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JSW Dulux
SectorConsumer Discretionary
The Quarter story
The two most recent quarterly results, compared side-by-side.
Core margins expand and operating costs tighten as revenue stabilizes after a structural base shift.
Operating expense ratio drops from 30.2% in Q2 FY26 to 26.2% in Q4 FY26, confirming tighter cost control.
EBITDA declines from ₹923 Cr in Q2 FY26 to ₹115.1 Cr in Q1 FY27, reflecting sustained pressure on operating earnings.
Core profit margin rises from 8.7% in Q2 FY26 to 14.2% in Q4 FY26, showing steady improvement in underlying profitability.
Gross margin falls from ₹4,262 Cr in Q1 FY26 to ₹360.8 Cr in Q1 FY27, highlighting pricing or mix headwinds.
Revenue rebounds from ₹907.7 Cr in Q3 FY26 to ₹965.0 Cr in Q1 FY27, indicating early demand recovery.
Net profit drops from ₹910 Cr in Q1 FY26 to ₹79.7 Cr in Q1 FY27, showing continued earnings compression.
Company insights, generated from the most recent coverage.
Management expects new entrants' discounting to pressure margins for another 1-2 years, so pricing-led margin recovery should not be underwritten; volume and cost control are the only near-term levers.
10:1 share split (face value INR 10 to INR 1) approved via postal ballot on Sep 21, 2026, record date Oct 22, 2026 — the affordability and liquidity angle is pulling retail money in ahead of the record date.
INR 55.9 crore dividend from ICI R&T subsidiary from real estate monetization flattered Q1 FY27 reported profit — strip it out to judge true operating run-rate.
