Akzo Nobel India Limited Q2 FY27 Results

JSW Dulux (formerly Akzo Nobel India) reported consolidated Q2 FY27 revenue of ₹961.9 Cr, up 16.2% YoY (₹827.6 Cr) and roughly flat QoQ (-0.3% versus ₹965.0 Cr in Q1 FY27), with consolidated PAT of ₹71.4 Cr. Reported PAT is down 95.8% YoY against the year-ago ₹1,682.8 Cr, but that comparison is distorted by a one-off: LY Q2 included a ₹1,874.2 Cr pre-tax exceptional gain from selling the Powder Coatings and International Research Centre (IRC) businesses to the JSW/promoter group. On the company's own like-for-like, ex-exceptional 'retained business' basis, PAT grew just 2.0% YoY (₹71.2 Cr standalone versus ₹69.8 Cr), even as comparable revenue rose 21.3% on 21% volume growth — a wide gap between volume/revenue momentum and bottom-line growth that is this quarter's real story.

The gap traces to margins. EBITDA from operations was ₹110.9 Cr, up a modest 4.4% YoY on a comparable basis, with the operating margin compressing to roughly 11.5% of revenue from about 13.4% a year ago, and down sequentially from 11.9% in Q1 FY27. Management's own FY27 guidance, given on the August 2026 concall, targeted a 13-15% EBITDA margin — Q2's ~11.5% sits below both the floor of that range and Q1's already sub-guidance print, so on margins specifically the company has now missed its own target two quarters running, with raw-material inflation outpacing the calibrated price hikes taken so far.

The stock went into the print at ₹263, down 11.3% over the past month of trading.

NPM fell to ~7.4% from 8.05% in Q1, with PAT down 10.4% QoQ (₹79.7 Cr → ₹71.4 Cr) on near-flat revenue

Basic EPS ₹15.68 (consolidated, not annualised) on pre-split ₹10 face value — 10:1 stock split became effective from 22-Oct-2026 record date, after quarter-end

No verified sell-side consensus specific to this quarter could be sourced, so the print's performance versus street expectations is unknown. On the tax side, two GST matters moved favourably this quarter — an appeal order was annulled, taking a prior demand to nil (14-Oct), and a separate order reduced another demand to ₹42.04 Cr (19-Oct) — while a fresh ₹11.8 lakh ITC-disallowance show-cause notice was also received (1-Oct); none were provided for as exceptional items in this result. Alongside the results, the board appointed Bahram Navroz Vakil as an independent director and approved shifting the registered office from Kolkata to the JSW Centre in Mumbai, both subject to shareholder approval. CEO Rajiv Rajgopal described 'a consecutive quarter of double-digit volume and value growth' with gains across Decorative (festive-season traction), Industrial (infrastructure and energy demand) and new Automotive OEM wins, while flagging that 'raw material inflation remains elevated' and that 'geopolitical disturbances continue to affect' input costs — a framing the numbers bear out: demand is broad-based and real, but it isn't yet converting into proportionate profit.