Attached earning call transcript.

18th August 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 12th August 2026 with regard to the financial results of the Company for the quarter ended 30th June 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 Q1 FY-27 Earnings Conference Call” August 12, 2026 MANAGEMENT: MR. RAJIV RAJGOPAL – JOINT MANAGING DIRECTOR & CHIEF EXECUTIVE OFFICER, JSW DULUX LIMITED MR. KRISHNA RALLAPALLI – WHOLE-TIME DIRECTOR & CHIEF FINANCIAL OFFICER, JSW DULUX LIMITED MR. RAJIV JHA – GENERAL COUNSEL, COMPANY SECRETARY & COMPLIANCE OFFICER, JSW DULUX LIMITED MODERATOR: MR. ANIRUDDHA JOSHI – ICICI SECURITIES Page 1 of 12 JSW Dulux Limited August 12, 2026 Moderator: Ladies and gentlemen, good day and welcome to JSW Dulux Limited Q1 FY27 Earnings Conference Call. The conference is now being recorded. At this moment, all participant lines are in listen-only mode. Later, we will conduct a question-and-answer session. At that time, you may click on the Q&A tab to ask a live question. 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: Thank you. On behalf of ICICI Securities, we welcome you all to Q1 FY27 results webinar of JSW Dulux Limited. We have with us today Senior Management represented by Mr. Rajiv Rajgopal – Joint Managing Director and CEO. Mr. Krishna Rallapalli – Whole-time Director and CFO. And Mr. Rajiv Jha – General Counsel, Company Secretary and Compliance Officer. Now I handover the call to the management for initial comments on the quarterly performance and then we will open the floor for question-and-answer session. Thanks, and over to you, Rajiv sir, for reading out the disclaimer. Thanks. Rajiv Jha: Good afternoon. This media release contains statements which address such key issues as the company 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. And with this, I am handing over the stage to Mr. Rajiv Rajgopal for taking over. Thank you. Rajiv Rajgopal: Good afternoon, everyone. Delighted to be back on a call with all of you on the quarterly earnings for the first quarter of the fiscal. As all of you have seen our commentary, we have had a pretty strong quarter. But just so that, I am able to clearly explain, we have to look at the quarter from a like to like perspective. Because when you look at the first quarter, the quarter also had certain remnants of the business which has got taken off or carved out as a part of the Akzo Nobel India deal with the JSW Group. So, the JSW Dulux, like to like, houses now all the brands and businesses which are now a part of Page 2 of 12 JSW Dulux Limited August 12, 2026 this journey. What's got carved out is the powder coating business, the IRC business and a few customers. Global, which AkzoNobel has retained as a part of its unlisted entity. So, with that, I just want to quickly run you through first the financials at a high level. We have loaded the entire Presentation on the Stock Exchange and most of you would have by now gone through it. So, I am not going to spend a lot of time. But just for being very clear. I just want to sort of inform you first the numbers so that we then can move quickly. And Krishna – our CFO is here, Rajiv is here. We can quickly run through how the quarter has gone by and give you more time for Q&A. So, the revenue, revenue we grew, we hit 965 crores in the quarter. The like-to-like last year was 812, which is an 18.8% growth blended between decorative plus industrial. The gross margin was 360.8 crores against last year's 353.6, which is a 2%. growth. We delivered 115.1 against 100.4 last year, which is a 14.7% growth. And the PAT was 135.5 against 67.2. Right. And the PAT, as mentioned in our press release, had two one offs, which we want to clearly highlight. One is the interest on IT fund of about 21.5 crores and a dividend income from ICI R&T, which is for the property sale of assets which were under that entity of about 55.9 crores. So, that's really the commentary at a high level. So, really, if I were to look at the quarter, what I would like to start with is we had a volume growth of 25%. I think the quick question will be, yes, when you look at volume price mix and we have got various industries calling it underlying volume growth, etc. Now, we have delivered a volume growth of close to about 25%. And if you were to just adjust for the price, we would still have a volume growth of close to about 18%. So, really, 18% to 19%. So, the pretty strong growth, if you just take out some of those, which is again, a very high growth in our view, close, almost close to 20%. So, really, 20% growth giving you 18.8% revenue growth. There's very little I can complain. So, first, before running through the other metrics, let me talk about really complementing the team. Our decorative business grew pretty high, double digit. Our industrial business all grew upwards of 25%. So, really, it's been a fantastic performance and my kudos to the team. One is to also keep in mind that in this quarter, in between April and May and June, we shut our Delhi headquarters and moved the entire headquarters to JSW Center in Mumbai. So, it involves the transition of a team. And as I told one of the channels in the morning, it almost felt like you are having to rewire the house without switching off the mains. So, really, to me, I really want to compliment the team for being able to achieve one of the highest growths. Because the COVID was a base effect. So, if I take that off, this is one of the highest growth I have ever seen since I took over as MD in 2018 at Akzo Nobel India. So, really fantastic growth under tough circumstances. Obviously, a lot of shifts happening, massive change for employees, speaks volumes of the way the teams have been conducting themselves. So, that's one. And also, a huge kudos to Mr. Parth Jindal, our Chairman, for welcoming us into the family and making sure that we feel at home. It was also an ad line of our VT campaign a couple of years ago. So, really, I Page 3 of 12 JSW Dulux Limited August 12, 2026 think those are the two pivots which helped us to accelerate faster. Of course, there are brand pivots, there are distribution pivots and there are strategic pivots, which we have done. Now, quickly to then get into the granularit [Showing first 8,000 characters — download PDF for full document]