JSW Dulux: A strong Q4 finish, market share push, and a cleaner focus going into FY27

Revenue from operations for Q4 FY2025-26 was ₹883.3 crore (retained business basis as presented).

Management reported record 23% overall volume growth in Q4 FY2025-26 (blended across decorative and industrial).

Management attributed the gap largely to price and mix, following price premium corrections taken in prior quarters and in Jan-Feb.

FY2025-26 included exceptional items from the slump sale of Powder Coatings and IRC divisions and income from sale of an immovable property (₹64.8 crore reported in consolidated results).

The Board recommended a final dividend of ₹50 per equity share for FY2025-26, subject to shareholder approval. The company also paid a special interim dividend of ₹156 per share during FY2025-26.

Management discussed HR integration, project business team integration pilots, cross-manufacturing trials across plants, and a plan for integrated SAP systems around post Diwali.

Management stated decorative paints capacity utilization is about 55% to 60%, while industrial products operate as high as 70% to 80%.