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JSW Dulux Limited reported ₹35,992 million in consolidated revenue and ₹19,738 million in consolidated profit for FY2025–26, the year ended 31 March 2026. The profit figure includes ₹18,459 million in exceptional items, largely linked to the sale of two divisions, so it should not be read as a measure of ordinary operating growth. At year-end, the company reported ₹37,953 million in assets and ₹24,516 million in equity. JSW Dulux is the former Akzo Nobel India Limited; JSW Paints became its promoter after acquiring a 61.2% stake in December 2025.
Which financial statements are covered?
The latest located statements are the audited consolidated financial statements for FY2025–26, which ended on 31 March 2026. The figures below use the annual report’s unit of ₹ millions; the NSE filing presents several amounts in ₹ lakhs, converted here for consistency. Consolidated statements include the group’s subsidiary, ICI India Research and Technology Centre Private Limited.
The company was formerly Akzo Nobel India Limited. Historical filings under that name belong to the company’s reporting history, but comparisons with FY2025–26 require care because the group’s business changed after the sale of two divisions.
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What does the FY2025–26 profit and loss statement show?
The table presents consolidated figures reported by JSW Dulux Limited for the years ended 31 March 2026 and 31 March 2025. Amounts are ₹ millions; figures are rounded to the nearest million.
| Measure | FY2025–26 | FY2024–25 |
|---|---|---|
| Revenue from operations | 35,992 | 40,693 |
| Profit before exceptional items and tax | 5,196 | 5,699 |
| Profit before tax | 23,655 | 5,699 |
| Profit for the year | 19,738 | 4,295 |
These year-on-year figures are not directly comparable as presented: the company says the Powder Coatings division and International Research Center division were sold during the quarter ended 30 September 2025. Revenue from operations and profit before exceptional items and tax were lower than the prior-year figures, but the change in the group’s businesses means the table is not a like-for-like measure of ongoing operations.
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Why reported profit rose sharply
Exceptional items totaled ₹18,459 million in FY2025–26. The principal item was a ₹18,925 million gain from the slump sale of the Powder Coatings and International Research Center divisions, net of directly attributable expenses. Other disclosed items included a ₹79 million impairment of assets made unusable by the sale, a ₹317 million labour-code impact, a ₹141 million retention incentive, and a ₹71 million reimbursement toward carve-out costs.
The distinction matters: profit before exceptional items and tax was ₹5,196 million, while profit before tax was ₹23,655 million. Most of the difference reflects the exceptional items, rather than a comparable rise in ordinary operating earnings. The filing also reports a ₹648 million gain on sale of immovable property in the quarter ended 31 March 2026, included in net gain on sale of immovable properties.
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What does the balance sheet show at 31 March 2026?
Balance-sheet amounts are measured at the reporting date, unlike revenue and profit, which cover the financial year. The following are consolidated year-end figures in ₹ millions, rounded to the nearest million.
| Measure | 31 March 2026 | 31 March 2025 |
|---|---|---|
| Total assets | 37,953 | 29,034 |
| Total equity | 24,516 | 13,302 |
| Total liabilities | 13,437 | Not stated in the cited annual-report extract |
| Current assets | 17,871 | Not stated in the cited annual-report extract |
| Cash and cash equivalents | 2,698 | Not stated in the cited annual-report extract |
The movement in assets and equity reflects the company’s position at two dates, not performance from continuing operations alone. The sale of divisions and the resulting exceptional gain are important context for interpreting the higher FY2025–26 year-end equity.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What is known about cash flow?
The FY2025–26 annual report includes a consolidated cash-flow statement prepared using the indirect method, with operating, investing, and financing cash-flow sections. The available reported statement details here do not establish complete totals for those categories or for the net change in cash, so no cash-flow amount is quoted. The ₹2,698 million cash and cash equivalents figure is a balance-sheet amount at 31 March 2026, not the cash generated during the year.
This distinction is useful when reading company results: profit is an accrual-based measure, while cash flow records cash movements over the period. A complete assessment of how earnings translated into cash requires the full cash-flow statement and its notes, particularly because the division sale produced a large exceptional gain and related adjustments.
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How did JSW Paints become the promoter?
JSW Paints completed its acquisition of Akzo Nobel India on 10 December 2025. The company’s exchange filing says JSW held 61.2% of paid-up equity and became the promoter; that total included the 0.44% stake JSW Paints had previously acquired through the open offer. This ownership change occurred during FY2025–26, the same year as the sale of the two divisions reflected in the exceptional items.
The company describes its business as manufacturing paints, coatings, and allied products in India and reports Paints as its single reportable segment in the cited filing. That means this disclosure does not provide multiple operating segments for a segment-by-segment financial comparison.
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Sources and reporting basis
- JSW Dulux Limited, Annual Report 2025–26 — audited consolidated statements for the year ended 31 March 2026, approved 13 May 2026.
- National Stock Exchange of India, Integrated Filing — IndAS — consolidated annual filing approved 13 May 2026.
- JSW Group, “JSW Paints Completes the Acquisition Process of Akzo Nobel India” — 10 December 2025 announcement of the acquisition closing.
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