JSW Dulux Limited Grants 2,57,682 Employee Stock Options Under ESOP 2026 Scheme

The Nomination and Remuneration Committee (NRC) of JSW Dulux Limited (formerly Akzo Nobel India Limited) approved the grant of 2,57,682 employee stock options (ESOPs) to eligible employees at its meeting held on May 13, 2026. The grant has been made under the JSW Dulux Limited - Employee Stock Option Scheme 2026 (ESOP 2026), which has been approved by the shareholders of the company. The disclosure has been made pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Details of the ESOP Grant

The following table summarises the key parameters of the ESOP grant as disclosed by the company:

Parameter: Details Number of ESOPs Granted: 2,57,682 Grant Date: May 13, 2026 Exercise Price: Rs. 2922.80 per option Face Value per Share: Rs. 10/- Equity Shares Covered: 2,57,682 Options Vested: Nil Options Exercised: Not applicable at this stage Options Lapsed: Not applicable at this stage Scheme Compliance: SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021

Exercise Price Determination

The exercise price of Rs. 2922.80 per option has been determined as the Market Price under ESOP 2026. As defined in the scheme, Market Price refers to the latest available closing price on the stock exchange on which the shares of the company are listed, on the date immediately prior to the relevant date. Accordingly, the exercise price has been based on the closing price of the company's shares on the National Stock Exchange of India Limited (NSE) on May 12, 2026, being the exchange where the highest trading volumes were recorded on that date.

Vesting and Exercise Period

The options granted under ESOP 2026 are subject to a vesting schedule and exercise period as outlined below:

Minimum Vesting Period: 1 (One) year from the date of grant

Maximum Vesting Period: 5 (Five) years from the date of grant

Exercise Period: A maximum of 4 (Four) years commencing from the date of each vesting

Special Circumstances: In the event of death or permanent incapacity, the NRC may, at its discretion, allow an additional exercise period not exceeding 12 months beyond the originally prescribed exercise period

Flexibility: All vested options may be exercised by the option grantee at one time or at various points within the exercise period

Scheme Administration and Governance

The ESOP 2026 is administered and supervised by the Nomination and Remuneration Committee, which holds all rights, powers, and duties relating to the scheme, including those delegated by the Board in accordance with applicable laws. The scheme is also administered by a Trust to the extent aspects of such administration are delegated by the Committee as per applicable legal requirements. All questions of interpretation of the scheme are to be determined by the Committee, and such determinations are final and binding on all persons having an interest in the scheme.

Each ESOP, when exercised, will be converted into one equity share of the company with a face value of Rs. 10/- (Rupees Ten only), fully paid-up. The company has stated that diluted earnings per share pursuant to the issue of equity shares on exercise of options is not applicable at this stage. The intimation has been signed by Rajiv L. Jha, General Counsel & Company Secretary, and the relevant information is also available on the company's website at www.akzonobel.co.in .

JSW Dulux Limited (formerly Akzo Nobel India Limited) has released its investor presentation for the quarter and financial year ended 31st March 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The presentation, based on audited financial results approved by the Board of Directors on 13th May 2026, was shared with BSE Limited and the National Stock Exchange of India Ltd. ahead of the investor call held on 14th May 2026. The company reported a strong finish to the year, with double-digit profitability sustained in Q4 and a final dividend of ₹50 per share recommended, subject to shareholder approval.

Corporate Developments

Along with its financial results, JSW Dulux announced several key corporate changes during the period. The company's name was formally amended to "JSW Dulux Limited" in its Articles of Association and on the stock exchanges. Its corporate office has been relocated to JSW Center, Mumbai, effective April 1, 2026. Additionally, the Board was strengthened with the appointment of Mr. Kaustubh Sudhakar Kulkarni as Non-Executive Director and Ms. Sutapa Banerjee as Independent Director.

Q4 FY26 Financial Performance (Excluding Carved-Out Business)

The company delivered a strong quarterly performance, driven by double-digit volume growth and improved market conditions in the B2C segment, while B2B growth outpaced the broader market across verticals. The following table presents the consolidated P&L for Q4, excluding the carved-out/AN-retained business:

Metric: LY CY Change (%) Revenue (₹ Cr): 831.7 883.3 6% Gross Margin (₹ Cr): 364.2 358.5 -2% OPEX (₹ Cr): 239.8 231.6 -3% EBITDA (₹ Cr): 124.3 126.9 2% PBT (₹ Cr): 105.2 169.7 61% PAT (₹ Cr): 82.9 125.7 52% GM%: 43.8% 40.6% — EBITDA%: 15.0% 14.4% — PAT%: 10.0% 14.2% —

Volume growth showed a marked recovery through the year, with Q4 recording 23% growth compared to -3% in Q1, 3% in Q2, and 6% in Q3. Revenue growth similarly turned positive in Q4 at 6.2%, reversing declines of -3.9%, -1.3%, and -2.1% in the preceding three quarters. The PAT for Q4 includes income from the sale of a real estate asset amounting to ₹64.8 Cr.

Full Year FY26 Financial Performance (Excluding Carved-Out Business)

For the full financial year, the company reported a significant jump in reported PAT driven by exceptional items, including the sale of the Powder and IRC business. The table below summarises the full-year consolidated P&L, excluding the carved-out business:

Metric: LY CY Change (%) Revenue (₹ Cr): 3,618.0 3,599.2 -1% Gross Margin (₹ Cr): 1,555.7 1,490.4 -4% OPEX (₹ Cr): 1,009.7 981.9 -3% EBITDA (₹ Cr): 546.1 508.5 -7% PBT (₹ Cr): 482.2 2,365.5 391% PAT (₹ Cr): 363.4 1,973.8 443% PBT excl. Exceptionals (₹ Cr): 482.2 519.6 8% PAT excl. Exceptionals (₹ Cr): 363.4 382.3 5% EBITDA%: 15.1% 14.1% — PAT% excl. Exceptionals: 10.0% 10.6% —

Exceptional items for the full year include the statutory impact of new Labour Codes (₹31.6 Cr), retention bonus (₹3.4 Cr), receipt of carve-out expenditure (₹7.1 Cr) in Q3, and the sale of the Powder and IRC business along with related costs (₹1,874 Cr) in Q2.

Reported Consolidated P&L

On a reported basis (including carved-out business), Q4 revenue stood at ₹883.3 Cr versus ₹1,014.4 Cr in the prior year, reflecting the impact of the carved-out business. For the full year, reported revenue was ₹3,599.2 Cr compared to ₹4,069.3 Cr previously. Reported full-year PAT rose to ₹1,973.8 Cr from ₹429.5 Cr, a 360% increase, largely on account of exceptional gains.

Metric: Q4 LY Q4 CY Q4 Change FY LY FY CY FY Change Revenue (₹ Cr): 1,014.4 883.3 -13% 4,069.3 3,599.2 -12% EBITDA (₹ Cr): 159.3 126.9 -20% 641.5 508.5 -21% PAT (₹ Cr): 108.4 125.7 16% 429.5 1,973.8 360% PAT excl. Exceptionals (₹ Cr): 108.4 125.7 16% 429.5 382.3 -11%

Business Segment Highlights

Decorative Paints witnessed a rebound in volume growth amid competitive pressure. Pricing corrections were taken in January–February to reduce the pricing premium in select categories, followed by price increases of approximately 10% taken in March–May. New product launches included VT Luxury Finishes and Mass & Economy Primers. Premium traction continued, with retail and semi-urban geographies recording faster growth.

Industrial Paints delivered broad-based growth across verticals. In Auto & Specialty Coatings, the company expanded its market presence in the premium segment and maintained and expanded its exclusive partnership with a leading OEM manufacturer in India. Marine & Protective Coatings recorded its highest revenue achievement in March, with strong order growth in Oil & Gas specialty projects and exports, Infrastructure, Blade, and Dry Dock business. Industrial Coatings saw growth in Coil, including marquee project wins.

Strategic Ambition

JSW Dulux's stated ambition is to be the preferred brand of choice for consumers, customers, and employees, driven by innovation, superior quality, and customer service, while gaining market share and growing EBITDA. Key strategic priorities include geographic expansion to 6,000 towns, product range expansion with innovative offerings, reinvestment of royalty savings towards increased painter engagement and brand initiatives, and unlocking synergies and scale of operations through value engineering.

Conference Call Details

The results investor call was facilitated by ICICI Securities and featured participation from the company's senior leadership. Key representatives included Mr. Rajiv Rajgopal (Joint Managing Director and CEO), Mr. Krishna Rallapalli (Wholetime Director and CFO), and Mr. Rajiv L. Jha (General Counsel, Company Secretary & Compliance Officer). The filing was submitted to both BSE Limited and the National Stock Exchange of India Ltd. on 13th May 2026, signed by Rajiv L. Jha, in accordance with applicable SEBI listing regulations.

Source: None/Company/INE133A01011/be1ff2f3-1ac4-4b47-b912-73a3050b4356.pdf

We’re building Scanx - to help you express your trading & investing idea, to help you analyse the markets better.

Stock Markets are the true indicator of the growth of any country's economy. We are bullish on India, we are bullish on India's prospects to be one of largest economies of the world. We believe that Stock Markets provide an unique opportunity for all Indians to participate in the growth story of India. We are enabling the same for Indians.

As financial services are becoming more accessible, there is now a large set of Indians today who are financially aware and literate. They value time and seek high quality products & services. Most screening, trading, investing platforms available today are more or less similar to each other, and they have not evolved with time. While both traders & investors have gotten smart about how they make money and build wealth, as users they have continued to use the same products, features, and platforms that were available for years with little or no innovation.

We plan to change that - a technology-led and artificial intelligence enabled platform built for super traders and long term investors.

Disclaimer:

The data and information provided on this website is for general informational and research purposes only. While we strive to ensure that the content is accurate, up-to-date, and reliable, this platform utilizes artificial intelligence (AI) tools to generate, curate, and summarize information. As such, the content may occasionally contain errors, omissions, or outdated information. All users are therefore advised to cross verify the source of the data and information.

This website does not constitute professional, legal, financial, medical, or any other form of licensed advice. Users are encouraged to independently verify any information before relying on it, especially for decisions that may have legal, financial, or personal consequences.

The views, analyses, and summaries presented on this platform may be generated or assisted by AI and do not necessarily reflect the opinions of the website owners, operators, editors, or affiliates.

We make no warranties or representations, express or implied, regarding the completeness, accuracy, reliability, suitability, or availability of the information contained on this website. Any reliance you place on such information is strictly at your own risk.

This website may include links to third-party sources or content. We do not control or endorse the nature, accuracy, or availability of those external sites and are not responsible for any content or damages arising from their use.

By using this website, you acknowledge and agree that the use of AI-generated content involves inherent limitations, uncertainties and inaccuracies, and you accept full responsibility for how you interpret and use the information provided.

We reserve the right to modify, update, or remove content and this disclaimer at any time without prior notice.