Management Attendees

The meeting was attended by the following members of the Board and management:

  • Mr. Parth Jindal, Chairman
  • Mr. Rajiv Rajgopal, Joint Managing Director & Chief Executive Officer
  • Mr. Krishna Rallapalli, Whole-time Director & Chief Financial Officer
  • Mr. Rohit Ghanshyamdas Totla, Whole-time Director
  • Mr. Kaustubh Sudhakar Kulkarni, Non-Executive Director
  • Independent Directors: Mr. Hemant Sahai, Ms. Namrata Kaul, Mr. Anil Chaudhry, Mr. Shantanu Maharaj Khosla, Ms. Sutapa Banerjee
  • Mr. Rajiv L. Jha, General Counsel & Company Secretary

The statutory auditors, secretarial auditors, and the scrutinizer were also present.

Chairman's Address - Key Highlights

Corporate Transformation

FY2025-26 was a transformative year marked by the company's transition to becoming part of the JSW Group, culminating in the name change to JSW Dulux Limited. The JSW Group is described as a leading Indian conglomerate with a combined market capitalization of over US $50 billion across its listed entities in steel, energy, infrastructure, and cement.

Business Overview & Ambition

JSW Dulux is stated to be the fourth-largest player in India's decorative and industrial paints industry. It has five manufacturing sites with a combined capacity of 305 million liters per annum, a nationwide distribution network spanning over 5,000 towns, over 22,000 retailers, and 4,000 B2B customers.

The company's stated ambition is to "attack the market and become the number two player in the Indian paints and coating industry."

  • Industrial Coatings: Goal to achieve leadership in marine and protective coatings and be a top-two player in automotive and specialty coatings by 2031.
  • Decorative Paints: Strategy involves significant investment in the Dulux brand equity, innovation in premium segments, distribution expansion, and enhancing the influencer ecosystem.

FY2026 Financial Performance (Retained Business)

  • Revenue from Operations: ₹3,599.2 Crores
  • Volume Growth: 7%
  • EBITDA: ₹507.4 Crores (sustaining double-digit margins)
  • Profit Before Tax (excluding exceptional items): Over ₹453 Crores
  • EPS (like-to-like basis): ₹73.3, described as industry-leading
  • Return on Equity: 41.2% (up from 27.3% in the previous financial year)

The company emphasized its debt-free status and continued dividend payout philosophy.

Operational & Sustainability Highlights

  • Product Launches: Dulux Velvet Touch Eterna, new Dulux Weathershield high-sheen proposition, Dulux Aquatech 2-in-1, and an industry-first PU primer in the Sadolin by Dulux range.
  • Distribution: Dulux experiential blue stores scaled to over 50 outlets. The Dulux Maestro program connected with over 5,000 architects and interior designers across 40 cities.
  • Industrial Projects: Provided coatings for projects including new airports in Jewar and Jodhpur, data centers, and India's latest warships. Strengthened partnerships with automotive brands including JSW MG Motors, Porsche, Mahindra & Mahindra, and Maruti Suzuki.
  • Sustainability: 67% of raw materials are sustainably sourced. Scope 1 and Scope 2 carbon emissions decreased by 23%. CSR initiatives impacted over 35,000 people.
  • Governance: 50% of the Board comprises Independent Directors; the Audit Committee is 100% Independent Directors.

Shareholder Questions & Management Responses

A question-and-answer session was held with pre-registered shareholders. Key themes and management responses included:

Questions from Shareholders:

  • Cost Optimization & Raw Material Volatility: Queries on measures to improve profitability amid crude oil price volatility.
  • R&D and Innovation: Questions on the formal arrangements with AkzoNobel Global for technical know-how and the percentage of revenue invested in R&D.
  • Leveraging JSW Group: How the company plans to use JSW's existing B2B relationships in steel and cement to boost the industrial coatings segment.
  • Distribution Strategy: Concrete plans for scaling up direct distribution and tinting machine placement in Tier-3 and Tier-4 markets.
  • Growth Roadmap: Measurable benefits expected from the JSW integration over the next 3 years in terms of revenue growth, market share, and profitability.
  • Capital Allocation: Questions on balancing dividend payouts with future capex needs and maintaining the nil-borrowing status.
  • Other Topics: Use of AI technology, expansion plans (Greenfield/Brownfield), stock splits, and detailed queries on specific line items from the annual report (e.g., unclaimed dividend, fixed asset additions, pending disputes).

Management Responses (Summarized):

  • Raw Materials: The industry took price increases of 10-12% but did not fully negate cost inflation. The company will monitor the market and respond appropriately. The softening of crude prices was noted as a positive.
  • Growth Strategy: The company plans to participate in market segments it had not previously focused on under AkzoNobel, in both decorative and industrial businesses, in a profitable manner.
  • JSW Group Leverage: The JSW Group's position as the largest steel producer in India (a primary surface for industrial coatings) provides a significant advantage in approaching customers.
  • AkzoNobel Relationship: The licensing agreement with AkzoNobel Global remains in place for the industrial business, providing access to global R&D, patents, and technologies.
  • Technology & Sustainability: The company is investing in digital platforms, AI for predictive performance in supply chain and customer service, and exploring leveraging JSW Energy for sustainable power.
  • Bengal Focus: Management affirmed Kolkata/Bengal as a high market-share state and an area for continued investment.
  • Ambition Reiterated: The aim is to be a top-three and then top-two player in decorative paints and the number one player in industrial coatings.

Formal Business Conducted

The following ordinary resolutions were proposed and put to vote:

1. Adoption of the Audited Financial Statements (Standalone and Consolidated) for the year ended March 31, 2026, and the reports of the Directors and Auditors thereon.

2. Confirmation of Interim Dividend of ₹156 per share and declaration of Final Dividend of ₹50 per share for the year ended March 31, 2026.

3. Reappointment of Mr. Krishna Rallapalli as a Director.

4. Reappointment of Mr. Rohit Ghanshyamdas Totla as a Director.

5. Appointment of Deloitte Haskins & Sells LLP as the Statutory Auditor for five years.

6. Ratification of remuneration of Chandra Wadhwa & Co., Cost Auditors for FY2026-27.

Voting was conducted via remote e-voting (July 7-9, 2026) and an e-voting platform during the AGM. The scrutinizer, Mr. A. K. Labh of A.K. Labh & Co., was appointed to compile the results, to be submitted by July 12, 2026.