JSW Dulux cautions against further price hikes as demand risks emerge

Mumbai: The recent round of price increases has not dented demand for paints, but any further hikes from current levels will need to be watched closely, said Rajiv Rajgopal, joint MD and CEO of JSW Dulux.

“We have to be very careful to make sure that we balance demand as we go forward, because obviously price increase will have some effect on demand as we move forward,” Rajgopal told ET in an interaction.

The JSW Group company has hiked prices by almost 13% in the past few months. Most Indian paint companies have raised prices as crude oil prices surged due to the impact of the West Asia crisis. Derivatives of crude oil account for at least a third of raw material costs for paint makers.


While JSW Dulux is considering additional calibrated price hikes, Rajgopal said these could affect demand. “We have not seen evidence of it so far, but there could be a consumption issue. Consumers could postpone painting, or there could be some downgradation,” he said.

The paint maker reported 21% year-on-year volume growth in its retained business on a standalone basis in the September quarter. Revenue from operations rose 21.3% to 961.9 crore, while earnings before interest, tax, depreciation and amortisation (Ebitda) from operations increased 4.4% to 106.3 crore.

Excluding exceptional items, profit for the quarter rose 2% year-on-year to 71.2 crore, the company said in a statement.

The previous year's numbers for the retained business exclude carved-out operations and are provisional, unaudited and based on management estimates, JSW Dulux said. They also include the regrouping of certain promotional spends and dividend income.

JSW Dulux reported its earnings after market hours on Wednesday. Its shares closed at 264 on the BSE, up 1.4% from the previous close.

In 2025, JSW Paints acquired a majority stake in the Indian operations of Akzo Nobel India. Earlier this year, the combined entity was renamed JSW Dulux.

In the June quarter, JSW Dulux's profit from its retained business stood at 135.5 crore, aided by 25% volume growth. Revenue from operations was 965 crore, while Ebitda stood at 115.1 crore.