Attached transcript of the investor call held on 4th November 2026

10th November 2026 Department of Corporate Services The Listing Department BSE Limited National Stock Exchange of India Ltd. 1st floor, New Trading Ring Exchange Plaza, 5th floor, Rotunda Building, P J Towers Bandra-Kurla Complex Dalal Street, Fort Bandra (E) Mumbai - 400 001 Mumbai – 400051 Scrip Code: 500710 Symbol: JSWDULUX Dear Sir/Madam, Sub: Group Investor Call Transcript Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached the transcript of the group investor call conducted on 4th November 2026 with regard to the financial results of the Company for the quarter ended 30th September 2026. This has been uploaded on the Company website also and can be accessed through the link: https://www.jswdulux.com/investors.php#im Kindly take the aforesaid information on record. Thanking you, Yours truly, For JSW Dulux Limited (Formerly Akzo Nobel India Limited) Rajiv L. Jha General Counsel & Company Secretary Encl: as above. “JSW Dulux Limited Q2 FY27 Earnings Conference Call” November 04, 2026 MANAGEMENT: MR. RAJIV RAJGOPAL – JOINT MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – JSW DULUX LIMITED MR. ROHIT TOTLA – WHOLE-TIME DIRECTOR – JSW DULUX LIMITED MR. RAJIV L. JHA – GENERAL COUNSEL, COMPANY SECRETARY AND CHIEF COMPLIANCE OFFICER – JSW DULUX LIMITED MR. RAMESH SUBRAMANIAN – ACCOUNTING CONTROLLER -- JSW DULUX LIMITED MODERATOR: MR. ANIRUDDHA JOSHI – ICICI SECURITIES Page 1 of 13 JSW Dulux Limited November 04, 2026 Moderator: Ladies and gentlemen, good day, and welcome to JSW Dulux Q2 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch- tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Aniruddha Joshi from ICICI Securities. Thank you, and over to you, sir. Aniruddha Joshi: Yes. Thanks, Neerav. On behalf of ICICI Securities, we welcome you all to Q2 FY27 results webinar of JSW Dulux Limited. We have with us today senior management represented by Mr. Rajiv Rajgopal, Joint Managing Director and CEO; and Mr. Rajiv L Jha, General Counsel, Company Secretary and Compliance Officer. Initially, there will be a presentation from the management on the quarterly performance, and then we will open the floor for question-and- answer session. Now I hand over the call to Mr. Rajiv Jha for reading out the disclaimer and then to Mr. Rajiv Rajgopal for the comments on the quarterly performance. Thanks, and over to you, Mr. Jha. Rajiv Jha: Thank you so much, Aniruddha, and good afternoon, rather good evening to all who are attending this Q2 earnings call of JSW Dulux Limited. And as per our process, let me start with that safe harbor statement that I'm reading out. This presentation contains statements which addresses such issues as the company's growth strategy, future financial results, market positions, product development, products in the pipeline and product approvals. Such statements should be carefully considered, and it should be understood that many factors could cause forecast and actual results or outcomes to differ from these statements. These factors include, but are not limited to, price fluctuations, currency fluctuations, developments in raw material and personnel costs, pensions, physical and environmental risks, legal issues and legislative, fiscal and other regulatory measures and approvals as well as significant market disruptions. The stated competitive positions are based on management estimates supported by information provided by specialized external agencies. For a more comprehensive discussion of the risk factors affecting our business, please see our latest annual report for the financial year '25-'26. Now I would welcome Mr. Rajiv Rajgopal to take it forward from me. Thank you. Rajiv Rajgopal: So thank you, Rajiv. Just from my perspective, I'd like to just say that, again, just to give a disclaimer, as you've seen in our press release, we've reported the comparable results of like-to- like because we still, in this quarter, had an overhang of about INR24.3 crores of revenue of the revenue of the -- which got transferred to the AkzoNobel unlisted entity of customers and businesses and also some intercompany sales of decorative sales, which no longer continue. Right? Page 2 of 13 JSW Dulux Limited November 04, 2026 So just to be clear, if you look at our volume growth, our volume growth was about 21%. Our revenue growth was about 21.3%. EBITDA growth at INR110.9 crores is up 4.4% versus a like- to-like of INR106.3 crores. Our PAT, excluding exceptional items at INR71.2 crores is up 2% from INR69.8 crores. Yes. So if you look at our business, both decorative and industrial business continue to do well. We've seen mid-double-digit growth in our decorative business and almost a 32% plus growth in our industrial business. So our revenue growth has been led by industrial business. But what has happened when you look at the gross margins, given that we've got a 60% contribution from Decorative and a 40% from industrials, we've seen that in the industrial business, the price hike that was taken during the quarter was not sufficient enough and had impacted the gross margins a bit. So, it's a bit of tale of two stories, high volume growth, high revenue growth. If you look at the numbers and look at the volume price mix, right? So you can see very clearly 21.8% in terms of volume, 21.3% in terms of revenue. We had a price increase of almost 7.9% and a mix adverse of about 8.4%, primarily because of the business mix and also because of the fact that we grew faster in some of our industrial business -- that's the way it is. It's not a structural issue. The entire AOP budget planning, etcetera, was done at a different crude and dollar to rupee. That no longer stands sort of there. In this quarter, we've seen elevated crude levels, and we've seen elevated the dollar to rupee conversions at INR96. So obviously, those two variables have impacted the industry. And you've seen it industry-wide, particularly both in the paints and adjacent spaces, companies which have declared the results, you've seen some similar. We believe that, look, on the volume and revenue, we've seen a faster growth. And for me, that's very encouraging. If you really look at it on the decorative side, our margin, if you look at it sequentially also, we largely remained. It's on the industrial side. We've seen about higher drop. So if you look at the 400 bps drop in the gross margin, it's largely due to the industrial business, which we believe that in this quarter, we've announced our price increases on our industrial side of about 4%. We believe that we can recover. And we believe that, look, it's a bit of a short-term issue, which we start to correct, right? So that's broadly it. If you look at the EBITDA margin, hence, the EBITDA margin operates at about 11.5%, which is obviously at elevated levels. We also, if you look at -- had a PAT growth of 2% because it was limited by lower investment income. So that's broadly the story. We've had broad-based growth. If you look at decorative, we've continued to, in the first half, grow in premium with a high single-digit growth in volume and double-digit growth in revenue. We've seen our flagship brands, whether it's Velvet Touch or Weathershield continue to do well. But we've grown faster in our adjacencies, which is basically waterproof and wood care. And we've seen some challenges in some of the lower margin where we've chosen across both decorative and industrials to de-weight. If you look at our price increases, while we've seen most of our competitors announce from 1st of November, we took it in 3 tranches, September 30, [Showing first 8,000 characters — download PDF for full document]