Acquisition

JSW Paints officially became the promoter and holding company of Akzo Nobel India on December 10, 2025. The acquisition involved securing an aggregate of 2,78,71,723 equity shares, which represents 61.2% of the company's voting share capital. This controlling stake was acquired through a share purchase agreement with Imperial Chemicals Industries and Akzo Nobel Coatings International B.V., supplemented by shares acquired via an open offer on November 21, 2025. This strategic takeover by the US$ 23 billion JSW Group signals a major consolidation and a new competitive dynamic in the sector.

Q3 Financial Performance Analysis

For the quarter ending December 31, 2025, Akzo Nobel India reported a revenue of ₹907.7 crore, marking a 13.6% decrease compared to the same period in the previous year. The reported EBITDA saw an 18.7% decline to ₹135.7 crore. Consequently, the consolidated net profit dropped by 31.58%, and the profit after tax (PAT), excluding exceptional items, fell by 12.9% to ₹94.6 crore. These figures reflect the impact of the company's recent business divestitures.

A Deeper Look at Comparable Results

To provide a clearer picture of the core business performance, the company released comparable financial results that exclude the divested Powder Coatings and International Research Center businesses. On a comparable basis, the revenue decline was a marginal 1.0%, standing at ₹907.7 crore. The comparable EBITDA also saw a slight dip of 2.0% to ₹135.7 crore. Significantly, the comparable PAT, excluding exceptional items, registered a healthy growth of 5.9%, reaching ₹94.6 crore. This indicates that the underlying decorative and industrial paints business remains resilient despite the headline numbers.

Nine-Month Performance Overview

For the nine-month period ending December 31, 2025, the company's reported revenue decreased by 10.8% to ₹2,737.7 crore. On a comparable basis, the revenue decline was milder at 2.2%. The comparable PAT for this period stood at ₹258.5 crore, down by 7.6%, reflecting broader market challenges over the three quarters.

Leadership and Governance Overhaul

Following the acquisition, the board of directors initiated a significant leadership restructuring on January 9, 2026. Parth Jindal was appointed as the Non-Executive Chairman of the company. Rajiv Rajgopal, the former Chairman and Managing Director, was redesignated as the Joint Managing Director and Chief Executive Officer. Additionally, Shantanu Maharaj Khosla was brought on board as an Independent Director for a three-year term. These changes are aimed at steering the company into its next phase of growth under the JSW umbrella.

The Rebranding to JSW Dulux

The board has approved the proposal to change the company's name from Akzo Nobel India Limited to JSW Dulux Limited. This rebranding leverages the strong brand equity of 'Dulux' while integrating it with the JSW identity. The name change is subject to necessary approvals from shareholders and regulatory bodies, including the Ministry of Corporate Affairs. The company is seeking shareholder approval through a postal ballot, with an e-voting period scheduled from February 1, 2026, to March 2, 2026.

Strategic Focus and New Innovations

Under its new promoter, the company plans to enhance operational integration and increase investments in innovation, technology, and digital platforms to accelerate growth. In line with this focus, the decorative paints division has already launched new products. These include Dulux Weathershield Metallics, available in over 80 shades with a 10-year warranty, and Floor Plus, which offers more than 800 color options and a 2-year warranty. The company also introduced three new Textures finishes to expand its premium portfolio.

Conclusion

The acquisition by JSW Paints marks a new chapter for Akzo Nobel India. While the Q3 FY26 results show a dip in reported profits, the comparable figures suggest a stable core business. The proposed rebranding to JSW Dulux Limited, coupled with a refreshed leadership team and a renewed focus on innovation, sets a clear strategic direction. Investors and the market will be closely watching the synergy realization and the execution of the new management's growth strategy as the company transitions into its new identity.